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Top stories today:
- Fed 99% likely to keep rates at 5.25% - 5.50% at 2 PM ET
- Binance founder CZ sentenced to 4 months in prison, as expected
- Cannabis ETF +25% after Biden admin proposes to reclassify marijuana
- Amazonās revenue +13% to $143B, as AWS leads in profits
- Tesla eliminates most of 500-person Supercharger team
- Microsoft invested in OpenAI due to perceived lag vs. Google
0. Data and calendar
All values as of 6 AM ET / 3 AM PT, other than S&P500 and NASDAQ close (4 PM ET / 1 PM PT).
All times are ET.
1. Fed 99% likely to keep rates at 5.25% - 5.50% at 2 PM ET, markets price in
Options are pricing in a 0.95% daily move in the S&P 500, the highest since May 2023
Read more: WSJās Nick Timiraos.
2. Binance founder CZ sentenced to 4 months in prison, as expected
Binance failed to comply with U.S. compliance laws, including the Bank Secrecy Act, and failed to implement anti-money laundering (AML) efforts.
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4. Cannabis ETF +25% after Biden admin proposes to reclassify marijuana
Medical use of cannabis would be recognized federally.
38 states today already do so, but the federal ban makes intrastate commerce and shipping harder and more costly.
Proposal now under review by the White House Office of Management and Budget.
Currently, marijuana is a Schedule I drug, alongside heroin and LSD, and it would be moved to a Schedule III drug, alongside ketamine.
U.S. is under international treaties that could require the criminalization of cannabis.
5. Amazonās revenue +13% to $143B, as AWS continue to represent most profits
Ad revenue was +24% to $11.8B, ahead of analyst expectations.
Operating income totaled $15B, with $9B from AWS, $5B from North America, and $1B International
6. Tesla eliminates most of 500-person Supercharger team, planning slower growth
Read more: Bloomberg.
7. Microsoft invested in OpenAI in 2019 in part due to perceived lag vs. Google
According to an internal email released as part of the DOJās antitrust case against Google:
8. Interesting videos, posts, and memes
9. Other headlines
AI
gpt2: mysterious GPT-4-quality chatbot launches, disappears.
Safari 18 may include AI-powered Intelligent Search.
News Corp to get $5M-$6M/year from Google for AI licensing.
OpenAI, Microsoft sued by 8 daily newspapers owned by Alden.
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Tech earnings
AMDās revenue +2% to $5.47B, guidance of +6% in Q2.
Pinterestās revenue +23% to $740M, global MAUs +12% to 518M.
Tech
TikTok accused of encouraging users to circumvent App Storeās 30% fee.
TikTok Shop had 500K merchants in U.S. in Dec., 2x from Sep.
Banned app on App Store now #1: Delta, Nintendo game emulator.
SES to buy Intelsat for $3.1B in bid to compete with Starlink.
Twitch rolls out TikTok-like discovery feed.
New Roborock S8MaxV Ultra is on sale! Unlock the $1000 gift back now.*
BetterHelp: professional online therapy to help you win at work.*
Kinde: customer identity and access management in a few lines of code.*
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Tech & law
TX adult content restrictions remain as SCOTUS refuse to block it.
Biotech
Eli Lillyās revenue +26% YoY to $8.77B, net income +67% to $2.24B.
Warning labels on front of packages weighed by FDA.
Ozempic reduced from $188 to $125/mo in Denmark, as subsidies cut.
Business
Crypto
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U.S. politics
World
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