Sacks named Crypto Czar

David Sacks named as White House AI and Crypto Czar, Musk works Congress eying targeting $2 trillion budget chop, Bitcoin true believers bask in ‘I-told-you-so glow’, electricity demand forecast to surge 16% over next five years, and GameStop jumps after post from 'Roaring Kitty' rekindles hype...

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Market Briefing
December 06, 2024

 

Good morning.

The Fast Five → David Sacks named as White House AI and Crypto Czar, Musk works Congress eyeing targeting $2 trillion budget chop, Bitcoin believers bask in ‘I-told-you-so glow’, electricity demand forecast to surge 16% over next five years, and GameStop jumps after post from 'Roaring Kitty' rekindles hype…

Calendar: (all times ET) - Full calendar

  • Today:
    Unemployment report, 8:30 am
    Consumer sentiment, 10:00 am

  • Monday:
    Wholesale inventories, 10:00 am
    Consumer inflation expectations, 11:00 am

Your 5-minute briefing for Friday, December 6:

BEFORE THE OPEN

As of market close 12/5/2024.

Pre-Market:

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

Previous week: 41.29%. Updates every Friday.

Market Wrap:

  • Stocks fell as investors awaited Friday's jobs report.

  • Dow -248.33 pts (-0.55%), Nasdaq -0.18%, S&P -0.19%.

  • Economists expect Nov. jobs growth of 214K.

  • Powell: Fed can move cautiously; labor market strong.

  • Bitcoin dipped below $100K after hitting a record. Crypto stocks like MicroStrategy (-4.8%) and Coinbase (-3.1%) gave up earlier gains.

EARNINGS

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

  • Today: DocuSign (DOCU), Hewlett Packard (HPE), Lululemon (LULU)

    • Ulta (ULTA) - earnings of $4.51 per share (-11% YoY) on $2.5B revenue (+0.2% YoY)

HEADLINES

The newly created position underscores the US president-elect’s intent to boost two rapidly developing industries.

Elon Musk met with lawmakers Thursday to stoke congressional enthusiasm for his ambitious effort to slash at least $2 trillion from the federal budget, a level of austerity unprecedented in the US since the winding down of World War II.

  • Indexes dip with UnitedHealth, tech, ahead of jobs report (more)

  • Jobs report to show hiring rebounded after storms and strike (more)

  • Oil dips on letdown after expected OPEC+ production delay (more)

  • Gold steady after Powell flags cautious approach to rate cuts (more)

  • Mortgage rates fall for second straight week, lowest since October (more)

  • Wall Street banks predict biggest China rate cuts in a decade (more)

  • US electricity demand forecast to surge 16% over next five years (more)

  • Bitcoin to replace gold over next decade, says Bernstein (more)

    • BTC true believers bask in I-Told-You-So glow at $100,000 (more)

  • GameStop jumps after post from 'Roaring Kitty' rekindles retail hype (more)

  • Musk’s xAI wraps up $6 bln in funding in latest round (more)

  • OpenAI launches $200 ChatGPT subscription for research use (more)

  • Citi’s M&A head to exit bank after 13 years (more)

TOGETHER WITH RYSE

This Smart Home Company Has Already Hit $10 Million in Revenue—and It’s Just Getting Started

What if your window shades could do more than just block sunlight?

Meet RYSE, the company transforming everyday window shades into smart, automated devices. With over $10 million in total revenue, 10 granted patents, and products already available in 127 Best Buy locations, RYSE is growing at an incredible pace—200% over the last month, to be exact.

And they’re only getting started. With plans to expand internationally and partnerships with major retailers like Home Depot and Lowe’s, RYSE is set to become a household name in the rapidly growing smart home market.

Now, you have the chance to invest for just $1.75 per share and join a company poised for explosive growth.

DEALFLOW

M+A | Investments

  • Covalis Capital puts up £5 bln takeover bid for Thames Water (more)

  • Slim Jim maker Conagra exploring sale of Chef Boyardee (more)

  • Syte, an AI-powered product recommendation engine built from the ground up for apparel eCommerce, received an investment from Pereg Ventures (more)

VC

  • Veeam Software, a global leader in Data Resilience, announced shareholder base expansion in a $2 bln secondary offering, valuing company at $15B (more)

  • Nuvig Therapeutics, a privately held biotech company developing novel immunomodulatory therapeutics, raised $161M in Series B funding (more)

  • Tractian, a company specializing in manufacturing AI, secured $120M in Series C funding (more)

  • AMP, an AI-powered sortation at scale for the waste and recycling industry, raised $91M in Series D funding (more)

  • Sollis Health, a concierge medicine provider, raised $33M in Series B funding (more)

  • Steno, a tech-enabled provider of legal support and court reporting services, received $20M in funding from Trinity Capital (more)

  • BRM, an AI-powered vendor management and procurement platform, raised $15M in Series A funding (more)

  • Ethyca, a company specializing in data privacy engineering, raised $10M in funding (more)

  • Pixeltable, an open-source AI data infrastructure company, raised $5.5M in Seed funding (more)

  • Celleste Bio, an early-stage cocoa-tech company, raised $4.5M in Seed funding (more)

  • Sekai, an AI-driven storytelling platform, raised $3.1M in Seed funding (more)

  • Sightglass, an AI-powered investor relations platform for the private markets, raised $3M in Seed funding (more)

  • Scalestack, a go-to-market orchestration and agentic platform, raised $3M in funding (more)

  • Orbite, a space training and operations company for space explorers, raised an undisclosed amount in Series A funding (more)

  • EvenFlow AI, a company specializing in AI optimization solutions for automotive dealership service departments, raised $1.5M in Seed funding (more)

  • Care IO, a startup specializing in healthcare data governance and interoperability, raised a strategic seed funding round (more)

  • Across AI, a startup developing Agentic AI for enterprise workflows, raised an undisclosed amount in Seed funding (more)

CRYPTO

  • Bitcoin options shows traders already hedging after record rally to $100,000 (more)

  • MicroStrategy's Bitcoin buys clock $17B profit (more)

  • Summers blasts US national Bitcoin reserve idea as ‘crazy’ (more)

  • Memecoins reach $140B market cap and gain ground in crypto economy (more)

BULLISH BITES

🚨 Investor Alert: NVIDIA shares could drop by 50% *

👀 Inside Look: He was going to save Intel. He destroyed $150 billion of value instead.

🙈 Loophole: Wealthy Americans are still ducking the IRS crackdown on non-filers.

🏚 Pursuits: The tech elite are transforming their homes into military bunkers.

🎁  Gift Idea: The best books for every type of wine lover this holiday season.

DAILY SHARES

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