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- HOLLYWOOD ENDS 150-DAY STRIKE
Good Morning!
Today we’re talking Hollywood strike ends, Amazon investing $4B into AI, China property giants getting crushed.
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Let’s get into it!
HOLLYWOOD ENDS 150-DAY STRIKE
Source: Harper’s BAZAAR
After a grueling 150 days, Hollywood's 11,500+ writers and studios have finally struck a tentative deal, ending the industry's massive strike. The core issues? Fair pay from streaming giants and AI protection in this ever-evolving TV landscape. The strike halted production on countless films and TV shows, affecting not just the stars but everyone behind the scenes, and even tangential industries like catering and real estate. But don't expect cameras to roll just yet - actors are still on strike, marking the first simultaneous writers and actors strike in over six decades. The drama continues off-screen!
GRIT'S TAKE: The Milken Institute estimates the Hollywood strike's price tag at a whopping $5 billion for the national economy. Wondering how giants like Disney (DIS), Warner Bros. Discovery (WBD), Netflix (NFLX), Amazon (AMZN), and Apple might fare in this drama? Dive deeper and upgrade to VIP to find out all of GRIT’s takes! 🚀📊
CHINA PROPERTY STOCKS TUMBLE (AGAIN)
Source: FOX
Evergrande's shares dropped 25% on Monday after postponing a crucial debt meeting. The delay, caused by an investigation into its subsidiary Hengda Real Estate for potential information disclosure violations, has further shaken investor confidence. Hengda's unpaid debts have reached $38 billion, with nearly 2,000 pending lawsuits. Since trading resumed in August, Evergrande's stock has nosedived 87% and is now a penny stock.
Other stocks are taking a hit! The Hang Seng Mainland Properties index dropped over 4% on Monday, while other real estates stocks took a beating: Country Garden down 7.69%, Logan Group down 7.95%, while R&F Properties down 6.62%.
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AMAZON TO INVEST $4B into OpenAI Rival
Source: WSJ
Amazon will pour up to $4 Billion into AI Startup Anthropic, Eyeing AI dominance. Founded by ex-OpenAI leaders and known for its AI chatbot, Claude 2, Anthropic will now partner with Amazon Web Services. This move intensifies the AI race against tech giants like Microsoft and Google.
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Headlines You Need To Know:
Chinese gold buying is driving a paradigm shift
Wells Fargo preps for wealth battle after turnaround
Workers with Canadian union vote in favor of Ford deal
Writers strike held up on AI language
Democratic Senators reluctant to call for Sen. Menendez resignation
Russia learns from its mistakes on Ukraine battlefield
Hunter Biden sues IRS for breach of privacy
Government shutdown poses ‘systemic threat’
McCarthy takes final shot at avoiding government shutdown
Netflix prepares to send their final red envelope
Bond markets faces quandary after fed signals its almost done
Usher to headline 2024 Super Bowl
Just for fun…
This Company Doesn’t Care About Making A Profit
Source: Real Simple
This company doesn’t care about making a profit on the items sold inside their store. Costco was founded in 1976 with a unique business model. Originally, the whole goal was to break even on all the items sold inside their store. They wanted to make all of their money from the annual memberships that shoppers have to purchase to be allowed to shop inside Costco. In 2022, they made $4 billion from memberships alone. In fact, Costco loses billions of dollars each year from their hot dog. The cost of the hot dog is $1.50 and the founder of Costco never wants to raise the price of it. In fact, he told the new CEO that he would “kill him” if he raised the price. He believes that the hot dog is symbolic for all the great value that a Costco membership provides.
CHART OF THE DAY
US Inflation- Adjusted Incomes Fall
Similar declines have historically been accompanied by recession
Source: US Census Bureau
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TWEET OF THE DAY
Berkshire Hathaway having $147 billion cash on hand is absolutely wild 🤯
— Matt Allen (@investmattallen)
Sep 24, 2023
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