GoAI Market Wrap - 23rd Jan

Stock Market

U.S. major indices extended Tuesday’s gains Wednesday Eastern Time as geopolitical tensions eased, driving broad market advances and lifting all three benchmarks higher.

 

At close: Dow Jones +0.63% to 49,384.01, S&P 500 +0.55% to 6,913.35, Nasdaq +0.91% to 23,436.02  

 

On a weekly basis, the Dow is slightly higher, while the S&P 500 and Nasdaq remain at risk of posting weekly losses. As of now, the S&P 500 is down 0.4% for the week, Nasdaq down 0.3%.

 

Trump spoke at Davos Wednesday, stating he would not use force to acquire Greenland. Later that day, he announced a “framework agreement” with NATO Secretary General Mark Rutte on Greenland, leading him to cancel the new round of tariffs on eight European countries (originally set for February 1).

 

While the “framework” news boosted sentiment, the situation is far from settled. Denmark’s prime minister said Thursday: “We cannot negotiate sovereignty.” Earlier media reports suggested potential compromises could involve U.S. military bases and land-use rights in Greenland.

 

Economic data came in slightly better than expected: Q3 U.S. GDP grew at a 4.4% annualized rate (vs 4.3% est.); weekly initial jobless claims fell to 200,000 (below expectations).

 

Great Valley Advisor Group chief market strategist Eric Parnell said: “If you look beyond the cap-weighted S&P 500 dominated by the ‘Magnificent 7’ and mega-caps and examine the market’s internal structure, you’ll see it’s barely been fazed—it hasn’t missed a beat.”

 

Parnell added: “Often, White House statements are part of a larger negotiation strategy aimed at driving a specific outcome. The noise along the way usually ends up becoming buying opportunities. Fundamentals remain quite solid.”

 

Alibaba +5% pre-market on reports its chip unit PingTouGe is preparing for an independent listing.

Global Hotspots

Zelenskyy: Ukraine’s Umerov to Lead Delegation to UAE for Ukraine-U.S.-Russia Trilateral Talks  

 

Ukrainian President Zelenskyy told media at Davos Wednesday that a Ukrainian delegation led by National Security and Defense Council Secretary Umerov will travel to the United Arab Emirates for the first Ukraine-U.S.-Russia trilateral talks.

 

Trump: Greenland Agreement Will Grant U.S. “Full Military Access Rights”  

 

On January 22 local time, President Trump said the ongoing Greenland agreement will give the U.S. “all the military access we want.” He emphasized the U.S. will achieve “full access” to Greenland and stressed: “We will have all the military access we need.”

 

Trump added that once complete, the deal will allow deployment of components of the U.S. “Golden Dome” missile defense system in Greenland.

Company News

Musk: Plans to Sell Optimus Robots to Public Next Year  

 

Tesla CEO Elon Musk said Optimus humanoid robots could be sold to the public by the end of next year. Musk has previously stated Tesla’s future will increasingly depend on humanoid robots.  

 

Speaking Thursday at Davos, Musk said the company is already using some robots for simple tasks in factories. He expects Optimus to handle “more complex tasks” by end-2026.

 

Musk added Tesla will only begin public sales once it is “very confident in extremely high reliability, extremely high safety, and a very broad range of capabilities.”

 

Musk Shares Tesla Autonomous Driving Progress  

 

One of Tesla’s two major focus areas is humanoid robots; the other is autonomous driving.  

 

Musk said Tesla has started offering driverless Robotaxi service in Austin, Texas, with no safety monitors in the vehicles.  

 

He also expects Tesla to receive autonomous driving approval in Europe next month.

 

Apple Expands Hardware Chief Ternus’s Role — Signal for CEO Succession  

 

Apple has added design oversight to hardware chief John Ternus’s responsibilities, solidifying his status as a leading candidate to succeed CEO Tim Cook.  

 

Reports say Cook, who has led Apple since 2011 and turned 65 last November, quietly assigned Ternus to manage the design team late last year.  

 

The move expands Ternus’s scope to include one of Apple’s most critical functions. The role overseeing hardware and software design has long been held by senior leaders. Since the Jobs era, Apple’s success has been closely tied to product aesthetics and user experience.

 

Trump Sues JPMorgan and CEO Dimon for at Least $5 Billion  

 

On Thursday (Jan 22 local time), President Trump sued JPMorgan Chase and CEO Jamie Dimon for at least $5 billion, alleging the bank stopped providing services to him and his businesses for political reasons.  

