P.S. I’ve found one surprise energy pick that I think is going to be absolutely critical over the next year.

Click here to get the full details.

WORD ON THE STREET 

Silvergate Shuts Down, Griffin Says Recession, AMC Investigation

• Crypto Crash – Silvergate Capital is shutting down operations and closing as it struggles with the collapse of the cryptocurrency industry. The stock was down big in after-hours trading. “In light of recent industry and regulatory developments, Silvergate believes that an orderly wind down of Bank operations and a voluntary liquidation of the Bank is the best path forward,” it said.

• Berkshire Loads Up On Occidental – After stopping for five months, Berkshire Hathaway is renewing purchases of Occidental Petroleum Corp. (OXY). It now has a stake of about 22.2% in the companyAMC Asks For Investigation – Is AMC turning on the APEs? CEO Adam Aron tweeted that he’s asked both FINRA and the NYSE to “look closely at the trading of our stock.” AMC is concerned that naked short selling could be underway at a time when it is trying to raise more capital.

• “Setup For Recession” – Citadel founder Ken Griffin says the “setup for a recession” is underway because of the cutoff of post-pandemic spending. He argues that the Federal Reserve’s crude manipulation of interest rates may not be enough to ensure a soft landing for the economy. “It’s like having surgery with a dull knife,” he said.

• Betting On Scripted Results – WWE Entertainment (WWE) has been a major stock to watch as it reportedly examines offers to buy it. However, it’s also looking for other ways to bring in revenue. It’s reportedly in talks to allow people to bet on match results. I hate to tell you if this breaks the fantasy – but the results are scripted. Wrestlers aren’t informed until hours before a m.atch – and something tells me those controls are going to have to be even stricter going forward

HOT SPOTS: What’s Going on in Geopolitics

• Kevin McCarthy Backs Away From Zelenskyy Visit – Speaker of the House Kevin McCarthy (R-CA) is turning down an invitation to visit Ukraine. Though he supports Ukraine, numerous Republican voters have turned against the flow of foreign aid to Kyiv and want more oversight. “I don’t have to go to Ukraine to understand where there’s a blank check or not,” he said.

• French Senate Raises Retirement Age – Despite massive protests, the French Senate has voted to raise the retirement age from 62 to 64, as the government tries to control costs and overhaul the pension system. The vote passed by 201 to 115 votes.

• Large Protests In Georgia Against Foreign Registration Law – Large protests erupted in Tbilisi against a law that Georgia’s president said was being backed by Moscow. The law would require groups that are funded from abroad to register as foreign agents. It could potentially restrict the activity of NGOs that work against Russian interests.

CUTTING EDGE: What‘s Happening In Tech

• DuckDuckGo Working With AI – It may be at the back of the pack, but it isn’t being left out altogether. DuckDuckGo, whose brand is defined by a greater focus on privacy, announced its own AI feature. DuckAssist will answer questions in much the same way as the internet sensation ChatGPT, produced by OpenAI.

• Dutch Join American Efforts To Control Semiconductor Exports – The Dutch government is supporting additional restrictions on exports of machines that make advanced semiconductor chips. The Netherlands is home to ASML, the world’s only major producer of machines that use extreme ultraviolet lithography, needed for advanced semiconductor chips.

• DISASTER: Alzheimer’s Drug Fails – The gaping money pit that is the pharmaceutical industry’s attempt to confront Alzheimer’s disease has grown a little bigger. Eli Lilly and Co’s drug failed to slow cognitive decline in patients. Solanezumab failed to hit clinical endpoints in a trial with about 1,100 patients.”

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