🤖 Can The US Dominate THIS Industry?

Good morning. US stock futures inched higher in Tuesday morning trading as investors await key data slated for release later this week.

🦾 Biden admin sets goal to dominate chip industry  

📝 Our report: Buckle up, silicon fans! The Biden administration just unleashed an ambitious plan: they're aiming to be the semiconductor superheroes, cranking out a whopping 20% of the world's most advanced chips by the end of the decade. Achieving that mark — set by Commerce Secretary Gina Raimondo — would be a dramatic turnabout for the US. "That's a big number, yes," Raimondo said of the 20% goal while speaking at the Center for Strategic and International Studies.  

 🔑 Key points:

• The Biden administration hopes to help the country hit that ambitious mark with investments set aside by an 18-month-old law called the CHIPS and Science Act.

• The legislation allows the White House to spend $50 billion in taxpayer dollars — $39 billion specifically earmarked for manufacturing — to try and help reignite American manufacturing in the years ahead.

• America produced nearly 40% of the world's chips in 1990, but less than 10% are made in the US today, according to the White House.

💡 So what: It is paramount for the US to play a major role in semiconductor manufacturing due to the critical importance of semiconductors in modern technology, national security, and economic competitiveness. Semiconductors are the foundation of numerous industries and technologies, powering essential devices and infrastructure worldwide. By leading in semiconductor manufacturing, the US can ensure technological sovereignty, safeguard national security interests, and drive innovation and economic growth.

Tuesday - Consumer Confidence

Wednesday - GDP (revision), Atlanta Fed President Raphael Bostic Speaks

Thursday - Chicago Fed President Austan Goolsbee

Friday - Fed Governor Chris Waller Speaks, Construction Spending

 📈 Investing legend Michael Steinhardt shares these 6 investing tips!

👨🏾‍💼 Thinking about starting a business? Here are 11 things to do before you start!

💲 These are the pros and cons of retiring early

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⛽ US takes lead as top supplier of energy products to EU

WHAT: Looks like Uncle Sam's playing the role of Europe's fuel fairy godmother lately! The United States swooped in and has snagged the top spot as Europe's go-to supplier for crude oil, diesel, and liquefied natural gas (LNG) in recent months according to global data firm Kpler.

WHY: The United States became the world's largest LNG exporter last year, and its exports are expected to double by the end of the decade.

💰 Bitcoin’s back

WHAT: Bitcoin just skyrocketed to its highest point in over two years, soaring past the $53,000 mark like a crypto rocket on a mission! The cryptocurrency has seen its value shoot up amid growing optimism that persistent investor demand through exchange-traded funds will drive the price of the largest cryptocurrency back to record levels.

WHY: Bitcoin last traded at this level in December 2021, and reached an all-time high of almost $69,000 the prior month. Investors have poured more than $5 billion into nine ETFs that began trading last month.

🏪 FTC sues to block mega supermarket merger

WHAT: The Federal Trade Commission just crashed the grocery store party, suing to stop the epic $24.6 billion merger between Kroger and Albertsons. The FTC, which said the proposed deal would be the largest grocery merger in U.S. history, said it would also erase competition for workers, threatening their ability to win higher wages, better benefits and improved working conditions.

WHY: Kroger and Albertsons, two of the nation’s largest grocers, agreed to merge in October 2022. The companies said a merger would help them better compete with Walmart, Amazon, Costco and other big rivals. Together, Kroger and Albertsons would control around 13% of the U.S. grocery market.

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