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☆ Goldman Sachs blows away earnings expectations
▼ + stars: | 2024-01-16 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +2 min

New York CNN —Goldman Sachs reported a strong fourth quarter earnings report, driven largely by impressive results in their asset and wealth management divisions. Revenue came in at $11.3 billion and earnings per share were $5.48, blowing away Wall Street expectations. Prior to this report, Goldman posted eight consecutive quarters of declines. JPMorgan Chase paid $2.9 billion to the FDIC, Bank of America paid $2.1 billion and Citigroup paid $1.7 billion. Morgan Stanley, meanwhile, reported a 32% drop in quarterly profit in its earnings report on Tuesday.

Persons: New York CNN — Goldman Sachs, FactSet, Goldman Sachs, ”, David Solomon, Marcus, Goldman, JPMorgan Chase, Morgan Stanley Organizations: New, New York CNN, Revenue, Apple, General Motors, Federal Deposit Insurance Corporation, Valley Bank, Signature Bank, JPMorgan, FDIC, Bank of America, Citigroup, Goldman Locations: New York, York

☆ Billionaire Ken Langone to meet with Nikki Haley in NY as he weighs backing her in 2024
▼ + stars: | 2023-11-27 | by ( Brian Schwartz | ) www.cnbc.com time to read: +3 min

Ken Langone arrives at the Allen & Co. Media and Technology Conference in Sun Valley, Idaho, on Wednesday, July 12, 2023. Home Depot co-founder and billionaire Ken Langone plans to meet with former U.S. ambassador to the United Nations Nikki Haley next week in New York, as he considers backing her in the Republican presidential primary. "The only person I see who can give [Donald] Trump a run for his money is Nikki Haley," Langone told CNBC in an interview Monday, referring to the former president and current Republican frontrunner. Before Langone would commit to hosting his own fundraiser for Haley, however, he said he wanted to meet with her in person. Earlier this month, Haley said that if the South Carolina state legislature had passed a six-week abortion ban while she was governor, she would have signed it.

Persons: Ken Langone, Nikki Haley, Donald, Trump, Langone, Eric Levine, Haley, Ron DeSantis, DeSantis, Haley's, Stanley Druckenmiller, Druckenmiller, Sen, Tim Scott, Chris Sununu, Sununu Organizations: Allen, Co . Media, Technology Conference, Home Depot, U.S, United, Republican, CNBC, South, Florida Gov, Commission, Trump, GOP, Forbes, New Hampshire Republican Gov Locations: Sun Valley , Idaho, New York, South Carolina, Florida, New Hampshire, Granite State, New, Sununu

☆ Stanley Druckenmiller trims his winning Nvidia bet, adds new Alphabet stake
▼ + stars: | 2023-11-15 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Stanley Druckenmiller 's Duquesne Family Office added a new bet on Alphabet last quarter, while trimming his favorite artificial intelligence play — Nvidia , according to its latest filing to the Securities and Exchange Commission. The family office built a $110 million stake in Alphabet, making it Druckenmiller's seventh biggest holding at the end of the third quarter. The bet could complement his other big AI bets as Druckenmiller emerged as a bull on AI. Druckenmiller once managed George Soros' Quantum Fund and shot to fame after helping make a $10 billion bet against the British pound in 1992. Druckenmiller believes the market will be "very challenged" in the current environment, and only disciplined stock pickers will be rewarded.

Persons: Stanley Druckenmiller, Druckenmiller, it's, George Soros Organizations: Duquesne, Nvidia, Securities and Exchange Commission, Microsoft, Quantum Fund, Duquesne Capital Management, Social, Vistra Energy, Seagate Technology, Broadcom

☆ Citadel chief Griffin weighs backing Haley in Republican primary
▼ + stars: | 2023-11-14 | by ( Brian Schwartz | ) www.cnbc.com time to read: +2 min

Billionaire Citadel CEO Ken Griffin is "actively contemplating" financially supporting former U.S. ambassador to the United Nations Nikki Haley in the Republican primary for president. Yes or no," Griffin said in an interview Tuesday with Bloomberg TV, when asked whether he planned to financially support Haley. Griffin is the latest of several wealthy, Republican donors who have said in recent days that they plan to support Haley over Trump and the rest of the primary field. But on Monday he told CNBC that following Scott's announcement, he planned to support Haley exclusively from now on. Until Sunday, Sabin had been fundraising for Scott's primary effort.

