MARKET RECAP → Stocks closed higher on Tuesday led by the Nasdaq (QQQ) as hopes continue to mount that the Fed is done raising interest rates. On a more somber note, news broke Tuesday afternoon that investing legend and Warren Buffet’s right-hand man, Charlie Munger, has died at age 99. Lessons from Munger’s enviable investing discipline which helped him amass a $2.3 billion fortune, will live on for many years to come. We encourage our readers to check out Munger and Buffett in Berkshire Hathaway’s 2023 annual shareholder meeting.
🔗 AMAZON UPS THE AI ANTE → 🚀 Amazon (AMZN) Web Services (AWS) revealed its Trainium2 AI chip and Graviton4 processor, enhancing its cloud prowess while also offering Nvidia’s (NVDA) latest H200 AI GPUs, a strategic move blending in-house innovation with top-tier partnerships to dominate the cloud computing arena.
🌍 GLOBAL FASHION IPO → 👗 Shein, the fast-fashion behemoth, filed for a U.S. IPO, eyeing global expansion and a valuation boost, despite facing scrutiny over labor practices and environmental concerns. 🌍
Head of Investor Relations @ MoneyLion
🤖 Amazon (AMZN) Web Services (AWS) unveiled its new Trainium2 AI chip and Graviton4 processor at the Reinvent conference in Las Vegas. These innovations aim to bolster AWS’s cloud offerings with cost-effective, high-performance options. The Trainium2 chip, promising four times the performance of its predecessor, is eyed by startups like Databricks and Anthropic for model building.
💻 Alongside its own advancements, AWS announced access to Nvidia’s (NVDA) latest H200 AI GPUs, deepening its relationship with the top AI chipmaker. This dual strategy positions AWS strongly against competitors like Microsoft’s (MSFT) Azure, which also recently embraced Nvidia’s H200 GPUs. AWS’s Graviton4 processors, based on Arm architecture, offer 30% better performance and energy efficiency than previous versions, appealing to cost-conscious organizations.
🚀 Demand for Nvidia GPUs has surged, especially post-OpenAI’s ChatGPT release, leading to a chip shortage. AWS’s move to offer both its own AI chips and Nvidia’s GPUs provides customers with versatile AI computing options. AWS, a long-time leader in cloud computing, continues to innovate and invest in its Graviton and Trainium programs, indicating strong market demand.
📈 Shein’s secretive steps: Shein, the Chinese-founded fast-fashion giant, confidentially filed for a U.S. IPO, aiming to expand its global reach. Valued at $66 billion, Shein could hit the public markets as early as 2024. This move comes amidst debates over its current valuation and the company’s efforts to address regulatory concerns and adjust its filings with the SEC.
🚨 Confronting controversies: Shein’s rapid rise has been marred by accusations of forced labor, environmental harm, and design theft. Under investigation by the U.S. House Select Committee on the Chinese Communist Party, Shein faces scrutiny over its Beijing ties and labor practices. CEO Marcelo Claure insists there’s no forced labor in Shein factories he visited, though the company admits past issues in its supply chain.
🤝 Strategic alliances and mystery CEO: Shein’s acquisition of a third of Sparc Group, including a partnership with Forever 21, marks a strategic U.S. alliance. CEO Sky Xu, a reclusive figure, contrasts with the norm of U.S. public companies’ transparent leadership. Goldman Sachs, JPMorgan, and Morgan Stanley are leading the IPO underwriting.
The Stocks That AI Mania Left Behind (WSJ)
Black Friday weekend shopping turnout soars to a record, as consumers seek bargains (CNBC)
Amazon announces Q, an AI chatbot for businesses (CNBC)
Ozempic and Wegovy have upended the diet industry. So why is the WeightWatchers (CNN)
Volkswagen says its core VW brand is ‘no longer competitive’ financially (CNN)
As billionaire hedge fund managers flock to the Middle East, a key official says watch out for Abu Dhabi as a financial hub in the next 2 to 3 years (Fortune)
Wix CEO Avishai Abrahami on why the web isn’t dying after all (The Verge)
NASA shows Mars helicopter blades reaching blazing speed (Mashable)
Fed’s Waller expresses confidence that policy is in the right place to bring down inflation (CNBC)
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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