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☆ North Korea media is calling South Korea a dictatorship after its short-lived martial law
▼ + stars: | 2024-12-11 | by ( Joshua Nelken-Zitser | ) www.businessinsider.com time to read: +2 min

North Korea has called South Korea a 'fascistic dictatorship' after its short-lived martial law. South Korea has democratic elections, while Kim Jong Un exerts near-total control over North Korea. North Korea has called South Korea a dictatorship after the latter's short-lived attempt at martial law. In reality, North Korea is widely regarded as a global pariah due to Kim's authoritarian governance, whereas South Korea is recognized as a democratic nation. AdvertisementBusiness Insider reported that this could take the form of propaganda designed to erode trust in democracy in South Korea.

Persons: Kim Jong, Yoon Suk, yeol, Yoon Organizations: House's, South, People Power Party Locations: Korea, North Korea, North Korean, South, Korea's, North Korea's, South Korea, North

☆ Saudi Arabia 2034 World Cup explained: Why FIFA’s awarding of the competition is controversial
▼ + stars: | 2024-12-11 | by ( Jacob Whitehead | ) www.nytimes.com time to read: +31 min

In 10 years — give or take six months — the 2034 men’s World Cup will be played in Saudi Arabia. “Fundamental human-rights reforms are urgently required in Saudi Arabia, or the 2034 World Cup will be inevitably tarnished by exploitation, discrimination and repression.”Why will the Saudi bid stand unopposed? Instead, they will target the 2026 Women’s Asian Cup and the Club World Cup three years later. Sport has become one of Vision 2030’s pillars — and the 2034 World Cup will be its crowning glory. “We cannot say that Saudi Arabia is a ‘medium risk’ country, given that it has become a pure police state,” said Lina, ahead of Saudi Arabia being confirmed as host.

Persons: Jamal Khashoggi, Saudi’s, Norberto Duarte, ”, Steve Cockburn, “, James Johnson, Karim Jafaar, Yasser Al Misehal, —, ely, lavery, xploitation, anuary, ake, ina, ure, l ives, orth, e mbassy, ennis, amal, ommitments, ortugal,, ational, INGO, eason, cale, hough, ingle, ince, ulf, ravel Organizations: Australia, FIFA, Saudi, AFP, Getty, Amnesty, CONCACAF, Central America, Europe’s UEFA, Africa’s CAF, South America’s CONMEBOL, AFC, OFC, Pacific, New, Football Australia, —, Publicly, Saudi Arabian Football Federation, IFA, ust, audi, ashington Locations: Saudi Arabia, Gulf, Qatar, Europe, Caribbean, United States, Canada, Mexico, Spain, Portugal, Morocco, Argentina, Paraguay, Uruguay, South, Oceania, Zealand, Australia, Asian, New Zealand, AFP, Saudi, uman, oman, ely

☆ Frank Cappelleri hits 2024 S&P 500 target on the nose. What the chart analyst is watching into 2025
▼ + stars: | 2024-12-11 | by ( Frank Cappelleri | ) www.cnbc.com time to read: +4 min

If you blinked, you may have missed it, but on Friday, the S & P 500 hit 6,099.97 – the highest level in its history. Let's remember how things looked and felt back in January when the S & P 500 first approached the 4,800 zone. The S & P 500 rallied for the next three weeks, which created a necessary cushion and gave us additional confidence that it could be achieved. Just how important has it been for the S & P 500 to keep forming and breaking out of bullish patterns? Here's a YouTube video we recorded this week about S & P 500 6,100.

Persons: it's, We're, We'll, hasn't, Frank Cappelleri Organizations: CNBC, NBC UNIVERSAL Locations: CappThesis

☆ Saudi Arabia is set to be announced as the 2034 World Cup host. Human rights groups warn of ‘unimaginable human cost’
▼ + stars: | 2024-12-11 | by ( Ben Church | Amanda Davies | ) edition.cnn.com time to read: +12 min

Saudi Arabia is on a mission to diversify its economy as part of Saudi Vision 2030. But, according to human rights groups, a Saudi World Cup in 2034 will come at a cost. Saudi Arabia, under MBS today, has crossed that red line.”CNN has reached out to Saudi Arabia for comment. Our journey started in 2016, not because of the World Cup bid,” Albalawi told Reuters. Saudi Arabian fans cheer before the World Cup match between Saudi Arabia and Mexico at the Lusail Stadium on November 30, 2022.

