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Good Morning!
Happy Thursday! Here’s what’s moving the markets today:
👉 SBF’s prison sentence
👉 Amazon makes huge investment
👉 SEC wins key decision
STOCK MARKET MADNESS IS ON 📈
Click HERE to view our bracket! 🏀 Let’s recap ROUND TWO! 🥊
We had another crazy round of upsets in our Stock Madness. Riot Blockchain took out Tesla with its second straight upset in back-to-back rounds. GameStop went down in typical March Madness fashion after beating Amazon in the previous round. Heading into the Sweet 16, we currently have FOUR Cinderella stories: Hertz, BlackBerry, AMC, and Tilray. All four stocks have a history of self-imploding, so it will be exciting to see what happens.
SBF: Prison Sentence
Prosecutors are seeking a 40 to 50-year prison sentence for Sam Bankman-Fried, the FTX founder, while his defense suggests a sentence about 90% shorter. He was convicted of seven charges related to the FTX collapse and the loss of $10 billion of customer funds. The case against Bankman-Fried focused on accusations that he misused FTX customer funds.
Source: Puck News
Meanwhile, FTX's new management has been making progress in recouping losses, already gathering over $7 billion. Bankman-Fried's lawyers argue for a lighter sentence of 5 to 6.5 years, highlighting his status as a first-time, nonviolent offender and pointing out the successful recovery efforts that could make customers whole.
🎯 GRIT TAKE: We are very interested …upgrade to VIP now for 50% off to read the full GRIT Take! 🏀
Amazon: Huge Investment
Amazon is investing $2.75 billion in Anthropic, a leading AI startup, marking its biggest investment to date. This move aims to strengthen Amazon's position in the competitive AI field. Anthropic, which competes with giants like OpenAI, has developed Claude, a chatbot rivaling ChatGPT.
Source: Amazon
Amazon's total commitment to Anthropic could reach up to $4 billion, securing a minority stake without board involvement. The investment follows Anthropic's introduction of its advanced AI models, promising to surpass competitors in performance. This collaboration aims to transform customer experiences with AI, building on Amazon's history of strategic tech investments.
SEC: Wins Key Decision
The SEC won a key decision in its lawsuit against Coinbase, allowing allegations of unregistered securities sales to go to trial. This caused Coinbase's shares to fall 2.5% after the court rejected their plea to dismiss the case.
Source: Crypto Times
The lawsuit accuses Coinbase of operating without proper registration. Judge Katherine Polk Failla ruled that despite the modern crypto context, the case fits within long-established securities frameworks. She dismissed part of the SEC’s claim regarding Coinbase's Wallet app but upheld the main allegations.
Headlines You Need To Know: 🎙
Chart of the Day
📊 Expectations For The Economy
Source: Bloomberg
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