Persons: Ken Griffin, Nikki Haley, we're, Griffin, Haley, Forbes, Donald Trump, Trump, Ron DeSantis, Sen, Tim Scott, Scott, Stanley Druckenmiller, Druckenmiller, Andy Sabin, Sabin, Eric Levine Organizations: Citadel, CNBC's, Alpha, Billionaire Citadel, U.S, United, Republican, Bloomberg, Florida Gov, Trump, CNBC Locations: New York, New York City

COLUMBIA, S.C. (AP) — The Republican Party’s once-crowded 2024 presidential primary field has suddenly shrunk to just a handful of viable candidates. Instead, the fight between Nikki Haley and Ron DeSantis for a distant second place appears to be intensifying. Political Cartoons View All 1244 Images“Now I’m hoping the field clears and it’s Nikki Haley one-on-one with the former president,” Druckenmillier told The Associated Press. Scott entered the 2024 campaign to much anticipation — especially in Iowa — as a close friend to Iowa Sen. Joni Ernst and a devoted evangelical Christian. And his modest share of support in late-summer Iowa polls shrunk by late fall as DeSantis and Haley appeared more viable.

Persons: Republican Party’s, Sen, Tim Scott of, Donald Trump, Nikki Haley, Ron DeSantis, Iowa's Jan, Haley, Scott's, Stanley Druckenmillier, Scott, ” Druckenmillier, Andrew Romeo, Mike Pence, ”, DeSantis, Kim Reynolds, Tim Scott, ” Romeo, “, Nikki Haley’s, Trump, Vivek Ramaswamy, Christie, Doug Burgum, Asa Hutchinson, they're, Pence, Privately, Ron DeSanctimonious, Nikki ‘ Birdbrain ’ Haley, ‘, Tim, ’, ’ ”, Iowa Sen, Joni Ernst, Republican bundler Eric Levine, ” Levine, “ It’s Nikki, Devin O’Malley, Pence’s, He’s, ” O’Malley, ___, Beaumont Organizations: COLUMBIA, Republican, GOP, United Nations, Associated Press, Iowa Gov, New, New Jersey Gov, Christie . North Dakota Gov, Arkansas Gov, Trump, South, Fox News, AP, Iowa GOP, ___ Peoples Locations: Tim Scott of South Carolina, Scott's South Carolina, Florida, Iowa, Alabama, New Jersey, Christie ., New Hampshire, South Carolina, New York, Des Moines , Iowa

☆ Here's how the stock market can build on its best week of the year
▼ + stars: | 2023-11-05 | by ( Jim Cramer | ) www.cnbc.com time to read: +12 min

These two points blunted anything that Federal Reserve Chairman Jerome Powell had to say and that was all it took to have the best week in the stock market of the year. He's the union president, which contributes to investor ennui given how unions have produced minus signs in the stock market wherever they prey. But yields looked to break out the wrong way for the stock market for certain. We didn't realize that yields could be peaking: 6% was beckoning on the long end of the bond market yield curve. All I can tell you is that the Apple selling last Friday morning was relentless from 4 a.m.

Persons: Jerome Powell, it's, Joe Biden doesn't, Gina Raimondo –, –, Raimondo, Biden, hasn't, ennui, Stanley Druckenmiller, Tim Cook, Luca Maestri, Apple, that's, halcyon, Cramer, Elon, Mary Dillon, haven't, Jim Cramer's, Jim Cramer, Jim, Virginia Sherwood Organizations: Treasury, Federal, Twitter, Mutual, Apple, Phillies, Huawei, Nvidia, Trust, CNBC, Jim Cramer's Charitable, NYSE Locations: Israeli, Gaza, China

☆ Rich countries are stumbling into a debt trap
▼ + stars: | 2023-11-03 | by ( Felix Martin | ) www.reuters.com time to read: +7 min

Unlike many corporations and households, the U.S. government did not lock in the low interest rates of the last decade by issuing long-dated debt, preferring instead to skew funding towards bills and short-term bonds. The second route out of the debt trap is to target the primary fiscal surplus, choosing a combination of spending cuts and tax hikes that will stabilise the public debt. That leaves the third route to debt sustainability – keeping real interest rates low. But in the short run, it allows a government to tame the debt ratio without fiscal austerity, and even if growth is sluggish. Governments are indeed stuck in a classic debt trap.

