Citigroup mistakenly credited a client's account with $81 trillion when it meant to send only $280, eventually spotting the input error only after two employees had missed it. For context, $81 trillion is enough to: |
- Make you 200x wealthier than Elon Musk.
- Buy the entire US stock market (~$60 trillion), with enough spare to buy China's entire stock market (~$16 trillion).
- Pay off the national debt ($36.5 trillion), and, if you get hungry after, use the leftover cash to buy yourself and everyone else on Earth 300 pizzas each.
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Stocks ended a rough week with big gains. The S&P 500 and Nasdaq 100 closed up 1.6%, near their highs of the day, as did the Russell 2000 with a smaller 1.1% advance. For the week, however, all ended lower. Stocks briefly retreated after a spat in the Oval Office between US President Donald Trump and Ukrainian President Volodymyr Zelenskyy, but shrugged that off to have their first positive Friday of Trump 2.0. 🍿 Movie trivia: in honor of last night's Oscars, test your Snacks-pertise on movie trivia and recent news. |
- What is the highest-grossing animated movie in history?
Check your answer. (Hint: it's a sequel.)
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Some of Meta's features want out of Mom's basement. The social media behemoth may spin off Reels, its short-form video product and TikTok competitor, from the Instagram mothership. We also learned it's launching Meta AI, its ChatGPT competitor that had previously existed as a chatbot on its Facebook, Instagram, WhatsApp, and Messenger apps, as its own stand-alone app. Why the sudden unbundling? We have some ideas. First off, it's a way to set itself apart from uncool Facebook. Breaking off apps has been a standard playbook for Meta over the years. Facebook, and to a lesser extent Instagram, have grown long in the tooth and, as the kids say, cheugy. They certainly don't poll well among young people, who prefer TikTok and SnapChat. Separate apps could help Meta shed some of its most unattractive baggage. Second, it lets Meta focus on the competition. Breaking off Reels and Meta AI allows Meta to more directly compete with TikTok and ChatGPT, which are typically at the top of the app store while Facebook and Instagram languish further back. Rather than simply copying its competitor apps and then burying that functionality in the bowels of its existing offerings, Meta is now seemingly giving users what they want: the other apps. But perhaps the most interesting reason? Americans want an app for everything, not an everything app. |
- It's notable that this move from Meta runs counter to its previous push to be the WeChat of the West, a mega app that's all things to all users.
- Lots of Silicon Valley companies have longed for a US equivalent of China's famous everything apps, one product that offers everything from social media to subscriptions, food delivery to friendship, payments to plane tickets.
- It's a concept that has never really caught on in the US, and it looks like Meta is realizing this.
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Of course, Elon Musk is still carrying this mantle aloft at X, which most recently partnered with Visa so users can make real-time payments on the "everything app." |
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It's worked before — look no further than Meta's successful launch of Threads, a stand-alone competitor to Twitter/X that came out in 2023 and already has 300 million monthly active users. |
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Technology and Innovation Drives Growth
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A recent study from the Nasdaq Index Research Team found that among global large cap companies, patent filers recorded the fastest sales growth over the trailing 15 years. Growth for patent filers ranged 60-70%, nearly 2x the average for the entire cohort (35%).1 Investors looking to access innovative, patent filing companies need look no further than the Nasdaq-100® (NDX®).2 The success of NDX can be attributed in part to the value of its constituents' patents, which has grown ~10.5x since May 2007, vs. ~4x across all publicly listed, tracked companies globally. Growth for the S&P 500 overall was ~5.5x, but only ~4x when excluding the contribution of overlapping Nasdaq-100 firms.3 Learn more about the innovative index here: Nasdaq-100 Index®. |
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Technology and Innovation Drives Growth
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A recent study from the Nasdaq Index Research Team found that among global large cap companies, patent filers recorded the fastest sales growth over the trailing 15 years. Growth for patent filers ranged 60-70%, nearly 2x the average for the entire cohort (35%).1 Investors looking to access innovative, patent filing companies need look no further than the Nasdaq-100® (NDX®).2 The success of NDX can be attributed in part to the value of its constituents' patents, which has grown ~10.5x since May 2007, vs. ~4x across all publicly listed, tracked companies globally. Growth for the S&P 500 overall was ~5.5x, but only ~4x when excluding the contribution of overlapping Nasdaq-100 firms.3 Learn more about the innovative index here: Nasdaq-100 Index®. |
