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☆ OpenAI's chairman says AI is in a bubble — but one that could be wildly lucrative
▼ + stars: | 2024-10-03 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +4 min

The AI bubble, Taylor said, will be similar to the dot-com bubble in the late 1990s. AdvertisementThe buzz surrounding AI may echo the exuberance and excesses of the dot-com bubble in the late 1990s, OpenAI chairman Bret Taylor said in a podcast that aired on Wednesday. "I think the AI bubble will rhyme with the dot-com bubble and I believe with the benefit of hindsight, most of the excess of the dot-com bubble might have been justified," Taylor added. Most of today's leading tech companies like Amazon and Google, Taylor said, were started during the dot-com bubble. Advertisement"A huge percentage of the gains in the stock market over the past 30 years have more or less been these digital companies created in the dot-com bubble," Taylor said.

Persons: Bret Taylor, Sam Altman's, Taylor, Harry Stebbings, —, Sam Altman, Mark Twain, Stebbings, Elon Musk, Goldman Sachs, Jim Covello, hasn't, We’ve, Elon, Musk Organizations: OpenAI's, Service, Google, Business Insider, Stanford, Facebook, Elon Locations: OpenAI, Silicon Valley

☆ OpenAI's investors include Silicon Valley's most prolific bubble chasers. Is that a bad sign for the company's future?
▼ + stars: | 2024-10-03 | by ( Darius Rafieyan | ) www.businessinsider.com time to read: +4 min

AdvertisementOpenAI has officially closed a historic funding round. AdvertisementTiger Global is also one of the firms that backed OpenAI in this latest funding round. AdvertisementNotably absent from the list of OpenAI investors was Apple, which is said to have dropped out of the deal at the 11th hour. Apple's inclusion in OpenAI's funding round may have gone a long way toward quieting doubts about OpenAI's palace intrigue and general chaotic vibe. A few weeks ago, this funding round was being talked about as the arrival of the adults in the room.

Persons: OpenAI, —, Adam Neuman, Masayoshi Son, Neuman, SoftBank, Morningstar, You'd, Goldman Sachs, Tim Cook, Cook, Elon Musk Organizations: Nvidia, United, United Arab Emirates, Service, SoftBank's, Business, Ark Venture, BI, Apple Locations: United Arab, Silicon, Silicon Valley

☆ OpenAI gets $4 billion revolving credit line, giving it more than $10 billion in liquidity
▼ + stars: | 2024-10-03 | by ( Hayden Field | ) www.cnbc.com time to read: +4 min

OpenAI has a $4 billion revolving line of credit, bringing its total liquidity to more than $10 billion, CNBC has learned. The base credit line is $4 billion, with an option to increase it by an additional $2 billion. Led by Thrive Capital, which planned to invest $1 billion, investors included existing backer Microsoft as well as chipmaker Nvidia. SoftBank, Khosla Ventures, Altimeter Capital, Fidelity Management & Research Company, MGX and Tiger Global also participated, according to sources familiar with the situation. Earlier this year, OpenAI was valued at a reported $80 billion, up from $29 billion in 2023.

Persons: Sam Altman, OpenAI, Goldman Sachs, Morgan Stanley, Mira Murati, Bob McGrew, Barret Zoph, Altman, Bret Taylor, Sam, Taylor Organizations: CNBC, JPMorgan Chase, Citi, UBS, HSBC, Microsoft, Nvidia, SoftBank, Khosla Ventures, Fidelity Management & Research Company, Tiger Global, The New York Times Locations: Santander, Wells Fargo, SMBC

☆ Hedge funds are piling into Chinese stocks like never before as sweeping stimulus sparks enthusiasm
▼ + stars: | 2024-10-03 | by ( Yun Li | ) www.cnbc.com time to read: +3 min

Beijing's rare stimulus blitz unleashed newfound optimism from hedge fund investors, who have been piling into beaten-down Chinese stocks like never before. Hedge funds started flocking to Chinese stocks after the government announced a flood of stimulus measures in a bid to revive growth and avoid a deep slump in the world's second largest economy. The high-profile investor even said he's raising his usual allocation limit and is not hedging his big China bet. He dove into Chinese internet stocks last quarter as Burry's hedge fund, Scion Asset Management, made Alibaba its top holding at the end of June. KWEB 5D mountain KraneShares CSI China Internet ETF Beijing's big stimulus also prompted BlackRock, the world's largest asset manager, to upgrade Chinese stocks to overweight — with a caveat.

