These are the headlines you Need 2 Know for Friday, December 27, 2019:
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Markets React to Fed Cut: Citi on Earnings, AI Spending, and the Road to 2026
Citi’s Drew Pettit breaks down how the Fed’s latest rate cut is reshaping equity markets, earnings expectations and sector strategy.
Inside Wealthfront’s Big IPO Moment and the Future of Robo Advisors
Wealthfront’s CFO Alan Iberman talks the $2.05B IPO and the major moment for robo banking as the company bets on AI, automation, and “self-driving money."
Big Business This Week: Inside the battle for Warner Bros.
It’s the intrigue of the hour in Hollywood, and the implications are real for the U.S. entertainment and news industries.
Rare Dom Pérignon champagne from Charles and Diana’s wedding fails to sell during Denmark auction
A rare magnum of Dom Pérignon Vintage 1961 champagne that was specially produced for the 1981 wedding of Prince Charles and Lady Diana has failed to sell during an auction. Danish auction house Bruun Rasmussen handled the bidding Thursday. The auction's house website lists the bottle as not sold. It was expected to fetch up to around $93,000. It is one of 12 bottles made to celebrate the royal wedding. Little was revealed about the seller. The auction house says the bids did not receive the desired minimum price.
Why a sequel isn’t always the answer to people’s demands for more
Ask yourself if you actually want to see some of the popular film franchises continue.
Inside the Fed’s Decision to Cut Rates
The Fed cut rates, sparking market swings. Bill Mann unpacks the decision, the economy’s direction, policy risks, and what investors should know.
New York Times, after Trump post, says it won’t be deterred from writing about his health
The New York Times and President Donald Trump are fighting again. The news outlet said Wednesday it won't be deterred by Trump's “false and inflammatory language” from writing about the 79-year-old president's health. The Times has done a handful of stories on that topic recently, including an opinion column that said Trump is “starting to give President Joe Biden vibes.” In a Truth Social post, Trump said it might be treasonous for outlets like the Times to do “FAKE” reports about his health and "we should do something about it.” The Republican president already has a pending lawsuit against the newspaper for its past reports on his finances.
OpenAI names Slack CEO Dresser as first chief of revenue
OpenAI has appointed Slack CEO Denise Dresser as its first chief of revenue. Dresser will oversee global revenue strategy and help businesses integrate AI into daily operations. OpenAI CEO Sam Altman recently emphasized improving ChatGPT, which now has over 800 million weekly users. Despite its success, OpenAI faces competition from companies like Google and concerns about profitability. The company earns money from premium ChatGPT subscriptions but hasn't ventured into advertising. Altman had recently announced delays in developing new products like AI agents and a personal assistant.
Trump approves sale of more advanced Nvidia computer chips used in AI to China
President Donald Trump says he will allow Nvidia to sell its H200 computer chip used in the development of artificial intelligence to “approved customers” in China. Trump said Monday on his social media site that he had informed China’s leader Xi Jinping and “President Xi responded positively!” There had been concerns about allowing advanced computer chips into China as it could help them to compete against the U.S. in building out AI capabilities. But there has also been a desire to develop the AI ecosystem with American companies such as chipmaker Nvidia.
