⛽ The Energy Transition Is Losing Steam Says...?

Good morning. US stock futures traded lower in Tuesday morning trading as Wall Street turned its eyes to Washington as the Federal Reserve kicked off its two-day policy meeting.

🛢️ Big Oil exec says…oil’s, gas not going anywhere 

📝 Our report: Saudi Aramco CEO Amin Nasser delivered a blunt message to policymakers: the energy transition is floundering, so let's drop the "fantasy" of bidding farewell to oil and gas. “In the real world, the current transition strategy is visibly failing on most fronts as it collides with five hard realities,” Nasser said during a panel interview at the CERAWeek by S&P Global energy conference in Houston, Texas.  

 🔑 Key points:

• The Paris-based International Energy Agency forecast last year that peak oil, gas and coal demand would come in 2030. Nasser said demand is unlikely to peak anytime soon, let alone by that year.

• “A transition strategy reset is urgently needed and my proposal is this: We should abandon the fantasy of phasing out oil and gas and instead invest in them adequately reflecting realistic demand assumptions,” the CEO said to applause from the audience.

• Nasser said alternative energy sources have been unable to displace hydrocarbons at scale, despite the world investing more than $9.5 trillion over the past two decades. Wind and solar currently supply less than 4% of the world’s energy, while total electric vehicle penetration is less than 3%, he said.

💡 So what: Oil and gas remain incredibly valuable to the world, serving as crucial sources of energy for transportation, heating, electricity generation, and various industrial processes. These resources power economies globally, playing a central role in sectors ranging from manufacturing to agriculture. Despite efforts to transition to renewable energy sources, oil and gas continue to meet a significant portion of the world's energy demand, making them indispensable commodities in the current global energy landscape.

Tuesday - No Major Economic News

Wednesday - FOMC Rate Decision, Fed Chair Powell Press Conference

Thursday - US Leading Economic Indicators

Friday - Atlanta Fed President Raphael Bostic Speaks

 📈 8 pieces of timeless investing advice from Howard Marks!

🧑‍💼 Here’s how you can develop a career action plan

🍨 Unilever to spin off ice cream brand in massive restructuring exercise

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🤖 Tech giant working on “humanoid” robots

WHAT: Nvidia is diving headfirst into the world of robots, unveiling their latest creation: Project GR00T, the foundation model for humanoid robots. A foundation model is a type of AI system trained on massive amounts of data that’s capable of being used for a wide variety of tasks from generating sentences to videos, images, and more.

WHY: According to Nvidia, Project GR00T will help humanoid robots “understand natural language and emulate movements by observing human actions — quickly learning coordination, dexterity, and other skills in order to navigate, adapt, and interact with the real world.”

🛢️ Exxon nixes talk of Hess acquisition

WHAT: Exxon Mobil's boss just put on his "No, thanks!" hat when it comes to buying out Hess Corp., making it clear they're not in the market for a whole new company. Exxon CEO Darren Woods said despite taking Chevron to arbitration over its proposed $52 billion merger with Hess, his company had no interest in an acquisition.

WHY: Exxon’s aims in its arbitration case with Chevron are threefold Woods said: to “secure and confirm” its pre-emption rights, to “understand” the value of the stake implied by the Chevron deal, and to “evaluate that value and do what’s in the interests of Exxon Mobil shareholders.”

🔨 SEC gets legal with firms over AI claims

WHAT: Looks like Wall Street just got hit with a dose of reality check! The SEC, aka the sheriff of finance, slapped the wrists of two money managers for their AI antics. The SEC said that Delphia (USA) Inc. and Global Predictions Inc. both made “false and misleading statements” about their purported use of the technology.

WHY: SEC Chair Gary Gensler has been warning firms about over-hyped statements related to AI. The agency has specific authorities to oversee statements that money managers make to investors. In February, Gensler also warned publicly traded companies to avoid “AI washing” when talking to investors about their use of the technology.

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