Quote of the Day
"AI doesn't just make it easier to build software. It makes it easier for software to digest more economic activity."
(Dror Poleg)
Chart of the Day
The CFTC has brought a suit against Binance for selling unregistered securities. (chart via @ycharts)
Companies
- Elliott Management is giving up its proxy fight with Salesforce ($CRM). (axios.com)
- The first wave of job cuts at Disney ($DIS) are here. (barrons.com)
- Chewy ($CHWY) says customers are pulling back. (finance.yahoo.com)
- Elon Musk thinks Twitter is worth $20 billion. (wsj.com)
Banking
- First Citizens ($FCNCA) is taking over SVB's deposits and loans. (marketwatch.com)
- Tighter credit standards are a big risk for the U.S. economy. (thereformedbroker.com)
- Money is rushing out of banks and into money market mutual funds. (axios.com)
- What happens now to SVB customers? (thebasispoint.com)
Startups
- How the demise of SVB is exacerbating the startup funding slowdown. (nytimes.com)
- Raising a Series B round is tough these days. (tomtunguz.com)
AI
- AI is a grand experiment. (stratechery.com)
- How OpenAI could become the 'apex aggregator.' (notboring.co)
- Ten AI companies to keep an eye on. (thegeneralist.substack.com)
- The AI cat is out of the bag. (marginalrevolution.com)
Economy
- The pandemic completely transformed the market for lower wage workers. (washingtonpost.com)
- This book argues that the consulting industry is a drag on the modern economy. (npr.org)
Earlier on Abnormal Returns
- Adviser links: hyperbole cycles. (abnormalreturns.com)
- What you missed in our Sunday linkfest. (abnormalreturns.com)
- What everyone else was reading on Abnormal Returns last week. (abnormalreturns.com)
- Are you a financial adviser looking for some out-of-the-box thinking? Then check out our weekly e-mail newsletter. (newsletter.abnormalreturns.com)