Persons: Joe Biden, Fumio Kishida, Volodymyr Zelenskiy, Kacper, Everett Dirksen, you’re, Dirksen’s, Stanley Druckenmiller, Joe Biden’s, Peter Thal Larsen, Thomas Shum Organizations: Japan's, NATO, REUTERS, Reuters, Congressional, Office, International Monetary Fund, U.S, Treasury, Reuters Graphics Reuters Graphics, Medicaid, Federal, Bank of Japan, Thomson Locations: Ukraine, Vilnius, Lithuania, Illinois, U.S, Britain

☆ The biggest debate in tech
▼ + stars: | 2023-11-02 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +8 min

NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. In today's big story, we're looking at the tech industry's debate over whether AI poses a real threat to humanity. The big storyBig Tech's big lieAP Photo/Julia Nikhinson; Arantza Pena Popo/InsiderWant to get someone in tech riled up? The private event, which had an exclusive guest list, has been criticized for favoring Big Tech executives over actual AI experts. "When big tech companies, big startups, and powerful VCs start calling for regulation of their hottest new technology, something is very wrong," Alistair Barr, Insider's global tech editor, told me.

Persons: —, Heidi Klum's, Klum, Julia Nikhinson, Arantza Pena Popo, Andrew Ng, Ng, Big, BlackRock's Larry Fink, Spencer Platt, Elon Musk, Alistair Barr, It's, Alistair, Insider's Beatrice Nolan, Sam Bankman, Aaron Schwartz, Stanley Druckenmiller, Druckenmiller, Tyler Le, SBF, Wendy Lee, Alba Santaliestra, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: Service, Fed, Tech, Google, Australian Financial, Big Tech, Getty Images Tech, Wired, Xinhua, Getty, Market, Apple, YouTubers, YouTube, Mexico City Locations: Israel, Muertos, Mexico, New York City, San Diego, London, New York

Plenty of bond investors have been burned calling a bottom in a selloff that has taken Treasuries to the cusp of an unprecedented third straight year of losses. One potential near-term pitfall is Friday’s U.S. payrolls data, which could revive expectations of Fed hawkishness if they come in stronger than expected. The rise in Treasury yields has reached far beyond the bond market. The S&P 500 is down nearly 8% from its July high, as rising bond yields offer investment competition to equities while threatening to raise the cost of capital for companies. “The market is running with the idea that the Fed is done hiking, which they may or may not be,” he said.

Persons: Jerome Powell nodded, Bonds, ”, Jack McIntyre, “, ” McIntyre, Stanley Druckenmiller, Duquesne, Bond, Josh Emanuel, Powell, We've, Greg Wilensky, Janus Henderson, ” Wilensky, Noah Wise, Davide Barbuscia, David Randall, Ira Iosebashvili Organizations: Treasury, Federal, Fed, U.S . Treasury, Brandywine, Janus, Janus Henderson Investors, Allspring Global Investments, Thomson Locations: U.S, Wilshire

☆ Here’s where billionaire investor Jeffrey Gundlach sees income opportunities as recession risk looms
▼ + stars: | 2023-11-02 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +2 min

Jeffrey Gundlach sees an economic downturn on the horizon, but he also sees an opportunity emerging for income investors. Gundlach, founder of DoubleLine Capital, sees interest rates falling as the U.S. economy moves into a recession in the first part of 2024 . However, investors seeking income may do well to step out a little further on the yield curve, rather than hiding in 6-month Treasury bills and cash-like investments. Investors in holdings that are too short-dated may find themselves exposed to reinvestment risk as rates decline. He said investors could buy "the entire yield curve at this point."

Persons: Jeffrey Gundlach, Gundlach, Stanley Druckenmiller's Organizations: DoubleLine Locations: U.S

☆ DoubleLine’s Gundlach says interest rates are going to fall as recession arrives early 2024
▼ + stars: | 2023-11-01 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

DoubleLine Capital CEO Jeffrey Gundlach believes interest rates are about to trend lower as the economy deteriorates further and tips into a recession next year. "I do think rates are going to fall as we move into a recession in the first part of next year," Gundlach said Wednesday on CNBC's "Closing Bell." The Federal Reserve's rate-setting committee unanimously agreed Wednesday to hold the key federal funds rate in a target range between 5.25% to 5.5%, where it has been since July. "One thing that the market is going to have to confront is we cannot sustain these interest rates and this deficit any longer," Gundlach said. "We can't afford this government that we're running at today's interest rate level.

