🔌Is THIS The Boost EVs Need?

Good morning. US stock futures traded mixed in Friday morning trading as tech earnings continued to drive markets higher.

🚙 US ponies up big bucks to support EV industry

📝 Our report: The U.S. Energy Department just gave a nod of approval for nearly $710 million in loans to electric vehicle (EV) tech ventures, adding that the Biden administration still has $221.8 billion in loan capacity to fund clean-energy projects. The move comes as the US wrestles with manufacturers in China that are ramping up production in the EV sector  

 🔑 Key points:

• The funding is being distributed to companies involved in major component manufacturing inputs in the EV sector such as silicon carbide wafers and EV battery packs

• In total, the department has disbursed $34.43 billion, as of Dec. 31, 2023. It received applications for $263.1 billion in loans, as of end-January.

• Energy Secretary Jennifer Granholm said last August that the agency would offer $10 billion in loans and another $2 billion in grants to help convert factories to build electric vehicles.

💡 So what: It's critical for the US government to provide funding for the electric vehicle (EV) industry as part of broader efforts to combat climate change and reduce greenhouse gas emissions. By incentivizing the production and adoption of electric vehicles, the government can help transition the transportation sector away from fossil fuels, thus mitigating environmental damage. Additionally, investing in EV technology fosters innovation, stimulates economic growth, and creates job opportunities across various sectors, including manufacturing, construction, and transportation.

Friday - No Major Economic News

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🤖 Google hits pause button on AI image generating chatbot

WHAT: Looks like Google's hitting pause on its Gemini AI chatbot's portrait studio! They're temporarily halting it from churning out people pics, just a day after saying sorry for some historical hiccups in its artwork. Gemini users posted screenshots on social media of historically white-dominated scenes with racially diverse characters that they say it generated, leading critics to raise questions about whether the company is over-correcting for the risk of racial bias in its AI model.

WHY: Previous studies have shown AI image-generators can amplify racial and gender stereotypes found in their training data, and without filters are more likely to show lighter-skinned men when asked to generate a person in various contexts.

💊 US GDP could receive boost from weight-loss drugs

WHAT: Goldman Sachs just unleashed a weighty prediction - they're claiming that the widespread use of those fancy new weight-loss drugs in the U.S. could pump up the gross domestic product (GDP) by a cool 1%. The class of drugs, called GLP-1 agonists, are being keenly pursued by several companies with Goldman estimating that the market for the drugs could reach $100 billion by the end of the decade.

WHY: The current wave of healthcare innovation such as AI-powered drug discovery coupled with GLP-1s could raise the level of U.S. GDP by 1.3% in the coming years, equivalent to $360 billion per year in current exchange rates, with potential for an increase ranging from 0.6% to 3.2%, Goldman said.

👜 LVMH circles the entertainment block

WHAT: Hold onto your designer handbags! Luxury powerhouse LVMH is stepping into the entertainment spotlight with its newest venture, "22 Montaigne Entertainment" - a nod to its posh Parisian headquarters. LVMH said the aim was to collaborate with leading entertainment creators, producers and distributors to co-develop, co-produce and co-finance entertainment focused on premium film, TV and audio formats.

WHY: The move comes as the fashion industry becomes increasingly linked to the entertainment industry, with the presence of stars like Beyonce, Zendaya and Rihanna adding buzz to fashion shows and LVMH label Louis Vuitton bringing in Pharrell Williams to head menswear designs.

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