TLDR

MARKET RECAP → The S&P 500 (VOO) moved higher on Thursday. Big Tech stocks closed broadly higher (i.e., AAPL +4.33%, NVDA +4.11%) and investors found some relief from an in-line March producer price index (“PPI”) following a hot consumer price index (“CPI”) report on Wednesday.

BITCOIN'S HALVING HYPE → 🔍 As Bitcoin's (BTC) 2024 halving cuts miner rewards in half, unprecedented pre-cycle highs and ETF demand brew a volatile cocktail, challenging past patterns of post-halving bull runs.

AI AND EFFICIENCY → 🚀🔋 Amidst strategic cost-cutting, Amazon's (AMZN) CEO Andy Jassy champions a bold leap into generative AI as the next big thing, balancing financial fortitude with futuristic innovation for a resilient and booming Amazon.

OHTANI SCANDAL → 🚨 Shohei Ohtani's translator, Ippei Mizuhara, allegedly siphoned $16 million for gambling debts, exploiting close access to Ohtani's funds, in a betrayal that's now landed him facing a potential 30-year sentence.

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MARKETS

Today’s S&P 500 Heatmap

Notable Earnings This Week

TODAY’S TOP NEWS

Bitcoin Halving Hype

Unique Timing ⏳ The 2024 Bitcoin (BTC) halving event is distinct as it precedes the cycle's high for the first time, creating unpredictable market dynamics. This halving reduces the reward for mining new blocks, thereby slashing the new supply of Bitcoin in half, a move aimed at creating scarcity similar to "digital gold."

Market Mechanics 📈 While past halvings have historically led to significant price increases, the impact of this halving may be moderated by the existing high demand and the advent of Bitcoin ETFs. Miners, facing reduced rewards, will sell less Bitcoin, potentially reducing selling pressure and influencing market prices over time.

Demand vs. Supply 🚀 Although diminishing returns have been observed post-halving, the introduction of Bitcoin ETFs presents a new demand shock that could override the expected supply shock effects. The market's anticipation and the strategic positioning by investors ahead of the halving underscore the evolving dynamics of Bitcoin's economic model.

TODAY’S TOP NEWS

AI and Efficiency

🚀 Balancing Act: Amazon (AMZN) CEO Andy Jassy, in his latest shareholder letter, emphasized the company's commitment to both aggressive cost-cutting measures and significant investments in generative AI. Under his leadership, Amazon is focusing on creating "primitive services" - fundamental building blocks aimed at fostering new projects and driving long-term resilience and growth, with AWS cited as a prime example of such innovation.

💡 AI as the Next Frontier: Jassy heralds generative AI as Amazon's forthcoming "pillar," predicting it to revolutionize the company's operations across all units. With a hefty investment in AI startup Anthropic and plans to infuse AI into every facet of Amazon's business, Jassy's vision is clear: generative AI will not only spawn a multitude of applications by other companies but will also see Amazon's cloud service, AWS, playing a pivotal role in the AI boom.

📊 Solid Growth Amidst Innovations: Despite focusing on future tech, Amazon reported a solid financial year in 2023, with a 12% increase in total revenue to $575 billion. The company saw significant improvements in operating income and free cash flow, attributed to advancements in customer experience and operational efficiencies, particularly in its Stores business and delivery speeds.

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TODAY’S TOP NEWS

Ohtani Scandal

🕵️ Betrayal at the Bank: Shohei Ohtani's ex-translator, Ippei Mizuhara, faces accusations of embezzling over $16 million from the baseball phenom to settle personal gambling debts, leveraging his intimate access to Ohtani's finances. Ohtani, blindsided by the breach of trust, was deemed a victim, having no inkling of the fraudulent activities.

💔 Trust Tarnished: Utilizing his position, Mizuhara manipulated Ohtani's bank accounts and obstructed access to Ohtani's financial advisors, all while engaging in illegal gambling operations in California. The discovery of the fraud emerged amid broader investigations into illicit bookmaking, highlighting Mizuhara's misuse of his privileged access for financial gain.

🏛️ Legal Fallout: Mizuhara now stares down the possibility of a 30-year prison sentence if convicted, marking a stunning fall from grace for someone once integral to Ohtani's day-to-day life. This incident underscores the perils of misplaced trust, especially when it intersects with the allure of illegal betting.

KEEP READING

Why car insurance costs are skyrocketing and leading to higher inflation (CNBC)

Vietnamese property tycoon sentenced to death in country’s largest financial fraud, state media reports (CNBC)

Microsoft will unveil new Windows and cloud AI features in May (CNBC)

Brady, Jeter, Eli and Peyton Manning headline Fanatics’ effort to build a comic-con of sports (CNBC)

Buffalo Wild Wings leans into Go takeout format as a third of sales move off premises (CNBC)

‘Disinflation is out, and inflation is in’ after a hotter than expected March CPI report, experts say (Fortune)

O.J. Simpson dead at 76 (CNN)

California just hiked minimum wage for fast food workers. Some restaurants are replacing them with kiosks (CNN)

Where Can I Find Guaranteed Loans for Bad Credit? (ML)

How to Find Free Instant Online Cash Advances (ML)

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