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Tech giants are set to report quarterly earnings, starting on Tuesday with Alphabet and Microsoft. Wall Street is expecting good news, including more progress on artificial intelligence. The cuts aren’t as widespread as last year, when hundreds of thousands of jobs were eliminated. About 100 companies have cut 25,000 positions this year, according to Layoffs.fyi. By comparison, more than 1,000 companies eliminated about 260,000 last year.
Organizations: Tech, Microsoft, Activision Blizzard, Google
What next for Evergrande’s creditors? A Hong Kong court on Monday ordered the liquidation of Evergrande, the heavily indebted Chinese property giant. The company’s dissolution raises questions about fairness for overseas creditors — which could have wider implications for foreign businesses operating in China. But as the economy slowed, property sales plummeted, and Chinese regulators began clamping down on excessive leverage and speculation. The judge presiding over Evergrande’s bankruptcy case has now called time after two years of talks.
Persons: Evergrande Organizations: Hong, Monday Locations: Hong Kong, Evergrande, China
The F.T.C. Takes on A.I. Deals
  + stars: | 2024-01-26 | by ( Andrew Ross Sorkin | Ravi Mattu | Bernhard Warner | ) www.nytimes.com   time to read: +1 min
deals in the cross hairsTech giants like Microsoft, Amazon and Google have sought an edge in the artificial intelligence race by investing in innovative start-ups like OpenAI and Anthropic. But that strategy is drawing more attention, as the F.T.C. joins international counterparts in scrutinizing those deals. It’s the latest effort by the agency to check the power of Big Tech, but raises questions about whether it also will impede the ability of start-ups to raise needed cash. The big question: Do these deals hinder competition?
Persons: Sam Altman, OpenAI’s Organizations: Tech, Microsoft, Google, Big Tech
Tesla Tumbles as Growth Slows
  + stars: | 2024-01-25 | by ( Andrew Ross Sorkin | Ravi Mattu | Bernhard Warner | ) www.nytimes.com   time to read: +1 min
Tesla plungesElon Musk and Tesla shareholders are at a crossroads. Shares are down roughly 8 percent on Thursday in premarket trading after Wednesday’s lackluster year-end results. He asked investors to look beyond 2024, predicting a “major growth wave” fueled by a low-cost Tesla model that will be built partly in Austin, Texas, and Mexico. The latest stock fall comes after Tesla reported that fourth-quarter profit nearly doubled to $7.9 billion — largely thanks to a one-time tax break. The company also declined to give detailed full-year guidance, but said it expected sales growth to be “notably slower.”
Persons: Tesla, Elon Organizations: Tesla Locations: North America, Europe, China, Austin , Texas, Mexico
Trump marches onAs widely expected, Donald Trump handily won the New Hampshire Republican primary, defeating Nikki Haley by double digits. That has left anti-Trump donors and the broader business community glimpsing an increasingly likely future: The former president will become the Republican nominee, and stands a good shot of winning in November. Haley said she would fight on, arguing last night that “this race is far from over.” But the former South Carolina governor will head to her home state — she’s skipping the Nevada caucuses on Feb. 8 — badly trailing Trump in polls there, with many of her Palmetto State colleagues having endorsed her opponent. A growing number of Republicans are now suggesting that she should drop out: Senator John Cornyn of Texas, a senior G.O.P. lawmaker, said that his party needed “to unite around a single candidate.”
Persons: Trump, Donald Trump, Nikki Haley, Haley, John Cornyn of, Organizations: New Hampshire Republican, Trump, Republican, South, Palmetto State Locations: South Carolina, Nevada, John Cornyn of Texas
LOS ANGELES (AP) — A look at notable facts, figures and curiosities from Tuesday's nominations for the 96th Academy Awards, which saw “Oppenheimer” lead with 13 Oscar nominations, with “Poor Things” and “Killers of the Flower Moon” also running up big numbers. Like her “Nyad” co-star Annette Bening, she got her fifth Oscar nomination for the based-on-a-true-story swimming drama from Netflix, and it's Foster's first in 29 years. Williams has been nominated a staggering 54 times — 49 for original score and five for original song, making him the most nominated living person. MORE 2024 OSCAR FACTS AND FIGURESThe best actor category includes three first-time Oscar nominees: Domingo, Jeffrey Wright and Cillian Murphy. And speaking of best original song, no running of the recent Oscar numbers would be complete without a nod to Diane Warren.