Persons: Goldman Sachs, David Tepper, Tepper, Burry It's, bullish, Nick Wilcox, Michael Burry, Stanley Druckenmiller, he's Organizations: Appaloosa Management, CNBC, China . Man, Man, Scion Asset Management, Baidu, CSI China, BlackRock, U.S Locations: China, Taiwan

☆ The most valuable programming on TV is for sale. Why hasn't anyone bought it?
▼ + stars: | 2024-10-03 | by ( Peter Kafka | ) www.businessinsider.com time to read: +4 min

For sale: The rights to show at least seven NFL games a year, plus a lot of other NFL content. AdvertisementHere's a riddle: Some of the most valuable programming in TV has been for sale for years. The NFL has also been trying to sell the NFL network for several years. AdvertisementThe NFL Network, which has been around for a couple of decades, is a mish-mash of NFL-related content. At one point the NFL was hoping to tie the sale of the NFL Network to Sunday Ticket, its popular all-the-games-you-can-watch subscription service.

Persons: —, Goldman Sachs, Larry, David Ellison's Skydance, Skydance Organizations: NFL, NFL Network, Service, NFL Network —, Minnesota Vikings, New York Jets, YouTube, ESPN, Bloomberg, Paramount, Vikings, Jets Locations: London

☆ Global oil spare capacity offsetting tightening effects from geopolitical disruptions: Daan Struyven
▼ + stars: | 2024-10-03 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGlobal oil spare capacity offsetting tightening effects from geopolitical disruptions: Daan StruyvenDaan Struyven, Goldman Sachs co-head of global commodities research, joins 'Squawk Box' to discuss the state of the oil market, latest oil price trends, energy market volatility, impact of MIddle East conflict, and more.

Persons: Daan Struyven, Goldman Sachs

☆ Supply chain disruptions could benefit these stocks, Goldman Sachs says
▼ + stars: | 2024-10-03 | by ( Weizhen Tan | ) www.cnbc.com time to read: +3 min

Trade tensions, too, have resulted in tariffs and affected world trade in certain goods. The market for companies in this space is driven by the volume of global trade, and this so-called supply chain "complexity," Goldman noted. It sees some stocks as being able to benefit from higher supply chain "complexity." Freight-forwarding firms such as DSV , DHL Forwarding and Kuehne+Nagel are "well-placed to help their clients navigate higher complexity and shocks," Goldman said. Container lines such as Cosco, Maersk and Hapag-Lloyd are less directly exposed to the higher supply chain complexity, said Goldman.

Persons: Goldman Sachs, Goldman, deglobalization, Nagel, Lloyd, — CNBC's Michael Bloom Organizations: U.S ., Logistics & Shipping, Logistics, DHL, Goldman, Express, Fedex, UPS, Maersk, Hapag Locations: U.S . East Coast, Gulf Coast

☆ Facebook owner Meta forms data-sharing pact with UK banks to counter scams
▼ + stars: | 2024-10-02 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

Facebook parent company Meta on Wednesday said that it's working with two leading banks in the U.K. on an information-sharing arrangement to help protect consumers from fraud. Meta said that the tech has already been tested with multiple lenders in the U.K. "We will only beat these criminals if we work together and share relevant information related to scams. Meta has long faced calls from banks in the U.K. to do more to stop scammers from running rampant on its platforms, which include Facebook, Instagram, and WhatsApp. Meta already has policies in place banning promotion of financial fraud, such as loan scams and schemes promising high rates of returns.

