The Rundown Big Banks Rake in Profits, Quantum Stocks Make a Comeback
Jan 15, 2025
The podcast delves into recent inflation data and its positive effects on the market, sparking interest in major banks and a Bitcoin rebound. It contrasts tech sector layoffs, notably at Meta and Microsoft, with impressive earnings from banks, hinting at a strategic shift in tech. NVIDIA's ambitions in quantum computing take center stage, while Eli Lilly faces market challenges due to lackluster drug sales. Lastly, the impending FDA ban on the controversial food coloring red number three raises health concerns.
AI Snips
Chapters
Transcript
Episode notes
Positive Inflation News
- December's inflation was 2.9%, matching predictions, while core CPI was 3.2%, lower than expected.
- Markets reacted positively to this report, showing pre-market gains, indicating potential momentum.
Tech Job Cuts
- Meta is cutting 5% of its lowest-performing employees amidst an "intense year" involving smart glasses updates, AI development, and a potential TikTok ban.
- Microsoft also implemented a hiring freeze and job cuts in its consulting division, likely due to increasing AI investments.
Big Bank Earnings
- Big banks reported strong Q4 earnings, with JP Morgan's profits up 50% and Goldman Sachs having its best equity trading year.
- Wells Fargo profits also grew by 47%, and Citibank exceeded expectations, leading to market gains for these banks' shares.