US futures markets have opened with a bounce. S&P 500: +0.3% Nasdaq 100: +0.5% Gold: +0.5%
Two headlines injected new uncertainty into the AI trade on Friday. Here's why they matter: 1. Anthropic may receive a "high junk" credit rating after their IPO rather than "investment grade". So far, Anthropic has relied on massive borrowing to fund their compute buildout and training of new frontier models. A worse-than-expected credit rating could make it more expensive and difficult for them to continue borrowing like they have been. 2. OpenAI decreased the size of their latest funding round from $30B to $20B and lowered their target valuation from $1.4T to $1.25T. This is a clear sign of lower-than-expected demand for OpenAI before they even begin pursuing an IPO and is causing a re-evaluation of what valuations other AI companies should expect.
18 years ago, Satoshi published the whitepaper for "Bitcoin: A Peer-to-Peer Electronic Cash System" https://t.co/F5X3dcWKD7
For now, the Nasdaq 100 has just barely avoided closing in a technical correction of -10%. https://t.co/kEUKFX0QFb
BREAKING: Reddit $RDDT has crashed -30% in a day after having already dropped -20% leading into this move. This comes as Reddit has seen a sharp drop in referred traffic from google searches and the company is considering requiring all users to log in to access the site. https://t.co/EMMMF54PA7
Leverage is being shaken out of the market with nearly $1.5B of positions liquidated over the past 24 hours. Sometimes we get a year's worth of events in a single day in crypto. https://t.co/7teuY3QeaM
UPDATE: CZ confirms the hack but states that user funds are safe
2.5 hours until the Fed rate decision 3 hours until Warsh's press conference begins Get ready.