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- 🚀 Deleware Scrambling To Keep Corporations In State
🚀 Deleware Scrambling To Keep Corporations In State
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Market Overview
Read time 1.4 minutes
Year To Date Performances:
Dow Jones | 41,808.00 | -1.73% |
S&P 500 | 5,649.38 | -3.95% |
Nasdaq | 17,645.09 | -8.63% |
Russell 2000 | 2,054.94 | -7.86% |
TSX | 24,859.17 | 0.53% |
Bitcoin | $84,321.58 | -8.73% |
Ethereum | $2,019.47 | -39.36% |
US to Canadian Dollar | $1.43 | -0.53% |
Delaware Governor Matt Meyer scrambled to address Meta’s potential exit from the state after reports surfaced in January that the tech giant might follow Elon Musk’s lead in reincorporating elsewhere. Given that corporate franchise fees contribute over $1 billion annually—more than 20% of Delaware’s tax revenue—Meyer called urgent weekend meetings with corporate lawyers, legislators, and Meta executives to discuss potential legal reforms. The result: SB 21, a bill that could overhaul Delaware’s corporate law to favor controlling shareholders like Mark Zuckerberg and Musk, shielding them from certain shareholder lawsuits. Critics, including major investors, argue the bill weakens shareholder rights, while proponents claim it ensures Delaware remains the top choice for incorporation. With the state Senate already passing the measure, the House vote looms, determining whether Delaware will retain its dominance or face a corporate exodus.
Tencent reported a 90% surge in profit for Q4 2024, exceeding expectations with revenue of 172.4 billion yuan ($23.9 billion) and profit of 51.3 billion yuan, driven by strong growth in gaming and advertising. Domestic gaming revenue rose 23% year-over-year, fueled by hits like Honour of Kings, while international gaming revenue climbed 15%. Advertising revenue grew 17%, aided by AI-driven ad targeting. Tencent’s AI investments, including its new Hunyuan3D-2.0 model and Turbo S chatbot, boosted cloud and fintech revenue, though GPU shortages limited external cloud growth. Capital expenditures more than tripled to 76.8 billion yuan as Tencent ramps up AI spending, reorganizing teams and increasing investments to drive long-term returns. Investors remain focused on Tencent’s AI monetization strategy, particularly in consumer applications like WeChat’s search and its AI chatbot, Yuanbao.
Bank of America CEO Brian Moynihan said the U.S. economy is holding up better than expected, with consumers continuing to spend despite low confidence levels. He expects GDP growth to slow to around 2% in 2025, down from 3%, partly due to Trump’s tariffs, which could shave off 0.4 percentage points. While consumer spending is shifting from goods to services, it remains strong. On interest rates, Moynihan believes the Federal Reserve should stay on hold through 2026, arguing that with 2% growth, there’s no need for premature cuts, especially given uncertainty over tariffs’ economic impact.
Headlines
The American Federation of Teachers is suing the US Department of Education after the Trump Administration ordered the shutdown of affordable repayment plan programs for student loan borrowers.
Yum Brands is partnering with Nvidia to accelerate its adoption of AI technology in restaurants such as Taco Bell.
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