Krugman Calls Out DeSantis, Apple-Meta Feud Looms, Bullish Bitcoin Call And More: 5 Key Stories You May Have Missed From The Weekend

Author: Shanthi Rexaline | May 30, 2023 10:59am

Memorial Day weekend brought good tidings for the market as President Joe Biden and House Speaker Kevin McCarthy (R-Calif) agreed in principle on a budget deal, raising hopes that a debt default can be avoided.

Here’s a recap of a few major headlines that hit the wire:

1. Krugman Sees A Motive: Noted economist Paul Krugman took aim at Florida Governor Ron DeSantis for his stance against a central bank digital currency. The Nobel laureate attributed DeSantis' opposition to CBDC to his need to keep Elon Musk and the crypto types happy, as they may be all the base the governor is left with.

2. Apple Staring At Android-Like War With Meta's Quest, Says Gurman: As Apple, Inc. (NASDAQ:AAPL) readies to launch its long-awaited mixed reality headset, Gurman said Cupertino could be prepping for a long-drawn battle with Meta Platforms, Inc. (NASDAQ:META). Meta is an early mover in the mixed-reality headset market and is looking to launch its Quest 3 in October. The battle between the two could play out similarly as Apple’s 15-year fight with Alphabet, Inc.'s (NASDAQ:GOOGL) (NASDAQ:GOOG) Android in the smartphone industry.

3. Bitcoin Priming For New High? Cryptocurrencies have staged a recovery this year, along with most risky asset classes. Citing historical tend, a crypto trader, who goes by the pseudonym CrediBull Crypto, said Bitcoin (CRYPTO: BTC) could hit an all-time high. He tweeted that the apex crypto could replicate the previous impulse waves such as the one witnessed in 2020. The crypto ran up to an all-time high of $68,789.63 in Nov. 2021 and has pulled back notably from this level since then.

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4. Erdogan Defies All Odds: Despite all pre-election negativity, Turkish President Recep Tayyip Erdogan emerged victorious in the runoff election held on Sunday. The runoff, held after the first round, did not produce a clear winner. The victory gives Erdogan a fifth term and adds five more years to his two decades-old rule.

5. AI-Fueled Rally Scares Economist: "We have a price bubble," according to economist David Rosenberg, comparing it to the 1990s dot-com era. The six-month chart of the Nasdaq 100 Index looks "weird" and "way overextended,” he added.

"So, while we are a believer in the long-term benefits of AI, from an investor standpoint, the current environment is taking on a mania of sorts," he said.

What Else: Elon Musk has had a change of heart about Warren Buffett-backed BYD Company Ltd. (OTC:BYDDY) (OTC:BYDDF) EVs. He laughed off the company's vehicles in the past. Now, the billionaire thinks they are highly competitive.

North Korean dictator Kim Jong Un was reportedly building a border wall during the pandemic in order to insulate his country against the pandemic.

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