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Wall Street braces for key inflation report, Disney and Mukesh Ambani create new India media giant, Tim Cook says Apple will ‘break new ground’ in GenAI this year, Google CEO tells employees Gemini AI blunder ‘completely unacceptable’, and Wendy’s says ‘dynamic’ pricing won’t tack surge pricing to your nuggets…

Author

Smart Owl
February 29, 2024

Good morning.

The Fast Five → Wall Street braces for key inflation report, Disney and Mukesh Ambani create new India media giant, Tim Cook says Apple will ‘break new ground’ in GenAI this year, Google CEO tells employees Gemini AI blunder ‘unacceptable’, and Wendy’s says ‘dynamic’ pricing won’t tack surge pricing to your nuggets…

Calendar:

  • Today, 2/29: Personal Consumption Expenditures (PCE), 8:30a ET

  • Fri, 3/1: Consumer sentiment (final), 10:00a ET

Your 5-minute briefing for Thursday, February 29:

BEFORE THE OPEN

As of market close 2/28/2024.

PRE-MARKET

MARKETS

  • US stocks dipped slightly yesterday ahead of today’s key PCE inflation report

  • Bitcoin rallied, crossing $60k for the first time in two years, and on track for its biggest monthly jump since 2020

EARNINGS

  • Salesforce beat Q4 earnings and revenue estimates but forecast lower-than-expected fiscal 2025 revenue due continued weakness in professional services (link)

  • AMC shares fell ~11% after reporting Q4 earnings that fell short of analyst estimates; they nonetheless posted a 23% YoY revenue growth (link)

  • What we're watching this week:

    • Today: Birkenstock, Best Buy, Dell

  • Full calendar here

NEWS BRIEFING

Reliance to control JV and invest $1.4 billion for growth. Deal is expected to close as early as last quarter of 2024

Cook made the pronouncement during the company’s annual shareholders meeting today, the same week the company scuttled its multibillion-dollar, decade-long plan to build an EV.

  • Wall Street braces for key inflation report (link)

  • US Q4 GDP reveals strength in economy (link)

  • OpenAI accused New York Times of manipulating ChatGPT to build copyright lawsuit (link)

  • Wendy’s says ‘dynamic’ pricing won’t tack surge pricing onto your nuggets (link)

  • Tech companies cash in on ‘frothy’ stock rally with convertible bond sales (link)

  • Elliott was sued for having too much boardroom influence (link)

  • Hedge fund Eisler plans hiring spree to take on industry giants (link)

  • ECB will continue with 'floor' system to prop up lower-bound rates (link)

  • Google CEO tells employees Gemini AI diversity blunder ‘completely unacceptable’ (link)

  • Financial Times launched a venture arm (link)

  • Apple will disclose AI plans later this year (link)

  • The SEC is investigating OpenAI (link)

  • Universal Music escalates fight with TikTok (link)

  • SpaceX will help design the Tesla Roadster (link)

  • Netflix named Dan Lin as film chief (link)

  • Meta will launch a new AI language model Llama 3 in July (link)

  • 32 media groups sued Google for $2.3B (link)

  • Uber CEO unlocks $136M in shares after hitting $120B valuation (link)

CRYPTO

  • Winklevoss twins' Gemini will return at least $1.1B to customers though the Genesis Global Capital bankruptcy as part of a settlement with New York (link)

  • BlackRock's Bitcoin ETF saw a record $520M in daily inflows on Tuesday (link)

  • SBF is advising prison guards to invest in Solana (link)

  • SBF is citing autism in plea for shorter prison sentence (link)

  • The Bitcoin rally caused Coinbase to crash (link)

You Can Sponsor this Newsletter details here.​

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DAILY SHARES

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