TLDR

MARKET RECAP → The S&P 500 (VOO) closed at a new record high Wednesday as Nvidia (NVDA) surpassed Apple (AAPL) as the second most valuable public company and softer employment data lifted stocks on the prospect of rate cuts later this year.

MUSK REASSIGNED AI CHIPS → 📦 Elon Musk told Nvidia (NVDA) to redirect AI chips from Tesla (TSLA) to X and xAI, prioritizing his AI ventures over his automotive commitments, revealing his relentless focus on advancing AI tech.

MAX STREAMING PRICE HIKES → 📈 Warner Bros. Discovery (WBD) raised Max streaming prices by $1/month and $10-$20/year for ad-free plans, aiming to enhance content but risking subscriber loss amid fierce streaming competition.

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MARKETS

Today’s S&P 500 Heatmap

Notable Earnings This Week

TODAY’S TOP NEWS

Musk Reassigned AI Chips

🛑 Surprise Shipment Swap: Elon Musk ordered Nvidia (NVDA) to divert AI chips initially meant for Tesla (TSLA) to his new venture, xAI. This unexpected move raised eyebrows and highlighted Musk's ability to prioritize his ventures dynamically.

🔍 Operational Shuffle: The diversion reflected Musk's strategic shift to bolster xAI's capabilities quickly. Nvidia complied with Musk's request, showcasing the influence he wields in the tech industry and his commitment to accelerating AI advancements.

💡 Industry Implications: This decision underscored the fierce competition and rapid developments in the AI sector. It also served as a reminder of Musk's multifaceted business operations, blending innovation with a touch of unpredictability.

TODAY’S TOP NEWS

Max Streaming Price Hikes

📈 Warner Bros. Discovery (WBD) announced a price increase for its Max streaming service (formerly known as HBO), raising ad-free options by $1 per month. The annual subscriptions saw a hike ranging from $10 to $20.

💡 This adjustment aimed to enhance content offerings and improve platform features, ensuring better user experiences. However, it raised questions about subscriber retention amidst growing competition in the streaming market.

📊 Analysts noted that while the price hike might boost revenue, it risked driving away cost-conscious consumers. The move reflected broader industry trends of balancing content investment with subscriber affordability.

BULL VS. BEAR

NOTABLE POSTS

KEEP READING

NBA, NHL voice concerns over future of Diamond Sports, as it tries to craft post-bankruptcy plan (CNBC)

Chinese spies are targeting disgruntled workers within U.S. corporations, warns national counterintelligence head Michael Casey (CNBC)

Toyota to recall over 100,000 U.S. vehicles over potential engine stall (CNBC)

Meta AI chief LeCun slams Elon Musk over ‘blatantly false’ predictions, spreading conspiracy theories(CNBC)

New Utah lawsuit claims TikTok Live feature puts children at risk (CNN)

Musk accused of improperly selling $7.5 billion in Tesla stock before weak sales report that crashed its price (CNN)

The media is in meltdown over Caitlin Clark (CNN)

WHAT WE’RE WATCHING

OUR FAVORITE TOOLS & RESOURCES

• Quiver Quantitative — Quiver allows retail investors to tap into the power of big data with insights into things like congressional trades as they are disclosed

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• The Market Ear — Live news, analysis and commentary on what moves markets and trading

• Coinmarketcap.com — Crypto market data

• Finviz — Financial visualizations

• Trading Economics — Economic calendar

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

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

• ChatGPT — Large language model-based chatbot powered by generative AI

• Notion AI — Notion AI is a writing assistant that can help you write, brainstorm, edit, summarize, and more

• Vimcal — Lightning-fast calendar and AI scheduling assistant

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