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Monday Market Open
Dear Reader,
Welcome back to yet another Monday Market Open, I’m glad you could join us. We have lots to get you hyped for another week at the grind stone. Keeping up to date on the ins and outs of the market makes you a better investor, it’s just a fact !
And what better way then our Monday Market Open.
Lets dive in 🤿
Market Indices & Commodities
| Gold | $2,324.52 | +0.22% |
| Copper | $4.42 | -0.28% |
| Silver | $29.61 | +0.77% |
| NASDAQ | $17,689.36 | -0.18% |
| S&P 500 | $5,464.62 | -0.16% |
| TSX | $21,554.86 | -0.12% |
| CSE Comp | $167.33 | +0.00% |
What happened?
The Recap of the Week
Dell’s CEO has confirmed on X that the company will be teaming up with Nvidia to build an AI factory for Elon Musk. 📆
U.S. stocks continue to hit new record highs, with the S&P 500 last week logging its 31st all-time high this year 💡
U.S. Navy’s budget to surge by 35% to $330B 🚢
Nvidia became the most valuable company in the world on Tuesday, but dropped back to 3rd later in the week ❗
Adobe sued for subscriptions that are too hard to cancel 🚫
Fisker (An EV company) files for bankruptcy 🚘
Graph of the Day
Is Social media your main source of news ?
News
What on the Horizon?
Monday - Nothing hugely important on Monday
Tuesday - Canada CPI (May): prices rose 2.7% in April, June Consumer Confidence Survey, index expected to fall to 99 from 102. Earnings: TD Synnex Corp. (SNX), Carnival Corp. (CCL), FedEx Corp. (FDX), Worthington Enterprises Inc. (WOR), Progress Software Corp. (PRGS)
Wednesday - May New Home Sales, US EIA crude oil inventories, stockpiles in previous week fell by 2.5 million barrels, Earnings: Paychex Inc. (PAYX), General Mills Inc. (GIS), Micron Technology Inc. (MU), Levi Strauss & Co. (LEVI)
Thursday - US durable goods orders, durable goods orders expected to rise 0.3% and claims to rise to 240K. Earnings: McCormick & company (MKC), Walgreens Boots Alliance (WBA), Acuity Brands (AYI), Nike (NKE)
Friday - PCE Prices, Personal Income, Personal Spending.
⭐A week of mostly second-tier data, US PCE price index will indicate the Fed’s preferred measure of inflation.
The Secret Sauce
OpenAI for profit 🤑
Big news coming from OpenAI. Apparently, according to reports CEO Sam Altman is considering making OpenAI a for-profit company that the current non-profit board wouldn’t control. One option being considered is making OpenAI a for-profit benefit corporation, also known as a B-Corp.
A B-corp is basically like when a company wants to look and do good, but also wants make bank. OpenAI wouldn’t only have to consider profits but also its impact on society and the environment.
If the company eventually became a for-profit, this could open up the way to an initial public offering where the company gives the public a chance to own its shares. This would be a good way for the company to gain further investment, and given the hype around ChatGPT, it would likely do very well from an IPO.
However, as a public company OpenAI would be more beholden to shareholders, which could potentially mean more restrictions on free services. That could mean bye bye free chatgpt.
Interesting, stuff all the same. Especially, this coming out so soon after OpenAI co-founder Ilya Sutskever announced he founded Safe Superintelligence inc (SSI), a new AI company.
Anyways one to keep an eye on.
Thank you
That’s all Folks
Hey, thank you for checking out Monday Market Open. Have a great week !
Cheers,
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