Persons: Michael Page, Tasneem Alsultan, Saudi Crown Prince Mohammed bin Salman, Newcastle United –, Cristiano Ronaldo, Karim Benzema, Neymar Jr, Gianni Infantino, ”, HRW, “, Clifford Chance, Fayez Nureldine, Lina, Hathloul, It’s, Prince Mohammed bin Salman, Amanda Davies, Hammad Albalawi, ” Albalawi, sportswashing, Steve Cockburn, they’ve, CNN’s Davies, Cockburn, Julio Cortez, it’s, We’ve Organizations: CNN — Global, FIFA, Human Rights Watch, Public Investment Fund, One, Bloomberg, Getty, Saudi Crown, – English Premier League, Newcastle United, Saudi Pro League, MBS, Saudi, HRW, AS, Aramco, Human Rights, MBS ’, CNN, Ministries, Human Rights Commission, of, Ministry of Human Resources, Social Development, Ministry of Interior, Ministry of Sports, Amnesty, ”, Fox News, Reuters, Qatar, Labor Rights Locations: Spain, Portugal, Morocco, Saudi Arabia, East, North Africa, Gulf, Saudi, Riyadh, ”, Fayez, AFP, “ Saudi Arabia, Australia, New Zealand, United States, Mexico, Canada, Brazil, ” Saudi Arabia, Russia, Qatar

☆ Alaska Airlines plans new nonstop flights to Japan, Korea in $1 billion postmerger profit push
▼ + stars: | 2024-12-10 | by ( Leslie Josephs | ) www.cnbc.com time to read: +1 min

Alaska Air Group expects to grow profits by $1 billion through 2027, and plans to ride the wave of high-end travel demand to get there. The airline will launch nonstop service between its home hub of Seattle-Tacoma International Airport and Tokyo's Narita International Airport in May on Hawaiian's Airbus A330-200s, and between Seattle and Seoul, South Korea's, Incheon International Airport in October, Alaska said Tuesday. By 2030, Alaska plans to serve at least a dozen international destinations from Seattle using wide-body planes, reshaping the carrier. The carrier said Tuesday that it authorized a $1 billion share buyback. It raised its fourth-quarter earnings estimates to 40 cents to 50 cents a share, up from a previous outlook for 20 cents to 40 cents.

Organizations: Alaska Air Group, Hawaiian Airlines, Boeing, Airbus, Seattle - Tacoma International Airport, Tokyo's, Airport, Incheon International Airport Locations: Alaska, Seattle, Seoul, South Korea's, Incheon, Tokyo

Maven has expanded from a single Pilates studio to several different businesses and more than 130 commercial tenants. Through the Pilates studio, Arneson met Rocky Donati, who had recently moved to Salt Lake City from San Francisco. Back in 2013, the Pilates studio took in around $200,000 a year, the duo said. Investing in underrepresented startup founders is what motivated Kimmy and Sergio Paluch to launch the venture fund Beta Boom in Salt Lake City. "The potential I see is to fund more diverse businesses, to fund more women, to fund more people of color, and there are opportunities here."

