Autonomy🪬 : Robots & Default Kick Off 2023

Good morning everyone! Welcome back, short week ahead. Here’s what we’re looking at today.

Economy 🌎

Janet Yellen warns of US default risk by early-June (RT)

Goldman Sachs' consumer lending business has lost $3B since 2020 (WSJ)

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Technology📱

Microsoft to add ChatGPT to Azure Cloud Services 'soon' (BBG)

Twitter is offering free ads to brands that advertise on its platform (WSJ)

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Trends 🕺🏻

EVs made up 10% of all new car sales last year (WSJ)

iPhone manufacturer, Foxconn replaces iPhone Chief after challenging year of diversifying manufacturing due to political and economic factors.

Autonomous Note🪬: Apple has been aggressively moving its manufacturing out of Chinese territories into India among other states and Foxconn is doing all it can to keep up with the demands of its top client.

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Markets💹

US investors are the most underweight stocks since 2005, according to a BofA investor survey. (BBG)

Autonomous Note🪬: Investors have been “overweight” or over-invested in US stocks for nearly 10 years. Given fears of recession and inflation it makes sense for investors to enter 2023 with caution. ———

Digital Assets 🌞

Bitcoin and Ethereum Rally like there's no tomorrow...Both assets are up around 20% over the last week. (CM)EX-FTX CEO gets some clout for leaving.Brett Harrison, the former president of collapsed crypto exchange FTX's U.S. arm, is trying to raise money for a new crypto startup. (RT)

Autonomous Note🪬: The digital asset fallout is still sweeping through the air causing cancer. We do think the recent rally shows some renewed enthusiasm in the core tenets of cryptocurrencies but remain cautious and constructive given recession expectations and retail investor disillusionment, for now.