MARKET RECAP → Stocks broadly closed lower on Wednesday as the FOMC minutes curbed the stock market’s recent enthusiasm. Bitcoin (BTC) also fell as crypto bros took a chill pill amidst the latest hype cycle.
AI UNPACKED → 🚀 Samsung (KRX: 005930) sets the stage for a tech revolution with its AI-driven Galaxy S24 series, promising a leap in smartphone privacy, creativity, and power!
RED SEA REROUTE→ 🚢 Maersk’s (AMKBY) strategic Red Sea pause boosts shares and freight rates, navigating through militant threats with a longer, costlier route that’s reshaping global trade dynamics!
Head of Investor Relations @ MoneyLion
📱 Samsung’s AI Ambition: Samsung (KRX: 005930) announced an upcoming event in San Jose, California, on January 17 to unveil its latest Galaxy phones, promising an “all-new mobile experience powered by AI.” The new features, aimed at providing a competitive edge over Apple (AAPL), are expected to attract more customers with innovations not yet seen on the iPhone.
🔌 Qualcomm’s Chip Power: The new Galaxy devices, likely the Galaxy S24 series, are anticipated to incorporate Qualcomm’s (QCOM) Snapdragon Series 8 Gen 3 chips, enabling them to run generative AI applications directly on the device. This advancement means smaller versions of apps like ChatGPT could operate offline, enhancing privacy and functionality.
🎨 Creative AI Capabilities: Qualcomm’s chips are set to allow phones to generate images from text prompts, similar to Google’s (GOOG) Tensor G3 chip in the Pixel 8 Pro. Alongside creating custom wallpapers, AI is expected to significantly enhance user interaction with text messages, video, and photo improvements, marking a significant leap in smartphone technology.
🚢 Shares Surge Amidst Turmoil: Maersk’s (AMKBY) shares saw a significant uptick as the company extended its halt on Red Sea travel due to safety concerns, leading to a rerouting of ships and a consequent rise in freight rates. Goldman Sachs (GS) upgraded Maersk’s rating amidst this strategic shift, acknowledging the likely continuation of increased freight rates due to global shipping disruptions.
🌍 Navigational Adjustments: The rerouting decision, which now avoids the Red Sea and instead takes the Cape of Good Hope route, has added about 30% more travel time between Asia and Europe. This move, while increasing transit times and costs, is a response to the unacceptable risk posed by recent militant attacks in the region, affecting global container capacity and trade routes.
💹 Economic Implications: While the situation has led to a positive adjustment in Maersk’s stock and freight rates, the broader impact on global trade and consumer prices remains uncertain. Analysts predict a “muddle-through” scenario for 2024, with less severe global supply chain disruptions compared to the pandemic period, but increased transit times and potential price hikes for consumers.
Michael Saylor Commences Plan to Sell $216M Worth of MicroStrategy Shares (CoinDesk)
Changes coming to US Postal Service prices in 2024 (The Hill)
Shares of Apple suppliers fall in Asia after Barclays downgrades the iPhone maker (CNBC)
‘Big Short’ investor Steve Eisman worries ‘everybody is coming into the year feeling too good,’ sees room for disappointment (CNBC)
GM’s 2023 U.S. vehicle sales were its best since 2019 (CNBC)
US box office in 2023 passed $9 billion, the best total since before the pandemic (CNN)
Indian billionaire Gautam Adani says ‘truth has prevailed’ after top court orders regulators to wrap up probe (CNN)
Lululemon’s billionaire founder slams the company’s diversity and inclusion efforts: ‘You’ve got to be clear that you don’t want certain customers coming in’ (Fortune)
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We’re down to just a handful of EVs that qualify for the full $7,500 tax credit in the US (The Verge)
And if you want more, be sure to check out the MoneyLion blog for tips, hacks and all things money. (MoneyLife)
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