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10-23-2023

TECH

• Apple is investing billions in AI research, integrating generative AI into products like Siri, iOS, and Apple Music. They are catching up to competitors and focusing on privacy.

• Alibaba and JD.com are offering major discounts on over 80 million products for China’s Singles Day shopping event.

• Venture capital firm Peak XV Partners has selected 13 startups for its accelerator program, with 77% specializing in AI and deep tech.

• Investors expect SK Hynix, Samsung’s smaller rival, to outperform in AI, leading to a surge in its stock prices.

• Apple is rumored to be holding a Mac launch event in October, potentially unveiling a new 24-inch iMac and updated MacBook Pros.

• US export restrictions on advanced chipmaking equipment will impede China’s semiconductor industry development and AI progress for military use.

• Pinduoduo and Taobao, Chinese e-commerce platforms, are offering substantial discounts of up to 900 yuan on Apple’s iPhone 15 series.

• The Japan Fair Trade Commission is investigating Google for possible antimonopoly law violations and abuse of market position to block rival services.

• Google executive believes that AI tools such as ChatGPT and Bard will enhance job satisfaction and productivity by automating mundane tasks.

• Google has been ordered to pay $1.15 million to Ulku Rowe, a female executive who sued them for gender discrimination and retaliation.

• Microsoft CEO Satya Nadella discussed his career journey, the Activision Blizzard deal, and the potential of AI in a recent interview. He emphasized empathy and human judgment in an AI-driven world.

• Job recruiters advise against relying solely on OpenAI’s ChatGPT for job applications due to potential inaccuracies and lack of human touch.

• Gen Z is increasingly comfortable with location tracking apps like Life360, driven by anxiety and a desire for safety and intimacy.

• Telecom Italia’s board will review KKR’s binding offer for its fixed-network business and nonbinding bid for its Sparkle submarine-cable unit next month.

• Amazon’s Q3 earnings are expected to show strong sales growth, increased consumer spending, and growth in advertising sales and AI. Google’s Q3 earnings are expected to show growth in Search and YouTube, improved profitability in Google Cloud, and updates on Gen AI products.

• Motorola Solutions is considered undervalued with 20% upside potential, earning a “Buy” rating due to its first-responder solutions and strong financial performance. However, it is trading near fair value, warranting a “hold” rating. The acquisition of Rave Wireless will enhance its software suite.

• Blackstone and Permira are reevaluating their plans to acquire Adevinta due to market conditions and a price gap issue.

• AI expert Amy Webb cautions that businesses should consider the broader impact of AI on jobs and society, and adapt accordingly.

• Investors are reconsidering VR stocks like Apple, Meta Platforms, Qualcomm, Unity Software, Matterport, Adobe, and Nvidia as the sector recovers.

• CEOs from OpenAI, Google Deepmind, and Anthropic will attend Rishi Sunak’s AI safety summit, supporting the UK’s AI regulation efforts.

MEDIA

• Chinese authorities have detained a senior executive at WPP-owned agency GroupM over alleged bribery claims. Foxconn, Apple’s largest supplier, is under investigation for tax and land use issues in China.

• Manchester United fans pay tribute to Bobby Charlton, a beloved legend, by signing a book of condolence and leaving flowers at Old Trafford.

• Taylor Swift’s concert film ”The Eras Tour” breaks box office records, earning over $95 million and becoming the highest-grossing concert film ever.

• Web Summit CEO Paddy Cosgrave resigns after controversial remarks on Israel-Palestine conflict, causing high-profile attendees to withdraw.

• Two female Iranian journalists have been sentenced to long prison terms for covering the death of Mahsa Amini, triggering protests. Iranian teenager Armita Geravand is brain dead after an encounter with police over the hijab law.

• Michigan State University apologized for displaying an image of Adolf Hitler on their videoboard without permission during a football game.

• The Texas Rangers defeated the Houston Astros 9-2 in Game 6, forcing a decisive Game 7 in the ALCS.

• Aston Villa, under Unai Emery, secure a dominant 4-1 victory over West Ham, with Douglas Luiz scoring two goals.

