DWAC Bounces Back (Again)

We mentioned last week that investors were preparing for a politically driven 2024, and boy, that accelerated quickly. ๐Ÿ˜œ

Trump-linked stocks Digital World Acquisition Corp, Phunware, and Rumble jumped sharply today after Ron DeSantis canceled his presidential run.

These names started gaining traction last week as the former president gained momentum in his bid to become the Republican national candidate in the 2024 election. And with his opposition dropping like flies, these stocks have become proxies for betting on him running (and potentially winning).ย  ๐Ÿ—ณ๏ธ

It’s still unclear what the long-term potential for these businesses is, but the amount of activity on streams like $DWAC shows these stocks will likely be in focus for the rest of the year. ๐Ÿ‘€

As for Rumble, it’s worth mentioning the vide-streaming platform struck a partnership with digital media company Barstool Sports. Rumble users will receive access to all Barstool Sports content, including live streams. Meanwhile, Bartsool will market and promote Rubmle as their preferred video home. There also appear to be incentives in place to encourage both companies to bring advertisers to the Rumble platform. ๐Ÿ’ป

Let’s not forget about Barstool founder Dave Portnoy’s other investment, Spirit Airlines, which extended gains today as it appealed the ruling blocking its merger with JetBlue. Davey Day Trader is finally up on his investment, and we’re all waiting to see his next move. ๐Ÿฟ

And lastly, while we’re talking about social media stocks, we need to mention Meta. The stock has completed one of the greatest round-trips in recent history, falling 77% in about 430 calendar days and staging a 344% rally to get back to even in just as much time. Hats off to Zuckerberg and anyone who bought the dip during 2022’s selloff. ๐Ÿ˜ฎย 

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Epic Wins A “Victory Royale” Against Google

It’s been three years since Fornite-maker Epic Games sued Apple and Google for allegedly running illegal app store monopolies. And despite losing a similar battle against Apple, the game-maker has secured a win against Google. ๐Ÿ†

The jury in Epic v. Google delivered its unanimous decision after just a few hours of deliberation. They found a few key things:

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Biotech Buyout Spree Continues

It may be the last week of the year, but many companies are rushing to get deals done before year-end. Two significant transactions in the biotech space were announced today, so let’s dive in. ๐Ÿ‘‡

The first deal involves RayzeBio, which raised $358 million via an initial public offering (IPO) just three months ago. However, its time as a public company is being cut short by Bristol Myers Squibb, which is acquiring the radiopharmaceutical therapeutics company for $62.50 per share in cash. ๐Ÿ’ฐ

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JetBlue Jumps As Icahn Accumulates

It’s been a rough few months for JetBlue shareholders after the airline’s merger with Spirit Airlines was blocked by U.S. regulators. However, the stock is popping after hours on news that a billionaire hedge fund manager is dumpster diving and sees value in the stock. ๐Ÿ’ธ

Activist investor Carl Icahn reported a nearly 10% stake, which he’s accumulated on the belief that the stock is undervalued following its recent selloff. He’s already had discussions with the company regarding possibly attaining board representation.

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All About Artificial Intelligence (AI)

It was another busy day for artificial intelligence (AI) news, with three U.S. tech giants unveiling new information and C3.ai reporting earnings. ๐Ÿ“ฐ

Let’s quickly cover the more concise news before jumping into earnings, starting with Google launching its new AI model that it hopes will take down GPT-4. CEO Sundar Pichai said that Google is entering a new era of AI: the Gemini era.ย 

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