📈 EV Supercar rivals Ferrari

Good morning.

The Fast Five → Bezos, Nvidia, OpenAI funding humanoid robot startup, BYD unveils EV Supercar to rival Ferrari, Lamborghini, read Buffett’s annual letter to shareholders, TSMS founder predicts Japan ‘chip renaissance’, and Alibaba’s co-founder says: “We’re back”…

Calendar: (all times ET)

• Tue, 2/27: Durable-goods orders, 8:30a

  • Consumer confidence, 10:00a

• Wed, 2/28: GDP, 8:30a

• Thu, 2/29: Consumer sentiment (final), 10:00a

Your 5-minute briefing for Monday, February 26:

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BEFORE THE OPEN

PRE-MARKET

MARKETS

• US stocks closed mixed on Friday as the S&P and Dow notched new all-time highs

• All three major indexes registered winning weeks

• Natural-gas futures hit their cheapest inflation-adjusted prices since trading began on NYMEX in 1990

• The dollar index saw its first weekly fall in 2024

EARNINGS

• Berkshire Hathaway reported a 28% rise in Q4 operating earnings and a record $167.6B cash pile; it also posted a record $97B YoY profit (link)

• Warner Bros. Discovery shares fell 10% after reporting a higher-than-expected Q4 loss, missing revenue estimates, and warning about 2024 FCF headwinds (link)

• What we're watching this week:

  • Today: Zoom, Domino’s Pizza, Workday, Unity

  • Tuesday: Macy’s, Lowe’s, AutoZone

  • Wednesday: Salesforce, AMC

  • Thursday: Birkenstock, Best Buy, Dell

• Full calendar here

NEWS BRIEFING

Bezos, Nvidia Join OpenAI in Funding Humanoid Robot Startup

BYD Unveils $233,450 EV Supercar to Rival Ferrari, Lamborghini

• Read Buffett’s 2024 annual letter to shareholders (link)

• PE fundraising plunged to a six-year low in 2023 (link)

• Global equity funds see outflows amid inflation concerns (link)

• Blackstone CEO Schwarzman received $897M in pay last year (link)

• Alibaba had future doubts, now co-founder says: 'We're back” (link)

• Goldman Sachs no longer expects a Fed rate cut in May (link)

• SPY ETF becomes first ETF to top $500B in assets (link)

• Nvidia hit a $2T valuation (link)

• US investment-grade bond sales topped $60B for the first time since 2022 (link)

• As consumers contented with inflation, retailers fear deflation (link)

• TSMC founder Morris Chang predicts Japan 'chip renaissance' (link)

• Goldman Sachs' CEO is dealing with a new wave of insider unrest (link)

CRYPTO

• A US judge approved Binance’s $4.3B payment in its US plea deal (link)

• Crypto super PAC Fairshake raised $4.9M from the billionaire Winklevoss twins (link)

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BULLISH BITES

🤬 Throwing shade: A lot of Redditors hate the Reddit IPO.

⏭ Skipping ahead? Peter Thiel's $100000 offer to skip college is more popular than ever.

🍔 Ouch: The high cost of eating out in America.

❄️ Beast: Driving a Tesla Cybertruck with snow tracks.

DAILY SHARES

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