MARKET RECAP → The Dow (DIA) closed higher on Thursday, shaking off a three-day losing streak. Large technology companies, led by Apple (AAPL), drove broader market indexes into positive territory for the day while small-caps, utilities, and real estate stocks lost some ground.
AI: HANDLE WITH CARE → ? Salesforce (CRM) CEO Marc Benioff rings the alarm at Davos, warning of an AI “Hiroshima moment,” as the tech juggernaut grapples with AI’s rapid growth, legal entanglements, and a looming global job shake-up, while Salesforce itself dives into the AI fray with Einstein GPT.
DISNEY’S BOARDROOM BATTLE → ? In a corporate plot twist, activist investor Nelson Peltz storms Disney’s (DIS) castle, nominating himself for the board with a plan to boost profits and overhaul management, while CEO Bob Iger defends his kingdom with a contrasting strategy, making this more gripping than a Disney+ thriller. |
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| Sean Horgan Head of Investor Relations @ MoneyLion
$shorgan |
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? AI’s ‘Hiroshima Moment’ Warning: Salesforce (CRM) CEO Marc Benioff, at the World Economic Forum in Davos, cautioned against an AI “Hiroshima moment,” emphasizing the need for safety protocols and trust principles. He acknowledged AI’s rapid advancement and potential risks, urging the tech industry to avoid catastrophic outcomes by focusing on safety and trust.
? Global Job Impact and Legal Tussles: Concerns are rising over AI’s trustworthiness and potential job displacement, with the IMF warning that nearly 40% of global employment could be affected. Meanwhile, the New York Times sued Microsoft (MSFT) and OpenAI, alleging copyright infringement, highlighting the growing legal complexities surrounding AI’s intellectual property issues.
? Salesforce’s AI Foray and Industry Response: As Salesforce launches its own generative AI software, Einstein GPT, the company joins the global race to integrate AI capabilities into products. This move comes amidst broader industry efforts to develop AI safely, with world leaders signing agreements for frameworks and standards at a key summit in Bletchley Park, England.
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DISNEY’S BOARDROOM BATTLE |
? Peltz’s Power Play: Nelson Peltz, through Trian Fund Management, has formally nominated himself and former Disney (DIS) CFO Jay Rasulo for Disney’s board, promising a revamp. They’re pitching a “successful CEO succession” and aligning management pay with performance, eyeing Netflix-like (NFLX) margins by 2027. Peltz’s critique of Disney’s current board oversight as “awful” adds spice to this corporate drama.
? Iger’s Counter-Moves: As Peltz makes his case, CEO Bob Iger is busy streamlining Disney, focusing on profitability for Disney+ and implementing broad restructuring, including layoffs. Iger’s strategy contrasts with Peltz’s vision, setting the stage for a classic boardroom showdown. Disney, meanwhile, has shown Peltz the cold shoulder, rejecting his board bid.
? Vision for ESPN and Creativity: Peltz isn’t just about the numbers; he’s eyeing ESPN as Disney’s “crown jewel,” seeking a detailed business plan for its growth. He also calls for a board-led review of studio creativity to regain Disney’s box office leadership and has a clear vision for theme parks, targeting significant operating income growth.
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OpenAI announces first partnership with a university (CNBC)
Ukraine war updates: Kremlin shares its view of Davos after being snubbed; Russia says Kyiv attacked Baltic oil terminal (CNBC)
New Morgan Stanley CEO is ‘super bullish’ on hitting financial targets (CNBC) New home construction slowed at the end of 2023 (CNN) Apple Watch imports banned in America – again (CNN)
Google CEO tells employees to expect more job cuts this year (The Verge) Sheryl Sandberg is leaving Meta’s board. What will she do next? (Fortune) 2Pac Is Back On The Billboard Charts (Forbes)
How Long Do Pending Transactions Take To Clear? (MoneyLion) |
And if you want more, be sure to check out the MoneyLion blog for tips, hacks and all things money. (MoneyLife) |
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