- The mysterious rise of the Chinese ecommerce giant behind Temu. “The tale told by those incredible numbers is a mystery that raises more questions than it answers. Based on the transaction fee rate PDD reported in 2021, that would suggest an improbable level of activity, making the PDD ecosystem twice the size of Alibaba and on a par with the $2.2tn annual output of the Italian economy. (ft)
- BofA Says Tech Stocks Post Largest Weekly Outflows on Record (bloomberg)
- These companies are finally making real money from AI (marketwatch)
- Stocks are taking the elevator up and the escalator down, which is very unusual (marketwatch)
- Nvidia’s stock continues to hit new highs. Why that may be ‘a bit unhealthy.’ (marketwatch)
- Jerome Powell Testifies Before Senate Banking Committee (bloomberg)
- Fed Is ‘Not Far’ From Confidence Needed to Cut Rates, Powell Says (bloomberg)
- China to Mobilize Nation as It Fights US for Tech Supremacy (bloomberg)
- Ken Griffin, Rudin and Vornado to Spend $78M for Air Rights Above Historic Cathedral (commercialobserver)
- Instagram overtakes TikTok in app downloads in race for new users (ft)
- Cliff Asness: AI is ‘still just statistics’ (ft)
- Cathie Wood Has Fears for Nvidia. She’s Not Alone. (barrons)
- Strong Jobs Growth Won’t Slow the Fed’s Rate Cut Plans (barrons)
- Buy the pound, Bank of America says, as U.K. currency hits seven-month high (marketwatch)
- Dollar skid vs. yen continues as report says BOJ hike may come this month (marketwatch)
- Technical Analysts Are Getting Nervous. How to Play the Looming Drop. (barrons)
- This isn’t a bull market — it’s a ‘duck’ market. Here’s why. (marketwatch)
- Here’s what 100 years of history shows about periods of extreme market concentration, according to Goldman Sachs (marketwatch)
- February gains exceed expectations; jobless rate ticks up to 3.9% (wsj)
- Cruises Are More Popular Than Ever—and Investors Are Late to the Party (wsj)
Be in the know. 20 key reads for Friday…