Persons: “ Oppenheimer, Oscar, Jodie Foster, Martin Scorsese's, Nyad ”, Annette Bening, it's, Nell ”, Foster, Emily Blunt, Danielle Brooks, America, Da’Vine Joy Randolph, isn't, Judd Hirsch, Henry Fonda, Helen Hayes, , Colman Domingo —, “ Rustin ” —, JOHN WILLIAMS, ’ John Williams, Indiana Jones, Williams, Walt Disney’s, WOMEN'S, WOMEN, Barbie ”, Greta Gerwig, Justine Triet, Celine Song, , Margot Robbie's, “ Barbie ”, Robbie, “ Barbie, Gerwig, It's, Noah Baumbach, SPIELBERG, SCORSESE Steven Spielberg, Spielberg, “ Maestro, ” He’ll, Bradley Cooper, Scorsese, William Wyler, John Huston’s, , Domingo, Jeffrey Wright, Cillian Murphy, Paul Giamatti, Cooper, It’s, Ken ”, Diane Warren, She'll Organizations: ANGELES, Netflix, Lambs, “ Airport, , nab Locations: La
Jack Ma Doubles Down on Alibaba
  + stars: | 2024-01-23 | by ( Andrew Ross Sorkin | Ravi Mattu | Bernhard Warner | ) www.nytimes.com   time to read: +6 min
(Both men already hold sizable amounts of Alibaba stock.) Alibaba itself bought back $9.5 billion worth of stock last year, reducing its share count by over 3 percent. The stock purchases will probably bring attention back to Ma, a former English teacher who helped start Alibaba as an e-commerce platform. Ma, who hasn’t held a management role at Alibaba or Ant in years but remains a lifetime partner in the Alibaba Partnership, now largely focuses on Bill Gates-style philanthropy. And she’s expected to take swipes at Trump’s economic record as president.
Persons: Tsai, Ma, Alibaba, Ant, hasn’t, Bill Gates, Nikki Haley, Donald Trump, Eric Rosengren, Robert Kaplan, Kaplan, Rosengren, Archer, Daniels, Vikram Luthar, Scott Stuber, Spike Lee, Martin Scorsese, Jane Campion, Stuber, Ted Sarandos, Netflix’s, Bela Bajaria, Biden’s, Janet Yellen, Lael Brainard, they’re, Biden, ” Ray Fair Organizations: Pool Management, Alibaba, Brooklyn Nets, New York Liberty, Nets, Boston Fed, Dallas Fed, Republican, Biden, Yale, Times Locations: U.S, Hong Kong, China, Ma, Beijing, , Paris, New Hampshire, Dixville
(Other former hopefuls, including Vivek Ramaswamy and Tim Scott, have also endorsed Trump.) The Republican faithful are coalescing around Trump in a way that raises questions about the next move by the wealthy donors who have sought to stop him. Among his strategic errors was betting that “anti-woke” fights, including his battle against Disney, would resonate with voters. Haley has embraced her status as the last anti-Trump candidate standing: “May the best woman win,” she said on Sunday. But polls put her some 15 percentage points behind Trump in New Hampshire, as voters head to the polls tomorrow.
Persons: Haley, Donald Trump, Ron DeSantis, Vivek Ramaswamy, Tim Scott, Nikki Haley, DeSantis, , Organizations: Trump, Republican, Disney, Politico Locations: Trump, Florida, New Hampshire
The retailer Macy’s rejected a $5.8 billion takeover bid late Sunday that valued the struggling department store chain at roughly 20 percent above its closing share price on Friday, but suggested it was “open to opportunities.”The bidders, Arkhouse Management and Brigade Capital, are seeking to acquire Macy’s stock they do not already own at $21 a share and have threatened to take the offer to shareholders. With a potential hostile bid looming, questions are rising over how Arkhouse and Brigade could pull off a deal and whether additional suitors could appear, potentially setting off a bidding war. In a statement released Sunday night, Macy’s board questioned whether the investment firms had the money to finance the deal, which it said “lacks compelling value.” It noted that the bid was accompanied by a letter with “numerous” untraditional stipulations.