Persons: Meta, scammers, Nathaniel Gleicher, Gleicher, Goldman Sachs Organizations: Facebook, Meta, Intelligence, Exchange, NatWest, Metro Bank . NatWest, Metro Bank, scammers Locations: British

☆ What a resurgence in Wall Street dealmaking means for Morgan Stanley and Wells Fargo
▼ + stars: | 2024-10-02 | by ( Morgan Chittum | ) www.cnbc.com time to read: +8 min

Great news for Club stocks Wells Fargo and Morgan Stanley : The rebound in investment banking isn't over yet. We'll find out to what extent when Wells Fargo reports earnings on Oct. 11 and Morgan Stanley delivers quarterly results on Oct. 16. MS YTD mountain Morgan Stanley (MS) year-to-date performance For Morgan Stanley, a resurgence in its investment banking division is crucial to our investment thesis and why we stuck with it. WFC YTD mountain Wells Fargo (WFC) year-to-date Morgan Stanley's IB business is much larger than Wells Fargo's. Wells Fargo, which has a strong wealth management franchise, is branching out to take a slice of the IB pie.

Persons: Morgan Stanley, We'll, Wells, Jerome Powell, Powell, Rebecca Brokmeier, Brokmeier, Morgan, Jim Cramer, Goldman Sachs, underperformance, Dan Simkowitz, Jim, We've, Charlie Scharf, Jim Cramer's, William McChesney Martin Jr, Anna Moneymaker Organizations: Club, Wells, Federal Reserve, Wall, P Global Market Intelligence, KPMG, Global, Fed, National Association for Business, CNBC, Morgan Stanley's IB, IB, Bloomberg News, Federal, Getty Locations: U.S, Nashville , Tennessee, Wells, Wells Fargo, Washington , DC

☆ October is already living up to its volatile reputation
▼ + stars: | 2024-10-02 | by ( Fred Imbert | ) www.cnbc.com time to read: +2 min

The S & P 500 fell nearly 1% to kick off the new month of trading. The Nasdaq Composite shed more than 1.5%, and the Dow Jones Industrial Average lost 0.4%, or 173 points. The Cboe Volatility Index , Wall Street's preferred fear gauge, swelled abpve 20 — its highest level since Sept. 11. I am bracing for added volatility and the market to over-trade daily headlines and themes," he said in a note to clients Wednesday. CNBC Pro found that the S & P 500 averages a daily move of 1.3% in either direction in October, based on FactSet data going back to 1950.

Persons: Street's, Scott Rubner, Goldman Sachs, Baird, Harley, Davidson Organizations: Nasdaq, Dow Jones Industrial, West Texas, CNBC Pro Locations: Iran, Israel, Lebanon, Milwaukee

☆ Crude oil jumps nearly 3% as Israel vows 'painful' response to Iran missile attack
▼ + stars: | 2024-10-02 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

U.S. crude oil rose nearly 3% on Wednesday as traders fear Israel could target Iran's oil infrastructure in retaliation for a ballistic missile attack. Israel's ambassador to the United Nations, Danny Danon, vowed late Tuesday that Israel will exact a "painful" response against Iran. Danon's threat came hours after the Islamic Republic launched around 180 ballistic missiles at Israel in retaliation for the assassination of top Hamas and Hezbollah leaders. Israel might take aim at Iran's oil industry to hit Tehran's income and degrade its ability wage war, they said. OPEC+ is planning to increase oil production in December, and U.S. output has been set records.

Persons: Danny Danon, Piper Sandler, Goldman Sachs, Yulia Zhestkova Grigsby Organizations: United Nations, Islamic Locations: Israel, Iran, Islamic Republic, Persian, China

☆ 2 big reasons gold prices are set to surge 9% by early next year, according to Goldman Sachs
▼ + stars: | 2024-10-02 | by ( Matthew Fox | ) www.businessinsider.com time to read: +2 min

Goldman Sachs predicts gold prices will hit $2,900 per troy ounce by early 2025. AdvertisementThe price of gold is set to extend its record-setting rally to new highs by early 2025, according to a note from Goldman Sachs. Goldman boosted its gold price target to $2,900 per troy ounce from $2,700, representing upside of about 9% from current levels. AdvertisementSuch gains would come after gold prices have already rallied 29% year-to-date. Goldman highlighted that the central banks of emerging market countries like China are behind the structural advance of gold prices since 2022.

