TLDR

MARKET RECAP → The Nasdaq Composite (QQQ) rose to an all-time high Friday, exceeding its 2021 record levels, as the markets continue to pile into large-cap tech stocks. Meanwhile, Bitcoin (BTC) continues to absolutely rip, up over 22% this week, trading over $62K Friday afternoon.

MUSK VS. OPENAI → 🤖 Elon Musk sues OpenAI, alleging a betrayal of their humanitarian mission for AI, in a high-stakes legal drama that underscores the tech titans' clash over the soul of artificial intelligence.

ANIMAL SPIRITS SOAR → 🚀 Amid Fed rate-cut hopes, markets echo 2021's speculative rush with Bitcoin's (BTC) surge, SPACs revival, and meme stock mania, driving record highs and a bold leap into riskier assets.

Sean Horgan

Head of Investor Relations @MoneyLion

$shorgan*

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Today’s Top News

MUSK VS. OPENAI

🚀 Founding Vision Feud: Elon Musk filed a lawsuit against OpenAI and CEO Sam Altman, claiming they veered off the nonprofit's original mission of developing AI for humanity's broad benefit. Musk, a co-founder who stepped down from the board in 2018, alleges OpenAI has become a profit-driven entity under Microsoft's (MSFT) influence, contradicting its founding principles.

💼 Partnership Pivot: The lawsuit criticizes OpenAI for prioritizing profit generation for Microsoft over its commitment to benefiting humanity, marking a significant departure from the vision Musk and others had when founding the AI research lab. This shift has sparked Musk's legal action to realign OpenAI with its original, altruistic goals.

🌐 Tech Titans Tangle: This legal battle pits two of the tech world's most influential figures against each other amidst the AI boom, with Musk's ventures spanning from Tesla (TSLA) to Neuralink, and Altman's rocky tenure at OpenAI, including a brief ouster. The lawsuit emerges as AI's potential and ethical implications are hotly debated, highlighting the growing tensions over the direction and control of influential AI entities.

ANIMAL SPIRITS SOAR

📈 Party Like It’s 2021: A Federal Reserve rate-cut signal ignited a rally, with speculative activities reminiscent of 2021 surging, from Bitcoin's (BTC)  leap to $64,000 to SPACs' comeback and chatroom trading's resurgence. This enthusiasm has driven S&P 500 (VOO) and Nasdaq (QQQ) to record highs, echoing the pandemic-era investment fervor.

🌍 Risk On: Emerging market distressed debt saw a notable 25% increase from its lows, highlighting investor appetite for risk amid expectations that inflation will hit the Fed's target without triggering a recession. This shift towards high-risk investments reflects a broader confidence in the market's direction, spurred by the anticipated Fed rate cuts.

🎮 Return of Retail: Retail traders on platforms like Reddit's "WallStreetBets" have reignited their passion for meme stocks and new tech favorites, with sentiment reaching its most bullish level since June 2021. The return of "YOLO" investing and a spike in SPAC IPOs illustrate a widespread euphoria in U.S. equities.

Keep Reading

Yum China CEO says consumers are growing more ‘rational’ as rising costs cut dining budgets (CNBC)

Death of shipping CEO Angela Chao under ‘criminal investigation,’ Texas sheriff says (CNBC)

Snowflake’s Slootman says he’s not worried about employee exodus: ‘This is not a personal cult’ (CNBC)

Some transportation sector giants have ‘cash to burn’ in freight recession rebound (CNBC)

Why China, Japan and the Fed are shaking up the $26 trillion U.S. Treasury market (CNBC)

Stanley cup maker has a plan to make its product launches less chaotic (CNN)

Dude, you’re not getting a Dell. So why is its stock soaring? (CNN)

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Our Favorite Tools & Resources

• The Market Ear — Live news, analysis and commentary on what moves markets and trading

• Coinmarketcap.com — crypto market data

• Finviz — financial visualizations

• Trading Economics — Economic calendar

• CME FedWatch Tool — Market-implied probabilities of future levels of interest rates 

• Dataroma — Track stock picks and portfolios of legendary value investors such as Warren Buffett

• ChatGPT — Large language model-based chatbot powered by generative AI

• Vimcal — Lightning-fast calendar and AI scheduling assistant

• Notion AI — Notion AI is a writing assistant that can help you write, brainstorm, edit, summarize, and more.

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