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$1B A.I. unicorn

$1B A.I. unicorn

Gate’s venture firm just minted a $1 billion A.I. unicorn, the race against time to find missing Titanic sub, Andrew Tate and brother charged, Terra founder guilty of forgery, and Spotify’s set to launch ‘Supremium’ subscription plan…

Market Briefing
June 21, 2023

Good Morning.

Gate’s venture firm just minted a $1 billion A.I. unicorn, it’s a race against time to find missing Titanic sub, Andrew Tate and brother charged, Terra founder guilty of forgery, and Spotify’s set to launch ‘Supremium’ subscription plan…

Here’s today’s 5-min market briefing:

BEFORE THE OPEN

As of market close 6/20/2023.

Markets:

U.S. stock futures nearly unchanged Tuesday evening after last week's rally.
Dow Jones futures down 21 points (0.06%).
S&P 500 futures dropped by 0.06%.
Nasdaq 100 futures slipped 0.03%.
FedEx shares fell 3% post-market following below-par quarterly revenue.
Stocks closed lower for second consecutive day Tuesday:
- Dow down 245.25 points (0.72%).
- S&P 500 declined by 0.47%.
- Nasdaq Composite down 0.16%.

EARNINGS

What we’re watching this week:

Today: KB Home (KBH), Winnebago (WGO)
Thursday: Darden (DRL) Accenture (ACN)
Friday: CarMax (KMX)
Full calendar here

NEWS BRIEFING

Terra founder, Do Kwon, found guilty of document forgery and sentenced to
four months in jail by a Montenegro court.

Bill Gates’ venture firm, with backing from Jeff Bezos, Jack Ma, Mary Meeker, and a16z, just minted a $1 billion A.I. unicorn that uses machine learning for mining rare earth metals crucial for EVs (more)
Nio raises more than $700 million from Abu Dhabi (more)
Andrew Tate and brother charged with rape and human trafficking (more)
Aviation Mogul, Hamish Harding, onboard missing Titanic wreck sub (more)
Gannett files civil suit against Google seeking damages for ‘anticompetitive’ and ‘deceptive’ practices in the online advertising market (more)
Spotify to launch new expensive subscription plan, 'Supremium', amid competition with Apple and Amazon (more)
Amazon to surpass Walmart as beauty market leader (more)
Hyundai to consider joining Tesla's North American charging standard alliance (more)
Pixar’s ‘Elemental’ falls flat, adding to worries about the brand (more)
SoftBank to shift from ‘defense mode’ to ‘offense mode' (more)
Morgan Stanley says markets have switched from fear to greed ‘at an inopportune time’ (more)
US housing starts surge to a more than one-year high (more)
Americans gave less money to charity last year, as inflation and a down stock market squeezed wallets (more)

CRYPTO

CZ, Binance US pleased with SEC deal despite ‘unwarranted’ emergency relief (more)
Binance sets up Bitcoin lightning nodes to ease deposits and withdrawals (more)
Japan’s crypto exchanges push for 10x leverage on margin trading (more)
Atomic wallet hackers use THORChain to conceal stolen $35M funds (more)