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🤖 Tax The Robots?
Mark Cuban's suggestion to deal with the robot takeover, why Jim Cramer said bulls should root against Reddit's stock and more
Brooks Dyroff
March 04, 2024
Happy Monday Zingernation! So I guess it turns out that parabolic meme coins were not just a zero-interest rate phenomenon after all. Bitcoin and Ethereum are approaching all-time highs, but many ‘alt coins’ are outperforming the two biggest cryptos in the latest rally.
Names like ‘dogwifhat’, ‘Mog Coin’, and even a coined named after the late gorilla Harambe are all up more than 300% in the last week. I hope my financial advisor has some good answers about why we had no exposure to these plays.
Before we dive in, check out today’s partner, who is helping develop American energy independence.
And, did someone forward you this email? Click here to subscribe to this Benzinga newsletter and more.
MARKET SNAPSHOT
Last Week: Some light PCE data helped send the market to new all-time highs. NVIDIA continued to lead the tech space, closing up 4% on Friday at its highest closing price ever.
On Our Radar: Philadelphia Fed President Tom Harker will speak at 12:00 pm ET, but other than that, it’s a pretty light day for economic data and news. We will get payrolls and labor data toward the end of the week, which should move the market.
TOP STORY
Briefly: Who said retail was dead? Macy’s, one of the largest department stores and mall staples in the country, got a new takeover bid over the weekend priced at $24 a share.
Some Context: Arkhouse Management and Brigade Capital raised the price of their acquisition offer for Macy’s by nearly $1 billion. The investment firms previously made an offer to buy Macy’s for around $18 a share.
Quoted: “We continue to offer the Company an attractive alternative solution through a sale of the Company at a substantial premium. This would provide Macy’s stockholders with significant value and immediate liquidity,” said Gavriel Kahane and Jonathon Blackwell, Arkhouse Managing Partners.
Price Action: Macy’s stock, $M, shot higher by more than 15% in Monday’s pre-market session on the news. The stock was last trading around $21 a share, still a few dollars below the proposed takeover price.
Learn More: Check out the full story here.
PRESENTED BY FOREMOST LITHIUM
As energy transitions away from fossil fuels, there presently lacks suitable alternatives for lithium, a crucial component in the production of batteries, and a key element of the advancement of clean energy technology. The demand for lithium-powered energy sources are expected to increasingly grow this decade as today’s governments attempt to meet clean energy goals. The current climate in the lithium market may seem uncertain, but energy transition is gaining global momentum.
Pricing volatility in today’s lithium market in part can be attributed to China, which dominates the lithium-ion battery industry, enjoying government subsidies and incentives. The Canadian Natural Resource Minister announced in February 2024, plans are underway to make massive investments to meet the growing demand of the clean tech revolution as well as reduce regulatory approval and review processes in half.
Foremost Lithium Resource & Technology Ltd (NASDAQ: FMST, CSE: FAT) is a hard-rock lithium exploration company located in Manitoba, Canada drilling for future lithium feedstock.
Click here to learn more on how Foremost plans to lead the electrification revolution.
FIVE ZINGERS
Watch This: Elon Musk says that Tesla owners will be able to unlock their cars from their Apple Watch after a customer suggested the idea on X.
The Reddit Test: Jim Cramer said that if Reddit’s stock goes up post-IPO, it could be a big problem for the overall market. Here’s why.
Cooling Off: Despite setting new record closes on Friday, the major indices cooled off in pre-market trading today. Here’s what’s going on.
Newcomers: Deckers and Super Micro Computer are set to enter the S&P 500 in a couple of weeks. And the stocks are soaring on the news.
Tax The Robots? Mark Cuban has a plan to make sure that robots don’t come for all of our jobs: tax them. And he’s not the only one.
ONE FOR THE ROAD
Basically: Google cofounder Sergey Brin admitted that the Gemini image generator was "messed up," days after CEO Sundar Pichai accepted that the errors were "completely unacceptable."
What Happened: Speaking at the AGI House hackathon, the Alphabet Inc co-founder revealed what went wrong with the AI chatbot. Addressing a question by one of the attendees about Gemini's image generation issues, Brin blamed it on insufficient testing.
Quoted: "We definitely messed up on the image generation, and it was mostly due to not thorough testing."
Controversy: This comes after Google was caught in a controversy surrounding its Gemini AI chatbot that generated inaccurate images of historical figures as well as its own co-founders Brin and Larry Page.
What Next: Check out the full story here.
A MESSAGE FROM FINANCE BUZZ
There’s nothing to be ashamed of if you're living paycheck to paycheck or struggling to make ends meet.
But not all of us have the time or luxury of picking up another job to make extra cash. It's tiring to work so many hours for very little take home pay.
Thankfully, there's a few ways that you can make some money (and save some too) by not getting a job. If you're struggling financially, here are 6 insanely easy things you can do right now that could help.