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BlackRock, Citadel Back New Project

Texas, Dalio, Tesla

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Good Morning!

Happy Wednesday! Let’s have a great day:

👉New Texas stock exchange

👉 Ray Dalio makes predictions 

👉Elon Musk and Nvidia

BREAKING: Private payrolls growth slows to 152,000 in May, much less than expected

BACKING: BlackRock and Citadel

BlackRock, Citadel Securities, and other investors are backing a new Texas stock market to challenge the NYSE and Nasdaq. The Texas Stock Exchange (TXSE) has raised $120 million and plans to file registration documents with the SEC, according to CEO James Lee.

Source: Yahoo

The TXSE aims to attract companies seeking lower compliance costs than those at the NYSE and Nasdaq. Headquartered in Dallas, the fully electronic exchange will bolster the area’s growing financial sector. The TXSE will enable U.S. and global companies to access U.S. equity markets, offering a venue to trade and list public companies and exchange-traded products. It plans to start trading in 2025 and host its first listing in 2026.

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DALIO: New Macro Predictions

Ray Dalio predicts internal conflicts, especially over US election results, will be a major issue this year. He sees growing risks from debt, power struggles, natural disasters, pandemics, and AI. He has stressed the need for diverse investments.

Source: Bloomberg

Dalio mentioned that "economic warfare precedes military warfare," and issues like Taiwan's one-China policy worry investors. This has impacted Hong Kong and mainland China markets, where he sees good opportunities. Dalio prefers equities over debt, doubting the latter will provide adequate returns.

MUSK: Processor Confusion

Emails at Nvidia reveal that Elon Musk asked them to prioritize processor shipments to X over Tesla. Concerns arose about Musk's commitment to Tesla shareholders after CNBC reported this. Musk later said Tesla would invest $10 billion in AI computing power this year.

Source: WSJ

A recent Nvidia email noted that Musk's statement conflicts with their bookings and FY 2025 forecasts. Other emails show Musk securing GPUs for xAI's project to build the "world’s largest cluster," starting in June. Musk responded on X that Tesla had no place to use the processors, so they would have just sat in storage.

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📊Buffett Stock Types

Source: GS Investing

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