Good morning. US stock futures fell in Wednesday morning trading as Wall Street braced for a key inflation report.

"Bottoms are better to watch than to try and catch"

Becky Quick

Top News

Debt standoff

WHAT: Looks like US President Joe Biden and House Speaker Kevin McCarthy are playing a game of chicken to see who blinks first in the current US debt situation. After an hour-long meeting at the Oval Office, McCarthy said he didn't see any "new movement" and that both sides remained at loggerheads over issues such as spending cuts.

WHY: The meeting comes amid rising fears from Wall Street that the standoff will put increasing pressure on US equity markets as Washington flirts with a default.

EU tightens cybersecurity rules

WHAT: Amazon, Google, Microsoft and other non-European tech giants have their work cut out for them if they want to get their hands on a European Union cybersecurity label to handle sensitive EU data. According to new draft rules in the EU, these companies can only do so via a joint venture with an EU-based company.

WHY: The latest draft proposal from EU cybersecurity agency ENISA concerns an EU certification scheme (EUCS) that would vouch for the cybersecurity of cloud services and determine how governments and companies in the bloc select a vendor for their business.

Auto trade group balks at emissions rules

WHAT: The Alliance for Automotive Innovation, an industry group representing large car manufacturers is saying meeting new US emission standards will be like pulling teeth. The group, which represents Kia, General Motors, Volkswagen and others, said supply chain issues for batteries, motors and chargers, as well as stubborn consumer sentiment make the targets set almost unreachable.

WHY: The US Environmental Protection Agency has proposed sharp emission cuts that it estimates will result in 60% of new vehicles by 2030 being electric and 67% by 2032.

When Was The Last Time We Upgraded The Combustion Engine?

Let’s face it, engine technology is stuck in the past.

Combustion engines are inefficient, converting just 15% of fuel into useful energy. Considering that the design of these engines is over 100 years old, that shouldn’t come as a surprise.

But MIT-grad, Dr. Alexander Shkolnik, and his physicist father Dr. Nikolay Shkolnik, decided to do something about it.

They patented a new thermodynamic cycle that unlocks a more efficient engine with the same power from a much smaller and lighter package.

With their revolutionary XTS-210 engine, LiquidPiston has designed a product that has up to 5X the power-to-weight in 1/5th the size of engines of comparable power.

With 82 patents granted and pending and over $30M in contracts with the US Dept. of Defense to do everything from helping drones fly farther to making generators smaller, LiquidPiston is just getting started.

And you have the opportunity to invest as they disrupt a $400 billion market.

Click here to invest in LiquidPiston’s ride to the top!

*Thanks to our sponsors for keeping this newsletter free

In Other News

How about a side order of AI with those fries?

WHAT: Wendy's and Google have found a way to join forces that doesn't involve search or burgers. Well kinda. The quick-service chain is expanding an existing partnership with Google to pilot a solution called "Wendy's FreshAI" to create new ways for customers to order food via touchpoints including drive-thru and mobile devices.

WHY: "Wendy's introduced the first modern pick-up window in the industry more than 50 years ago and we're thrilled to continue our work with Google to bring a new wave of innovation to the drive-thru experience" said Todd Penegor, president and CEO of Wendy's.

Want $10? Pick up your deliveries!

WHAT: Amazon has come up with an "interesting" new plan to save on delivery cost. They're offering ten bucks to any US customer who decides to pick up their purchase instead of having it shipped to their house.

WHY: Amazon said the promotion was not a cost cutting measure, and that it applies to customers who have never used Amazon Pickup, or have not used the service in the last 12 months.

Don't count the Metaverse out just yet...

WHAT: Meta Platforms has just come up with a doozy of a prediction! According to a study commissioned by the company, the Metaverse could contribute roughly $760 billion or 2.4% of US GDP by 2035.

WHY: The concept of the Metaverse included augmented and virtual reality technologies that allow users to immerse themselves in a virtual world, or overlay information digitally on images in the real world, according to the report by consulting firm Deloitte.

Key Economic Events

• Wednesday - US CPI Y-o-Y

• Thursday - Bank of England Rate

• Friday - Fed's Bullard and Jefferson Take Part In Panel

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