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| Story we're obsessed with | We grew up in the age of "The Terminator," and it deeply imprinted the fear that someday machines would be smarter than us… and things would go badly from there. Jump forward 40 years and AI models are answering phone calls and creating art that most people can't pick out as AI-created. While the models still aren't doing so hot when asked what they see in a Rorschach inkblot, OpenAI's o3 model recently passed a test that only humans had ever passed before. (No, it's not a question about a tortoise.) Called the ARC-AGI test, it requires the ability to adapt on the fly to new situations and new problems rather than rely on memorization. The purely visual puzzles are designed to test complex reasoning skills and for five years, no AI model could score higher than 5% on the test. But the o3 model scored 88%. Sherwood News' Jon Keegan has created an interactive version of the ARC test, a series of puzzles that are genuinely tough even for those of us who fancy ourselves good at these types of things. Full disclosure: the writer of this section did not pass on the first try. Click here to see if you can beat the AI: |
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| Reach For The Sky: Discover Hylio's AgriDrone Technology |
This is your chance to invest in Hylio, the ag-tech innovator with $30M in lifetime revenue4 and groundbreaking FAA approvals on their AgriDrone technology. Aiming to produce 5,000+ drones annually, Hylio plans to disrupt a market worth an anticipated $556B by 2030.5 Join the future of farming - invest today!6 4 Lifetime revenues are for 9 years. |
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Reach For The Sky: Discover Hylio's AgriDrone Technology |
This is your chance to invest in Hylio, the ag-tech innovator with $30M in lifetime revenue4 and groundbreaking FAA approvals on their AgriDrone technology. Aiming to produce 5,000+ drones annually, Hylio plans to disrupt a market worth an anticipated $556B by 2030.5 Join the future of farming - invest today!6 4 Lifetime revenues are for 9 years. |
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Well, let's turn to the market scoreboard and find out. |
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- Monday: February ISM Manufacturing PMI, January construction spending
- Tuesday: Earnings expected from Plug Power, Best Buy, Target, AutoZone, CrowdStrike, Nordstrom, and Ross
- Wednesday: February ISM Services PMI, January factory orders. Earnings expected from Rigetti, Abercrombie & Fitch, Victoria's Secret, and Foot Locker
- Thursday: Fourth-quarter US productivity. Earnings expected from Broadcom, Costco, JD.com, Kroger, Gap, Macy's, and Hewlett-Packard Enterprise
- Friday: February jobs report
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Advertiser's disclosures:
1 Source: Nasdaq Global Indexes, Nasdaq AI Team, IFI Claims, Factset as of 8/29/2024. Index data as of 12/31/2013 and 12/31/2023. Companies are ranked on prior full-year total patent filings. 2 It is not possible to invest directly in an index. 3 See slide 26 for further details on the growth in the value of patents for NDX®, S&P 500, and Global ex-US since May 2007. Nasdaq®, Nasdaq-100 Index®, Nasdaq-100®, and NDX® are trademarks of Nasdaq, Inc. The information contained above is provided for informational and educational purposes only, and nothing contained herein should be construed as investment advice, either on behalf of a particular security or an overall investment strategy. Neither Nasdaq, Inc. nor any of its affiliates makes any recommendation to buy or sell any security or any representation about the financial condition of any company. Statements regarding Nasdaq-listed companies or Nasdaq proprietary indexes are not guarantees of future performance. Actual results may differ materially from those expressed or implied. Past performance is not indicative of future results. Investors should undertake their own due diligence and carefully evaluate companies before investing. ADVICE FROM A SECURITIES PROFESSIONAL IS STRONGLY ADVISED. 5 The estimated market size by 2030 is $556B, spanning Ag. Equipment ($377B), Drone Market ($100B), and Crop Protection ($79B). 6 Please read the offering circular and related risks at https://www.startengine.com/offering/hylio.This is a paid advertisement for Hylio's Regulation CF Offering. This Reg CF offering is made available through StartEngine Primary, LLC. Past performance is no guarantee of future results. Investing in private company securities is not suitable for all investors because it is highly speculative and involves a high degree of risk. It should only be considered a long-term investment. You must be prepared to withstand a total loss of your investment. Private company securities are also highly illiquid, and there is no guarantee that a market will develop for such securities. This was a paid for ad. Sherwood Media has been compensated for this ad by the Hylio Reg CF Campaign hosted on StartEngine. |
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Sherwood Media, LLC produces fresh and unique perspectives on topical financial news and is a fully owned subsidiary of Robinhood Markets, Inc., and any views expressed here do not necessarily reflect the views of any other Robinhood affiliate... See more |
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