Persons: Jeffrey Gundlach, Gundlach, Stanley Druckenmiller, Jerome Powell, hasn't Organizations: DoubleLine, Billionaire, Social Security, CNBC PRO Locations: New York, U.S

☆ Stanley Druckenmiller: The government needs to stop spending like ‘drunken sailors'
▼ + stars: | 2023-11-01 | 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 EmailStanley Druckenmiller: The government needs to stop spending like ‘drunken sailors'Stanley Druckenmiller, Duquesne Family Office chairman and CEO, joins 'Squawk Box' to discuss the state of the U.S. economy, Treasury Secretary Janet Yellen's 'big blunder' of not issuing more long-dated Treasurys when interest rates were low, government spending and the impact on the national debt, market outlook, the Fed's inflation fight, and more.

Persons: Stanley Druckenmiller, Janet Yellen's Organizations: Duquesne Family Locations: U.S

☆ Stanley Druckenmiller says government needs to stop spending like 'drunken sailors,' cut entitlements
▼ + stars: | 2023-11-01 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

"We are spending like drunken sailors," Druckenmiller said on CNBC's "Squawk Box" Wednesday. Now it's 25% of GDP ... My father told me if you're in a hole, stop digging Stan." Despite his calls to cut overall spending, the widely followed investor stressed that it's necessary for the U.S. to support Ukraine and disagrees with Republicans urging to stop funding in that region. "I was actually happy to see when the announcement the support for Ukraine and Israel $106 billion," Druckenmiller said. Druckenmiller once managed George Soros' Quantum Fund and shot to fame after helping make a $10 billion bet against the British pound in 1992.

Persons: Stanley Druckenmiller, Druckenmiller, Stan, Putin, George Soros Organizations: Social, Duquesne Family Office, Social Security, Quantum Fund, Duquesne Capital Management Locations: Duquesne, Israel, Ukraine

☆ Watch CNBC's full interview with Duquesne Family Office CEO Stanley Druckenmiller
▼ + stars: | 2023-11-01 | 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 EmailWatch CNBC's full interview with Duquesne Family Office CEO Stanley DruckenmillerStanley Druckenmiller, Duquesne Family Office chairman and CEO, joins 'Squawk Box' to discuss the state of the U.S. economy, Treasury Secretary Janet Yellen's 'big blunder' of not issuing more long-dated Treasurys when interest rates were low, government spending and the impact on the national debt, market outlook, the Fed's inflation fight, and more.

Persons: Stanley Druckenmiller Stanley Druckenmiller, Janet Yellen's Organizations: Duquesne Family Locations: U.S

☆ Stanley Druckenmiller says stock investing is going to be really tough the next 10 years
▼ + stars: | 2023-11-01 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

Druckenmiller said that prior to quantitative easing, which began as part of the government's response to the 2008 financial crisis, stock valuations were typically at about 15-times earnings. The recent spike in Treasury yields have put market interest rates near their highest levels since 2007. A lot do — a stock picker's market," Druckenmiller said. "A lot of people made money in the stock market in the '70s. Not, frankly, unlike what has happened in the stock market in the last year."

Persons: Stanley Druckenmiller, Druckenmiller, I've, we're, Alex Karp, It's, George Soros Organizations: Duquesne Family, Quantum, Duquesne Capital Management Locations: U.S

☆ Before the Fed decision, all eyes will be on this big Treasury debt announcement Wednesday
▼ + stars: | 2023-10-31 | by ( Jeff Cox | ) www.cnbc.com time to read: +5 min

Olivier Douliery | Afp | Getty ImagesAuctions of government debt, normally routine events for the Treasury Department, have suddenly become very important to financial markets. That's why an announcement Wednesday on refunding, entailing the size of auctions as well as the duration mix of the debt that will be issued, is expected to draw even more market interest. Indeed, the two entities are both pivotal in determining how the U.S. is going to manage its mammoth debt load. That symbiotic relationship will be on full display this week when the Treasury Department makes its refunding announcement Wednesday at 8:30 a.m. ET, and the Fed follows with its decision on interest rates that same day at 2 p.m.