Persons: Goldman Sachs, Goldman, —, Lina Thomas, Thomas Organizations: Service, London OTC Locations: China, London, Israel, Iran, East

☆ Goldman sees nearly 40% upside for Dell on AI server demand, PC refresh
▼ + stars: | 2024-10-02 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

Goldman's forecast implies roughly 37% upside ahead for Dell stock from its $113.16 close on Tuesday. Dell stock has surged more than 51% in 2024. In particular, Ng pointed to Dell's $3.8 billion AI server backlog in the second-quarter as a prime example of robust demand. "Enterprise and sovereign AI opportunities are in earlier stages of adoption, and the company continues to optimize its organization to address AI demand across customer verticals and regions," Ng said. "AI server margins should improve over time through a greater mix of higher margin services revenue and a diversification to a larger number of AI server customers."

Persons: Goldman Sachs, Michael Ng, Ng, Dell, DELL Organizations: Dell Technologies, Dell, Enterprise, Windows Locations: Texas

☆ What screams 'status' on Wall Street? Here's how the movers and shakers of finance are spending their money.
▼ + stars: | 2024-10-02 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +14 min

That said, everyone seemed to agree that the days of logo-forward purchases and other conspicuous signs of wealth are over — even on Wall Street. The industry's movers and shakers are still into name brands but are leaning into those that exude "quiet luxury." And where there are celebrities and influencers, there tend to be Wall Street dealmakers. It's not surprising that high-earners on Wall Street would have second homes (or, in many cases, multiple). The HamptonsThe beach towns of the Hamptons have long been a Wall Street favorite thanks to their proximity to Manhattan.

Persons: —, Ken Griffin, David Solomon, Goldman Sachs, Stephen Schwartzman, Blackstone, Jessica Cadmus, Cadmus, Marie Kondo —, I've, I'd, Zegna, Tom Ford, Claudio Lavenia, Van, Cartier, Jeremy Moeller, Hermes, Gucci, Jeremy Strong, Armani, Max Mara, Celine, Bottega, It's, it's, Sean Zanni, Wall Streeters Organizations: Service, Goldman, JPMorgan, Business, Paris Olympics, Bloomberg, Citadel, Anadolu, Getty, Wall Street, Street, BI, Wall, HBO, Hamptons Locations: Queens, New York, New York City, Africa, Costa Rica, Bottega Veneta, Manhattan, Montauk, Nantucket, Cape Cod, East Hampton , NY, Hudson

☆ Goldman Sachs discusses the impact of China's stimulus measures
▼ + stars: | 2024-10-02 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGoldman Sachs discusses the impact of China's stimulus measuresMichelle Cheng, co-head of Asia consumer research and managing director at Goldman Sachs, says there's still "limited upside" on earnings, adding that there needs to be more policy execution and a restoration of consumer confidence.

Persons: Goldman Sachs, Michelle Cheng, there's Locations: Asia

☆ China stock ETFs rip higher even as mainland markets close for holiday
▼ + stars: | 2024-10-02 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

People walk on a pedestrian bridge displaying the Shanghai and Shenzhen stock indexes on January 02, 2024 in Shanghai, China. Exchange-traded funds overseas that track Chinese stocks continued their stimulus-triggered rally Wednesday even as mainland markets were shut for a week-long holiday. Mainland Chinese markets, including Shanghai and Shenzhen stock exchanges, will remain closed until Oct. 8. "I am bullish on Chinese equities; this time is different," Scott Rubner, tactical specialist at Goldman Sachs, said in a note. "I have never seen this much daily demand for Chinese equities: I do not even think we have gone back to benchmark index weights yet."

