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Wall Street

This Month

Morgan Stanley has been a traditional investment banking blue blood.

Morgan Stanley loses crown as chief Goldman Sachs rival

Both JPMorgan and Evercore generated more financial advisory fees last year, marking a change in the Wall Street guard.

  • Joshua Franklin and Sujeet Indap

Trump chaos | Business election fears | The new millionaires factory

James and Anthony consider what Trump means for markets, reveal what top business leaders are talking about ahead of the federal election and look ahead to the official opening of the ASX’s new millionaires factory.

  • Updated
KKR reported $US7.9 billion of gross unrealised carried interest in its investment funds and Blackstone had $US6.3 billion in net accrued performance revenue at the end of 2024.

Trump takes aim at private equity’s favourite tax perk again

There are vast sums of money at stake at some of the largest publicly traded PE firms – Apollo Global, Blackstone, Carlyle Group and KKR.

  • Allison McNeely and Dawn Lim
Macquarie shut its European debt capital markets efforts last year.

Macquarie pivots to private credit, shutters US debt business

The financial services giant will no longer provide traditional loans in the US, having exited the market in Europe. It wants to focus on private credit.

  • Updated
  • Jemima Whyte
Dnald Trump is flanked by Scott Bessent, his newly minted Treasury secretary, and Howard Lutnick, his pick to be commerce secretary.

Trump’s hardliners seize control in 72 hours of trade chaos

The US president’s brinkmanship with Canada and Mexico shows he and his new economics team are willing to take risks to get his way on the economy.

  • Aime Williams, James Politi and Michael Stott
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Future Fund chief executive Raphael Arndt hasn’t changed his view on the world that investors will confront.

What you can learn from the Future Fund’s three big moves

The Future Fund’s shift into US stock has paid off, but it still fears a Trumpian world of more polarisation and higher inflation. 

  • James Thomson
Chief Executive Officer Lachlan Murdoch said on the company’s earnings call that Fox saw record political ad revenue during the first half of fiscal 2025.

Fox sales, profit surge; company plans new streaming service

Shares in the media company soared to their highest in nearly six years as its quarterly results were bolstered by higher US political ad spending.

  • Updated
  • Hannah Miller
President Donald Trump has unleashed the first salvo of his tariff war.

Trump’s tariffs collide with ASX earnings test

Futures indicate a 1.2 per cent drop for the ASX 200 on Monday as strategists say that full valuations demand earnings perfection this reporting season.

  • Alex Gluyas
The outlook for US equities is becoming less clear.

US exceptionalism is peaking: expert

The “magnificent seven” are poised to become the “lagnificent seven” as the tailwinds that have propelled American equities fade, Michael Hartnett argues.

  • Updated
  • Timothy Moore
US stocks were set to end the week higher.

S&P 500 slumps as tariffs plans whiplash markets

US equities closed lower after the US said it will impose higher tariffs on Canada, Mexico and China this weekend. ASX futures tumbled 1.2pc.

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  • Timothy Moore

January

DeepSeek drama: are markets all-in on the most dangerous idea in history?

While investors fret about what the arrival of DeepSeek means for their all-in bet on American artificial intelligence dominance, they’re ignoring even bigger questions. 

  • James Thomson
The economy grew 2.8 per cent in 2024 after expanding 2.9 per cent and 2.5 per cent in the prior two years, respectively.

US economy ends 2024 with 2.3pc GDP growth on consumer resilience

Consumer spending, which comprises the largest share of economic activity, surged in the December quarter, led by a pickup in motor vehicle sales.

  • Molly Smith
Microsoft CEO Satya Nadella

Microsoft’s $128b bet that DeepSeek won’t change everything

The US tech giant said growth in its cloud-computing business slowed during the last three months of 2024, even as it ramps up spending on artificial intelligence.

  • Amelia McGuire
OpenAI has suggested DeepSeek leant on its models to create its own as scepticism grew about claims of its low-cost development.

Scepticism grows of DeepSeek’s bold AI claims and ultra-low cost

Donald Trump’s artificial intelligence adviser said there was “substantial evidence” the Chinese start-up had used data sources from its Silicon Valley rivals.

  • Updated
  • Paul Smith and Joshua Peach
Howard Marks sees bubble-like conditions in markets.

Howard Marks and Ray Dalio see plenty of DeepSeek aftershocks

While Wall Street’s panic over the Chinese AI breakthrough has faded, there are signs of bubbles and FOMO that have not been flushed out by this episode.

  • James Thomson
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Traders working on the floor of the New York Stock Exchange.

Tech giants rebound after AI day of reckoning

Dip buyers rushed to the rescue, with Nvidia recovering from a historic loss. At the closing bell, each of the magnificent seven were higher.

  • Updated
  • Rita Nazareth
The US efforts to restrain China’s development of AI and other advanced technologies appear to have forced Chinese companies to develop innovative workarounds.

DeepSeek arrival upends investor belief in magnificent seven dominance

Elon Musk, who is developing his own AI model, questioned whether Silicon Valley’s new Chinese rival had made up claims of being more efficient.

  • Updated
  • Paul Smith and Joanne Tran
Nvidia chief executive Jensen Huang has become a god in markets.

DeepSeek just changed everything investors believe about AI

Markets had a cult-like belief that a small group of US tech giants, led by Nvidia, would dominate the AI arms race. China’s start-up just changed that. 

  • Updated
  • James Thomson
A reality check for the high-flying growth stock.

Nvidia erases $1 trillion in value in DeepSeek rout

The chipmaker, the poster child of the AI frenzy, sank 18 per cent in the biggest market-cap loss for a single stock in history.

  • Updated
  • Carmen Reinicke and Cagan Koc
Signs of the “bubble of belief” in US tech stocks are everywhere.

Five ways the market’s ‘bubble of belief’ could pop

While investors obsess over Donald Trump’s first moves as president other challenges to their all-in bet on the sharemarket are emerging.

  • James Thomson

Original URL: https://www.afr.com/topic/wall-street-1lyg