Persons: Janet Yellen, Olivier Douliery, Josh Emanuel, Emanuel, Morgan Stanley, Stanley Druckenmiller, Druckenmiller, Alexander Hamilton, Paul Tudor Jones, she's, Dhingra, Thomas Simons Organizations: Treasury, Foreign Investment, United States, Treasury Department, Afp, Getty, Federal Reserve, Duquesne Capital, Robin Hood Foundation, Jefferies Locations: Washington ,, refunding, Wilshire, U.S

☆ Billionaire politicians have become 'shockingly common' around the world, new study finds
▼ + stars: | 2023-10-26 | by ( Robert Frank | ) www.cnbc.com time to read: +2 min

More than 11% of the world's more than 2,000 billionaires have run for election or become politicians, according to a study highlighting the growing power and influence of the super-wealthy. "Billionaire politicians are a shockingly common phenomenon," the study said. Outside the U.S., billionaire politicians are even more common. Terry Gou, the Taiwanese billionaire and founder of Foxconn, is running for president of Taiwan. Of course, billionaires wield even more political power through their (often secret) donations to support candidates, parties and super PACs.

Persons: Donald Trump, Terry Gou, Vivek Ramaswamy, Doug Burgum, Michael Bloomberg, Tom Steyer, Billionaire Rick Caruso, J.B, Pritzker, Andrej Babiš, Silvio Berlusconi, Bidzina Ivanishvili, Najib Mikati, Sebastián, Thaksin, Phil Ruffin, Larry Ellison, Nelson Peltz, Richard Uihlein, Jeffrey Yass, Stanley Druckenmiller, Cliff Asness, David Tepper, Bruce Kovner Organizations: Wisconsin Valley Science, Technology, Northwestern University, Democratic, Los Angeles, Tax Fairness, Billionaire Locations: Wisconsin, Mount Pleasant , Wisconsin, U.S, Illinois, Taiwan, Czech Republic, Italy, Georgia, Lebanon, Chile, Thailand

☆ Rainmakers find political hedge in Chris Christie
▼ + stars: | 2023-10-16 | by ( Ben Winck | ) www.reuters.com time to read: +4 min

[1/2] Republican presidential candidate and former New Jersey Governor Chris Christie speaks at the New Hampshire Republican Party’s First in the Nation Leadership Summit in Nashua, New Hampshire, U.S., October 13, 2023. Several hedge fund rainmakers poured cash into Chris Christie’s campaign over the summer, according to filings released on Monday. But with legal woes hanging over Trump’s campaign, contributions to the most anti-Trump conservative could become a valuable call option for the group that knows something about hedging. It’s notable that Christie has been vocal about attacking Trump, whom he advised during the prior president’s first term. Former New Jersey Governor Chris Christie raised $3.8 million over the quarter, aided by donations from wealthy investors including Stanley Druckenmiller, David Tepper and Paul Tudor Jones.

Persons: Chris Christie, Brian Snyder, Donald Trump, hasn’t, Wall, Chris Christie’s, Christie, Nikki Haley, Ron DeSantis, Vivek Ramaswamy, Tim Scott, That’s, Stanley Druckenmiller, David Tepper, Tudor Investment’s Paul Tudor Jones maxed, Seth Klarman, Bruce Kovner, Trump, ” Christie, Ramaswamy, Tyler Winklevoss, Paul Tudor Jones, Lauren Silva Laughlin, Sharon Lam Organizations: Republican, New, New Hampshire Republican Party’s, Nation Leadership Summit, REUTERS, Rights, Reuters, Republican Party, Trump, Duquesne Capital, Management, CAM, Fairleigh Dickinson University, Reuters Graphics Reuters, Federal, Former New Jersey, Thomson Locations: New Jersey, Nashua , New Hampshire, U.S

☆ Trader who founded XTX sees fortune soar to $11 billion as quant firm becomes a top global player
▼ + stars: | 2023-08-21 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

Alex Gerko's wealth is now estimated at $10.8 billion as his firm XTX has become a top global player. He is now number 182 on the Bloomberg Billionaires Index, which just calculated that his fortune doubled. The index added $5 billion to his wealth compared to the prior trading day. While revenue still trails Citadel Securities' $7.5 billion in 2022, XTX is emerging as one of the top players in global markets. The firm handles a trading volume of around $300 billion a day, involved in equities, commodities, currencies, and fixed-income.

