It’s a mixed morning on Planet Finance, where the big story of the day has analysts and investors alike wondering what’s next with AI as Google, OpenAI, Microsoft, and Apple all jockey for position. (See this morning’s Big Story Abroad, above.)

It’s not Groundhog Day, and you’ve not stumbled into a real world Hot Tub Time Machine: GameStop really is back in the headlines. Short-selling hedge funds lost USD 1 bn yesterday after Roaring Kitty re-entered the chat: The meme lord posted on X yesterday for the first time since 2021, triggering a frenzy that saw GameStop shares soar 74% and put the squeeze on the shorts. Kitty’s memes have flown fast and furious in the hours since.

Does it have legs? Bloomberg’s amazing Money Stuff columnist Matt Levine is back on the trail and even the WSJ is taking note.

BACKGROUND, for those of you who may have forgotten (or were otherwise blissfully unaware of what a “meme stock” is), courtesy CNBC: The 2021 “meme stock frenzy involved individual investors taking aim at short sellers and hedge funds who were pessimistic about the outlook for GameStop and other companies, forcing them to cover their short positions and drive up the price of the target stocks.”

ALSO worth knowing about this morning: Melinda French Gates is hitting the eject button. She’s resigning as the co-chair of the Gates Foundation and will take with her some USD 12.5 bn to continue doing philanthropy. (Financial Times)

MARKETS THIS MORNING-

Asian markets are mixed this morning with no real catalyst appearing to drive early trading and both European and US stock futures are little changed as we prepare to hit “send” on this morning’s issue.

ADX

9,093

0.0% (YTD: -5.1%)

DFM

4,173

0.0% (YTD: +2.8%)

Nasdaq Dubai UAE20

3,572

+0.1% (YTD: -7.0%)

USD : AED CBUAE

Buy 3.67

Sell 3.67

EIBOR

5.2% o/n

5.4% 1 yr

TASI

12,260

+0.4% (YTD: +2.4%)

EGX30

25,381

+0.9% (YTD: +2.0%)

S&P 500

5,221

0.0% (YTD: +9.5%)

FTSE 100

8,415

-0.2% (YTD: +8.8%)

Euro Stoxx 50

5,079

-0.1% (YTD: +12.3%)

Brent crude

USD 83.44

+0.8%

Natural gas (Nymex)

USD 2.37

+5.0%

Gold

USD 2,343

-1.4%

BTC

USD 63,046

+2.9% (YTD: +49.3%)

THE CLOSING BELL-

The DFM stayed flat yesterday on turnover of AED 349.3 mn. The index is up 2.8% YTD.

In the green: National International Holding (+10.3%), Aramex (+3.6%) and Dubai Taxi (+1.7%).

In the red: Al Salam Sudan (-9.9%), Emirates Central Cooling Systems Corporation (-4.4%) and Emirates Investment Bank (-4.3%).

Over on the ADX, the index also stayed flat on turnover of AED 869.7 mn. Meanwhile Nasdaq Dubai closed up 0.1%.

CORPORATE ACTIONS-

Sharjah Ins. has approved a dividend payment of AED 10.5 mn for 2023, according to an ADX disclosure (pdf).

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