Transcript:
Conway Gittens: I’m Conway Gittens reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
Investors are gearing up for the Federal Reserve’s final meeting of 2024. Expectations are for a 25 basis point interest rate cut at this meeting. Fed watchers, however, think the Fed may pause from cutting rates in early 2025, with food and lodging costs leading to a resurgence in inflation.
In other news, Japanese billionaire businessman Masayoshi Son is betting on America and the incoming Trump agenda, according to CNBC.
The head of the influential tech investing firm SoftBank is prepared to make a $100 billion investment over the next four years during a visit with Trump at Mar-a-Lago. This comes after Son had already announced plans to invest $1.5 billion in ChatGPT parent OpenAI.
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According to the report, Son is also pledging 100,000 U.S. jobs centered on artificial intelligence. His plans could be fulfilled through his stake in chipmaker Arm Holdings, through the company’s Vision Fund, or a number of other holdings.
The public bromance between Son and Trump isn’t new. Son made his way to Trump Towers in 2016 to pledge $50 billion and 50,000 jobs during Trump’s first win. There’s little reporting on how much of that actually happened.
But Son is not the only billionaire chumming it up with the president-elect. Elon Musk, the world’s richest man, is a Mar-a-Lago fixture, Meta CEO Mark Zuckerberg has reportedly already visited Trump, and Amazon founder Jeff Bezos is expected to do the same.
That’ll do it for your Daily Briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.
Related: Stock Market Today: Stocks edge higher with Fed rate decision in focus
