FTC claims AMZN is an "illegal online monopoly"

Plus, OpenAI triples valuation...

27 Sep

*past 24-hour performance

  • Amazon antitrust lawsuit: The FTC and 17 states are suing Amazon (AMZN), saying its conduct in its online store and services to merchants illegally stifled competition; shares slid 4% (FTC)

  • Boosted OpenAI valuation: OpenAI is talking to investors about a share sale that would value the AI startup behind ChatGPT at between $80 billion to $90 billion, almost triple its level earlier this year (WSJ)

  • Record deposits drop: Deposits at U.S. banks fell by $871.6 billion to $17.269 trillion, the first such drop in history (BNN)

  • Birkenstock IPO facing SEC slowdown: A possible government shutdown is threatening to slow down operations at the SEC. One possible casualty: the IPO of trendy German shoe company Birkenstock (Bloomberg)

  • Don’t you have better things to do?: President Biden joined a picket line with striking autoworkers in Michigan yesterday, backing their call for a 40% pay raise and telling them they deserve a "lot more" than they are getting (Reuters)

  • Republican presidential debate: The second Republican presidential debate takes place tonight, with 7 candidates set to face off on Fox Business Network and Univision at 9 pm ET (AP)

  • Costco earnings: Costco's (COST) Q4 results beat estimates on both the top and bottom lines as consumers continued to flock to the retailer for value. The company also said it will raise the price of its membership fee soon (Yahoo)

The Next Meme Stock? Owning a Slice of Your Favorite Song: The music business is booming. Streaming revenue is up. Vinyl sales are up. CD sales are, somehow, also up. All of this is fueled by fans spending money. Now, startups are making a calculated pitch in this flush moment: Why don’t these fans get in on the action, and quite literally invest in their favorite songs? Read more »

The Best Investments to Own During a Recession: It’s impossible to predict the timing or severity of a potential recession. That said, looking at which types of investments have historically fared best during economic downturns can help you limit some of the damage. Read more »

  • How not to be fooled by viral charts (Noahpinion)

  • Wenstrup reveals new allegations that Dr. Fauci potentially influenced CIA COVID-19 origins investigation (House Committee on Oversight)

  • Longevity (Jared Dillian)

  • San Francisco on track for deadliest year on record for drug overdoses (Ground News)

  • Nazi-linked veteran received ovation during Zelenskyy’s Canada visit (Politico)

  • When money doesn't work, people stop working (Marty Bent)

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