Jeff Bezos' Amazon Share Sales: Jeff Bezos, Amazon's founder and former CEO, has sold over $1 billion in Amazon shares over the past two weeks. This shouldn't be viewed as an indication of the company's performance. Bezos has consistently conveyed his intent to distribute his wealth over time and has been gradually selling Amazon holdings. His annual sales of at least $1 billion also aim to fund his rocket company, Blue Origin. Share price dips on such news can present buying opportunities.
Open AI and Microsoft: In a week of corporate drama, Open AI, parent company of Chat GPT, fired and then rehired its high-profile CEO, Sam Altman. The events unfolded when Open AI released a statement last Friday terminating Altman as CEO, triggering a chain of reactions, including employee threats to depart. Microsoft, a key investor, intervened by offering Altman an internal role overseeing a new AI development unit. In response, Open AI issued a statement early Wednesday morning, reinstating Altman as CEO and appointing two new board members to forestall any recurrence of such events. While the incident holds multiple takeaways, Microsoft's involvement is notably shaping the trajectory of one of the most promising AI growth developments.
Housing Market Update: Mortgage demand saw a notable uptick this week, reaching a 6-week high as rates dipped slightly from 7.61% to 7.41%. Despite this, the overall housing market remains weak, with October's existing home sales hitting a 13-year low. The rise in mortgage demand may indicate potential buyers, previously on the fence, seizing any sign of relief. It also reflects a belief that rates are unlikely to significantly drop soon, aligning with economists' expectations. These factors, coupled with strong demand and limited supply, suggest housing prices will likely stay elevated.
Nvidia's Strong Performance Continues: As expected, Nvidia's latest quarterly results surpassed all predictions, showcasing impressive growth across its business units. Despite a slight share selloff post-announcement, likely influenced by a strong pre-release run-up, Nvidia's forward guidance indicates continued growth into 2024. While its current valuation is high, the company's prospects remain robust, sustaining its position as a key player in the AI landscape.
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