Hollywood Writer's Strike Ends

Market Overview
Read time 1.1 minutes

Year To Date Performances:

1. The curtain has come down on Hollywood's writer’s massive standoff, as writers and studios finally ink a tentative deal after 150 strenuous days. At the heart of the dispute? Ensuring fair paychecks from streaming colossuses and AI safeguards amidst a rapidly changing TV world. This strike threw a wrench in numerous film and TV productions, impacting everyone from leading stars to behind-the-scenes crews and even indirectly hitting sectors like catering and housing. It is estimated that this strike has cost the US economy over $5B. Despite the deal with writers, actors remain on strike, so show productions won’t be restarting anytime soon.

2. Tesla is in preliminary talks with the Saudi kingdom about the potential setup of an electric vehicle manufacturing hub. This strategic move is intriguing given Elon Musk's past friction with the Saudis and their existing ties to Tesla's rival, Lucid Group. Amidst this backdrop, Turkey's President Tayyip Erdogan also threw his hat in the ring, urging Musk to consider Turkey as a prospective Tesla production base. The race to woo Tesla heats up, signalling a fascinating tug-of-war in the global EV landscape.

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4. Headlines

   1. Amazon to invest $4B into a direct competitor to OpenAI.

   2. Netflix is ending its physical DVD subscription service this month. (Yes, you could still have been getting DVDs physically mailed to you.)

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