Core Viewpoint - Nasdaq plans to submit paperwork to the SEC for approval of around-the-clock stock trading for 23 hours a day, potentially disrupting the traditional trading hours established since the 1980s [1] Group 1: Pros of 23-Hour Trading - The initiative could democratize markets and enhance accessibility for traders outside the US, particularly those with standard 9-5 jobs [4] - José Torres from Interactive Brokers highlights that extended trading hours would allow for real-time reactions to overnight events, benefiting a broader demographic [5] - Bob Lange from Explosive Options supports the move, suggesting it will encourage more individuals to participate in trading [5] Group 2: Cons of 23-Hour Trading - Concerns exist that the trading environment may favor institutional players like hedge funds and quant firms, who possess advanced tools for rapid trading [6] - Michael Ashley Schulman warns that retail investors may face challenges in the thinner overnight market, leading to unpredictable price movements [6] - Louis Navellier expresses concerns about potential market manipulation by short sellers and overseas markets after regular trading hours [8] Group 3: Competitive Landscape - Nasdaq's push for extended trading hours appears to be a response to competition, as Robinhood has already implemented 24-hour trading for certain stocks, and the NYSE has filed for a 22-hour trading day [9]

Economic Overview - US stocks experienced a significant rise following a cooler-than-expected inflation report, with consumer prices increasing by 2.7% year-over-year, lower than the anticipated 3.1% [1][5] - The latest Consumer Price Index (CPI) data is viewed as a positive development for the market, which has been under pressure due to high valuations and concerns regarding the AI sector [4] Tech Sector Performance - The tech sector rebounded after a period of weakness, with chip stocks, particularly Micron Technology, seeing a notable increase of up to 14% following strong earnings and robust guidance [2][8] - Micron reported $13.6 billion in revenue, surpassing Wall Street's expectation of $12.8 billion, and projected $18.7 billion in revenue for the current quarter, exceeding the $14.2 billion forecast by analysts [7][8] Federal Reserve Outlook - The combination of cooler inflation and a weaker job market has increased the likelihood of the Federal Reserve continuing its rate-cutting cycle, with expectations for a potential 25 basis point cut by March [5][6] - Analysts suggest that the latest CPI reading indicates the Fed may be ahead of its inflation targets for the upcoming year, supporting a narrative that job market risks are rising faster than inflation risks [6][7]

Core Insights - The concept of unicorns, defined as tech startups with a valuation of $1 billion, has evolved into the notion of hectocorns, which are valued at over $100 billion [1][2] Group 1: Industry Evolution - The emergence of hectocorns marks a significant shift in the tech startup landscape, with companies like OpenAI and SpaceX leading this new valuation standard [1] - The number of companies achieving hectocorn status is small but increasing, indicating a trend towards higher valuations in the tech sector [1] Group 2: Potential New Entrants - Waymo, a self-driving robotaxi startup owned by Alphabet Inc., is reportedly in discussions to raise billions in funding, which could elevate its valuation beyond $100 billion [2] - The article mentions seven startups that have already achieved hectocorn status, highlighting the growing exclusivity of this valuation tier [2]

Core Insights - The article provides an overview of the daily routine and leadership philosophy of Stacey Kennedy, the US CEO of Philip Morris International (PMI), highlighting her extensive experience within the company and her focus on innovation and strategic planning. Group 1: Leadership and Experience - Stacey Kennedy has been with PMI since 1995, holding various positions before becoming the US CEO in January 2023 [1][2] - She has spent half of her career in the US and half internationally, indicating a broad understanding of global markets [3] Group 2: Daily Routine - Kennedy starts her day early, focusing on personal well-being to enhance her leadership effectiveness [4][5] - Her mornings are filled with meetings and strategic planning, emphasizing the importance of innovation and urgency in the business [7][8] - The office environment is designed to foster collaboration, featuring open spaces and coffee corners [7] Group 3: Strategic Focus - PMI is actively involved in regulatory matters, working with policymakers to ensure adult smokers have access to better alternatives [8] - The company is expanding its manufacturing capabilities with a flagship factory in Owensboro, Kentucky, and a new factory in Aurora, Colorado [8] Group 4: Meeting Management - Kennedy's calendar is typically scheduled a year in advance, with fixed global management team and board meetings [9] - The company employs P.O.D.D. meetings to address issues and seize opportunities effectively [10] Group 5: Personal Insights - Kennedy emphasizes the importance of gratitude practices to maintain a positive perspective amidst a demanding job [16] - She maintains a Mediterranean-style diet and prioritizes family time, reflecting a balance between work and personal life [17][18]

