Good morning readers. What comes to mind when you think about a rising star? The reality tv series? The movie with Bradley Cooper and Lady Gaga? OK the movie was called A Star is Born but you get it. In the tech world, it’s Nvidia. The company has now surpassed Google’s parent company, Alphabet, in market value, riding the AI wave to top-tier status on Wall Street. With shares climbing over 2% to reach $739.00, Nvidia's valuation stands at a whopping $1.83 trillion, nudging past Google's $1.82 trillion. This follows Nvidia's recent leapfrogging of Amazon in market value just two days ago. With quarterly earnings due on Feb. 21, analysts predict a staggering 118% annual growth in sales to $59.04 billion.

Let’s jump into today’s storylines.

In today’s digest:

• Uber hits a key milestone: profitability

• Headline Hustle: Shooting at Kansas City Chiefs’ Super Bowl parade leaves one dead and 22 injured, Tom Suozzi wins special election and succeeds George Santos, Bitcoin hits $1 trillion market cap

• Apple fans are returning their Vision Pro headsets

• Pulse Points: What’s Trending

BUSINESS

Uber shifts gear from start-up hype to Wall Street type

Uber, the ride-sharing juggernaut that redefined urban mobility, has finally turned the corner. From its early days as a Silicon Valley sensation known more for its sky-high valuations than its bottom line, Uber has charted a path to profitability that's catching Wall Street's eye.

With a strategic pivot highlighted by management shakeups and an eagerly anticipated IPO, Uber's latest financial feats include not just positive free cash flow in 2022 but also turning its first operating profit in 2023.

The journey hasn't been a smooth ride

The company’s path to profitability was punctuated by market pressures and the need to balance its low-cost service model with financial viability. Yet, the recent announcement of ambitious long-term financial targets, alongside a $7 billion share buyback plan, has turbocharged its stock value, causing it to jump nearly 12%. Such moves have sparked a wave of optimism among investors, buoyed further by a chorus of analysts now singing praises, with 90% branding Uber's stock a must-buy.

But Uber's journey is more marathon than sprint.

• It’s CFO's cautious stance on mergers and acquisitions underscores a strategic approach to growth, emphasizing the need for decisions that offer not just strategic value but also financial health.

• This cautious optimism is mirrored across the sector, with rivals like Lyft and Instacart navigating their profitability paths, and DoorDash, a direct competitor, poised to reveal earnings that could further shape the narrative around the gig economy's financial viability.

Uber's journey from burning cash to banking it is a testament to the gig economy's maturation. But as the sector evolves, so too do the challenges. Regulatory hurdles, labor dynamics, and the relentless pace of technological innovation remain ever-present threats to profitability.

Big picture: In a market thirsty for success stories, Uber's recent triumphs offer a glimpse into the potential of disciplined strategy and operational efficiency. As the company accelerates on its path of financial growth, the broader gig economy watches and learns. The road ahead is fraught with both opportunities and obstacles, but for now, Uber's shift from red to black is a beacon of hope for a sector in search of its financial footing.

Headline Hustle

🏈 Shooting at Kansas City Chiefs’ Super Bowl parade kills one, injures 22. In Kansas City, the celebratory atmosphere of the Chiefs' Super Bowl parade turned tragic as gunfire erupted, injuring 22, including eight children, and claiming one life. Kansas City Police Chief Stacey Graves confirmed three suspects in custody but withheld further details on motive and weapons used. The incident underscores a grim trend of gun violence tarnishing public events. Mayor Quinton Lucas lamented the pervasive threat, echoing calls for stricter gun laws. Despite the tragedy, the city's resilience shines through, reflecting on past triumphs and vowing to persevere.

☑️ Tom Suozzi wins special election to succeed George Santos in Congress. Democrat Tom Suozzi secures victory in a Long Island special election, flipping a GOP-held seat in Congress and signaling resilience against Republican immigration rhetoric in swing districts. Suozzi's win, reclaiming New York’s Third Congressional District, narrows the GOP majority in the House, amid a record-setting $20 million campaign expenditure. Immigration discourse dominated the race, reflecting broader national concerns. Suozzi's emphasis on experience resonated with voters, while GOP rival Mazi Pilip faced criticism over policy alternatives.

🪙 Bitcoin hits $1 trillion market cap. Bitcoin rebounds strongly, surpassing $51,000 after a brief dip triggered by concerning U.S. inflation data. Currently at $51,341.12, Bitcoin's surged 2.5% in 24 hours and 20% in a week, marking a $1 trillion market cap for the first time since December 2021. The rise is buoyed by positive sentiment from new Bitcoin ETFs, with over $3 billion in net flows within a month—outpacing even gold ETFs. High open interest in Bitcoin futures signals investor optimism, hinting at potential for a new all-time high.

TECH

Apple Vision Pro buyers are returning their headsets

For a few Apple Vision Pro users, the magic is already gone.

Early adopters, lured by the promise of a future where digital landscapes blend seamlessly with their morning coffee, are now facing a reality check. The $3,500 leap into Apple's augmented world is turning heads—and not just to gaze at virtual sunsets.

The gripes

Headaches, dizziness, and a fashion statement nobody asked for, thanks to a design that's more geek than chic. Users lament the device's weight and the strap's uncanny ability to turn a casual VR session into a workout, questioning whether Apple's design team mistook their heads for boulders.

Beyond the physical discomfort, the Vision Pro seems to stumble in the virtual realm as well. Multitasking and file management—the bread and butter of productivity—are reportedly as smooth as a ride on the Kingda Ka at Six Flags. At such a premium, users expected a device that could at least replace their laptop, or perhaps even their assistant.

Yet, in the true spirit of early adopters, some remain hopeful. They're looking to the horizon, envisioning a future where Apple irons out these first-gen creases. The potential for a transformative wearable experience is there, whispering sweet nothings about what could be if only the device didn't feel like a medieval helmet.

But here's the million-dollar question: Will the Vision Pro's early bumps in the road deter its journey to success, or are they merely stepping stones to a future where we all gaze into Apple-tinted lenses? While the jury's still out, one thing is clear—Apple has its work cut out. To woo the masses and justify its hefty price tag, the next iteration needs not just to be visionary but a little less bulky. Until then, Apple aficionados might just stick to devices that don't require a headache tablet as an accessory.

SNIPPETS

Pulse Points

• Cisco announced a workforce reduction of 5%, eliminating approximately 4,250 jobs, leading to a 9% drop in its shares in extended trading.

• SpaceX plans to change its business incorporation from Delaware to Texas, following a Delaware judge's ruling against Elon Musk's 2018 Tesla pay package.

• Andrej Karpathy, a prominent research scientist, announced his departure from OpenAI for the second time, stating that his decision was not driven by any specific event, issue, or drama.

• The millionaire population in BRICS countries is expected to grow by 85% over the next decade, contributing significantly to global wealth increase, as reported by Henley & Partners in collaboration with New World Wealth.

• William "Bill" Post, a key figure in the creation of Pop-Tarts, has passed away at the age of 96.

• Starting February 26, Wendy’s will collaborate with Cinnabon to introduce a cinnamon roll-inspired item to its breakfast menu, signifying a rare partnership between two competing chains.

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