 

The lawsuit was filed Thursday in Miami-Dade County, Florida state court. Trump accused JPMorgan of commercial defamation and breach of implied covenant of good faith and fair dealing, and claimed Dimon violated Florida’s unfair and deceptive trade practices law.  

 

JPMorgan closed Trump’s and related entities’ accounts in early 2021, following the January 6 Capitol riot by Trump supporters, which also led to bans on Trump from multiple social media platforms.

 

SpaceX Reportedly Taps Four Major Banks for IPO: BofA, Goldman, JPMorgan, Morgan Stanley  

 

Media reports citing sources say Elon Musk’s rocket company SpaceX is lining up investment banks for its IPO, which could become one of the largest in history.  

 

Sources say Bank of America, Goldman Sachs, JPMorgan, and Morgan Stanley are being positioned for lead underwriting roles.  

 

SpaceX executives have met with multiple banks in recent weeks as the company prepares for a potential IPO as early as this year. It is currently conducting a secondary share sale at a valuation of around $800 billion.

 

Sources say other banks may also secure underwriting roles, but no final decisions have been made and arrangements could still change.

 

Intel Q4 Revenue Down 4.1% YoY  

 

Intel Q4 revenue $13.67 billion, down 4.1% YoY (vs $13.43 billion est.); adjusted EPS $0.15 (vs $0.13 last year, $0.09 est.).  

 

Intel guided Q1 adjusted EPS to $0.00 (vs $0.08 est.); Q1 revenue $11.7–12.7 billion (vs $12.56 billion est.).  

 

Intel shares fell 6% after-hours.

 

Alcoa Q4 Sales Beat Expectations  

 

Alcoa Q4 sales $3.45 billion (vs $3.29 billion est.); adjusted EBITDA $546 million (vs $527.9 million est.); adjusted EPS $1.26 (vs $1.04 est.).  

 

Alcoa guided 2026 alumina shipments to 11.8–12 million metric tons and aluminum shipments to 2.6–2.8 million metric tons.  

 

Alcoa shares rose over 4% after-hours at one point.

Forex & Commodities  

WTI March crude futures settled at $59.36/barrel, −2.08%; Brent March crude futures settled at $64.06/barrel, −1.81%.  

 

Gold and silver hit fresh record highs amid a weaker dollar. COMEX gold +2.09% to $4,938.4/oz; COMEX silver +3.86% to $96.215/oz.

Key Events  

Reports: U.S. Firms Valero, Phillips 66 Buying Venezuelan Crude at Discount  

 

January 22 — After the U.S. “took” Venezuelan President Maduro and his wife earlier this month, American energy companies are purchasing Venezuelan oil. Reuters cited two sources saying Valero Energy bought one cargo of Venezuelan crude, and Phillips 66 also bought one cargo.  

 

The U.S. earlier reached an agreement with Venezuela allowing up to 50 million barrels of exports to the U.S. Sources say both companies bought through trader Vitol, with prices discounted $8.5–9.5 per barrel vs Brent futures. Vitol and peer Trafigura were among the first traders approved by the U.S. government to engage in Venezuelan crude trade.

Cryptocurrency (24h change)  

Bitcoin −0.39% to $89,533.65.  

 

Ethereum −2.09% to $2,951.27.  

 

XRP −1.88%, BNB −0.03%, Solana −1.17%, Dogecoin −2.01%, Cardano −2.29%.

Crypto Key Event  

Is the Wolf Really Here? Quantum Computing Threat to Bitcoin “No Longer Theoretical” — Analyst: 20–50% of Bitcoin at “Security Risk”  

 

The quantum computing threat to Bitcoin is moving from theory to reality. Coinbase’s chief researcher warned that ~33% of Bitcoin supply faces quantum risk, while Jefferies global equity strategist has completely removed Bitcoin from portfolios in favor of gold. This shift is reshaping institutional views on Bitcoin.  

 

Recent media reports say Coinbase global investment research head David Duong warned that ~32.7% of Bitcoin supply (~6.51 million BTC) is potentially vulnerable to quantum attacks.  

 

Jefferies strategist Christopher Wood announced in a January 16 column that he fully exited a 10% Bitcoin position in his model portfolio, reallocating 5% to physical gold and 5% to gold mining stocks. He explained that quantum breakthroughs could arrive in years—not decades—potentially undermining Bitcoin’s status as a “reliable store of value.”