Biden versus Bastiat

Nvidia Favors $30 Billion OpenAI Investment, Retreating From Prior $100 Billion Commitment Update (Friday):  Bloomberg reported earlier this week that OpenAI is nearing completion of a new funding round that could raise more than $100 billion. Separately, the Financial Times reported on Thursday that Nvidia is close to finalizing an investment of about $30 billion in OpenAI, a significantly smaller amount than the $100 billion commitment agreed upon last year. FT cited people familiar with the funding round who said the "final stages" have begun and that Nvidia's $30 billion equity...

Futures Fall As AI Selloff Resumes US equity futures woke up after President's Day and chose to resume their selloff (after a modest bounce on Monday's holiday failed to hold) dragged by Tech, as the risk-off moves on AI disruption fears continue. As of 8:15am ET, S&P 500 futures were down 0.5% with Nasdaq 100 contracts falling 1.0%. In premarket trading, all Mag 7 stocks are lower and Semis are being pressured with AVGO / NVDA lower by more than 1%. Pockets of outperformance (and higher absolute returns) can be found...

1, 2, 3, 4, 5 And 5, 4, 3, 2, 1 By Michael Every of Rabobank Depressingly, today marks the start of the fifth year of the Ukraine War: a battered Ukraine is still standing against a bruised Russia; the US is still aiming for a peace deal so it can pivot to Asia; and Europe --even as it knows it has to look after both Ukraine and its own conventional defenses after decades of having this provided for it-- is still trying to get its act together. Despite its rhetoric, with...