Persons: Maven, Tessa Arneson, Arneson, Rocky Donati, Donati, Maven's, Kimmy, Sergio Paluch, Kimmy Paluch, we're, Beta Boom, Paluch, Susan Petersen, Petersen, of Jesus Christ, I've Organizations: CNBC, U.S Census Bureau, Maven, Beta, Beta Boom, of Jesus, Latter, Saints, Target Locations: CNBC's, Salt Lake City , Utah, United States, America, Salt Lake City, San Francisco, Kimmy, Utah

☆ Majority of US workers are satisfied with their jobs, but nearly a third are not happy with their pay
▼ + stars: | 2024-12-10 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +6 min

By comparison, only 44% of Hispanic workers, 43% of Black workers and 42% of English-speaking Asian workers did. And nearly a third of all respondents said they were either not too satisfied with their pay (20%) or not at all satisfied (10%). A little respect may go a long wayOne thing that may help explain why the majority of US workers say they feel secure or satisfied in their jobs is that they feel respected. Hispanic and Asian workers now make up a larger share than they did in 2000 (19% today vs. 12% then), while the share of Black workers has remained steady (12% today vs 11% in 2000). In terms of gender, women still make up roughly the same share over the time period (47% today vs. 46% then).

Persons: Pew, haven’t, ”, it’s, ” Pew Organizations: CNN, Pew Research Center, AP VoteCast, Workers, Pew, Whites, “

When the nominees for the 82nd Golden Globe Awards are announced early Monday, the witches of Oz could reign supreme. “Wicked” appears poised to sweep up a slew of nominations, including best musical or comedy film. The nominees across 27 categories are set to be announced around 8:15 a.m. Follow along as nominees are announced in the major categories. FILM:Motion picture (drama)Motion picture (comedy or musical)Actor (drama)Actor (comedy or musical)Actress (drama)Actress (comedy or musical)Supporting actorSupporting actressDirectorScreenplayScoreSongAnimated featureNon-English language filmCinematic box office achievementTELEVISION:TV series (drama)TV series (comedy or musical)TV series (limited or TV movie)TV actor (drama)TV actor (comedy)TV actor (limited series or TV movie)TV actress (drama)TV actress (comedy)TV actress (limited series or TV movie)Supporting actorSupporting actressStand-up comedy performance

Persons: Oz, ”, Emilia Pérez ”, ABC’s “, Mindy Kaling, Morris Chestnut, Nikki Glaser, Ted Danson, Carol Burnett, ” Danson, NBC’s, “ Becker ”, Netflix’s Organizations: 82nd Golden Globe, Universal Pictures, NBC News, Focus, Globes, ABC’s “ Abbott, CBS, Paramount, ” CBS

☆ My husband and I moved to a vibrant little Italian town with $1 homes. We were considering buying one but glad we didn't.
▼ + stars: | 2024-12-09 | by ( ) www.businessinsider.com time to read: +5 min

We were both curious and anxious about Italy's one-euro housing program and the towns they were in. AdvertisementLast year, my husband and I became intrigued by the one-euro houses in Italy. AdvertisementThis one-euro housing scheme has been around for years. We still moved to a town with 1 euro homes; we just didn't buy oneOur farmhouse was pretty much move-in-ready. Courtesy of Callie RiemannThe Italian housing market is very inexpensive in the towns that offer these one-euro homes.

Persons: Callie Riemann, Sant'Elia, we'd Organizations: BBC, Business Locations: Italy, Sant'Elia, Southern Italy, Naples, Rome

☆ Morgan Stanley downgrades Bank of America, says it will lag banks tied more closely to capital markets
▼ + stars: | 2024-12-09 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +2 min

Bank of America will lag its peers in a capital markets recovery cycle, Morgan Stanley predicted. BAC YTD mountain BAC YTD chart Shares of Bank of America have rallied 39% this year. While Bank of America will benefit from a capital markets rebound, Graseck also shared her preference for banks that are more skewed to capital markets, since those names will likely see more upside. "In a bear case, BAC is more credit exposed vs. capital markets pure plays," the analyst wrote. And while Bank of America could get a boost from that, other banks tied more closely to dealmaking and capital markets may get a bigger one.

