Top stories today:

1. CPI, core CPI remain above target at 0.3% MoM
2. Bitcoin ETFs: Grayscale lead in 1st day trading volume
3. Microsoft briefly takes over Apple as #1 company by market cap
4. Credit card delinquency jumps to highest since 2012

0. Data and calendar

1. CPI, core CPI remain above target; core CPI above on monthly basis for 5th consecutive month

• CPI: 0.3% MoM / 3.4% YoY in December, vs. 0.2% / 3.2% expected, from 0.1% / 3.1%.

• Core CPI: 0.3% / 3.9%, vs. 0.3% / 3.8%, from 0.3% / 4.0%.

Vehicle insurance, electricity, and airline fares led monthly inflation

2. Bitcoin ETFs: Grayscale, BlackRock, Fidelity lead in 1st-day trading volume ($5B total)

• Bitcoin covered call ETF filed by Grayscale.

• Vanguard is blocking trades of Bitcoin ETFs, and won’t launch an ETF of its own.

4. Microsoft briefly takes over Apple as world’s #1 company by market cap

• Apple has been #1 since Nov. 2021.

  • Crossed $3B in June 2023.

5. Credit card delinquency jumps to highest since 2012, while mortgage delinquency reaches record low

Mortgage delinquency rates continued their long-term decline, which was briefly interrupted by Covid

6. Interesting videos, posts, and memes

7. Other headlines

AI

• Microsoft, OpenAI’s “real relationship” focus of investigation: EU.

• OpenAI Enterprise has 260 businesses, 150K users.

• Anthropic’s $750M fundraise: behind the scenes.

• Google Cloud launches new gen AI tools for e-commerce.

  • Switching fees eliminated, pressuring AWS, Microsoft.

• 1X, robotic startup backed by OpenAI, raises $100M.

• HongShan invests in Iluvatar CoreX, NVIDIA challenger.

Tech

• 60K-80K Vision Pro units ready for Feb. 2: analyst.

• Google to allow real-money games on Play Store.

• DocuSign may be sold to Bain, Hellman & Friedman.

• Amazon’s Just Walk Out tech expands to corporate employees.

• Apple board changes: Al Gore, James Bell out, Wanda Austin nominated.

• Discord lays off 17% of employees.

• Audible lays off 5% of staff.

• Pixar could lay off as much as 20% of employees in 2024.

• India’s Byju sees valuation cut from $22B to $1B.

• BetterHelp: professional online therapy to help you win at work.*

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Tech & law

• Google endorses right to repair, to lobby for it.

Biotech

• CDC recommends Covid, influenza, RSV vaccinations for most.

• Weight loss drugs not linked to suicidal thoughts: FDA.

• Novartis backs away from pursuing Cytokinetics.

Business

• BlackRock buys infrastructure firm GIP for $12.5B.

  • $10T AUM, still below $10.2T record.

• Airbus books 2,319 gross orders in 2023, 29% higher than its 2014 record.

• The CEO Report: become a better leader by subscribing, 100% free.*

• Arrived: learn how to invest as little as $100 in fractional real estate, which has outperformed the S&P500 over the past 20 years.*

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Crypto

• Circle (USDC issuer) confidentially files for U.S. IPO.

U.S. politics

• Hunter Biden pleads not guilty to federal tax charges in CA.

• Trump criticizes judge in NY civil fraud trial.

• GOP senators introduce bill to make SCOTUS sole arbiter on ballot bans.

World

• U.S., allies attack Houthis in Yemen, who vow to respond.

• Russia preps legal battle to stall seizure of $300B.

• Iran’s navy seizes oil tanker near Oman, increasing tensions.

• IDF, Palantir agree to partnership for battle tech.

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