Persons: Scott Rubner, Goldman Sachs, David Tepper, JD.com Organizations: Exchange, Hong Kong Stock Exchange, Management, CNBC Locations: Shanghai, Shenzhen, China, Mainland, Beijing

Several major banks, including Capital One 360, Ally, and BMO Alto, responded by dropping their high-yield savings account rates. It's not as easy to find 5% interest savings accounts as it was before the Fed meeting. However, there are ways you can navigate savings rate declines to keep earning a high interest rate for a bit longer. Savings account interest rate dropsIf you're using a major online bank to earn a high interest rate on your savings account, you might be disappointed by the recent Fed interest rate cuts. Capital One 360 Performance Savings fell from 4.25% APY to 4.10% (rate as of 9/27/24) APY, while Ally lowered its savings account rate from 4.20% to 4.00% APY.

Persons: —, Ally didn't, Ally, Marcus, Goldman Sachs, Pibank, we've, you'll, Kit Pulliam, They’ve, Kit Organizations: Fed, BMO Alto, Federal Reserve, Capital, BMO, CIBC USA, Navy Federal Credit Union, Pibank Savings, Pulliam, Business, Tax, MSN, Vanderbilt University

☆ These 3 indicators are pointing to a healthy labor market similar to the pre-pandemic boom, according to Goldman Sachs
▼ + stars: | 2024-10-02 | by ( Christine Ji | ) www.businessinsider.com time to read: +5 min

Investors are worried that labor market weakness could thwart a soft landing. AdvertisementAs inflation creeps downward, investors are increasingly turning their attention to the labor market to look for clues of a soft landing. Labor market fundamentals remain strong, according to Joseph Briggs, co-lead of Goldman Sachs' global economics team and a former Federal Reserve senior economist. "If we take a broad assessment across a number of different labor market indicators, they are still roughly where they were from 2017 to 2019, and that was a pretty healthy labor market," Briggs said. AdvertisementIn Briggs' view, the following three indicators point to a normalizing late-cycle labor market, and in turn, a strong economy.

Persons: Goldman Sachs, Joseph Briggs doesn't, Briggs, —, shouldn't, Joseph Briggs, We're Organizations: Service, Labor, Federal Reserve, Real

☆ Equities tend to rally after election uncertainty is resolved, says Goldman's David Kostin
▼ + stars: | 2024-10-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEquities tend to rally after election uncertainty is resolved, says Goldman's David KostinDavid Kostin, Goldman Sachs chief U.S. equity strategist, joins 'Squawk on the Street' to discuss Kostin's price targets for equity markets, the market cap of the companies Kostin is interested in, and much more.

Persons: Goldman's David Kostin David Kostin, Goldman Sachs

☆ Tesla Q3 deliveries preview: Wall Street expects a beat as Musk & Co. get their 'mojo' back
▼ + stars: | 2024-10-01 | by ( Matthew Fox | ) www.businessinsider.com time to read: +4 min

Tesla's third-quarter vehicle deliveries are expected to exceed Wall Street estimates. AdvertisementTesla's upcoming third-quarter vehicle deliveries report should impress investors, according to Wall Street experts. Tesla stock has been on a wild ride this year. AdvertisementBarclays: 'Concerns on fundamentals have dissipated'Barclays analyst Dan Levy is expecting Tesla to report solid vehicle deliveries later this week, according to a recent note. Levy said that thanks to expected strength in Tesla's China business, the company will announce third-quarter vehicle deliveries of 470,000, ahead of Wall Street estimates.

Persons: —, Goldman Sachs, Tesla, Dan Levy, Levy, Mark Delaney, Delaney, Dan Ives, Ives Organizations: Barclays, Service Locations: China, flattish, Europe

☆ Here are Tuesday's biggest analyst calls: Nvidia, Apple, Tesla, Ford, Clorox, Netflix, Pinterest & more
▼ + stars: | 2024-10-01 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Here are the biggest calls on Wall Street on Tuesday: Morgan Stanley initiates LatAm Airlines at overweight Morgan Stanley says shares of the Latin American airline are undervalued. " Morgan Stanley reiterates Tesla as overweight Morgan Stanley says it's sticking with Tesla ahead of the company's robotaxi day. Bank of America upgrades Alcoa to buy from neutral The firm says the aluminum company is uniquely positioned. Goldman Sachs upgrades Ford to buy from neutral Goldman says it likes the auto giant's "opportunity in software and services." Morgan Stanley reiterates Nvidia as overweight Morgan Stanley says it's standing by the dominant maker of AI processors.

