The weekend was filled with a mix of tech, politics, and finance news. From the much-anticipated Tesla TSLA Cybertruck rolling off the production line to Elon Musk‘s skepticism about Vice President Kamala Harris as the AI czar, the news cycle was anything but dull.
In politics, former President Donald Trump was reportedly upset as his son-in-law testified before a grand jury. Meanwhile, in the financial world, macro guru Raoul Pal warned of a looming crisis, and a Wall Street strategist issued a troubling assessment of the stock market rally.
Tesla’s Cybertruck Ready to Roll
After much anticipation and delay, Tesla has finally rolled out its first Cybertruck from the Giga Texas plant. The launch of the electric pickup truck is expected to significantly boost Tesla’s volume and have a halo effect on the rest of Tesla's products. More details on the launch timeline are expected to be shared in the company’s upcoming earnings call. Read the full article here.
Musk Expresses Doubts About Kamala Harris as AI Czar
Elon Musk, the entrepreneur behind Tesla TSLA and SpaceX, expressed doubts about Vice President Kamala Harris serving as the AI czar during a Twitter Spaces session. Despite his skepticism, Musk stated that he would be willing to meet with her if invited. He also emphasized the importance of regulatory oversight for AI, both in the U.S. and globally. Read the full article here.
Trump Upset Over Son-in-Law’s Grand Jury Testimony
Donald Trump‘s son-in-law, Jared Kushner, reportedly told a grand jury that the former president genuinely believed the 2020 election was stolen. This testimony is part of an ongoing investigation into Trump's alleged attempts to undermine the election outcome. The dynamics between Trump, Kushner, and Ivanka Trump have reportedly become increasingly uncomfortable since they left Washington in 2021. Read the full article here.
Raoul Pal Warns of Looming Crisis
Former Goldman Sachs hedge fund executive Raoul Pal warned of an impending crisis that would necessitate intervention from the Federal Reserve. He suggested that the crisis would allow the Federal Reserve to abandon its strict monetary policy and offer the government the necessary liquidity to address its substantial national debt. Read the full article here.
Wall Street Strategist Issues Troubling Assessment of Stock Market Rally
Michael Kantrowitz, Piper Sandler‘s chief strategist, warned that the market is getting ahead of itself. He suggested that investors have priced out the risk of inflation, leading to a rise in price multiples that have fueled the rally of the S&P 500. Kantrowitz’s official year-end price target for the S&P 500 indicates a 28% downside from current levels. Read the full article here.
What Else:
In other news, Ark Invest founder Cathie Wood discussed the year-to-date performance of the firm’s actively-managed exchange-traded funds. She noted that her flagship fund, Ark Innovation ETF, has developed a very nice base and a trading range. Read the full article here. Also, discover the transformative power of OpenAI’s AI-powered chatbot, chatGPT plugins, as we delve into the top five indispensable tools that will significantly upgrade the way students learn and think. Read the full article here.
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