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Good morning. US stock futures dipped in Tuesday morning trading as investors looked ahead to the release of the Federal Reserve’s meeting minutes.

🤖 “Bring Sam back” investors advocate!

📝 Our report: OpenAI's investors seem to be on a quest to bring back co-founder Sam Altman to the throne at ChatGPT, with rumors circulating that Microsoft, one of the company’s largest investors, would be cool with that move! According people familiar with the matter, Altman has indicated he would be eager to return to the mercurial AI startup.

 🔑 Key points:

• Microsoft Chief Executive Officer Satya Nadella and other investors spent the weekend trying to get Altman and former OpenAI President Greg Brockman rehired.

• For Altman to return, the other board members, Adam D’Angelo, co-founder and CEO of Quora; Tasha McCauley, CEO of GeoSim Systems; and Helen Toner, director of strategy and foundational research grants at Georgetown’s Center for Security and Emerging Technology, would need to change their minds.

• Over 500 OpenAI employees signed a letter indicating their willingess to resign from the firm if Altman was not brought back to lead the company, with Microsoft adding that accommodations had been made to hire those who resigned from OpenAI.

💡 So what: The drama unfolding between OpenAI, Microsoft, the employees of the company and its remaining investors has been one of the most bizarre shakeups in recent corporate history. Across Silicon Valley, the news has sent shockwaves through the emerging artificial intelligence community with technologists, venture capitalists and media houses eager to see what transpires next.

Tuesday - FOMC October Meeting Minutes

Wednesday - No Major Economic News

Thursday - No Major Economic News

Friday - No Major Economic News

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💡 Here’s a list of the best business schools in the US!

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💸 US puts Binance on the hook for $4 billion

WHAT: The U.S. Justice Department is doing some financial jiu-jitsu, aiming to extract over $4 billion from Binance in what seems like the crypto version of a blockbuster settlement. Negotiations between the Justice Department and Binance include the possibility that its founder Changpeng Zhao would face criminal charges in the US under an agreement to resolve the probe into alleged money laundering, bank fraud and sanctions violations,

WHY: The case is one of the largest investigations the Justice Department has ever conducted into a cryptocurrency company. A settlement would represent another historic resolution following the collapse of crypto exchange FTX, which resulted in the conviction of its founder Sam Bankman-Fried on fraud and conspiracy charges.

💳 US new credit demand down in 2023

WHAT: It seems like credit has taken a bit of a snooze in the US in 2023 as, according to the latest survey from the Federal Reserve Bank of New York, demand for new credit has declined and is likely to stay soft for the foreseeable future. Application rates for new credit fell to 41.4% compared to 44.8% in 2022 and the pre-pandemic 2019 level of 45.8% the bank's quarterly Survey of Consumer Expectations Credit Access survey showed.

WHY: Credit costs have increased markedly for borrowers on the back of aggressive Federal Reserve interest rate hikes aimed at slowing the economy to bring high inflation back to the U.S. central bank's 2% target.

✖️ X CEO: Advertisers have pulled back

WHAT: Linda Yaccarino, the mastermind behind the scenes at social media platform X, spilled the beans that some advertisers are hitting the pause button. Why, you ask? Well, turns out there's been a bit of a hubbub over antisemitic content, and Elon Musk, the big cheese of the platform, may have added some spice to the mix

WHY: X faced a widespread backlash after Musk agreed with a tweet that was perceived to be antisemitic. Musk subsequently railed against “bogus” media reports accusing him of antisemitism. “Nothing could be further from the truth,” he said in a post on X.

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