Sentiment U-Turn

🌞 Good Morning Autonomous friends

Today we’re focused on the latest in the US-China tug-of-war, corporate strategy/management changes, and some abrupt shifts in economic outlook.

Let's not forget the Fed Minutes.

Let's jump in 🤾‍♂️

TRENDS ✨

JPMorgan cut staff access to ChatGPT, a person familiar said, confirming an earlier Telegraph report. (BBG)

Autonomous Note 🧿

ChatGPT has become ubiquitous. Yesterday, everyone I spoke to in meetings was actively using it to help with emails, training modules, and even copy-writing.

With results from Nvidia due on Wednesday, Microsoft struck a 10-year deal to bring "Call of Duty" and other Activision games to Nvidia's gaming platform if the Xbox maker is allowed to complete a much-contested $69 billion acquisition of Activision. (RT)

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ECONOMY ⚙️

Walmart and Home Depot forecast a tough year for retail. The two store chains warned shareholders in their earnings calls that customers will be cautious with their spending in 2023. (CNBC)

McKinsey is planning to lay off around 2,000 workers. The consultancy is getting ready to undergo one of its biggest workforce reductions to date, according to Bloomberg. (ET)

U.S. Federal Reserve's Federal Open Market Committee releases minutes from its latest meeting today at 2 PM (BBG)

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MACRO 🌏

G20 finance ministers and central bank chiefs meet in Bengaluru in southern India (RT)

Peru said the US had granted the extradition of former President Alejandro Toledo, who will be tried in Lima over graft allegations. Toledo has been living in California and is wanted in Peru for allegedly negotiating bribes with the Brazilian conglomerate then known as Odebrecht. (BBG)

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MARKETS 💹

Morgan Stanley strategist Mike Wilson believes US stocks are in the 'death zone' at the top of Everest. (MW)

Autonomous Note🧿

When Wal-Mart and your favorite Wall Street strategist are bearish, it's always a good time to re-examine your market view. In my case (permabear) I'm always paranoid especially during equity rallies that are hard to justify, given the backdrop of uncertainty across inflation and geopolitics.

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US-CHINA 🤝

Ant Group partnered with the NBA. The fintech affiliate of Alibaba will promote the basketball league’s content online to China’s massive fanbase. (SCMP)

China urged state-owned firms to phase out using the Big Four auditing firms, people familiar said. Beijing wants to lessen the influence of US-linked audit firms, ensure China’s own data security and bolster the local accounting industry. (BBG)

Autonomous Note 🧿

The two headlines above represent the tug-of-war we keep referring to when it comes to US-China relations. On one end Ant Group (a fintech closely monitored by the Chinese Government) seeks to collaborate with the star-power of the NBA to grow its influence. On the other hand, the state is removing US auditing firms from any state enterprise due to their influence.

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TRENDS ✨

JPMorgan cut staff access to ChatGPT, a person familiar said, confirming an earlier Telegraph report. (BBG)

Autonomous Note 🧿

ChatGPT has become ubiquitous. Yesterday, everyone I spoke to in meetings was actively using it to help with emails, training modules, and even copy-writing.

With results from Nvidia due on Wednesday, Microsoft struck a 10-year deal to bring "Call of Duty" and other Activision games to Nvidia's gaming platform if the Xbox maker is allowed to complete a much-contested $69 billion acquisition of Activision. (RT)

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DIGITAL ASSETS ⚡️

Coinbase Global reported a fourth-quarter loss, as trading volume at the cryptocurrency exchange came under pressure from an industry-wide downturn triggered by a string of high-profile bankruptcies. (TC)

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------fin------

Chart Du Jour 📊

MEME DIGESTIF ☕️