Persons: Morgan Stanley, Betsy Graseck, Graseck, Goldman Sachs, Trump Organizations: America, Bank of America, Citi, of New York Mellon, State

☆ Citigroup sets 6,500 target for S&P 500 in 2025
▼ + stars: | 2024-12-09 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

The bank set a 6,500 target for the S & P 500 for 2025 as its base case. .SPX YTD mountain The S & P 500 is on pace to add more than 20% for the second-straight year. Citi's bull case has the S & P 500 scaling to 6,900, while its bear case calls for a pullback to 5,100. Chronert also forecast earnings growth of more than 13% for S & P 500 companies in 2025. Previous work showed that tariffs are likely to create a drag to earnings," Chronert said.

Persons: Donald, Scott Chronert, Chronert, Trump's Organizations: Citi, White, Nasdaq, Dow Jones

☆ Something odd is happening during this latest portion of the stock rally
▼ + stars: | 2024-12-09 | by ( Fred Imbert | ) www.cnbc.com time to read: +2 min

It's not all sunshine and rainbows when looking under the hood of this latest leg of the stock market rally. Krinsky also noted that the advance-decline line at the New York Stock Exchange, a breadth measure that calculates the difference between advancing and declining stocks, fell all five trading days last week. The former saw a few more days of rally before a -10% drawdown, while the latter saw a quick -5% drawdown before a marginal new high that ended that cyclical bull market," wrote the firm's chief market technician. .SPX YTD mountain SPX year to date To be sure, a sample size of two instances hardly makes a historical trend. The bank also hiked its price target on the stock to $200 from $70, implying upside of nearly 23%.

Persons: It's, BTIG's Jonathan Krinsky, Krinsky, Morgan Stanley, Brian Nowak Organizations: New York Stock Exchange

☆ Syrian rebel leader’s victory speech holds a message for Iran – and for Trump and Israel too
▼ + stars: | 2024-12-08 | by ( Nic Robertson | ) edition.cnn.com time to read: +4 min

“This victory, my brothers, is a victory for the entire Islamic nation,” he told his tiny entourage, who stumbled behind him against the backdrop of the mosque’s distinctive black and white stone splendor. “This victory, my brothers, by the grace of God Almighty (follows) the sacrifices of the martyrs, the widows, and the orphans. This victory, my brothers, has come through the suffering of those who endured imprisonment,” he said. People welcome the leader of Syria's Islamist Hayat Tahrir al-Sham (HTS) group, Abu Mohammed al-Jolani, before his speech at the Umayyad Mosque on December 8, 2024. But it is a message Jolani will know is being heard in Tel Aviv and Washington, where he is considered to be a member of a proscribed terrorist organisation with a $10 million dollar bounty on his head.

Persons: Abu Mohammad al, al, Damascus’s, ”, Bashir al, Assad, God, Jolani, Tahrir, Abu Mohammed al, Aref Tammawi, Joe Biden, Donald Trump, Biden, Jolani “, “ Organizations: CNN, Getty, Hezbollah Locations: Damascus, al Qaeda, Tahrir, Syria, Umayyad, AFP, Iran, Lebanon, Tel Aviv, Washington

☆ We answer 9 mailbag questions, including ones about options, dividends, and share counts
▼ + stars: | 2024-12-07 | by ( Zev Fima | ) www.cnbc.com time to read: +12 min

Here's our Club Mailbag email investingclubmailbag@cnbc.com — so you send your questions directly to Jim Cramer and his team of analysts. There are two high-level factors that determine an options price, intrinsic value and time value. How does an investor know if when buying stock, they are buying company shares or trading shares with other investors . In a prior mailbag answer (see an excerpt above), we talked about how to go about doing this analysis. In other words, the valuation — be it based on price-to-earnings or a discounted cash flow model — is far more important than the stock price.

