'Breakthrough' chip

Alphabet shares jump on 'breakthrough' quantum chip, Xi readies bargaining chips for US trade war, Trump picks Andrew Ferguson to chair FTC, Kroger’s $24.6B Albertsons deal blocked by judges, and GM to exit Cruise robotaxi business...

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Market Briefing
December 11, 2024

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Good morning.

The Fast Five → Alphabet shares jump on 'breakthrough' quantum chip, Xi readies bargaining chips for US trade war, Trump picks Andrew Ferguson to chair FTC, Kroger’s $24.6B Albertsons deal blocked by judges, and GM to exit Cruise robotaxi business…

Leading the Future of Finance

  • C$152M YTD revenue.

  • Expanding global reach.

  • Zero-debt growth strategy.

Calendar: (all times ET) - Full calendar

  • Today:
    CPI report, 8:30 am

  • Tomorrow:
    Initial jobless claims, 8:30 am
    PPI report, 8:30 am

Your 5-minute briefing for Wednesday, December 11:

BEFORE THE OPEN

As of market close 12/10/2024.

Pre-Market:

US Investor % Bullish Sentiment:
↑ 48.33% for Week of December 05 2024*

Previous week: 41.29%. Updates every Friday.

Market Wrap:

  • Futures flat as traders await Nov. CPI (+0.3% MoM, +2.7% YoY expected).

  • Yesterday: S&P, Nasdaq down for 2nd day; Dow logs 4th straight loss.

  • Core CPI forecast: +0.3% MoM, +3.3% YoY.

  • Key inflation data to guide Fed rate cut decision (85% likelihood).

  • Adobe reports today; federal budget data also due.

EARNINGS

Here’s what we’re watching today. Full Calendar »

  • Today:

    • Adobe (ADBE) - earnings of $4.67 per share (+9.4% YoY) on $5.5B revenue (+9.8% YoY)

  • Thursday: Costco (COST)

    • Broadcom (AVGO) - earnings of $1.39 per share (+25.2% YoY) on $14.1B revenue (+51.3% YoY)

HEADLINES

China got a head start on a looming trade war with the US.

Google’s announcement was praised on social media by several technology business figures, including Tesla CEO Elon Musk and OpenAI CEO Sam Altman.

  • Stocks settle in for nervous wait on US CPI (more)

  • Sharp downgrades to unit labor costs bode well for inflation outlook (more)

  • Small business sentiment nears 3-1/2-year high in November (more)

  • US high-yield credit set for best returns in eight years in 2024 (more)

  • Trump picks Andrew Ferguson to chair FTC (more)

  • US Steel drops as Biden set to block Nippon Steel deal (more)

  • Insurance stocks have fallen since Unit edHealthcare CEO killing (more)

  • Boeing restarts production of 737 MAX a month after strike ended (more)

  • GM to exit loss-making Cruise robotaxi business (more)

  • Kroger’s $24.6B Albertsons deal blocked by judges (more)

  • Dealmaking could surpass 10-yr averages in 2025, says Goldman CEO (more)

  • Stellantis CEO lost control of the automaker with ‘arrogant’ mistakes (more)

FROM AI CAPITAL NEWS

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DEALFLOW

M+A | Investments

  • Nippon Life to buy Resolution Life in $8.2 billion deal (more)

  • Sycamore Partners in talks to acquire Walgreens (more)

  • McWin Capital in talks to acquire UK bakery chain Gail’s (more)

  • CookUnity, a chef-made meal delivery platform, acquired Cookin, an operating system and platform for chefs (more)

  • LexisNexis Risk Solutions, a company delivering document authentication solutions, acquires IDVerse, AI document authentication solutions (more)

  • Cart.com, a unified commerce solutions provider, acquired OceanX, the wholly-owned fulfillment operations arm of Guthy-Renker (more)

  • Nexus W2V, a developer of waste-to-value infrastructure projects, received a $140M investment (more)

  • TruVideo, a company specializing in AI and AR-driven communication for the transportation industry, received a $40M growth investment from TZP Growth Equity (more)

VC

  • Tasca Therapeutics, a biotech company leveraging a drug discovery platform, raised $52M in Series A funding (more)

  • LambdaTest, a cloud-based unified testing platform, raised $38M in funding (more)

  • Raptor Maps, a company providing an integrated operating system for the solar industry, raised $35M in Series C Funding (more)

  • WeaveGrid, a software company that enables rapid EV adoption on the electric grid, raised $28M in funding (more)

  • Aampe, an agentic infrastructure company, raised $18M in Series A funding (more)

  • Ask Sage, a gen AI platform for government and commercial sectors, raised $17M in Series A funding (more)

  • Qnovia, a pharmaceutical company, raised $16M in Series B funding (more)

  • Gentrace, a platform for testing and monitoring generative AI applications, raised $8M in Series A funding (more)

  • Hyro, a company specializing in voice and chat AI for healthcare, received an undisclosed amount in Series B extension funding (more)

  • GovSignals, a company leveraging data across the government to generate compliant proposals, raised $5.5M in Seed funding (more)

  • Mainframe, a company designing generative productivity software, raised $5.5M in Seed funding (more)

  • Orthogon Therapeutics, a developer of novel antiviral medicines, raised $5.2M in funding (more)

  • Wald.ai, a context intelligence company, raised $4M in Seed funding (more)

  • ProvLabs, a provider of blockchain infrastructure solutions, raised an undisclosed amount in Seed funding (more)

  • Besolo, a company fixing self-employment for businesses-of-one, raised a funding round of an undisclosed amount (more)

CRYPTO

  • Michael Saylor’s pitch for Microsoft to buy Bitcoin falls short (more)

  • XRP rallies 10% as Ripple's stablecoin gets regulatory approval (more)

  • BlackRock's Bitcoin ETF drops most in 4 months amid quantum computing FUD (more)

BULLISH BITES

🚀 AI’s Next Wave: Nvidia’s quiet $1 Trillion pivot *

🚘 Endeavor: Amazon has officially expanded into online car sales.

📚 New Read: A new book explores Nvidia CEO Jensen Huang's unusual management hacks.

🥂  Go Inside: "Silicon Valley’s most lavish holiday party" hosted by the All-In bros.

🎁  Mystery Gift: A Christmas gift of unclaimed mail.

DAILY SHARES

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