Good morning. US stock futures ticked downward in Wednesday morning trading as investors weighed the latest round of earnings and sticky inflation globally.

"The opportunity is greatest where assets are least efficiently priced"

David Swensen

Top News

SEC Chair flamed at Congressional hearing 

WHAT: In what can only be described as a shocking turn of events, US Securities and Exchange Chair Gary Gensler found himself on the wrong side of a congressional roasting by lawmakers. Members of the House Financial Services Committee accused the SEC of stifling financial innovation and being hasty in making rules to regulate climate change and the crypto industry. 

WHY: Under Gensler the SEC has proposed 46 rules related to the $100 trillion capital markets, ranging from investment advisor conduct, climate-related risk disclosures and market structure.  

EU: We want a larger piece of the semiconductor action! 

WHAT: European Union negotiators have agreed on a plan to spend 43 billion euros ($47.2 billion) on semiconductors -- because apparently they're tired of being outshone by Silicon Valley. Europe currently produces about 10% of the world's semiconductors, primarily mature chips for the automotive industry. 

WHY: The EU has an ambitious goal of manufacturing 20% of the world's semiconductors by 2030, focusing on the most cutting-edge chips.  

Apple opens up in India 

WHAT: Apple finally decided to grace India with its presence. The company just opened their first retail store in the populous city of Mumbai called Apple BKC, making it clear that they're looking to plant some flags in the Indian market.  

WHY: India has a growing middle-class and young, "mobile-first" population willing to pay more for phones. Apple CEO Tim Cook said he's "bullish" on the world's fifth largest economy and the company is putting a "significant amount of energy" into the market. 

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In Other News

Crypto boss says clearer rules needed 

WHAT: Brian Armstrong, the CEO of crypto exchange Coinbase says the US and UK should get their act together when it comes to the clarity of crypto industry rules or expect more firms to set up shop in offshore havens outside of the grasp of regulators.  

WHY: US regulators and law enforcement have launched a broad crackdown on crypto companies this year, aimed at illegal offerings and failures to comply with rules designed to prevent illicit activity.

No more BTC for us! 

WHAT: Intel has thrown in the towel on their Bitcoin mining chip series — just one year after its initial introduction. The company said it expects to stop taking orders for the series, called "Blockscale", by October, and end shipping by April 2024.

WHY: Despite exiting the Bitcoin chip manufacturing space, the company said it would continue to "monitor market opportunities" in the cryptocurrency industry.   

R.I.P DVDs  

WHAT: And just like that, we've come to the end of an era. Netflix is finally saying "adios" to their DVD by mail rental service which revolutionized home entertainment. After a quarter-century of delivering plastic discs to your doorstep, they've decided to move all attention to their streaming business.  

WHY: The DVD service, which still delivers films and TV shows in the red-and-white envelopes that once served as Netflix's emblem, plans to mail its final discs on September 29th.  

Key Economic Events

• Wednesday - Federal Reserve Releases Beige Book, Eurozone CPI Y-o-Y, UK CPI Y-o-Y

• Thursday - Fed's Bostic Discusses Economic Conditions, ECB March Meeting Account

• Friday - No Major Economic News

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