Persons: Jim Cramer, — Richard L, it's, Vega, — Dan M, Michele T, Will, Felix M, That's, we're, — Rich, —, Jim Cramer's, Jim, Jeffrey Coolidge Organizations: Theta, New York Stock Exchange, Nasdaq, Dow, Investing, Charitable, Jim Cramer's Charitable, CNBC, Iconica, Getty

☆ UniCredit's Orcel could still sweeten his bid and take on a double M&A offensive
▼ + stars: | 2024-12-06 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +3 min

Divided between two takeover courtships, UniCredit's Andrea Orcel still has room to sweeten his bid for Italy's Banco BPM, analysts say, while political turmoil stalls a deal with Germany's Commerzbank . Until recently, the latter had been the subject of speculation as a potential merger partner for Germany's largest lender, Deutsche Bank. "There is scope for increasing the [Banco BPM] offer," Johann Scholtz, senior equity analyst and Morningstar, told CNBC. "Remember, that's the second attempt from Orcel to buy [Banco] BPM ... Orcel last month labeled Banco BPM as a "historical target" — stoking the flames of media reports that UniCredit had previously sought a domestic union back in 2022.

Persons: UniCredit's Andrea Orcel, Germany's Commerzbank, Orcel, Olaf Scholz's, — UniCredit, Giancarlo Giorgetti, UniCredit —, Johann Scholtz, Morningstar, Scholtz, Filippo Alloatti, Federated Hermes, UniCredit, Alloatti, Rome, Anima Organizations: Italy's Banco, ABN Amro, Deutsche Bank, Economy, Ansa, Banco, CNBC, Federated, Anima Holding Locations: Commerzbank, Monte dei, —

☆ ChatGPT's search market share jumped recently, while Google has slipped, new data shows
▼ + stars: | 2024-12-06 | by ( Blake Dodge | ) www.businessinsider.com time to read: +4 min

ChatGPT is gaining on Google in the lucrative online search market, according to new data released this week. Google still dominates the search market, but its share slipped. This new technology is changing how millions of people access digital information, sparking a rare debate about the sustainability of Google's search dominance. This suggests Google's market share slippage is probably more about queries for general information, meaning Google's revenue growth from search is probably safe for now. AdvertisementSo in terms of gobbling up more search revenue, ChatGPT has its work cut out.

Persons: ChatGPT, OpenAI's chatbot, Millennials, It's, Microsoft Bing, OpenAI, Axel Springer, Mark Mahaney Organizations: Google, ISI, Microsoft, ChatGPT, Apple, Business

☆ Elon Musk risks becoming a 'political puppet master' under Trump, says a key Zuckerberg ally
▼ + stars: | 2024-12-06 | by ( Polly Thompson | ) www.businessinsider.com time to read: +3 min

AdvertisementMeta's Nick Clegg said Elon Musk risks becoming a "political puppet master" in the Trump administration. Meta CEO Mark Zuckerberg wants an "active role" in conversations about technology and AI, Clegg said. Elon Musk risks becoming a "political puppet master" during the second Trump presidency, Meta's global affairs chief said. Having greater involvement in government debates would also bring Zuckerberg closer together with Musk and Trump. Zuckerberg was quick to congratulate Trump following his election victory, and in November, the two had a Thanksgiving eve dinner at the president-elect's Mar-a-Lago resort.

Persons: Nick Clegg, Elon, Trump, Musk, Mark Zuckerberg, Clegg, Mark Zuckerberg's, Tom Williams, Zuckerberg, —, elect's Organizations: Department of Government, Trump, Meta, BBC News, Republican, SpaceX, Government, Facebook Locations: Trump, Lago

☆ How Notre Dame’s famed Grand Organ regained its distinctive voice
▼ + stars: | 2024-12-06 | by ( Caroline Baum | Sérène Nourrison | ) edition.cnn.com time to read: +5 min

It has taken months of painstaking cleaning and decontaminating of 8,000 pipes, 115 organ stops and numerous other musical components, but on Saturday the majestic tones of the Grand Organ of Notre Dame will ring out once more. Francois Mori/APVeteran organ builder Laurent Mesme’s company, Orgues Quoirin, was one of three workshops chosen from across France to restore the Grand Organ. “During the day it was impossible to do anything (with the noise).”A file photograph from 2004 shows Notre Dame's organ. Stephane de Sakutin/AFP/Getty ImagesLatry had, in his words, lived with the organ “day and night” since joining the cathedral in 1985. “Every time there has been a restoration, the organ builders have preserved what the previous organ builders have done.