• Zack Wheeler leads the Philadelphia Phillies to a 6-1 victory over the Arizona Diamondbacks, giving them a 3-2 lead in the NLCS. Kyle Schwarber sets NLCS home run record.

• England’s committed performance in the Rugby World Cup semi-final against South Africa fell short, ending an era for some senior players.

• Nigerian action thriller ”The Black Book” is a global hit on Netflix, with record viewership and weeks in the top 10.

• Bad Bunny’s SNL episode relied on cameos from Pedro Pascal, Lady Gaga, and Mick Jagger, with mixed reviews for his hosting.

• AS Roma clinches a 1-0 victory over ten-man Monza in Serie A with a late 90th-minute goal by Stephan El Shaarawy, securing their third consecutive win.

• Netflix’s Q3 results surpassed expectations with $8.54B in revenues and 8.76M net subscribers, leading to a Buy rating. The company plans to raise prices and expand into gaming.

• Bill Belichick secures his 300th regular-season win as the New England Patriots surprise the Buffalo Bills with a late touchdown.

CONSUMER

• Carlo Rino Group has a strong ROCE of 25%, Aimflex’s ROCE has fallen from 49% to 9.3%, and Intertek’s returns are decreasing despite a 22% ROCE. Orell Füssli’s ROCE has remained flat, Brook Crompton’s ROCE is stable at 10%, and Perak Transit’s returns haven’t increased despite a higher ROCE. ACO Group has a lower ROCE of 3.5

• European regulators have given their approval for Farfetch to acquire a 47.5% stake in Yoox Net-A-Porter from Richemont.

• Private companies hold majority stakes in QL Resources Berhad (53%), CapitaLand Investment Limited (53%), and Far East Holdings Berhad (55%).

• Home Depot and Hilton Worldwide Holdings both have strong return on capital employed (ROCE) percentages that surpass their respective industry averages.

• Consumer spending on services remains below pre-COVID levels, while a $600bn shift towards goods reflects changing consumer habits during the pandemic.

• Metall Zug AG’s stock has dropped 19% in the last three months, but its solid financials indicate potential for long-term value.

• Howden Joinery Group’s market cap dropped by £148m last week, impacting institutional investors, but they have still experienced long-term gains.

• Investors in Poh Kong Holdings Berhad have experienced a 110% increase in their shares over the past five years.

• Morefield Group (AMS:MORE) has achieved an impressive 20% return on capital, exceeding the industry average of 17%.

• Insiders buy and sell ACCO Brands stock, suggesting mixed signals for shareholders regarding the company’s future performance.

• Estée Lauder Companies Inc. is trading at fair value but shows potential for growth in the future, according to experts.

• Designer Brands Inc. (NYSE:DBI) has delivered a 117% return to investors in the past three years, despite a recent 12% share price decline.

REAL ESTATE

• Wynn Resorts and Brookfield Renewable underperform, while CubeSmart and Extra Space Storage are unpopular among hedge funds, according to Baron Real Estate Income Fund’s investor letters.

• Despite high interest rates, it may still be a good time to buy a home due to falling interest rates, price cuts, and new construction. However, waiting for rates to fall further could lead to bidding wars. Locking in a high interest rate now and refinancing later is advised. The combination of high housing prices, expensive mortgages, and rising rates is making it difficult to buy homes. The average monthly mortgage on a new home is now 52% higher than average rent.

• Baron Funds decreased its investment in American Tower Corporation and Public Storage due to their underperformance in the market.

• A historic home in Fairhaven, MA, built in 1774, sold for $950,000, triple its 2015 price, while a renovated home in Taunton sold for $690,000.

• A couple in Los Angeles, earning over $100k a year in the film industry, feels trapped and hopeless due to unaffordable housing prices.

• Investors in Ibstock have experienced a 32% loss in the last five years, with the stock down 44% over a half decade.

TRAVEL

• A compilation of the most overrated tourist attractions in each US state includes Hollywood Walk of Fame and Hard Rock Café.

• The US State Department warns citizens against traveling to Iraq due to recent attacks on US personnel and the threat of terrorism, kidnapping, armed conflict, and civil unrest.

