The U.S. stock market surged to record highs this past week, buoyed by Federal Reserve Chair Jerome Powell’s testimony to Congress, where he indicated a readiness to ease monetary policy if continued positive data affirm the ongoing disinflation process.
Mirroring the stock market’s rally, rate-sensitive assets such as gold and bitcoin soared to unprecedented heights, with gold reaching $2,160 per ounce and bitcoin climbing to $70,000. This surge reflects investor anticipation of potential Federal Reserve rate reductions this year.
Nvidia’s $1-trillion triumph
Nvidia’s market cap surged by over $1 trillion in just 67 days early in 2024, a feat that took Apple four years to achieve. This marks a monumental moment in the battle for mega-cap dominance, reflecting Nvidia’s explosive growth and its highly regarded position within the artificial intelligence space and the semiconductor industry.
NYCB’s equity lifeline
New York Community Bancorp secured a $1 billion equity investment, triggering significant dilution for current shareholders of the regional bank stock. While the financing deal offers a crucial respite amid ongoing challenges for the bank, this move is a double-edged sword, providing essential capital to regain market confidence at the cost of existing stakeholder value.
Microsoft hack
Russian hackers targeted Microsoft, stealing source code by spying on top executives’ emails. The attack, still active, has not compromised customer systems, but poses potential breach risks. Microsoft is aiding customers with mitigation efforts.
AI revolutionizes banking
JPMorgan’s AI tool has slashed corporate clients’ manual cash flow work by 90%, enhancing efficiency significantly. Deployed by 2,500 clients, the tool predicts cash flows, signaling AI’s growing influence in banking productivity.
Apple’s blockbuster bet
Apple’s $1 billion investment in filmmaking with “Killers of the Flower Moon,” “Napoleon” and “Argylle” aims to enhance its Apple TV+ service. The films’ global gross of $470.4 million reflects Apple’s dedication to original content in a fiercely competitive streaming market.
Historic fight on Netflix
Netflix will stream the Jake Paul vs. Mike Tyson boxing match, anticipated to be a historic and widely viewed event. The match signifies Netflix’s venture into live sports broadcasting.
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Benzinga is a financial news and data company headquartered in Detroit.