WORD ON THE STREET 

• CAVA Crushes In Debut – It’s a hit. After debuting at $22 a share, Cava Group, Inc. (CAVA) almost doubled in price in a single day, ending at $43.78. The good times kept rolling after close, with the stock tacking on another 2%.

• Tesla, AI, And Babies – Elon Musk and Prime Minister Giorgia Meloni of Italy met to discuss a wide variety of topics, including low birthrates. Meloni said the two leaders discussed “innovation, opportunities and risks of artificial intelligence, European market regulations, and birth rates.” Italy’s birth rate was just 1.25 babies per woman in 2022, well below replacement levels.

• What Recession? – New data suggest the American economy is stronger than many expected. Jobless claims were higher than expected, but the silver lining is that could push the Fed towards a more dovish course on interest rates. Retail sales were up and factory activity in New York state showed a surprising rebound, with manufacturers in the Philadelphia region also showing strength.

• No More “Junk Fees” – Live Nation, parent company of Ticketmaster, is junking “junk fees,” the costs that are added at the end of purchases. The decision comes after lobbying from President Joe Biden. “Today’s voluntary actions demonstrate that companies both big and small recognize the importance of providing consumers with honest, up-front-all-in pricing, rather than tricking them with surprise fees at the end of checkout,” said a White House statement.

HOT SPOTS: What’s Going on in Geopolitics

• Don’t Worry, Jack Ma Is “Happy” – You wouldn’t doubt a corporate leader in China, would you? Alibaba President Michael Evans said Jack Ma is “alive,” “happy,” and “creative,” following questions about how the once high-flying executive is doing. The Chinese Communist Party humbled tech leaders with a political crackdown that ensured the Party’s control over the business sector.

• Bank Of Japan Pauses On Interest Rates – Bank of Japan shied away from any chance in course when it comes to its low interest rates. The central bank kept its -0.1% short-term interest rate target. It didn’t shock many observers, but some are wondering how much longer this can go on.

• DOJ Will Investigate Saudi Takeover Of PGA Tour – The blockbuster merger between LIV Golf and the PGA Tour suddenly looks uncertain. The Department of Justice is investigating the merger on antitrust ground. There may not be a decision for at least a year – and regulatory review could take even longer.

Bank collapses, corporate bankruptcies and more.

Silicon Valley is being gutted and completely reshaped.

Learn how one trigger could be the key to witnessing hundreds of triple digit wins in the aftermath of The Tech Reckoning

CUTTING EDGE: What‘s Happening In Tech

• Bitcoin Suddenly Surges After BlackRock ETF – Bitcoin hasn’t been doing well lately, but it received a surge after BlackRock filed an application for a bitcoin exchange-traded fund. If approved, the ETF will be known as iShares Bitcoin Trust.

• Virgin Galactic Holdings Rockets Higher – Virgin Galactic Holdings (SPCE) was up an astonishing 43.84% in after-hours trading. Richard Branson’s space tourism company said it would be offering commercial flights into space around the end of this month. “We’re opening space travel to anyone who has ever wondered what is above and beyond,” tweeted the company.

• Microsoft Hits New Record – MSFT is at $348.10 at close and increased further in after-hours. Driven by its partnership with Open AI and ChatGPT, it’s now at a record price and got a boost from JP Morgan Chase.

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