🚀 Wholesale Prices Rise

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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. U.S. wholesale prices rose more than expected in January, with the producer price index (PPI) increasing 0.4% month-over-month, surpassing the 0.3% estimate. Core PPI, which excludes food and energy, matched expectations at 0.3%. This follows a hotter-than-expected consumer price index (CPI) report showing a 0.5% monthly rise and a 3% annual inflation rate, well above the Federal Reserve’s 2% target. The data suggests inflationary pressures remain, likely delaying interest rate cuts until the second half of the year unless future reports show a meaningful decline.

2. Elon Musk is willing to withdraw his $97.4 billion bid for OpenAI’s nonprofit arm if the company halts its transition into a fully for-profit entity, according to a court filing. Musk argues that OpenAI has abandoned its original mission of AI development for public benefit, while CEO Sam Altman dismisses the bid as an attempt to slow a competitor. OpenAI, founded as a nonprofit in 2015, shifted to a capped-profit model in 2019, a move Musk has criticized. Altman has rebuffed the offer, saying he doesn’t take it seriously, while OpenAI continues its push toward full commercialization.

3. U.S. investors and Big Pharma are increasingly turning to China for new drug discoveries, with nearly 30% of major pharma deals last year involving Chinese companies, up from 0% five years ago. Driven by China’s growing biotech capabilities, lower early-stage testing costs, and a funding crunch for Chinese firms, U.S. companies like Merck and Bain Capital are striking licensing deals rather than developing drugs domestically. While some see this as a way to lower drug costs and boost efficiency, others worry it could weaken U.S. biotech and invite government intervention, echoing tensions seen in AI and semiconductors.

4. Headlines

   1. 10-year Treasury Yield fell despite two consecutive days of concerning inflation data.

   2. Elon Musk is calling for entire government agencies to be removed due to their inefficiencies.

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