Core Insights - Amazon has withdrawn funding from Fermi America's significant data-center project, leading to a substantial drop in the developer's stock price [1][2] - Fermi America is developing an 11-gigawatt data-center campus in Texas, which aims to meet the increasing energy demands driven by the AI boom [8] Company Developments - Fermi's stock fell nearly 50% after a securities filing revealed the cancellation of a $150 million advance for construction, following the end of an exclusivity period [2] - The CEO of Fermi, Toby Neugebauer, confirmed that Amazon was the prospective tenant and that negotiations were ongoing, with the deal potentially worth over $20 billion over 20 years [3][6] - The project, known as Project Matador, relies on a 99-year ground lease with the Texas Tech University System, contingent on a signed letter of intent with a tenant [9] Financial Context - Fermi America went public in September, pricing shares at $21 and raising over $680 million, but its valuation has since dropped from nearly $14 billion to below $6 billion due to recent stock performance [8][12] - Analysts noted that the anchor tenant attempted last-minute changes to the agreement pricing that were deemed unacceptable by Fermi [10] Market Position - Fermi's project is among the most ambitious efforts to address the energy needs of data centers, with plans to bring 11 gigawatts of new power online over the next decade from various sources [8] - The company is reportedly in discussions with additional tenants, indicating ongoing interest in the project despite the setback with Amazon [11]

Core Insights - Warner Bros. Discovery (WBD) rejected Paramount's $30-per-share offer and advised shareholders to accept Netflix's bid of $27.75 per share, citing superior value and certainty [2] - The bidding war revealed significant behind-the-scenes dynamics, including offers made to WBD's CEO David Zaslav and the involvement of multiple bidders [3][7] Group 1: Bidding Dynamics - David Ellison attempted to leverage his influence by requesting a meeting with WBD's CEO after a rejected bid, but WBD expressed concerns about the bid's reliance on a revocable trust [3] - Paramount offered Zaslav a compensation package worth over $500 million and the position of co-CEO and co-chairman, which Netflix did not [4][5] - A previously unknown bidder, referred to as "Company C," proposed acquiring WBD's cable channels and 20% of its streaming and studio businesses for $25 billion in cash, speculated to be Starz [7][8] Group 2: Financial Implications - Major investment banks, including Allen & Co., J.P. Morgan, and Evercore, stand to earn a total of $225 million from the potential sale to either Netflix or Paramount [9] - The media and telecom M&A deal value increased by 61% in the past year, indicating a strong investor appetite for valuable intellectual property [10] Group 3: Regulatory Considerations - The Ellisons' bid included $24 billion from Middle Eastern sources, raising concerns but not deemed a dealbreaker by WBD [11] - Both Paramount and Netflix argued their bids would pass regulatory scrutiny, with WBD's board not considering regulatory risk as a significant differentiator between the two proposals [12][14]

