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Biden issues Executive Order on AI
Plus, a bad sign for sweet tooths...
*past 24-hour performance
Pharmageddon: Some pharmacy staff from Walgreens and other drugstore chains are planning to walk out this week in the latest pushback against what they call unsafe working conditions. (CNBC)
Bad sign for sweet tooths: Cocoa futures have touched $3,880 a metric ton, up roughly 67% from a year ago and the highest price since bad weather in West Africa ruined crops in the mid 1970s and sent prices soaring (WSJ)
Let that sink in: X, the company formerly known as Twitter, handed out stock grants to employees on Monday that showed it was worth about $19 billion, down about 55% from the $44 billion that Elon Musk paid to buy the firm a year ago (NYT)
UAW strikes near an end: A six-week wave of strikes that hobbled the three largest U.S. automakers has resulted in tentative contract agreements that would give workers their biggest pay raises in decades while avoiding a protracted work stoppage that could have damaged the economy (NYT)
Flash memory spinoff: Western Digital (WDC) said on Monday it would spin off its flash memory business that has been grappling with a supply glut after talks of merging the unit with Japan’s Kioxia stalled (CNBC)
Biden issues Executive Order on AI: President Biden has signed an executive order on AI, requiring companies to report about the risks their systems could aid terrorists to make weapons of mass destruction. The order also seeks to lessen the dangers of “deep fakes” that could swing elections or swindle consumers. (NYT)
US cuts quarterly borrowing target: The US Treasury reduced its estimate for federal borrowing for the current quarter thanks to stronger-than-expected revenues, offering some relief for investors concerned about the rapidly widening fiscal deficit. (Bloomberg)
Tesla shares drop 5%: Shares in EV maker Tesla (TSLA) took a hit on Monday following news that Panasonic, a longtime partner and supplier, had reduced battery cell production in Japan during the period ending September 2023. (CNBC)
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Hedge funds pile into uranium stocks set for ‘dramatic’ rise: Several hedge fund managers have started ratcheting up their exposure to uranium stocks, as they bet on significant price gains. Read more »
Netflix has reached 'utility status': A year ago, Netflix was losing 1 million subscribers per quarter and had shed 75% of its market cap. It was the worst performing stock in the S&P 500. Fast-forward one circumnavigation of the Sun, and Wall Street is “gushing” over its “beautiful” results while the rest of the industry flounders. Read more »
The national debt is finally a real-world problem: For years, budget hawks warned about the damaging effects of the mushrooming national debt, which now totals more than $33 trillion. But they had to speculate about how a debt crisis would materialize, because it was only theoretical. Read more »
The only dedicated longform podcast interview that Charlie Munger has done in his 99 years on Earth (Acquired)
2024 consumer trends report (WGSN)
The price of streaming keeps going up (Verge)
Who won the Barbenheimer faceoff? Actually, it was IMAX (Fast Company)
Whole Foods top 10 food trends for 2024 (Whole Foods)
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