*This is sponsored advertising content and the disclaimer at the bottom of this email MUST be read carefully.
Good Morning Everyone!
Coinbase is doing layoffs again. 20% of its staff will be let go, just 7 months after they cut 18% of their workforce.
MARKET UPDATE
9 a.m. Fed’s Jerome Powell
Spoke briefly at an event hosted by Swedish central bank
No comments on monetary policy
“We are not, and will not be, a ‘climate policymaker’”
Thursday
CPI headline inflation set to fall to 6.4% from 7.1% in November
Cleveland Fed Nowcast:
JP Morgan’s Jamie Dimon
“Fed may need to hike interest rates beyond 5%
Federal Reserve’s Raphael Bostic
Question: how long he thought rates should remain above 5%?
Bostic: “a long time”
Crude 74.85 +0.3%
Flattish this morning. Market listening to Fed speakers (Macro over Micro)
Microsoft
In discussions to invest as much as $10 billion in Open AI (ChatGPT)
Looking at using AI in search engine Bing
Microsoft would own 49% of OpenAI
Would value ChatGPT at $29 billion
CVS Health Corp
CVS exploring bid for Oak Street Health for over $10 billion
Apple
To replace WiFi/Bluetooth chips inside its devices with their own chips in 2025
Will drop Broadcom part by 2025
Apple is Broadcom’s largest customer (20% of revenues)
Amazon
“Buy with Prime” will be available in the U.S. by the end of the month
This service was test marketed in April 2022 by invitation only
Google’s X Development designed to make technological breakthroughs on humanities problems
Such as: transportation efficiency and climate change
Insiders say Google is scaling back and moving to more immediate revenue generating projects
Technology layoffs
Coinbase to slash 20% of workforce or 950 employees
January on pace to be the 2nd worst month for layoffs since layoffs began
Auto/Used care prices
Manheim reports largest annualized decline in history for used car prices
However, prices are still 43% higher vs. pre-pandemic
Earnings None
Under the Radar
FUELED UP. Hydrogen fuel cells are set to take the sustainable energy market by storm. Europe is already all in. With a €63 B market opportunity in Europe alone, Alkaline Fuel Cell Power Corp is bringing power to the people through low-cost, high-efficiency hydrogen fuel cells. Lookout Elon.
*This is sponsored advertising content and the disclaimer at the bottom of this email MUST be read carefully.
CRYPTO UPDATE
Binance outflows could be worse than CZ let on
According to new Forbes report, “$12 billion gone in less than 60 days”
Outflows not stabilizing but accelerating
Net withdrawals $360 million on Friday
Forbes says Binance has lost 15% of assets since Dec 13 (the day he said withdrawals stabilizing)
Bitcoin hash rate recovers
Dec 14 = 267.5 EH/s
Dec 28 = 222 EH/s
Drop coincided with extreme weather conditions in US
Outages and shutdowns
January 4 = 271.93 EH/s
3rd highest ever
MEME OF THE DAY
Disclaimer: The publisher does not guarantee the accuracy or completeness of the information provided in this page. All statements and expressions herein are the sole opinion of the author or paid advertiser.
Grit Capital Corporation is a publisher of financial information, not an investment advisor. We do not provide personalized or individualized investment advice or information that is tailored to the needs of any particular recipient.
THE INFORMATION CONTAINED ON THIS WEBSITE IS NOT AND SHOULD NOT BE CONSTRUED AS INVESTMENT ADVICE, AND DOES NOT PURPORT TO BE AND DOES NOT EXPRESS ANY OPINION AS TO THE PRICE AT WHICH THE SECURITIES OF ANY COMPANY MAY TRADE AT ANY TIME. THE INFORMATION AND OPINIONS PROVIDED HEREIN SHOULD NOT BE TAKEN AS SPECIFIC ADVICE ON THE MERITS OF ANY INVESTMENT DECISION. INVESTORS SHOULD MAKE THEIR OWN INVESTIGATION AND DECISIONS REGARDING THE PROSPECTS OF ANY COMPANY DISCUSSED HEREIN BASED ON SUCH INVESTORS’ OWN REVIEW OF PUBLICLY AVAILABLE INFORMATION AND SHOULD NOT RELY ON THE INFORMATION CONTAINED HEREIN.
No statement or expression of opinion, or any other matter herein, directly or indirectly, is an offer or the solicitation of an offer to buy or sell the securities or financial instruments mentioned.
Any projections, market outlooks or estimates herein are forward looking statements and are inherently unreliable. They are based upon certain assumptions and should not be construed to be indicative of the actual events that will occur. Other events that were not taken into account may occur and may significantly affect the returns or performance of the securities discussed herein. The information provided herein is based on matters as they exist as of the date of preparation and not as of any future date, and the publisher undertakes no obligation to correct, update or revise the information in this document or to otherwise provide any additional material.
The publisher, its affiliates, and clients of the a publisher or its affiliates may currently have long or short positions in the securities of the companies mentioned herein, or may have such a position in the future (and therefore may profit from fluctuations in the trading price of the securities). To the extent such persons do have such positions, there is no guarantee that such persons will maintain such positions.
Neither the publisher nor any of its affiliates accepts any liability whatsoever for any direct or consequential loss howsoever arising, directly or indirectly, from any use of the information contained herein.
By using the Site or any affiliated social media account, you are indicating your consent and agreement to this disclaimer and our terms of use. Unauthorized reproduction of this newsletter or its contents by photocopy, facsimile or any other means is illegal and punishable by law.
Gritcapital.substack.com (“Grit”) is a website owned and operated by Substack. Grit is paid fees by the companies that make investment offerings on this website. Be aware that payment of these fees may put Grit in a conflict of interest with the investor. By accessing this website or any page thereof, you agree to be bound by the Terms of Use and Privacy Policy, in effect at the time you access this website or any page thereof. The Terms of Use and Privacy Policy may be amended from time to time. Nothing on this website shall constitute an offer to sell, or a solicitation of an offer to buy or subscribe for, any securities to any person in any jurisdiction where such an offer or solicitation is against the law or to anyone to whom it is unlawful to make such offer or solicitation. Grit is not an underwriter, broker-dealer, Title III crowdfunding portal or a valuation service and does not engage in any activities requiring any such registration. Grit does not provide advice on investments or structure transactions. Offerings made under Regulation A under the U.S. Securities Act of 1933, as amended (the "Securities Act") are available to U.S. investors who are “accredited investors” as defined by Rule 501 of Regulation D under the Securities Act well as non-accredited investors, who are subject to certain investment limitations as set forth in Regulation A under the Securities Act. In order to invest in Regulation A offerings, investors may be asked to fill out a certification and provide necessary documentation as proof of your income and/or net worth to verify that you are qualified to invest in offerings posted on this website. All securities listed on this site are being offered by, and all information included on this site is the responsibility of, the applicable issuer of such securities. Grit does not verify the adequacy, accuracy or completeness of any information. Neither Grit nor any of its officers, directors, agents and employees makes any warranty, express or implied, of any kind whatsoever related to the adequacy, accuracy, valuations of securities or completeness of any information on this site or the use of information on this site. Neither Grit nor any of its directors, officers, employees, representatives, affiliates or agents shall have any liability whatsoever arising from any error or incompleteness of fact, or lack of care in the preparation of, any of the materials posted on this website. Investing in securities, especially those issued by start-up companies, involves substantial risk. investors should be able to bear the loss of their entire investment and should make their own determination of whether or not to make any investment based on their own independent evaluation and analysis.