Hala,
Cristiano Ronaldo just hit ๐ญ ๐๐๐๐๐๐ข๐ก followers on social media!(1) ๐คฏ The first and only celeb to do it. Guess heโs not just breaking ankles, but records too! โฝ๐ฑ #GOAT
amanaโs Take
- Gold prices leapt to an all-time high of $2,570.03 per ounce, as traders put their bets on the Fed taking a friendlier stance on interest rates. A 0.4% bump on Friday capped off a 3% gain for the week, driven by a weaker dollar that made bullion look even shinier for non-dollar investors.
- With the greenback in decline, gold got a boost as it became cheaper for those outside the U.S. to get their hands on. Talk of a Fed rate-cut cycle is making the yellow metal the new go-to for safe-haven seekers, as investors hedge against potential market shakeups.
- Palladium wasnโt shy either, spiking 15% this week โ its best run since December 2023 โ on fears Russia might cut off key exports. Silver and platinum also got in on the action, posting small but steady gains.
Stock Market Update
๐๐ US stocks took off on Thursday as investors shrugged off Septemberโs slump and were buying the tech dip in anticipation of a Fed rate cut next week. The S&P 500 rose 0.75% to 5,595.76, the Dow gained 0.58% to 41,096.77, while the Nasdaq 100 climbed 0.97% to 19,423.07.(2) Seems like Wall Streetโs got a lot on its plate! ๐โ๏ธ
๐๐ถ Meanwhile, Gulf stocks also rose on Fed rate cut optimism. Abu Dhabi eased 0.2% to 9,308, and Dubai added 0.4% to 4,365.(3) โฌ๏ธโฌ๏ธ
๐๐ฅ UAE Fuels OpenAIโs Hot Air Balloon!
In a move that could give AI a major lift, the UAE is in talks to invest in OpenAI, the brain behind ChatGPT.(4) MGX, the state-backed company led by Sheikh Tahnoun bin Zayed Al Nahyan as chairman which launched this year in the UAE, is exploring a potential investment that could help propel OpenAIโs fundraising round to new heights. With AI projects ballooning in scale, the UAE is eager to climb aboard and soar alongside one of the hottest tech startups on the planet! ๐๐
๐๐ค High-Flying Figures and Fuel:
- MGX was launched in March 2024 to invest in AI. ๐๏ธ
- OpenAI is aiming to raise $6.5 billion in funding. ๐ฐ
- OpenAIโs valuation could skyrocket to $150 billion. ๐ฅ
- Thrive Capital has committed $1 billion to the cause. ๐ค
- OpenAIโs annual revenue recently hit $4 billion. ๐
- Microsoft, Apple, Nvidia are also in talks to invest. ๐ฐ
๐๐ก Rising to New Heights
The UAE is clearly not content just standing on the ground. MGXโs board, led by Sheikh Tahnoun bin Zayed al Nahyan, is all in on fueling AI projects, with Mubadala and G42 already contributing to the effort. Altman, OpenAIโs CEO, has been working hard to court investors, talking chips, innovation, and possibly the worldโs next trillion-dollar tech initiative. If thereโs one thing this deal will do, itโs take AI to stratospheric heights! Go, UAE! ๐๐
Closer to Home
- ๐ฆ The Central Bank of the UAE saw gross assets tick up 0.5% from May to AED 4.31 trillion ($1.16 trillion) in June, while gross credit jumped 1.1%, fueled by domestic gains and foreign lending.(5) Banks are stacking cash both at home and abroad! ๐ธ
- ๐ฐ Blackstone is in talks to sell its stake in VFS Global, possibly valuing the visa firm at $7 billion. Whether itโs a full exit or just a partial, eager investors are queuing up.(6) Looks like Blackstoneโs visa for VFS is about to expire. ๐
- ๐ต Bahrainโs Bapco Energies sold a minority stake in its Saudi-Bahrain pipeline to a fund managed by BlackRock, fueling its decarbonization drive and boosting its capital.(7) Bapcoโs on a roll! ๐ค
What Else Is Trending
- โ๏ธ The European Central Bank slashed interest rates by a quarter-point on Thursday, its second cut this year, as sluggish growth pushed inflation toward the bankโs 2% target.(8) ECBโs got the eurozone on a new fitness plan! ๐โโ๏ธ
- ๐ข๏ธ Meanwhile, oil prices surged as Hurricane Francine stormed the Gulf of Mexico, putting a wrench in oil production. WTI rose 2.47% to $68.97, while Brent advanced 1.93% to $71.97.(9) โฝ
- ๐ช Lastly, gold prices glittered to a record high, with spot gold climbing 1.8% to $2,556.86, as whispers of a Fed rate cut and a slowing US economy gave it a shine.(10) โจ
๐ฌQuote of the Day
โOpenAI isnโt currently profitable, but it is growing quickly.โ โ Sam Altman, CEO of OpenAI
Learn more: https://amana.app/interest
Sources: (1) NDTV, (2) (8) (9) (10) CNBC, (3) Reuters, (4) The Wall Street Journal, (5) Middle East Economy, (6) Gulf News, (7) Zawya
