The S&P grew 2.2%, and the Dow advanced 1.9% for their first three-win streak since July. The Nasdaq increased 2.4%, its first three-week positive streak since June.
Sam Altman was ousted as CEO at OpenAI. OpenAI then nerfed itself while Microsoft carved out all the useful stuff.
Self-described anarcho-capitalist Javier Milei handily won the Argentinian presidential runoff election.
Crypto ETFs will have to wait until 2024.
📰 Market Headlines
Sam Altman, who many consider the face of AI, was ousted as CEO at OpenAI. After a dramatic weekend that can only be described as the next “Barbarians at the Gate,” he was ultimately replaced by former Twitch CEO Emmett Shear.
Satya Nadella, CEO at Microsoft, hired Altman to “lead a new advanced AI research team.” Former OpenAI President Greg Brockman and other “colleagues” will join him. Nadella has acquired OpenAI’s most useful components (the talent), promising them unlimited resources and computing power, and left a husk behind for Shear.
New OpenAI CEO Shear has said he wants to slow down OpenAI’s development to ensure proper guardrails are in place. Sheer has said some fairly…problematic…things in the past, which will probably be an issue at some point.
Happy Project Bora Bora Day to those who celebrate. Citi’s management reshuffle and job cuts are announced today.
Big shouts for crypto, which was forecast to be the best performer in 2024, and deeper investment analysis.
Commodities, crypto, and fixed income
“Interested in forecasts of gold, silver, and crypto, with short and long-term projections. Plus money market and cd options for cash positions yielding higher FDIC protected opportunities.”
Crypto
“Crypto is becoming a more popular way to diversify an investor’s portfolio, and most people do not have at least a basic understanding of this asset class.”
A golden moment for private credit 🤝
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Airbnb shares were downgraded, while Expedia’s were upgraded.
Hong Kong Disneyland opened its first Frozen-themed attraction today as part of Disney’s $60 billion expansion.
Seven Nasdaq 100 companies have made up the vast majority of the index’s gains this year. Public lets you invest in all of them at once with their Magnificent Seven plan.
📊 Income
The yield on the 10-year Treasury rose to 4.45% from 4.44% late Friday. Just a few weeks ago, it was above 5%, at its highest level since 2007.
If you want to invest in US stocks from companies that pay high dividends but don’t want to do the research yourself, check out Public’s High-Income Dividend-Paying plan. It follows the top 20 holdings by weight from the iShares Core High Dividend ETF (HDV).
📊 Crypto
The SEC has delayed its approval of a spot BTC ETF again. Once approved, the price of BTC should increase significantly under increased demand from institutional and retail investors.
🇯🇵 Japan’s Nikkei 225 index broke its September peak, hitting a 33-year high, and then fell to 33,388.03, shedding 0.6%.
🇦🇷 Self-described anarcho-capitalist Javier Milei handily won the Argentinian presidential runoff election. He wants to abolish not only the central bank (“the worst garbage that exists on this Earth”) but also the health, education, and environment ministries.
🇹🇭Thailand badly missed its GDP expectations, coming in at 1.5% growth YoY against a forecast of 2.2%.
OpenAI CEO Sam Altman and CTO Mira Murati on the Future of AI and ChatGPT | WSJ Tech Live 2023
📈 Trends you need to know
Brought to you by our friends at Glimpse, my favorite way to spot trends.
Weight loss drugs are going mainstream.
That’s all for today. Did we miss anything? Smash the reply button to let us know.
Cheers,
Wyatt
Notes
Please read this disclaimer. The authors of Alt Assets, Inc. are not attorneys, investment advisers, accountants, tax professionals or financial advisers and any of the content should not be taken as professional advice. They are self-taught accredited investors, sharing information, research, entertainment and lessons learned based solely on their own experience and circumstances. Individual results may vary. The published content is unique, based on certain assumptions and market conditions at the time of publishing, and is intended to serve solely as research, not financial advice. For entertainment purposes only. Not investment advice. Alts I LLC (the “Fund”) is an affiliate of Alt Assets, Inc. and the Fund has conducted a private placement offering under Rule 506(c) of Regulation D of the Securities Act of 1933, as amended. The Fund may invest in one, several, or all of the alternative asset classes that Alt Assets, Inc. publishes content about on its site. Any of the Fund’s investments that have positive designations on the Alt Assets, Inc. site are purely coincidental, as the Fund is actively managed and guided by its own investment parameters, as summarized in the relevant private placement memorandum. Alternative investing involves a high degree of risk, including complete loss of principal and is not suitable for all investors. Past performance does not guarantee future results. The newsletter may contain affiliate links, meaning that Alts.co and its associated entities may receive compensation for referring customers to the noted companies. We recommend seeking the advice of a financial professional before you make any investment in an alternative asset class or any associated entities, and we accept no liability whatsoever for any loss or damage you may incur.
