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Top stories today:
- Japan’s Nikkei -12%, Nasdaq futures -4% as recession worries rise
- Google acquihires Character AI, with founders rejoining their prior employer
- Warren Buffet’s Berkshire cuts Apple stake by 49% to $84B
- Big Tech AI CAPEX spending +64% YoY to $58B in Q2
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. Japan’s Nikkei -12%, most since 1987, Nasdaq futures -4% as recession worries rise
Global carry trades unwind, with the yen +3% to 142.
Friday’s employment came in much worse than expected:
Unemployment rate at 4.3%, vs. 4.1% exp.
114K new jobs, vs. 185K exp.
Talks that the Fed could be behind the curve in lowering rates have been intensifying.
BTC briefly hit $49K, now at $53K.
2. Google acquihires Character AI, with founders rejoining their prior employer
Avoiding of regulatory scrutiny likely explains the acquihire model, also used by Microsoft’s $650M deal with Inflection and Amazon’s ~$439M with Adept.
Broader availability of foundational models have changed the landscape, Character AI admitted in a blog post.
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