Good Morning Everyone!

ChatGPT creator OpenAI has quietly hired hundreds of international contractors to train its AI tech. Paving the way to replace some software engineers.

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Prices as of 4 pm EST, 1/30/23; % YD

MARKET UPDATE

Last trading day of January

Tomorrow: Fed and OPEC+

Crude 77.40 -0.6%

China

• PMI data better than consensus

  • Manufacturing in-line at 50.1

  • Services 54.4 vs. consensus 52

  • Internal demand strong and external demand weak

• Biden considering cutting off Huawei from its American suppliers

  • Intel and Qualcomm

  • Since the Trump days, sales have been limited needing government approval

  • Biden would fully cut off Huawei

Exxon (NYSE:XOM)

• $56 billion profit in 2022

• Quarter: earnings beat, $3.40 vs. consensus $3.30

• Missed on operating metrics

• Adjusted Cash Flow $17.8 vs consensus $18.3

Workday (NASDAQ:WDAY)

• Cutting 3% of workforce

Hootsuite (private)

• Published Digital 2023 Global Overview Report

Meta (NASDAQ:META) owns 4 of the top 10

• Meta cuts pricing of the Quest Pro from $1,500 to $1,100

• Remember, Apple’s product will be priced at $3,000

Earnings

• GM (NYSE:GM) +4% EPS $2.12 vs street $1.69,

• NXP Semi (NASDAQ:NXPI) -1% weak Q1 outlook

• Samsung -4% no capex cuts in memory             

• Whirlpool (NYSE:WHR) +1% EPS guide $16-18, street $16.33

• Pfizer (NYSE:PFE) -3% slight top-line miss, guide light  

• McDonald’s (NYSE:MCD) -2% beat boosted by higher menu prices

• UPS (NYSE:UPS) +2% quarter and guide in line, raising dividend            

• Caterpillar (NYSE:CAT) -2% EPS touch light due to FX, backlog strong, stock near all-time highs

• UBS (NYSE:UBS) -2%, investment banking weak           

• Moody’s (NYSE:MCO) -1% guide $9.00-$9.50 vs street $9.28

• Spotify (NYSE:SPOT) +9% subs 250 million vs. street 202,000, Ad supported revs +14%

• Pentair (NYSE:PNR) +1% modest beat, guide above street

CRYPTO UPDATE

Ordinals protocol

• Stores NFT on Bitcoin (CRYPTO: BTC) blockchain

• Bitcoin maxis are not happy

  • Think should only be used for financial purposes

  • Not monkey jpegs

• If protocol takes off, could create congestion on blockchain

  • Increased transaction fees per block

Weekly digital asset fund flows

• +$117 million inflows

• Largest since July 2022

• Almost all Bitcoin ($116 million)

• AUM ($28 billion) 43% over November lows