Another sign of economic growth softening in the US?
US Small-Business Optimism Falls to Second-Weakest Since 2013 - Bloomberg
Microsoft is in talks to acquire a 49% stake in ChatGPT owner OpenAI
OpenAI is currently raising funds at a $29 billion valuation and is allowing employees along with early investors to sell their shares at that valuation. Microsoft has already invested $1bn into the company in 2019 and is now looking to invest another $10B into OpenAI. Microsoft would receive 75% of OpenAI’s income until it has recovered its initial investment. Once they hit that threshold, they would have a 49% stake in OpenAI, with other investors taking another 49% and OpenAI's nonprofit parent getting 2%. Open AI are expected to generate ~1 Billion in revenue in 2024. Source: Finimize Image: The first day of OpenAI, 7 years ago (by Sam Altman)
Apple Maps teams up with parking app SpotHero to give users access to 8K parking options
Apple Maps launched a new parking feature that provides users with parking options and availability near a specific destination. In partnership with the digital parking reservation platform, SpotHero, Apple Maps users across the U.S. and Canada can now get parking information for over 8,000 locations. To use the new feature, launched late last week, iPhone and Mac users can search for a destination in the Apple Maps app and then select “More” and “Parking.” They’re then directed to the SpotHero website without leaving Apple Maps. Users can search for nearby parking and reserve a space using SpotHero’s secure payment options, the parking platform claims. Source : techcrunch
What is the US real footprint?
US is punching well above its weight, Ruchir Sharma says. US stock market value has reached 60% of global total, which is 15% higher than its long-term average. But the US real footprint much smaller: ~50% of corpate earnings, 25% of world GDP, 1/5th of listed companies and 4% of global population. Source: FT, HolgerZ
China's reopening is underway!
As shown by the average traffic congestion index in 10 major Chinese cities, China's domestic mobility is recovering rapidly!
A death cross is looming on the dollar
The dollar continued sliding today, now at its lowest since June 2022 (and a death cross is looming). Source: Bloomberg, www.zerohedge.com
Recession hasn't been discounted by the stock market
Historically, the ERP (Equity Risk Premium) rises materially when a recession arises. So don't assume it is priced. Source: Morgan Stanley
Biggest Junk-Bond ETF Draws Most Cash Since 2020 as Debt Rallies
HYG ETF attracted $1.7 billion of inflows amid cross-asset rally Source: Bloomberg
