TLDR

MARKET RECAP →  A broad stock rally sent the Dow (DIA), S&P 500, (VOO) and Russell 2000 to record highs Monday, as investors wagered that Treasury Secretary pick Scott Bessent could steer the economy without fueling inflation.

INTEL IN LINE FOR CHIPS ACT GRANT → Intel (INTC) neared an $8B CHIPS Act grant to expand chipmaking as it battles $17B losses, layoffs, and a potential Qualcomm takeover bid. 🚀

BUFFETT REJECTS DYNASTIES, DONATES BILLIONS → Warren Buffett donated $1.1B in Berkshire stock (BRK.B), reaffirming his pledge to give away 99% of his fortune while rejecting dynastic wealth's pitfalls. 💸

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TODAY’S TOP NEWS

Intel Inches Closer To $8B Chips Act Grant

🖥️ Intel (INTC) and the Commerce Department neared a deal on an $8 billion CHIPS Act grant to bolster the chipmaker's factory expansion. Despite delays, the funding would align with Intel’s broader strategy to revitalize its manufacturing edge.

💼 Challenges loomed as Intel faced a $17 billion loss last quarter and scaled back global plans, including layoffs and seeking cash via asset sales like Altera. Reports suggested grant reductions due to uncertainties in execution and market demand.

🚀 Intel also pursued a $3 billion defense contract while grappling with a competitive landscape, including potential acquisition rumors involving Qualcomm (QCOM). CEO Pat Gelsinger criticized bureaucratic delays in securing CHIPS Act cash.

TODAY’S TOP NEWS

Buffett Rejects Dynastic Wealth, Continues Giving

🏦 Warren Buffett, aged 94, donated another $1.1 billion in Berkshire Hathaway stock (BRK.B) to family foundations, reaffirming his pledge to give away 99% of his $150 billion fortune. He opposed dynastic wealth, citing its potential to hinder personal growth and create societal uncertainties.

💡 Buffett named three independent trustees to potentially succeed his children in managing his philanthropy. While confident in his children’s abilities, he emphasized trust-building through decades of observation and avoided predicting future generations’ priorities.

🚂 Berkshire Hathaway, valued at over $1 trillion, underpins Buffett’s philanthropy, with assets ranging from Geico to Dairy Queen. Buffett lauded his children for embodying values of humility and responsible wealth management instilled by their late mother.

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