Persons: Macy’s Organizations: Arkhouse Management, Brigade
It was the first Davos gathering since 2020 without any Covid-related restrictions, as fears about the pandemic almost completely receded. Here are some of the big takeaways from the five-day conference, which ended Friday. Many of the meeting spaces on the main street of Davos billed themselves as places to learn about A.I. Attendees also discussed potential risks of A.I., including job losses, widening social inequality and the rapid spread of misinformation. One industrial executive mused in a private discussion about whether the cost of retraining workers whose jobs were altered by A.I.
Persons: Sam Altman, OpenAI, Mustafa Suleyman, Aidan Gomez Organizations: Economic Locations: Davos, Switzerland, Cohere
The Davos consensus on the presidential electionPublicly, the global business leaders who gathered at the World Economic Forum in Davos, Switzerland, haven’t wanted to predict the winner of the upcoming U.S. presidential election. In an interview with Andrew on CNBC, he didn’t predict that Trump would win, but suggested that dismissing the former president and his supporters would be a mistake. “He wasn’t wrong about some of these critical issues, and that’s why they’re voting for him,” he said. “Trump is already the president at Davos — which is a good thing because the Davos consensus is usually wrong,” Alex Soros, the son of George Soros, said on a panel. A little history: The Davos consensus was that Hillary Clinton would beat Trump in 2016.
Persons: haven’t, Donald Trump, DealBook, Trump, Jamie Dimon, JPMorgan Chase, Andrew, , ” Dimon, , MAGA, bode, “ Trump, ” Alex Soros, George Soros, Hillary Clinton, Sting, Biden, It’s, Reddit, Macy’s, Tony Spring, Warren Buffett, Morningstar Organizations: Economic, JPMorgan, CNBC, Trump, NATO, Biden, Trump’s Republican, Davos, Apple Watch, Reuters, Investors Locations: Davos, Switzerland, U.S, China, American, Indonesia, E.S.G
But one topic dominating a lot of discussion among U.S. business leaders and policymakers has been largely missing from the official agenda: rising antisemitism after the Oct. 7 Hamas-led attacks on Israel. Only one panel to discuss the topic is on the agenda out of the forum’s hundreds of presentations. The panelists at the session this afternoon include Doug Emhoff, the husband of Vice President Kamala Harris; Michal Herzog, the wife of Israel’s president; and Jonathan Greenblatt of the Anti-Defamation League. (Isaac Herzog, Israel’s president, spoke this morning.) “I’m disappointed that there isn’t more of a conversation about antisemitism here,” Leon Kalvaria, the chairman of Citigroup’s Institutional Clients Group and a longtime Davos attendee, told DealBook.
Persons: Doug Emhoff, Kamala Harris, Michal Herzog, Jonathan Greenblatt, Isaac Herzog, “ I’m, ” Leon Kalvaria, DealBook, Organizations: Economic, Defamation League, Group Locations: Davos, Switzerland, Ukraine, U.S, Israel
Zelensky and Trump loom over DavosTwo people are having an outsize impact at the World Economic Forum, and one of them isn’t even there. One is Volodymyr Zelensky, Ukraine’s president, who put on a full-court press of business and global leaders at the forum in Davos, Switzerland. Zelensky isn’t the only leader at Davos worried about Trump. The Ukrainian leader has sought to shore up global business support. And the annual wine tasting hosted by Anthony Scaramucci, the financier and former Trump official, well, ran out of wine.
