Fed chair Jerome Powell's perspective on GDP, interview with US Treasury advisor Joseph Lavorgna

Market Overview - The Dow is up approximately 670 points, while the S&P 500 is up about 0.2%, and the NASDAQ is down about 0.3% [1] - Investors are looking beyond big tech and the AI trade following the Fed's third consecutive rate cut [9] Oracle's Performance - Oracle's stock is facing significant declines due to concerns over AI buildout and missed earnings expectations [2][67] - The company has a substantial commitment to OpenAI, but there are doubts about OpenAI's ability to fulfill its financial commitments, leading to concerns about Oracle's future revenue [70][75] Crypto Regulation Developments - Executives from major banks, including Bank of America and Wells Fargo, are meeting with lawmakers to discuss comprehensive crypto legislation [3][4] - The focus of the discussions includes bank permissibility and interest paid on crypto, with banks aiming to influence the legislation [5][6] Federal Reserve Insights - The Fed has revised its GDP growth forecast for next year to 2.3%, with inflation expected to fall to 2.5% and unemployment holding at 4.4% [35][39] - Economists express skepticism about the Fed's projections, suggesting that growth could be higher than anticipated due to strong productivity trends [36][41] AI Market Dynamics - There are concerns about an AI bubble, with only two of the MAG 7 outperforming the broader market index [23] - Analysts suggest that capital is leaking out of the AI trade, and companies like Oracle may struggle to maintain their market positions due to overleveraging [24][25] Adobe's AI Integration - Adobe reported record revenue and cash flows, with a forecast of over 10% growth in annual recurring revenue, driven by the integration of AI into its software [102][104] - The company is focusing on innovation and investing in AI capabilities to enhance its product offerings [106][110]