EddieJayonCrypto
20 Nov 23
There has been quite a lot of drama in the AI space that is affecting at least two publicly traded companies. Here is what is on my mind today.1. Let's get right to it. The major news to close out last week an suck the oxygen out of the air this past weekend was all about AI. First you have the Boar...
There has been quite a lot of drama in the AI space that is affecting at least two publicly traded companies. Here is what is on my mind today.1. Let's get right to it. The major news to close out last week an suck the oxygen out of the air this past weekend was all about AI. First you have the Board of OpenAI doing one of the worst jobs I have seen in a long time and that was to very sloppily and publicly oust their CEO. There are very few people that have the actual details of what happened, but, I my humble opinion, the Board should be fired. I am fine with wanting to replace a CEO. The issue I have is how they did it. Their major shareholder, Microsoft, seemed to be unaware of what was coming until the very last minute. It would seem they are not happy with that board either and may have hired key players from OpenAI directly. This does 2 things. The first is mitigates any possible hit on the stock since the players will be on their payroll. The second it does is sends a clear message to the board and it is "You done effed up and you are about to find out." I am sure there is more to come. 2. A few big banks, namely Bank of America, Wells Fargo and JPMorgan, are taking it on the chin as Moody's downgrades the to "negative". This is because the ratings firm says the United States has a weaker capacity to support those banks. To me, that is corporate speak for 'There is no real safety net.". You should be paying attention to the banking sector. 3. There are also a lot of retail numbers expected this week. This means there is a lot of data coming that will point to what could be about that recession everyone is still talking about. We are also supposed to get the FOMC minutes from the last meeting. Be sure every economist in the world will be poring over those minutes for any hints or signs for future moves, specifically where the Fed is leaning for a December move. 4. Mastercard is back in the news and it is for a good reason. They are adding to their toolbox by partnering with Feedzai to help them fend against crypto scams. Mastercard may have been a little late to the crypto game, but they are flying full throttle as they continue making building outwardly facing capabilities as well as shoring up their infrastructure and operations in the space. 5. Binance is still hemorrhaging executives from leadership positions. This time they are losing two key executives from their anti-crime division. I know there is a lot to run a company, but Binance can't seem to stop major events such as these departures. Other companies, like Coinbase, have changes, too, but those seem to be a part of a more normal cycle rather than a part of a long string of leadership departures. 🚨 Full Disclaimer: This video and its contents are for informational purposes only and do not constitute an offer to sell or trade, a solicitation to buy, or recommendation for any security, cryptocurrency, or related product, nor does it constitute an offer to provide investment advice or other related services by Eddie Jay on Crypto. Eddie Jay on Crypto may have a financial investment with the cryptocurrencies discussed in this video. In preparing this video, no individual financial or investment needs of the viewer have been taken into account nor is any financial or investment advice being offered. Any views expressed in this video were prepared based upon the information available at the time such views were written. Changed or additional information could cause such views to change.