Core Insights - The acquisition of Warner Bros. studio and HBO by Netflix signifies a major shift in the media landscape, with digital platforms taking control of traditional media assets [1][2] - The move of the Oscars from ABC to YouTube is seen as a symbolic change rather than a transformative one, as the Academy will still produce the show [3][6] - The Oscars' viewership has been in decline, with current numbers significantly lower than historical peaks, raising questions about the potential audience on YouTube [7][9] Group 1: Industry Changes - Netflix's potential acquisition of Warner Bros. represents a structural change in the industry, where a digital outlet could control a traditional movie studio and premium TV service [2] - The transition of the Oscars to YouTube reflects the growing influence of digital platforms over traditional media [1][3] Group 2: Audience Dynamics - The Oscars have seen a decline in viewership, dropping from a peak of 57 million in 1998 to less than half that today, indicating a broader trend of decreasing TV popularity [7][8] - Despite the potential for a larger audience on YouTube, there is skepticism about whether the Oscars will attract more viewers, as many may not be familiar with the nominated films [9][10]

Core Insights - Rohit Prasad, the executive leading Amazon's AI model development, is leaving the company at the end of the year after two years of launching the Artificial General Intelligence group [1] - Prasad was instrumental in launching the Nova family of AI models, which, while efficient, still lag behind competitors like OpenAI's GPT, Anthropic's Claude Opus, and Google's Gemini [2] - Amazon is restructuring its AI initiatives, creating a new organization under Peter DeSantis to oversee AGI, AI models, silicon chip, and quantum computing efforts [2] - Pieter Abbeel, co-founder of Covariant, will now lead Amazon's frontier AI model research team following Prasad's departure [3] - The leadership changes at AWS include several recent departures and new hires, indicating a significant shift in the company's AI strategy [3][4]

Core Viewpoint - Vanguard identifies value stocks and non-US developed market stocks as the top equity investments for the next five to ten years, moving away from the high-flying tech sector that has dominated recent market performance [1][2]. Investment Outlook - Vanguard's 2026 outlook report predicts US value stocks will yield an annual return of 7% over the next decade, while non-US developed market stocks are expected to return 6% per year [2]. - Non-US developed market stocks, which include countries like the UK, Japan, and Germany, have significantly outperformed US stocks, with a 30.3% increase in the Vanguard Tax Managed Fund FTSE Developed Markets ETF (VEA) compared to a 15% gain in the S&P 500 [6]. Sector Analysis - The report suggests that value-oriented sectors such as industrials, financials, and select consumer segments are better positioned to benefit from AI adoption, potentially leading to efficiency gains and earnings growth [4]. - Vanguard notes that both value stocks and non-US developed market stocks have not fully priced in the long-term benefits of AI, making them attractive investments [4]. Market Trends - A rotation towards value and non-US stocks is currently observed, with the Vanguard S&P 500 Value ETF (VOOV) and VEA increasing by 2.7% and 1.6% respectively, while the Vanguard Information Technology Index Fund ETF (VGT) has decreased by 1.4% [5]. - Vanguard acknowledges the ongoing AI investment cycle is only 30%-40% towards its peak, indicating potential risks for tech stocks amid growing competition and capital expenditure pressures [6][7]. Investment Vehicles - For investors interested in US value stocks and non-US developed market stocks, recommended funds include the iShares Core S&P US Value ETF (IUSV) and the Schwab International Equity ETF (SCHF), in addition to Vanguard's offerings [8].

Core Insights - The Academy of Motion Picture Arts and Sciences has awarded YouTube the global rights to the Oscars from 2029 to 2033, marking a significant shift in how the event will be broadcasted [1][3] - The Oscars will no longer be available on ABC starting in 2029, but will remain free to viewers worldwide through YouTube and YouTube TV, including red carpet coverage and behind-the-scenes content [1][2] Industry Trends - Streaming platforms like YouTube, Netflix, and Amazon Prime are increasingly competing for live event broadcasting rights, indicating a growing trend in the media landscape [2] - Historically, the Oscars have been one of the most-watched television events, often ranking within the top 100 most-watched telecasts in non-presidential election years [2] Company Statements - YouTube CEO Neal Mohan emphasized the cultural significance of the Oscars, stating that the partnership aims to inspire a new generation of creativity and film lovers while honoring the Oscars' legacy [3] - The Academy also announced that the Google Arts & Culture initiative will provide digital access to select Academy Museum exhibitions and programs, enhancing the reach of their cultural offerings [4]