TLDR

MARKET RECAP → The Nasdaq (QQQ) and S&P 500 (VOO) soared to record highs on Thursday, marking a triumphant end to February and a fourth consecutive month of gains for the major indexes. All this strength has left investors to ponder the durability of this tech-led rally. All eyes are still on Bitcoin (BTC), reaching as much as $63K today as it nears its all-time high of ~$69K.

INFLATION INSIGHTS → 🎢 January's PCE report rode the expected inflation track, with annualized core PCE of 2.8% year-over-year, hinting at a cautious consumer and a Fed eyeing future rate cuts.

ROBOTS RISING → 🤑 Figure AI, backed by tech royalty for its humanoid robots tackling tough tasks, vaults to a $2.6 billion valuation, promising a future where robots and AI lead the workforce revolution.

SNOWFLAKE'S CEO CHILL → ❄️ Snowflake's CEO baton passes from Frank Slootman to ex-Google's Sridhar Ramaswamy, sparking a 24% stock slide amid shifts towards an AI-fueled future and financial turbulence.

Sean Horgan

Head of Investor Relations @MoneyLion

$shorgan*

Today’s S&P 500 Heatmap

Notable Earnings Reports This Week

Today’s Top News

INFLATION INSIGHTS

📈 Steady Inflation Rates: January witnessed inflation aligning with Federal Reserve expectations. The core PCE price index, excluding food and energy, climbed 0.4% monthly and 2.8% annually, matching expectations and signaling a controlled inflationary environment, despite a slight uptick from December's figures.

💸 Income and Spending Shifts: An unexpected leap in personal income by 1% surpassed forecasts, contrasting with a slight 0.1% dip in spending. This divergence reflects a cautious consumer behavior amidst ongoing economic adjustments, with a notable shift towards services over goods as the post-pandemic economy stabilizes.

🔍 Fed's Future Moves: Despite the inflation and spending data, the Fed's path remains bumpy, with officials hinting at potential rate cuts later in the year. The market's reaction was muted, anticipating the first rate reduction could occur in June, as savings rates suggest consumers are still feeling the pinch of elevated prices.

ROBOTS RISING

🤖 Tech Titans Invest: Figure AI, a startup dedicated to crafting humanoid robots for less desirable jobs, announced a whopping $675 million funding round, reaching a valuation of $2.6 billion. The investment was led by industry heavyweights including Jeff Bezos, Nvidia, Microsoft, and Amazon's Industrial Innovation Fund, showcasing significant confidence in the company's direction and technology.

👨‍🔧 Humanoid Helpers: Founded in 2022, Figure AI has been developing Figure 01, a general-purpose robot designed to mimic human movement and capabilities. Targeting sectors with acute labor shortages such as manufacturing and logistics, the company aims to deploy its robots for tasks that are either too dangerous or undesirable for humans, steering clear of military applications.

🚀 Strategic Collaborations and Market Potential: Amid a bustling field of competitors like Tesla and Boston Dynamics, Figure AI sets itself apart with strategic partnerships, including a notable collaboration with OpenAI to refine AI models for robotic autonomy. With the humanoid robot market projected to balloon to $38 billion by 2035, Figure AI's innovative approach and high-profile backing position it as a significant player in the future of robotics.

SNOWFLAKE'S CEO CHILL

🌨 Leadership Shift: Frank Slootman announced his retirement as CEO of Snowflake, the cloud software giant he led through a record-breaking IPO in 2020. Sridhar Ramaswamy, ex-Google ad chief and co-founder of Neeva, is set to take the helm, steering Snowflake into its next growth phase, particularly in AI and machine learning.

📉 Market Reaction: Snowflake's shares took a nosedive, plummeting 24% in extended trading following the announcement. This sharp decline reflects investor nervousness about the transition and the future direction under new leadership, despite Slootman's continued role as chairman.

💼 Financial Footing and Future Outlook: Despite a 32% year-over-year sales increase to $774.7 million in the fourth quarter, Snowflake's operating losses widened, and its first-quarter revenue projections fell short of analyst expectations. This financial snapshot, coupled with leadership changes, paints a complex picture for Snowflake's path forward in the competitive cloud and AI landscape.

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• CME FedWatch Tool – Market-implied probabilities of future levels of interest rates 

• Vimcal – Lightning-fast calendar and AI scheduling assistant

• Dataroma – Track stock picks and portfolios of legendary value investors such as Warren Buffett

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