Tobias

Morning Squawk highlights: a surprise ADP job decline raised Fed rate‑cut odds to ~89%, sparking a Dow gain and tighter yield curve; Salesforce beat EPS, with Agentforce AI revenue up 330% and an aggressive outlook. Nvidia CEO Jensen Huang warned against restrictive AI‑chip export rules, noting potential revenue impact. The ACIP may revise the 24‑hour hepatitis B birth vaccine rule, affecting pharma demand. GM named Sterling Anderson EVP‑product, aiming to speed EV rollout amid lower South Korean tariffs. Delta reported a $200 million pretax hit from the government shutdown.

.Meta CEO Mark Zuckerberg is shifting focus to AI, planning up to 30% budget cuts and workforce reductions in Reality Labs, its VR/AR division, after a $4.4 billion quarterly loss and over $70 billion cumulative deficit. The move may pivot to enterprise solutions, AI integration, or partnerships, aiming to improve operating leverage while de‑emphasizing the metaverse.

words.Jim Cramer likened today’s OpenAI frenzy to the 1999‑2000 dot‑com bubble, warning that speculative “everything‑AI” optimism could trigger a sharp pull‑back. He, along with investors like Michael Burry, cautions that OpenAI’s leveraged financing, reliance on backstop funding, and the broader AI ecosystem’s inflated valuations create systemic risk. Added pressures include tightening regulation, fierce competition from rivals such as Anthropic and DeepMind, and overlapping hype in quantum computing and next‑gen hardware. While AI’s long‑term promise remains, investors should temper enthusiasm with disciplined risk assessment.

summary.Bitcoin has fallen over 30% from its $126,000 peak, echoing the volatility typical of its four‑year halving cycles. CoinDesk data shows similar drawdowns in past bull runs (2017, 2021) and a 32.7% pullback this year. A massive liquidation on Oct. 10 wiped out $19.4 billion, intensifying fear of a market top. Analysts note that such corrections usually precede new rallies, while upcoming April 2024 halving, regulatory shifts, and macro‑economic factors will shape the next price move.

. Nvidia announced this week that it will invest $2 billion for a stake in chip‑design fir…

.The EU has opened an antitrust probe into Meta’s policy allowing AI providers to access WhatsApp’s platform, questioning whether it breaches competition rules. Meta disputes the claims, saying the API isn’t built for AI chatbots and that the AI market is competitive. The investigation follows recent fines on Google, Apple and Meta for anti‑competitive practices. Regulators fear AI integration could create “gatekeeping” and privacy risks, prompting Meta to consider a cautious, limited rollout to avoid penalties and protect its market position.

Horizon Quantum, a Singapore‑based software firm, announced it is the first private company to operate a commercial quantum computer in the city‑state, deploying a proprietary processor built from components by Maybell Quantum, Quantum Machines and Rigetti. Founded in 2018, the startup aims to accelerate quantum‑enabled solutions for pharma, finance, logistics and materials while preparing for a Nasdaq listing via a SPAC merger that values it at about $503 million. The move aligns with Singapore’s national quantum strategy and positions Horizon to capture a share of the projected $30 billion global market.

OpenAI has agreed to acquire Neptune, a startup that provides monitoring and debugging tools for training large AI models. The two firms, already collaborators on a metrics dashboard, plan to deepen integration, with Neptune’s services being phased out as its technology is embedded into OpenAI’s training stack. The deal’s financial terms were undisclosed. This acquisition follows OpenAI’s recent purchases of Software Applications Incorporated, Statsig, and io, signaling its push to become a full‑stack AI infrastructure provider and strengthen model observability for enterprise customers.

Salesforce’s fiscal Q3 beat EPS expectations ($3.25 vs. $2.86) with $10.26 bn revenue, an 8.6% YoY rise, and net income up to $2.09 bn aided by a $263 m investment gain. The company highlighted accelerated cloud adoption for Tableau and MuleSoft, and forecast FY Q4 revenue of $11.13‑$11.23 bn with adjusted EPS of $3.02‑$3.04. Growth is driven by AI‑focused acquisitions (Regrello, Waii), the new Agentforce platform, and the $8 bn Informatica deal. Despite a 29% stock decline this year, free cash flow grew 22% to $2.18 bn, though below consensus.

Apple’s head of user‑interface design, Alan Dye, is leaving the iPhone maker to head a new creative studio at Meta, merging design, fashion and technology. Apple CEO Tim Cook announced veteran designer Stephen Lemay will succeed Dye, emphasizing that design remains a core strength. Dye, who joined Apple in 2006 and helped launch the “Liquid Glass” UI and the 2017 swipe‑up gesture, moves amid Meta’s aggressive push into AR/VR hardware, including Quest headsets and smart glasses. The hire highlights the growing competition for design talent and the belief that superior UI will be decisive in future consumer tech.