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Elon Musk recruits team to develop OpenAI rival to fight ‘Woke AI’.
Will it be called TruthGPT?
Prices as of 4 pm EST, 2/27/23; % YTD
MARKET UPDATE Hot European Inflation Data / No-Landing
- France CPI +7.2% in February
- Spain CPI +6.1% in February
- German 2-year government bond yield jumped to highest level since 2008
- ECB may now hike 50 basis points in March
- Peak for ECB interest rates jumped to 4%
Sector perfomance
Crude 77.50 +2%
Tesla (NASDAQ: TSLA)
- Signs $2.9 billion deal with South Korea’s L&F
- Provide cathode materials for EV batteries
- Year-to-date, Tesla stock up 68%
- Elon back to richest person in the world
Race to exit China
- Today AirPods maker GoerTek investing $280 million in new Vietnam plant to move production away from China
- This follows a general trend to exit China and diversify supply chain given geopolitical tensions between U.S. and China
Re-Opening
- Hong Kong will stop requiring masks to be worn in public places
- Mandate to wear masks lasted 945 days
Earnings
- Occidental Petro (NYSE: OXY) flat upped $3B buyback, raised dividend, 2023 Capex > street
- Workday (NASDAQ: WDAY) -2% topline beat, revenue guide less than street
- Zoom (NASDAQ: ZM) +6% revenue guide lowered less than expected
- Target (NYSE: TGT) flat 2023 EPS guide below street
- AutoZone (NYSE: AZO) flat earnings and sales beat, Q4 SSS +5.3%
- Sempra (NYSE: SRE) flat revenue miss, earnings beat, guide maintained
CRYPTO UPDATE Binance vs. Forbes report
-
Alleges Binance quietly moved $1.8 billion in stablecoin collateral to hedge funds
- Including Alameda Research
- B-peg USDC holders were left holding tokens with no backstop
- Actions “eerily similar to maneuvers by FTX”
- Binance is denying, naturally
Whale dumps NFTs
- NFT whale Machi Big Brother sold off +1,000 NFTs in 48-hour period
- Biggest NFT dump ever
- Total sales close to $18 million
Bitcoin (CRYPTO: BTC) correlations
- Correlations with equities and gold have fallen sharply
- Less sensitivity to macro events
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