Kim Kahn

But the Fed is in its blackout period, so expect him to stick to the topic of the economic legacy of George Shultz.

The markets are pricing in an 85% chance that the FOMC cuts by a quarter point on December 10th.

The odds are the highest since Powell's last press conference, which leaned hawkish.

There will be a mix of old and new economic data again.

Fed officials will get the core PCE inflation figures ahead of their decision.

The catch is those figures are from September.

Fed officials and traders might get better insight from the preliminary Michigan sentiment figures for December, especially expected conditions.

In the news this weekend, Adobe reported that consumers spent a record $11.8 billion online on Black Friday, up 9.1% year-over-year and ahead of expectations.

Gaming console sales were strong.

From 10 a.m.

to 2 p.m., shoppers spent $12.5 million every minute online.

Mobile once again dominated, generating 55.2% of sales.

AI traffic to U.S.

retail sites surged 805% from last year as consumers used generative AI to find deals and research products.

The tools were used most for video games, appliances, electronics, toys, personal care items, and baby and toddler products.

And speaking of invaluable AI helpers, ChatGPT is celebrating its third birthday today.

From the faint echoes of keystrokes in 2022 to the thunder of the AI trade today, here's how OpenAI has grown.

2022, ChatGPT hits 1 million users in five days, early valuations are about $20 billion, and the GPU demand narrative begins.

In 2023, Microsoft invests $10 billion, OpenAI hits $30 billion of valuation, and Sam Altman is ousted and then reinstated in a dramatic governance showdown.

In 2024, model competition accelerates, valuation rises to about $90 billion, and enterprise monetization ramps up.