Persons: Alex Gerko's, XTX, Alex Gerko, Stanley Druckenmiller's, Gerko — Organizations: Bloomberg, Service, Deutsche Bank, XTX, Citadel Securities, Financial Times Locations: Wall, Silicon, Russian

☆ Activists ease up on Salesforce — plus, 10 other Club stocks traded by Wall Street pros
▼ + stars: | 2023-08-16 | by ( Kevin Stankiewicz | In Kevinstankiewicz | ) www.cnbc.com time to read: +10 min

The extraordinary activist-investor interest in Salesforce (CRM) eased further in the second quarter, according to the latest regulatory filings from influential Wall Street pros. His firm still owned about 2 million Salesforce shares as of June 30. Tepper also bought 2.3 million shares of Advanced Micro Devices (AMD) and 480,000 shares of Apple (AAPL) during the second quarter. As a result, Appaloosa's holdings as of mid-August may differ significantly from the conclusion of the second quarter. GOOGL YTD mountain Alphabet YTD performance Bets on Google's parent company, Alphabet (GOOGL), varied in the second quarter.

Persons: Dan Loeb's, Jeff Smith's, Salesforce, Jeffrey, Starboard's Jeff Smith, Smith, he's, 13Fs, it's, Marc Benioff, Mason Morfit, Paul Singer's Elliott, Elliott, Elliott —, Nelson Peltz's, Bob Iger, Peltz, David Tepper, Tepper, Bill Ackman's, Seth Klarman, Loeb, Klarman, Stanley Druckenmiller, Druckenmiller, Eli Lilly, That's, Jim Cramer's, Jim Cramer, Jim, Kim Kulish Organizations: Inclusive Capital, CNBC, Paul Singer's Elliott Management, Constellation, Club, Constellation Brands, Corona, Modelo, DIS, Disney, Management, Walt Disney Co, Peltz, Nvidia, Appaloosa Management, Microsoft, Micro Devices, Apple, AMD, Bill Ackman's Pershing, Capital Management, Oracle, Duquesne Family Office, Jim Cramer's Charitable, Corbis, Getty Locations: Salesforce, Tuesday's

☆ These 'uber crowded' trades from hedge funds are up nearly 30% this year, according to Jefferies
▼ + stars: | 2023-08-01 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Hedge funds and other professional investors' favorite bets are crushing the market, posting a near 30% rally this year, according to Jefferies. The Wall Street firm looked at recent regulatory filings from hedge funds and long-only fund managers and found the most-popular holdings among both groups, calling them "uber crowded" trades. A number of stocks tied to artificial intelligence showed up in the "uber crowded" portfolio. Alphabet is also well-loved by hedge funds and long-only mutual funds. Software company Adobe and health care name Elevance Health are also on the list of crowded trades.

Persons: Jefferies, Bill Ackman, Stanley Druckenmiller, Dan Loeb Organizations: Microsoft, OpenAI, Nvidia, YouTube, Adobe

☆ Peltz, Druckenmiller, Navarro give big to Tim Scott PACs as DeSantis falters
▼ + stars: | 2023-07-31 | by ( Brian Schwartz | ) www.cnbc.com time to read: +2 min

A super PAC backing Republican presidential candidate Sen. Tim Scott, R-S.C. on Monday disclosed major donations from some of the nation's wealthiest business leaders. Between April and June this year, he gave $80,000 to the PAC backing Scott, who only officially entered the race in May. He also gave $15 million to Club for Growth Action, a separate super PAC that is taking on Trump's latest run for president. Rowan donated $250,000 to a different pro-Scott super PAC, Trust In The Mission (TIM) PAC, last quarter. Ben Navarro, a South Carolina businessman and CEO of Sherman Financial Group, donated $5 million to the same committee.

Persons: Sen, Tim Scott, Scott, Nelson Peltz, Jeffrey Yass, Stanley Druckenmiller, Peltz, Trump, Ron DeSantis, GOP megadonor, Druckenmiller, Marc Rowan, Rowan, Ben Navarro Organizations: PAC, Wall Street, Scott Opportunity, Federal, Commission, Trump, Trian Fund Management, Capitol, Florida Gov, GOP, Susquehanna International Group, Scott, for Growth, Opportunity Matters, Hamptons, Apollo Global Management, Trust, Sherman Financial Group Locations: Florida, Yass, South Carolina

☆ Tim Scott sees big money donor interest while Ron DeSantis hunts for cash
▼ + stars: | 2023-07-28 | by ( Brian Schwartz | ) www.cnbc.com time to read: +9 min

Nicholas Pfosi | ReutersSen. Tim Scott, R-S.C., is seeing a wave of wealthy donor interest as he runs for president, while Florida Gov. Herring has already donated $6,600 to Scott's 2024 run for president, according to Federal Election Commission filings. Nikki Haley will be in the Hamptons on Sunday for a fundraising event, according to an invitation reviewed by CNBC. Sobel, who is a managing partner at Valor Capital Group, donated $6,600 to DeSantis' campaign in late June, according to Federal Election Commission records. Andrew Romeo, a spokesman for the DeSantis campaign, pointed CNBC to their fundraising efforts in the second quarter.