Persons: Morgan Stanley, LTM, Tesla, Oppenheimer, it's, Goldman Sachs, Goldman, Raymond James, Atlassian, Hewlett Packard, it's bullish, Jefferies, KeyBanc, Davidson, Patrick, Wells, Nvidia's Blackwell, Raymond James downgrades Disney Organizations: LatAm, Bank of America, Alcoa, AA, Barclays, Apple, Citi, Anheuser, Busch InBev, Ford, HP, Meta, Google, YouTube, UBS, Netflix, Resources Locations: U.S, Mexico, Florida, Parks

☆ Ishiba's win seen as a 'positive development' for Japan's banking sector: Goldman Sachs analyst
▼ + stars: | 2024-10-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIshiba's win seen as a 'positive development' for Japan's banking sector: Goldman Sachs analystMakoto Kuroda, Japan financials analyst at Goldman Sachs, says incoming Japanese Prime Minister Shigeru Ishiba is seen as the "continuity candidate who is less inclined to interfere with the independence of the [Bank of Japan]."

Persons: Goldman Sachs, Makoto Kuroda, Shigeru Ishiba Organizations: Bank of Locations: Japan, Bank of Japan

☆ 25 increasingly efficient stocks with profitability heading into the Q3 earnings season: Goldman Sachs
▼ + stars: | 2024-10-01 | by ( James Faris | ) www.businessinsider.com time to read: +4 min

There's an unusually wide gap between highly efficient companies and everyone else. Here are 25 standout stocks to consider ahead of the Q3 earnings season. AdvertisementThe market's most efficient companies are separating from the pack at a crucial time in the year. AdvertisementThe gap between highly efficient companies — as measured by returns on equity — and other stocks in the S&P 500 has widened, Goldman Sachs found. 25 increasingly efficient stocks to targetIn his weekly note, Kostin shared an updated list of 50 stocks set to enjoy the largest growth in returns on equity.

Persons: Goldman Sachs, —, David Kostin, Kostin, That's Organizations: Service

☆ Tesla set to report Q3 deliveries ahead of robotaxi event
▼ + stars: | 2024-10-01 | by ( Lora Kolodny | In Lorakolodny | ) www.cnbc.com time to read: +5 min

Analysts are expecting Elon Musk's automaker to report about 463,310 deliveries, according to estimates compiled by FactSet StreetAccount. Tesla reported deliveries of 435,059 and production of 430,488 vehicles for the same period a year ago, before it was selling the Cybertruck. More recently, Tesla reported deliveries of 443,956 and production of 410,831 vehicles for the second quarter of 2024. Goldman Sachs last week said it expects Tesla deliveries and production "to come in-line with consensus, largely driven by the strength in the China market." Tesla brand erosionSome customer interest in buying Tesla vehicles has been chilled by the brand's strong association with Musk.

Persons: Elon Musk, Tesla, Elon, FactSet StreetAccount, Wells, Goldman Sachs, tacking, Musk —, —, he's, Donald Trump, Musk, Mike DeWine Organizations: Trump, Tesla's, EVs, Warner Bros, Baidu, SpaceX, Associated Press, CNN, NBC News, The New York Times, Twitter, The Washington Post, Springfield Police Division, Ohio Gov, Pew Research Locations: Manhattan , New York, U.S, China, Los Angeles, Springfield , Ohio

☆ 5 energy stocks that will get a boost from ballooning electric demand
▼ + stars: | 2024-10-01 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

US electric demand is rising, fueled by everything from data centers to electrified transportation, says BofA. AdvertisementWith resources flooding into infrastructure and tech, US electric demand is charging up. Sempra will rise 13% based on the bank's $94 share target. Northwestern Energy could similarly jump over 13% to reach a $65 price target, Bofa says. TXNM Energy is set to increase 10% from current levels, reaching a price target of $48 per share.

Persons: —, Entergy, Goldman Sachs Organizations: Service, Bank of America, Northwestern Energy, Pinnacle, TXNM Locations: Texas, Montana

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