10 things before the opening bell
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Let's jump in.
1. The metaverse is already here to stay. As if Facebook's rebranding into a conglomerate known as "Meta" wasn't enough of a sign, other corporate giants are already pivoting. Just this week Insider dug through three years of Nike patents, finding definitively that the athletic-apparel giant has long harbored vast metaverse ambitions. They're hardly alone.
Stock investors bullish on the multiverse have also made their presence felt. The Roundhill Ball Metaverse ETF (META) has seen assets under management swell to more than $250 million in its first 18 weeks of existence, having quintupled over the past three months. Top holdings in the fund include Nvidia, Microsoft, Roblox, and - of course - Meta.
The cutting-edge crypto world has unsurprisingly gotten in on the metaverse craze as well. Insider recently spoke to two traders who are making altcoin investments based on which ones have the most practical uses within the metaverse.
We also chatted with the 'Godmother of the Metaverse' about the virtual realm she runs where tuition is sold as an NFT. Check out the 4 ways she recommends investors get exposure.
2. US stocks are shaping up for another fall after the S&P 500 snapped an 8-day winning streak. There's fresh data on US inflation coming today, and analysts think a sharp rise could drive a sell-off for techs. Here are the latest moves on the market.
3. Meet Hai Dinho, a college student who's mining shiba inu coin for free from his spare laptop. He told Insider that he used the website UnMineable to download the mining software that has helped him collect over 12,000 SHIB a day. He details his strategy here.
4. Earnings on deck: Walt Disney, adidas, and Tencent Holdings, all reporting.
5. Tesla plunged 12% on Tuesday. The stock took a dive amid insider-selling anxiety, weak China sales, and a warning from "Big Short" legend Michael Burry. It was the stock's biggest drop since September 2020.
6. It's the end of an era for General Electric. The conglomerate will split into three separate companies: healthcare, power, and innovation. Check out our retrospective on GE's rise and fall over 129 years.
6. Even Tim Cook is riding the crypto train. At the DealBook conference on Tuesday, the Apple CEO said he owns crypto, and the company is exploring options in the space. Just don't expect it anytime soon.
7. Panera Bread is about to go public (again). The company, which went private in 2017, is going the traditional IPO route. Investors include Shake Shack founder Danny Meyer.
9. Institutional investors are buying more altcoins than bitcoin for the first time. That's according to Hong Fang, an ex-Goldman Sachs investment banker and current CEO of the crypto exchange Okcoin. She shared with us 3 under-the-radar altcoins that are seeing huge trading volume.
10. Billy Hwan recently took over a stock fund that ranked in the top 1% over 15 years. The Parnassus Endeavor Fund has continued to outperform under Hwan's guidance. He told us how he's rebuilt its strategy - and shared 3 favorite stock picks for the long term.
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