Persons: Volodymyr Zelensky, Donald Trump, Zelensky, Vladimir Putin, Andrew, Trump, Putin, , ” Zelensky, Republican Party ”, DealBook, thumped, JPMorgan Chase, Steve Schwarzman, Blackstone, Ray Dalio, David Rubenstein, Carlyle, Michael Dell, John Kerry, Biden’s, Anthony Scaramucci, Christine Lagarde, Christopher Waller, Nelson Peltz’s, James Gorman, Morgan Stanley, Mary Barra, General Motors —, Bob Iger, Disney’s, Murray Auchincloss, Bernard Looney, Auchincloss, Yi Fuxian Organizations: Trump, Economic, Ukraine, Republican Party, Republican, JPMorgan, Congress Center, Dell, European Central Bank, Fed, Disney, General, BP, University of Wisconsin – Locations: Davos, Switzerland, Europe, Ukraine, American, Iowa, Bridgewater, China, Beijing, Russia, Britain, U.S, Asia, University of Wisconsin – Madison
The meetings behind the meetingThousands of global leaders have once again descended on snowy Davos, Switzerland, for the World Economic Forum’s annual meeting. The theme of this year’s event: “rebuilding trust.”But there are the public meetings, and then there are the real ones behind closed doors that the attendees are talking about most. These include discussions touching on U.S.-China tensions, the war in Gaza, artificial intelligence and the future of Ukraine. If the answer is zero, you’ve won. Top U.S. officials are set to appear on the main stage, including Secretary of State Antony Blinken and Jake Sullivan, the national security adviser.
Persons: you’ve, Antony Blinken, Jake Sullivan Organizations: Center, U.S Locations: Davos, Switzerland, China, Gaza, Ukraine
Now the company plans to go big on the business of investing in airports, bridges, oil pipelines and more. Alongside announcing its quarterly earnings, the firm said on Friday that it would acquire Global Infrastructure Partners for about $12.5 billion in cash and stock. The deal is BlackRock’s biggest takeover since 2009, when it bought Barclays Global Investors for $13.5 billion and became the world’s biggest provider of index funds. It’s a major bet by BlackRock on infrastructure, in which financial firms invest in, or take over and run, assets like tunnels, highways, and oil and gas networks. “Policymakers are only just beginning to implement once-in-a-generation financial incentives for new infrastructure technologies and projects,” Larry Fink, BlackRock’s chairman and C.E.O., said in a statement.
Persons: ” Larry Fink Organizations: Global Infrastructure Partners, Barclays Global Investors, BlackRock Locations: BlackRock, It’s
The 32-year-old was recently released from prison after eight years for orchestrating the murder of her mother, Clauddine "Dee Dee" Blanchard. Where Gypsy Rose Blanchard's story beganDee Dee Blanchard and Gypsy Rose Blanchard. AdvertisementBehind closed doors Dee Dee was overbearing, but to the outside world, it was a different story. She was also a lot older than Dee Dee was telling people she was. In one with People after her release, she said killing Dee Dee was an act of "panic" and "desperation" because she was facing yet another surgery.
Persons: , Rose Blanchard, Dee Dee, Blanchard, Blanchard shouldn't, Elizabeth Holmes, Nina Vargas, Dee Dee Blanchard, Gypsy Rose Blanchard, Joey King, Patricia Arquette, Dee Dee's, Nicholas Godejohn, Dee, Godejohn, I'm, Blanchard hasn't, She's, Claudia Oshry, Time's, Amanda Hirsch, notskinnybutnotfat, Ryan Anderson, Vargas, Jamie McCarthy, TikTok, Jessica Maddox, she's, Maddox Organizations: Service, Business, ABC News, Police, Getty, The University of Alabama Locations: Missouri, Dee, TikTok
Despite a huge rally Monday led by tech stocks that drove up the S & P 500 by 1.4%, a second seasonal indicator is flashing red. First the Santa Claus Rally failed. Now the First Five Days indicator is also negative. The S & P 500 is down 0.1% in the first five trading days of the year. The Santa Claus Rally and the First Five Days indicator have failed together 9 times since 1969, according to the Stock Trader's Almanac.
Persons: Jeff Hirsch, Hirsch, There's Organizations: Santa Claus, Stock
The Santa Claus rally is in trouble. With one day left in the trade, the S & P 500 is down 0.1% in the past six days. Fortunately, a negative Santa Claus rally period doesn't happen very often, only 12 times since 1969 — less than 25% of the time. "That is 16 out of 16 years, which includes years with recessions, like 2020," Clifton notes. The outperformance is notable: The S & P tends to be stronger by 1.3% on average.