• InterContinental Hotels (IHG) reports strong Q3 trading update with positive RevPAR growth, but concerns over room additions and macroeconomic conditions impact market response. Shares down 3.4%.

• Forbes ranks the top 10 hotels in Abu Dhabi, featuring The St. Regis, Four Seasons, and Bab Al Qasr among others.

ECONOMIC

• Pope Francis prays for end to Israel-Gaza conflict, investors watch earnings reports from big oil companies, Indian shares expected to open lower due to negative sentiment, Australian shares hit one-year low amid Middle East conflict concerns, European stocks fall as Israel-Hamas conflict weighs on sentiment, Asian stocks fall as Israel-Hamas war and bond yields weigh on market sentiment, stocks struggle as bond yields rise and concerns over Gaza ground invasion persist, European shares steady as investors await earnings reports and ECB policy meeting,

• Javier Milei, a libertarian economist, gains attention in Argentina’s presidential election; runoff between him and Economy Minister Sergio Massa.

• Australian Prime Minister Anthony Albanese plans to visit China in November to meet with President Xi Jinping and Premier Li Qiang. China has agreed to review and potentially lift tariffs on Australian wine, signaling a potential improvement in relations.

• Nine Republicans, including Tom Emmer, Austin Scott, and Byron Donalds, are running for Speaker of the House after Jim Jordan’s failed nomination.

• The Japanese yen briefly weakened to the 150-per-dollar level due to rising US yields, causing concerns of possible intervention.

• The European Central Bank is expected to hold off on raising interest rates due to conflicts in the Middle East, a weakening economy, and rising borrowing costs. The ECB may consider bringing forward the end-date for bond reinvestments from the Pandemic Emergency Purchase Programme. European banks face pressure to find new sources of growth as central banks’ efforts to tighten monetary policy near an end. Major European money managers believe the ECB will continue to raise interest rates, despite market expectations. Concerns about Italy’s debt load

• The right-wing Swiss People’s Party (SVP) is projected to gain support in Swiss federal elections, focusing on immigration and rising costs.

• The Bank of Japan (BOJ) may consider raising its cap on bond yields due to a surge in global interest rates and rising inflation. Discussions on the BOJ’s yield curve control (YCC) will take place at the upcoming policy meeting.

• Japanese Prime Minister Fumio Kishida promises subsidies, payouts, tax cuts, and corporate tax breaks to offset rising inflation and boost the economy.

• China’s tech equities and stock market, including the Star 50 tech gauge and CSI 300 index, hit record lows due to concerns about higher US rates, global funding liquidity, economic slowdown, property crisis, and geopolitical tensions.

• Deutsche Bank’s Postbank arm and mortgage division have received around 1,700 customer complaints due to integration issues, prompting the bank to hire additional staff.

• A Citibank analyst was fired for fraudulent expense report claiming personal expenses for food during a business trip.

CRYPTO

• The role of cryptocurrency in terrorist financing is being scrutinized after a Hamas attack in Israel. US politicians are calling for increased transparency and regulation in the crypto industry.

• The European Central Bank’s plan to launch a digital euro puts pressure on central bank digital currencies (CBDCs) to prove their value. Concerns about privacy, cybersecurity, and disruption to existing systems persist. The ECB’s decision could become a global blueprint, but questions about the advantages of CBDCs remain.

• Central banks are reevaluating inflation targets, quantitative easing, and monetary-fiscal coordination to address cost-of-living crises and economic challenges.

• Wall Street banks are exploring the use of blockchain technology to tokenize and trade bonds, aiming to improve transparency and efficiency.

HEALTH

• Roche to acquire Telavant Holdings from Roivant Sciences and Pfizer for $7.1-7.25 billion, gaining rights to inflammatory bowel disease therapy RVT-3101.

• Dutch health technology company Philips raises full-year outlook after Q3 core profit more than doubles and comparable sales increase by 11%.

• Hamas accuses Israel of attacking a Gaza hospital, but evidence suggests it was likely hit by an errant rocket from Gaza.

• Samantha Woll, president of a Detroit synagogue, was found stabbed to death. Funeral held, motive unknown, no evidence of antisemitism.