📈 🤠 New Stock Exchange in Texas Coming 2025!!

and

Jun 05, 2024

Happy Wednesday all,

We released a video on the YouTube channel today all about the money habits that I learned from my Chinese family and through cultural values. I hope you check out that video on the channel, it will be linked at the end of this newsletter.

In other news, I am working on another portfolio review video since the previous one did so well, and the submissions I got for this next round are quite spicy! Besides creating content, nothing too much is new in my life, no plans to travel anytime soon but thinking about taking a vacation at the beginning of August.

Enjoy this week’s Hump Days!

- Humphrey, Rickie & Tim

👀 Eye-Catching Headlines

🏀 NBA Nears $76 Billion TV Deal, a Defining Moment for Media and Sports (WSJ)
💰 Americans Have More Investment Income Than Ever Before (WSJ)
🌉 Ultra Wealthy Are Putting Money Behind Bets on San Francisco’s Comeback (BBG)
🧑‍🚀 Boeing Starliner launches for the first time carrying NASA astronauts to the ISS (CNBC)
🌚 Chinese Spacecraft Makes Historic Landing on Far Side of Moon (BBG)
🏈 NFL Gambles Billions on Trial Over Sunday Ticket TV Package (BBG)

WeBull is giving away a free Coca Cola stock ($63 value) when you Deposit $500

If you deposit a minimum of $500 into WeBull you will get a guaranteed share of Coca Coal (valued right now at $63) deposited into your account. That’s probably one of the best promotions I’ve ever seen because that’s effectively like a 12-13% bonus on a $500 deposit. Use this link if you’re interested. Of course, if you don’t have $500 to move around - don't feel obligated to do it, but I thought I'd at least share this because its only eligible for this month.

The Weekly Brief

New Texas Stock Exchange Takes Aim at New York’s Dominance

BlackRock, Citadel Securities, and other investors are supporting the Texas Stock Exchange (TXSE), a new exchange set to challenge the New York Stock Exchange and the Nasdaq.
- The TXSE raised $120 million and aims to file registration documents with the SEC, with plans to start trading in 2025 and host its first listing in 2026.
The exchange, headquartered in Dallas, seeks to attract companies by offering lower compliance costs and aims to enhance market liquidity and efficiency.
Texas has been drawing corporations and financial firms due to its lower taxes and relaxed regulatory environment. Financial giants like Goldman Sachs and JPMorgan have significantly expanded their Texas workforce, with Goldman building a new campus in Dallas.
- The state is also developing a business-court system to handle complex corporate litigation, further establishing itself as a competitive hub for financial services.

US Hiring Slows to Weakest Pace Since Start of Year

Hiring at US companies grew in May at its slowest pace since the start of the year, with private payrolls increasing by 152,000, below the expected 175,000.
The decline was largely due to significant job cuts in manufacturing, professional and business services, and other sectors.
- This slowdown adds to indications of a cooling labor market, with job openings at a three-year low and wage growth decelerating.

After $2 Trillion Gain, Nvidia Is Still Irresistible to Many

Nvidia, the world’s most valuable chipmaker, continues to exceed earnings and share-price expectations, driving analysts like those at Bank of America to raise its price target to a record $1,500.
- Despite some caution from investors, most remain bullish on Nvidia due to its dominance in AI chip technology and its significant growth in revenue and profit margins.
Nvidia's stock surged to ~$1,195, with analysts forecasting a net income of $65 billion this fiscal year, more than doubling from the previous year.
- Its rapid growth has transformed it into the third-most valuable company globally, worth $2.94 trillion.

OpenAI Employees Want Protections to Speak Out on Risks of AI

A group of current and former employees from OpenAI and Google DeepMind are advocating for protections against retaliation for voicing concerns about the serious risks posed by advanced AI technologies.
- They argue that, in the absence of effective government oversight, these employees are crucial for holding companies accountable.
The group has highlighted issues with agreements that prevent employees from speaking out and are calling for AI companies to prohibit such agreements, establish anonymous reporting processes, and ensure no retaliation against whistleblowers.
This push comes amidst recent controversies at OpenAI, including the dissolution of a key safety team and the imposition of nondisparagement agreements tied to equity deals.