Daily Newsletter | September 12, 2023

TLDR

MARKET RECAP → On Tuesday, the Nasdaq (QQQ) fell 1.04%, underscored by a plunge in Oracle shares after lackluster earnings results. The S&P 500 (VOO) fell by 0.57% while The Dow (DIA) marginally decreased by 0.05%.

META’S AI AMBITION → ? Meta’s (META) quest for AI dominance: Targeting OpenAI’s crown, Zuckerberg’s open-source vision faces both applause and apprehension.

ETFs ON A HIGH → Cannabis ETFs blazed new trails following a hopeful nudge from the U.S. Health Department.

Sean Horgan

Head of Investor Relations @ MoneyLion

$shorgan

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Today’s S&P 500 Heatmap

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Source: finviz.com

Today’s Top News

META’S AI AMBITION

? Meta (META) targeted OpenAI’s prowess, aiming to develop an AI system as potent as OpenAI’s top-tier model.

? The new AI, set for training in 2024, would empower businesses with advanced text generation and analysis capabilities, stemming from Zuckerberg’s drive to bolster Meta’s AI stature.

? Zuckerberg advocated for open-sourcing the AI, but concerns arose over potential misuse and copyright issues, highlighting the double-edged sword of powerful, accessible AI.

Source: shutterstock

ETFs LIGHT UP

? Cannabis ETFs experienced a significant surge as investor interest reignited.

? The U.S. Department of Health and Human Services last month recommended that the DEA reconsider marijuana’s Schedule I status, hinting at a shift to Schedule III.

? This boost ended a prolonged period of stagnation, brought on largely by federal regulations, for the industry.

Note: Hopes soared higher than a cannabis enthusiast on 4/20.

Source: shutterstock

Keep Reading

Arm’s IPO Orders Are Already Oversubscribed by 10 Times (Bloomberg – paywall)

Oracle stock is poised for its steepest drop since 2002 on weak revenue guidance (CNBC)

North Korea’s Kim Jong Un arrives in Russia (CNBC)

A significantly larger Hurricane Lee will keep growing as it races north (CNN)

The antitrust trial against Google Search starts today — here’s what to expect (The Verge)

NASA’s dropping off a space package from 63,000 miles high (Mashable)

And if you want more, be sure to check out the MoneyLion blog for tips, hacks and all things money. ?

MoneyLife

Current Mortgage Rates

Source: Wolfram Alpha. Note: The table above includes rough estimates and the actual monthly payments may vary based on additional factors such as property taxes, homeowner’s insurance, and other fees.