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- 📈 Nvidia triples
📈 Nvidia triples
Nvidia shares pass $1,000 after blowout earnings, House approves crypto FIT21 bill, White House signals Biden will sign crypto bill, existing-home sales unexpectedly fall, and OpenAI inks deal with News Corp. to improve ChatGPT…
Smart Owl
May 23, 2024
Good morning.
The Fast Five → Nvidia shares pass $1,000 on blowout earnings, House approves crypto FIT21 bill, White House signals Biden will sign crypto bill, existing-home sales unexpectedly fall, and OpenAI inks deal with News Corp. to improve ChatGPT…
Calendar: (all times ET)
Today: Initial jobless claims, 8:30a
FRI, 5/24: Durable-goods orders, 8:30a
Consumer sentiment, 10:00a
Your 5-minute briefing for Thursday, May 23:
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BEFORE THE OPEN
As of market close 5/22/2024.
PRE-MARKET
 |  |
MARKETS
US stocks ticked lower yesterday as Fed minutes revealed concerns about persistent inflation
Biotech shares surged as new human bird flu infections emerge
Japan’s 10Y yield topped 1% for first time in 11 years
EARNINGS
Nvidia rose ~6% after yet another beat-and-raise driven by a 262% YoY jump in sales; they also announced a 10-for-1 stock split (link)
Target plunged ~8% after reporting a YoY sales decline and missing Q1 earnings estimates as customers purchase fewer everyday items (link)
What we're watching this week:
Today: Intuit, Workday, Ralph Lauren
Full calendar here
NEWS BRIEFING
Nvidia reported fiscal first-quarter earnings on Wednesday that beat expectations for sales and earnings suggesting demand for the AI chips Nvidia makes remains robust.
The Biden admin released a statement calling for Congressional collaboration on a “comprehensive and balanced regulatory framework for digital assets.”
House approves crypto FIT21 bill with wave of democratic support (link)
US securities regulator urges against crypto bill adoption (link)
Fed minutes reveal inflation anxiety among officials (link)
PE is eying college sports (link)
Existing-home sales unexpectedly fall, prices stay high (link)
Junk bond risk premiums are at pre-pandemic lows (link)
Oil prices maintain losing streak on inflation confusion (link)
David Solomon says Fed unlikely to cut rates this year (link)
Target, Walmart shoppers seek home goods, grocery delivery online (link)
Citigroup fined $79M for 'fat-finger' trading error (link)
OpenAI inks deal with News Corp. to improve ChatGPT (link)
CPP's exposure to yuan reduced to just 5% (link)
Hedge funds bought Chinese stocks for a fourth-straight week (link)
TikTok is planning significant layoffs (link)
BNPL borrowers will get the same protections as credit card users (link)
Cancer victims sue J&J over 'fraudulent' bankruptcies (link)
Amazon to give Alexa an AI overhaul — and a monthly subscription price (link)
CRYPTO
BULLISH BITES
🫣 Oof: A $444 billion 'fat finger' trade crashed stocks.
🔑 Pursuits: Garry Tan has revealed his ‘secret sauce’ for getting into Y Combinator.
⛔️ Flawed: Startup Humane is looking for a buyer after the AI Pin's underwhelming debut.
🥣 Health tech: This Japanese electric salt spoon makes low-sodium food taste better.
DAILY SHARES
The company is a shell of its former self.
— Douglas A. Boneparth (@dougboneparth)
12:45 PM • May 20, 2024
Keep the curation going! Buy the team a coffee ☕️