Persons: Santa Claus, Jeff Hirsch, Tom McClellan, Hirsch, Dan Clifton, Clifton, Biden, Jason Trennert, Strategas, There's Organizations: Santa, Treasury, Bloomberg Locations: Santa, Santa Claus, U.S, Strategas, Mexico, India, Taiwan, Pakistan, Indonesia, South Africa, Tunisia
Friday is the official start of the Santa Claus rally. What the Santa Claus Rally is, and isn't Over the years, Jeff Hirsch of the Stock Trader's Almanac has repeatedly told me the key to understanding the Santa Claus rally is that it is not a trading strategy, it is an indicator. Fortunately, a negative Santa Claus rally period doesn't happen very often, only 12 times since 1969 (less than 25% of the time). In the years when the Santa Claus period is negative, the S & P is up an average of only 5.0%, versus an average gain of 9.1% in all years. You can see this very clearly in this chart: The common explanation is that: 1) markets are stronger with a sitting president because a sitting President can pull levers to help the economy, and 2) markets tend to be weaker with no sitting president because of increased uncertainty around economic outcomes.
Persons: Santa Claus, Yale Hirsch, Ryan Detrick, I've, Jeff Hirsch, Hirsch Organizations: Carson Group, Santa Locations: Santa
CNN —The Wisconsin Supreme Court on Friday ruled that the state’s legislative maps, which give Republicans the advantage, are unconstitutional and ordered new lines drawn for the 2024 election. “We are hopeful that the legislative process will produce new legislative district maps,” the ruling stated. During the campaign, now-Justice Janet Protasiewicz, the liberal-favored candidate, called the legislative maps “rigged” and “unfair” and suggested courts should evaluate their constitutionality. After she was seated in August, Democratic-backed groups filed two lawsuits asking the Wisconsin Supreme Court to throw out the Republican-drawn maps. “Fortunately, the U.S. Supreme Court will have the last word.”This story has been updated with additional details.
Persons: , Sam Hirsch, Tony Evers, Friday’s, , ” Evers, Annette Ziegler, Janet Protasiewicz, Protasiewicz, Robin Vos, Vos, CNN’s Eric Bradner, Brad Parks Organizations: CNN, Wisconsin Supreme, US, Badger State, Legislature, , ” Wisconsin Gov, Democratic, Republican, U.S, Supreme Locations: Wisconsin, ” Wisconsin, ” “ Wisconsin
Song’s quietly romantic film, starring Greta Lee and Teo Yoo as childhood friends who reconnect later in life, earned nominations for her direction, script and for both actors. “May December,” about an actress preparing to play a Mary Kay Letourneau-like role got nods for Natalie Portman, Charles Melton and screenwriter Samy Burch. MGM’s “American Fiction,” featuring Jeffrey Wright as a frustrated novelist, got recognition for Wright, Erika Alexander and Sterling K. Brown. Josh Welsh, the president of Film Independent, said the spirit awards look for films and shows that, “demonstrate the uniqueness of vision, original, provocative subject matter, economy of means and diversity, both on screen and off.”The Spirit Awards also recognize television series. Billie Eilish was also nominated for “Swarm.”Saturday Night Live’s Aidy Bryant is hosting the show, which will take place on Feb. 25 in Santa Monica, California.
Persons: Song’s, Greta Lee, Teo Yoo, , Mary Kay Letourneau, Natalie Portman, Charles Melton, Samy Burch, MGM’s, Jeffrey Wright, Wright, Erika Alexander, Sterling K, Brown . Jefferson, , ” Kelly Reichardt’s, Robert Altman, Michelle Williams, André Benjamin, Hong Chau, Judd Hirsch, Amanda Plummer, Alexander Payne's “, Paul Giamatti, Da’Vine Joy Randolph, Dominic Sessa, Payne, Giamatti, Andrew Haigh, Ira Sachs, William Oldroyd, Eileen, Haynes, Song, “ Oppenheimer, Maestro ”, Lee, Yoo, Portman, Jessica Chastain, Monica, Judy Reyes, Andrew Scott, Franz Rogowski, Teyana Taylor, Noah Galvin, Anne Hathaway, Glenn Howerton, Marin Ireland, Catalina Saavedra, Ben Whishaw, Brown, Alexander, Marshawn Lynch, Sandra Hüller, Justine Triet’s “, Jonathan Glazer’s, Iceland’s, Wata, Michelle Yeoh, Ke Huy Quan, Josh Welsh, Steven Yeun, Ali Wong, Bella Ramsey, Murray Bartlett, Nick Offerman, Billie Eilish, Live’s Aidy Bryant Organizations: NFL, , Film, , YouTube Locations: Hong, Melton, Randolph, Poland, Denmark, Santa Monica , California
Some of that loss may be because of disappointing news about the Cybertruck’s pricing and availability. But some may also reflect renewed concern about Elon Musk’s latest comments, made at the DealBook Summit this week, and whether his self-inflicted damage at X is distracting from his other businesses. Advertisers aren’t impressed by Musk’s recent tirade. On Wednesday, he asserted that brands were trying to “blackmail” him by suspending their advertising after he endorsed an antisemitic conspiracy theory on X. “There is no advertising value that would offset the reputational risk of going back on the platform,” Lou Paskalis, the founder and C.E.O.
