Summary

Q1 earnings for the S&P 500 are in, and 61% of companies beat expected earnings for the quarter and some analysts expect this quarter’s index growth rate to hit almost 6%. Roaring Kitty, aka Keith Gill, is back in the news again after revealing earlier this month that he held up to $160.4 million worth of Gamestop stock. However, with a disappointing shareholder meeting and Q1 report, the Kitty’s abilities have been rendered inert. Three AI crypto platforms are merging under one token dubbed “ASI” in order to take on big tech’s monopoly over AI. One analyst estimated that AI and crypto could add $20 trillion to global GDP by 2030. The EU announced tariffs on Chinese EVs ranging from 17.4–38.1% , which could signal the beginning of a trade war between China. Elon Musk is getting a second chance to receive a multi-billion pay package, now $45 billion instead of $56 billion. Several key investors are backing Musk, as they want to hold onto him as CEO of Tesla. 

‍

For those who read...

‍‍

Happy Friday everyone and welcome back to C2 Business. My name’s Jake and this episode is brought to you by Just Bagels! Today we’ll dive into what’s new in the stock market, AI and cryptos rise in the tech space, Elon Musk and EVs, and some more. Let’s get right into it starting with some stock market news.

‍

In Stock Market News: 

• First quarter earnings for the S&P 500 are all but wrapped up, and I think it’s safe to say that things are looking up. 61% of companies beat expected earnings for the quarter and nearly 80% beat earnings per share estimates. What’s more? Some analysts expect this quarter’s index growth rate to hit almost 6%, which would be the highest year-over-year earnings growth rate reported since the beginning of 2022.
• Keith Gill, aka “Roaring Kitty” is back in the news again. If you don’t know that name, I have to imagine it’s safe to say you didn’t partake in the “memestock” craze of 2021 where GameStop shares were driven up 1000%. Yeah, that was “Roaring Kitty” and he’s back at it once again, revealing earlier this month that he held up to $160.4 million worth of Gamestop stock, making him a majority stakeholder. That being said, a disappointing shareholder meeting that was postponed for technical difficulties and a Q1 report displaying a 29% decrease in sales, has hindered the Kitty’s abilities from a roar to more of a meow.

A quick break from business to talk bagels: 

Our sponsor, Just Bagels, is the reason Current2 is free. If you like us, consider trying some bagels using our code “News” at justbagels.com. We promise their great, and their 100% satisfaction or money back makes it an easy choice. Let’s get back to business. 

‍

Rounding out our Business News: 

• AI crypto platforms Fetch.ai, SingularityNET, and Ocean Protocol have prepared a three-way merger to unite under a single token dubbed “ASI”, aka, Artificial Superintelligence Alliance. The convergence of crypto and AI has earth-shattering ramifications, with one analyst estimating that the two industries could add “$20 trillion to global GDP by 2030.” The big move will help them challenge the impending monopoly many were concerned big tech would hold over the AI space. That is until Skynet takes over and the robots rise up. 
• The EU announced plans on Wednesday to impose huge additional tariffs on Chinese electric vehicles, bringing some of them close to 50%. Does this mean a trade war with China is coming? Who knows, but if it is, this could hurt manufacturers like Mercedes and Volkswagen who rely on Chinese parts.
• Elon Musk is getting a second chance to receive a multi-billion pay package that was previously struck down in court this January. The new package, which is now worth a measly $45 billion down from $56B, is backed by several key investors but opposed by several other big time shareholders. If you're asking: why give him the money, shareholders want to hold onto Musk at Tesla as competing Chinese EV’s and others pose a constant threat on the EV space.

That’s all from us today at C2 Business! If you learned something, we’d really appreciate you sharing Current2 with a friend. Thanks and have a great weekend! See ya next Wednesday!

‍

Bulletin Brief

Q1 S&P 500 (MB) 

Roaring Kitty back again (CBNC)

AI and Crypto take on big tech (CD, MB)

EU tariffs Chinese EVs (BBC, MB)

Elon Musk pay package (MB)