Persons: Notre, Virgin Mary, Aurelia Azema, Francois Mori, Laurent Mesme’s, Orgues Quoirin, Mesme, ”, Emmanuel Macron’s, ” Mesme, “, Olivier Latry, Stephane de Sakutin, Latry, It’s, ” Latry Organizations: Paris CNN —, Notre Dame, Veteran, Getty, CNN Locations: Marne, Paris, France, “, AFP

Brigham Young University quarterback Jake Retzlaff, the first Jewish quarterback in program history, has signed an NIL (Name, Image and Likeness) sponsorship with the kosher food company Manischewitz, it announced Thursday. Retzlaff, who has adopted the nickname “BYJew,” is one of only three Jewish students at the Latter-day Saints university. Manischewitz said it will produce limited-edition Jake Retzlaff Matzo Boxes to “celebrate the intersection of athletic achievement and cultural heritage.” Retzlaff will also share his story and connection to Manischewitz in video content on social media. Jake Retzlaff has thrown for 2,796 yards, 20 touchdowns and 10 interceptions. This partnership represents everything the brand aspires to be—celebrating our heritage and bringing awareness to Jewish food and excellence.”

Persons: Jake Retzlaff, Retzlaff, BYJew, ”, I’m, Manischewitz, Jake, Shani Seidman Organizations: Brigham Young University, Cougars, BYU, —, Getty

☆ Why has it been even hotter than expected recently? Research points to diminishing cloud cover
▼ + stars: | 2024-12-05 | by ( Evan Bush | Evan Bush Is A Science Reporter For Nbc News. | ) www.nbcnews.com time to read: +5 min

The Summary Global temperatures in the last two years have been even higher than climate scientists expected. A new study offers a possible reason why: Cloud cover has decreased. If the reductions in low cloud cover aren’t a result of chance, it likely means Earth is warming even faster than scientists thought. One option is that a natural process is temporarily diverging from normal, causing a reduction in cloud cover. Still, many questions remain, said Zeke Hausfather, the climate research lead at the finance company Stripe and a research scientist at Berkeley Earth.

Persons: Niño, ”, Helge Goessling, Alfred Wegener, “ It’s, ” Goessling, —, Zeke Hausfather Organizations: Alfred, Alfred Wegener Institute, NASA, International Maritime Organization, National Oceanic, Atmospheric Administration Locations: Germany, Berkeley, Paris

☆ Former Olympic champion Charlotte Dujardin suspended from equestrian for a year over whipping scandal
▼ + stars: | 2024-12-05 | by ( Colin Millar | ) www.nytimes.com time to read: +4 min

AdvertisementDujardin’s sanction comes after a video emerged in July 2024 of the double Olympic dressage champion whipping a horse repeatedly four years previously, which saw her withdraw from the Paris Olympic Games. After the video emerged in the summer, Dujardin withdrew from the Paris Games and said she had made “an error of judgement” during a coaching session. The FEI added that since the video emerged, it has not received any further complaints about Dujardin’s conduct. Charlotte Dujardin, Britain's joint-most decorated female Olympian, has been provisionally suspended & will not compete at Paris 2024. Dujardin had been due to compete in the team and individual dressage in Paris.

Persons: Charlotte Dujardin, —, Dujardin, “, ”, Britain's, Sabrina Ibanez, ” Dujardin, Laura Kenny, Kenny, Bradley Collyer Organizations: GB’s, Federation Equestre Internationale, Paris Olympic Games, FEI, National Federation, Paris Games, British Equestrian Federation, British Dressage, Olympic, Royal Society for, Animals, Rio, Tokyo Locations: Paris

☆ OPEC+ members to delay oil production increases
▼ + stars: | 2024-12-05 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +2 min