Persons: Tesla’s, Elon Musk’s, aren’t, Musk’s, , Lou Paskalis Organizations: Tesla, AJL, Times
Yes, I was surprised at what Elon Musk said at the DealBook Summit on Wednesday — you can see that in the moment from our conversation when he left me temporarily speechless. But I would encourage everyone to watch the entire interview, as we covered so much more than that. Coming into Wednesday’s DealBook Summit, few could predict what Elon Musk — whose SpaceX, Tesla and X are among the most consequential and talked-about companies in the world — would say. Yes, there was the moment when, using profane language, Musk denounced companies that had suspended advertising on X following his endorsement of an antisemitic conspiracy theory. (He did try to clear the air, saying he hadn’t meant to support bigots.
Persons: Andrew, Elon Musk, Musk, Organizations: SpaceX, Tesla
This year’s DealBook Summit will include conversations with global leaders and powerful figures from Wall Street, Silicon Valley and Hollywood. Jamie Dimon has been the chief executive of JPMorgan Chase since 2006 and its chairman since 2007, making him one of Wall Street’s longest-serving banking leaders. Bob Iger returned as Disney’s chief executive last year, after stepping down from the role in 2020. David Zaslav orchestrated Discovery’s takeover of WarnerMedia and became the chief executive of the new company, Warner Bros. The transaction helped transform his modest cable television company into an empire that includes the Warner Bros. movie and TV studios, HBO and CNN.
Persons: Andrew Ross Sorkin, Kamala Harris, Ms, Harris, Biden’s, Tsai Ing, Tsai, Elon Musk, Musk, Jamie Dimon, Jensen Huang, chipmaker, Bob Iger, Long, Iger, Lina Khan, Khan, , David Zaslav, Jay Monahan, LIV Golf, Monahan, Kevin McCarthy, Mr, McCarthy, Shonda Rhimes, Rhimes Organizations: Wall, Israel, Elon, SpaceX, JPMorgan Chase, First, Nvidia, Fox, Marvel, Pixar, Hollywood, ESPN, Federal Trade Commission, Columbia Law, WarnerMedia, Warner Bros, HBO, CNN, Republican, Republican Party, Shondaland, Netflix Locations: Silicon Valley, Hollywood, United States, California, San Francisco, Gaza, Taiwan, China, First Republic, Saudi
The lineup for DealBook Summit 2023On Wednesday, DealBook will be live and in person at our annual summit in New York. The DealBook team and reporters from The Times will be reporting live from the conference. Even if you are not with us, you can follow along here beginning at 8:30 a.m. Eastern. Here are the speakers:Vice President Kamala HarrisElon Musk , the chairman and C.E.O. Is this a technology that will unleash a new wave of productivity, or is it a force that could do irreparable harm?
Persons: DealBook, Andrew, Kamala Harris Elon Musk, Tesla, X Tsai Ing, Taiwan Lina Khan, Jamie Dimon, JPMorgan Chase Bob Iger, Kevin McCarthy, California Jensen Huang, Nvidia David Zaslav, Jay Monahan Organizations: DealBook, The, SpaceX, Federal Trade, JPMorgan, Disney, Republican, Nvidia, Warner Bros, White House Locations: New York, Taiwan, California, Israel, China, U.S, Beijing, Washington
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