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The Fast Five → Hess investors sign off on $53 billion Chevron takeover, Samsung Electronics' union threatens first ever walkout, Nvidia's market value surges closer to Apple, GameStop shares jump 30+%, and ex-OpenAI safety leader joins rival Anthropic…

Calendar: (all times ET)

• THU, 5/30: Initial jobless claims, 8:30a

• FRI, 5/31: PCE Index, 8:30a

Your 5-minute briefing for Wednesday, May 29:

BEFORE THE OPEN

PRE-MARKET

MARKETS

• US stocks closed mixed yesterday as investors weighed rate cut doubts against Nvidia-driven AI hype

• The Nasdaq closed above 17,000 at an ATH

• US yields spiked after weak US 5Y and 2Y Treasury auctions

• Crude rose for a fourth day to a four-week high

EARNINGS

• CAVA issued a Q1 beat-and-raise despite declining same-store sales growth as consumers reduce spending on dining out (link)

• What we're watching this week:

  • Today: Salesforce, HP

  • Thursday: Costco, Dell, Dollar General, Kohl’s

• Full calendar here

NEWS BRIEFING

Hess Investors Vote in Favor of $53 Billion Chevron Takeover

Samsung Electronics' Union Threatens First Ever Walkout Next Week

• Wall Street shifts to faster settlements; bumps seen ahead (link)

• Catalyst quant fund shorts US 10Y as key macro bet (link)

• Rating firms stay cautious in ratifying private credit loans (link)

• AI darling Nvidia's market value surges closer to Apple (link)

• Blacklisted Chinese firms rebrand as American to dodge crackdown (link)

• China financial firms unusually cash-rich as savers pile in (link)

• Japan external assets hit record high to remain world's top creditor (link)

• US consumer confidence unexpectedly improved in May (link)

• GameStop shares jump more than 30% after $933M stock sale (link)

• IMF upgraded China's 2024/25 GDP forecasts after 'strong' Q1 (link)

• Mongolia defends plan to tap mining riches for new SWF (link)

• OpenAI creates oversight team with Sam Altman on board, begins training new model (link)

  • Ex-OpenAI safety leader to join rival Anthropic (link)

• Activist Elliott disclosed a $2.5B stake in Texas Instruments (link)

• Major proxy firms recommended voting against Toyota chairman (link)

• Robinhood launched a maiden $1B stock buyback (link)

• Chicago to offer most generous subsidies to save downtown (link)

CRYPTO

• Crypto VC and hedge funds are launching at the fastest pace since 2021 (link)

• Ex-FTX exec Ryan Salame was sentenced to 7.5 years in prison (link)

You Can Sponsor this Newsletter details here.​

BULLISH BITES

💸 Record high: How the world got into $315 trillion of debt

🍎 Neverending: Why Epic’s lawsuit against Apple just won’t quit.

⚡️ High energy: Germany is generating so much solar power that electricity prices are going negative.

🚬 Pass the dutchie: Marijuana surpasses alcohol in daily use for Americans, says a new study.

DAILY SHARES

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