The OPEC+ oil producers' alliance has postponed plans to unwind several formal and voluntary crude production cuts into 2026 amid a lukewarm outlook for global demand, according to delegate sources and internal documents. Eight OPEC+ members will now extend their 2.2 million-barrel-per day voluntary production decline into the first quarter, and will begin hiking production incrementally between April and September 2026. Several OPEC+ members will also be postponing the unwinding of a second 1.7-million-barrels-per-day cut until the end of next year. "While today’s decision by OPEC+ to delay the unwinding of some of its oil production cuts until April 2025 buys the group some time, the backdrop of weak global oil demand means that it could easily find itself back in a similar position in three months’ time," analysts at Capital Economics said in a note. "In our view, the fundamentals for oil prices remain weak, and the risks to prices are skewed to the downside."

Persons: Ice Brent, Donald Trump — Organizations: Organization of, Petroleum, OPEC, Ice, Capital Economics Locations: United Nations, Baku, Azerbaijan, OPEC, London

☆ What are Social Security's trust funds? New debate emerges on program's financing
▼ + stars: | 2024-12-05 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

Richard Stephen | Istock | Getty ImagesWhat are Social Security's trust funds? Social Security's trust funds prompt headlines each year when Social Security's trustees release their annual report on the program's financial outlook. Lee is not the first politician to question Social Security's trust fund structure. In his post on X, Lee said: "the government routinely raids" Social Security's trust fund. During a July 2023 Senate hearing on protecting Social Security, Sen. Ron Johnson, R-Wisconsin, describes the program's trust funds as a "four-drawer file."

Persons: Richard Stephen, Istock, Blahous, George W, Bush, Bonds, Susan Chapman, Luke Frazza, —, Lee, Sen, Ron Johnson, Johnson, Stephen Goss, actuary, Andrew Biggs, Biggs, Nancy Altman, Altman, Jason Fichtner Organizations: Social, Research Service, Social Security Administration, Treasury, U.S ., Federal Investments, of Public, Afp, Getty, Social Security, American Enterprise Institute, Vanguard, Congressional Research Service, Center, U.S Locations: Parkersburg , West Virginia, Wisconsin, China

☆ OpenAI's active user count soars to 300 million people per week
▼ + stars: | 2024-12-04 | by ( Hayden Field | ) www.cnbc.com time to read: +2 min

After months of C-suite changes, tender offers and a soaring valuation, OpenAI has reached a new milestone: 300 million weekly active users. OpenAI CEO Sam Altman revealed the new figure Wednesday at The New York Times' DealBook Summit. A source familiar with the company told CNBC last week that the company's weekly active user count was still at 250 million. Over the next year, though, the company is reportedly targeting 1 billion active users. OpenAI's valuation has climbed to $157 billion in the two years since it launched ChatGPT, raising about $13 billion from Microsoft.

Persons: Sam Altman, OpenAI, Anthropic, Elon Musk's xAI, Altman, nabbing Kate Rouch, Microsoft's Bing Organizations: New York Times, Jazz, Lincoln Center, The New York Times, CNBC, Microsoft, Google, Meta, Amazon Locations: New York City, DealBook

☆ There's a new momentum trade on Wall Street
▼ + stars: | 2024-12-04 | by ( Fred Imbert | ) www.cnbc.com time to read: +2 min

Tech is no longer the primary driver of stock market momentum. "Instead of Tech names driving the momentum factor higher it's now Financials," he wrote. Indeed, the Financials Select Sector SPDR Fund (XLF) has soared more than 22% over the past six months, while the Technology Select Sector SPDR Fund (XLK) is up 12.2% in that time. The XLF is also outperforming the XLK in the fourth quarter, gaining 11.3% versus the latter's 4.9% advance. Tech's dethronement as the top momentum sector comes as investors bet the incoming Trump administration will ease regulation, thus facilitating dealmaking activity.

Persons: that's financials, Wolfe, Rob Ginsberg, Tech's dethronement, Trump, Ginsberg, Brad Sills Organizations: Wolfe Research, Tech, Market, Bank of America

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