TLDR

MARKET RECAP → Stocks resumed their rally on Wednesday, with the S&P 500 (VOO) reaching a new all-time high and snapping a three-day losing streak.

AMAZON'S AI MEGA DEAL → 🤖 Amazon (AMZN) escalates the AI arms race with a groundbreaking $2.75 billion investment in Anthropic. This investment champions generative AI innovation and cements a strategic alliance that leverages AWS's cloud prowess and custom chips.

SEC VICTORY OVER COINBASE → 🔨 The SEC's lawsuit against Coinbase (COIN) moves forward on charges of unregistered securities sales, marking a pivotal moment for crypto regulation and sending Coinbase shares down 3.8% today.

OIL SLIPS AGAIN → 🛢️ Crude oil prices dipped as U.S. stockpiles unexpectedly swelled by 9.3 million barrels, with WTI and Brent falling slightly, despite their year-to-date gains of 13.3% and 11.3%, respectively.

Was this email forwarded to you? Sign up for free here.

MARKETS

Today’s S&P 500 Heatmap

Notable Earnings This Week

TODAY’S TOP NEWS

Amazon’s AI Mega Deal

🚀 Historic Investment: Amazon (AMZN) announced its largest external investment ever, pouring an additional $2.75 billion into Anthropic, a leading generative AI startup, bringing its total commitment up to $4 billion. This move positions Amazon at the forefront of the AI race, alongside Anthropic's AI model and chatbot Claude, a direct competitor to OpenAI's ChatGPT.

💡 Strategic Partnerships: Despite maintaining a minority stake without board representation, Amazon's investment underscores a deepening relationship with Anthropic. The startup, valued at $18.4 billion, has chosen AWS as its primary cloud provider and will utilize Amazon's custom chips for AI model training, highlighting a significant tech collaboration.

🔍 AI Investment Surge: This investment reflects a broader trend of major tech firms aggressively funding AI ventures to secure a lead in the rapidly evolving sector. Anthropic's focus on developing advanced, safe AI models, including its latest Claude 3, showcases the potential for groundbreaking advancements in AI technology and applications.

TODAY’S TOP NEWS

SEC Victory Over Coinbase

🏛️ Court Ruling: The SEC achieved a significant victory against Coinbase (COIN) as a judge ruled the cryptocurrency exchange's engagement in unregistered securities sales could proceed to jury trial, rejecting Coinbase's motion to dismiss the SEC's complaint.

📉 Market Reaction: Following the ruling, Coinbase shares dropped approximately 3.8%, reflecting investor concern over the potential implications of the lawsuit for Coinbase and the broader cryptocurrency market.

🔍 Legal and Regulatory Landscape: While the judge dismissed the SEC's claim that Coinbase acted as an unregistered broker through its Wallet application, the focus remains on Coinbase's Staking Program and its unregistered offer and sale of securities, setting a precedent for how crypto transactions are regulated.

TODAY’S TOP NEWS

Oil Slips Again

🛢️ Stockpile Surge: Crude oil futures dropped for a second consecutive day, driven by an industry report revealing a significant increase in U.S. petroleum stockpiles, with West Texas Intermediate (WTI) and Brent crude experiencing declines of 0.5% and 0.57%, respectively.

📈 Yearly Gains: Despite the recent dip, WTI and Brent have seen substantial growth this year, with WTI up by 13.3% and Brent by 11.3%, underscoring the volatile nature of global oil markets.

🔍 Awaiting Official Data: The market's eyes are now on the Department of Energy, which is set to release official figures on U.S. crude inventories, potentially influencing future price movements.

KEEP READING

Disney agrees to settle Florida lawsuit with special district backed by DeSantis (CNBC)

Novo Nordisk’s $1,000 diabetes drug Ozempic can be made for less than $5 a month, study suggests (CNBC)

Moderna moves three vaccines into final stage trials as it works to rebound from Covid slump (CNBC)

Here’s what we know about the Singapore-flagged container ship that hit the Baltimore bridge (CNBC)

Carnival rides on record cruise demand to lift annual profit forecast (CNBC)

Sam Bankman-Fried faces sentencing this week. Here’s what to expect (CNN)

Apple announces its annual developers conference is set for June 10 (CNN)

What Happens to Unpaid Credit Card Debt After 7 Years? (ML)

How to Get Fast Small Loans to Build Credit (ML)

BULL VS. BEAR

NOTABLE POSTS

WHAT WE’RE WATCHING

OUR FAVORITE TOOLS & RESOURCES

• 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

• Vimcal — Lightning-fast calendar and AI scheduling assistant

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

The Bull vs. Bear Merchandise Promotion is a limited time campaign that begins on December 1, 2023 at 12:00 AM ET and ends on the date that there are no more Rewards. This Promotion is available to any registered MoneyLion user who is a legal resident of the 50 United States or the District of Columbia and who has reached the age of majority in their state as of the beginning of the Promotional Period. See terms and conditions here.

This advertising email was sent to you because you have a MoneyLion account. If you would like to unsubscribe, please do so using this link. We respect your right to privacy. Please do not reply to this email with sensitive information, such as an account number, Social Security number, date of birth, bank account information, PIN, password, or Online ID. The security and confidentiality of your personal information is important to us. If you have any questions or want to read more, please visit our Help Center.

MoneyLion and Pathward do not provide, nor do they guarantee, any third-party product, service, information, or recommendation. The third parties providing these products or services are solely responsible for them, as well as all other content on their websites. MoneyLion is not liable for any third party’s failure with regard to those advertised products, services, and benefits. These advertised products and services may not be FDIC insured or bank-guaranteed, and may be subject to a different privacy policy than MoneyLion’s. You should check individual offers, products, and services to become familiar with any applicable restrictions or conditions that may apply. MoneyLion may receive compensation from third parties for referring you to the third party, their products or to their website.

The influencer, creator and other content provided in the MoneyLion App (“Content”) is for informational and entertainment purposes only and should not be construed as legal, tax, investment, financial, or other advice. All Content is intended to be of a general nature, does not address the circumstances of any particular individual or entity, and may not constitute a comprehensive or complete statement of the matters discussed. MoneyLion is not a fiduciary by virtue of any person’s use of or reliance on the Content. You should consult an appropriate professional if you require any legal, tax, investment, financial or other advice.