Persons: Tim Scott, Saint Anselm College's, Nicholas Pfosi, Reuters Sen, Ron DeSantis, Scott, Goldman Sachs, Gary Cohn, Andy Sabin, Stanley Druckenmiller, Sabin, James Herring, Herring, Marc Rowan, Tim Scott Victory, Robert Giuffra, Cromwell, Nikki Haley, Donald Trump, DeSantis, meanwhile, Cohn, Druckenmiller, Goldman, Scott East, Still, he's, John Catsimatidis, Brandon Bell, Clifford Sobel's, Michael Pascucci, Sobel, Pascucci, Giuffra, Ronald Lauder, Paul Singer, Lauder, Singer, Andrew Romeo, –, Romeo, Glenn Youngkin, Trump Secretary of Commerce Wilbur Ross, Lisa Wagner, Wagner, she's Organizations: U.S, New Hampshire Federation of Republican Women, Saint Anselm, Saint Anselm College's New Hampshire Institute of Politics, Reuters, Florida Gov, CNBC, Hamptons, Republican, Trump National Economic Council, Trump, Billionaire, Apollo Global Management, Tim Scott Victory Fund, PAC, Southampton, Sullivan, Former South Carolina Gov, GOP, Washington Examiner, Florida Governor, Getty, Valor Capital, Commission, Business Jet, Gulfstream, Embraer, Bucknell University, Records, Politico, Virginia Gov, Hotel, Trump Secretary of Commerce, NBC News, DeSantis Locations: Saint, Manchester , New Hampshire, Florida, Long, East Hampton, North Carolina, Scott East Hampton, DeSantis, Ukraine, Scott, Rio Grande, Eagle Pass , Texas, Southampton, Charleston, Virginia, Aspen , Colorado, Colorado

Most Wall Street investors believe the best way to take advantage of the artificial intelligence boom is to buy Big Tech stocks, according to the new CNBC Delivering Alpha investor survey. Forty-seven percent of respondents said big-cap tech companies are the best way to invest in AI, while 37% believe there's too much hype around the space. The chipmaker has been at the center of an AI craze on Wall Street. Investors piled into the AI enabler after the company recently made a shockingly strong forecast of future demand. Alphabet's AI capabilities and ambition attracted buying from big investors recently, including Stanley Druckenmiller 's Duquesne Family Office, Dan Loeb's Third Point and Bill Ackman's Pershing Square Capital Management.

Persons: Buzzy chatbot ChatGPT, Stanley Druckenmiller, Dan Loeb's, Bill Ackman's Organizations: Big Tech, CNBC Delivering Alpha, CNBC, Nasdaq, Microsoft, Google, Duquesne Family Office, Bill Ackman's Pershing, Capital Management

☆ Family offices are backing AI, even as rich Americans are skeptical of the hype
▼ + stars: | 2023-06-29 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +5 min

Billionaires like Google's Eric Schmidt are betting big on AI through their family offices. Insider talked to family office insiders to learn how to find real deals amid the hype cycle. So many startups are claiming to use AI that family offices are wary of "AI washing" when considering direct venture deals, according to Karl Rogers, chief investment officer at Irish family office Elkstone. But they are still circumspect, he said, as family offices typically prioritize long-term wealth preservation over aggressive growth. "Hype cycles tend to imply immediate returns, which is contrary to how family offices usually think," said Hsu, whose fund counts the Pritzker family as investors.

Persons: Eric Schmidt, Stanley Druckenmiller, ChatGPT, Karl Rogers, Rogers, Paul Hsu, Hsu, Pritzker, They've, Jon Dutton, Dutton, Anthony Manna, he's, I've Organizations: Nvidia, Google, Mistral, Fidelity, M7 Holdings, Bloomfield Robotics

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