Wall Street Lunch: Jeff Bezos To Co-Lead $6.2B AI Startup (undefined:AMZN)

Group 1: Project Prometheus - Amazon founder Jeff Bezos is launching an AI startup named Project Prometheus, where he will serve as co-chief executive [2][3] - The startup has secured $6.2 billion in funding, making it one of the most well-financed early-stage startups globally [3] - Project Prometheus will focus on AI technologies that align with Bezos' interests in aerospace and engineering across various fields, including computers and automobiles [4] Group 2: Leadership and Team - Vik Bajaj, a physicist and chemist with experience at Google's X, will co-lead Project Prometheus alongside Bezos [5] - The company has already recruited nearly 100 employees, including researchers from leading firms such as OpenAI, DeepMind, and Meta Platforms [5] Group 3: Market Movements - Alphabet's stock is experiencing a rally following Berkshire Hathaway's disclosure of a stake in the company, holding 17.85 million shares as of September 30, which constitutes about 1.6% of Berkshire's portfolio [6] - Novo Nordisk is reducing prices for its obesity drugs, Wegovy and Ozempic, to regain market share against Eli Lilly, with new pricing set at $199 per month for the first two months, then $349 per month, approximately 30% lower than current self-pay prices [7] Group 4: Financial Sector Trends - Hedge funds have significantly increased their exposure to financial stocks, marking the largest net buying in over four years, driven by long buys in Financial Services, Banks, and Capital Markets [9] - Conversely, the energy sector has seen substantial net selling, with a three-to-one ratio of sales against buys, indicating a shift in investment focus [10] Group 5: UBS Headquarters Relocation - UBS is reportedly in discussions to relocate its headquarters to the U.S. due to stringent new capital regulations in Switzerland, which could require a $26 billion capital increase [8] - The bank's chairman is in private talks with U.S. Treasury officials as part of a contingency plan if the Swiss government does not ease the new rules [8]