The president could name up to 24 advisors on new tech panel. (0:15) Memory chip stocks fall after Google unveils more efficient AI algorithms. (1:22) BlackRock CEO Larry Fink tells private credit investors to ‘live with it.’ (1:59)
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Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market
action, news, and analysis.
Good afternoon, today is Wednesday, March 25, and I'm your host, Kim Kahn.
Our top story so far.
President Donald Trump has named some of the biggest figures in tech to a new President's
Council of Advisors on Science and Technology.
The appointees include Meta Platform CEO Mark Zuckerberg, Oracle Executive Chairman Larry
Allison, and Nvidia CEO Jensen Wong, Advanced Micro Devices CEO Lisa Sue, and Google co-founder
Sergei Brinn will also serve.
Who needs to let this off the backs?
Who keeps the Martians under wraps?
We do!
The White House and the panel will focus on the opportunities and challenges posed by emerging
technologies, with an emphasis on ensuring the American workforce benefits in what it calls
a golden age of innovation.
The chance to begin again in a golden land of opportunity and adventure.
The Council will be co-chaired by David Sachs, the White House AI in crypto-zar, and technology adviser Michael Kratzius.
13 members have been appointed so far with the total expected to reach 24.
Nvidia welcomed the move, saying it looks forward to helping advance American leadership in AI, and highlighting the importance of collaboration between researchers, developers, and industry.
Among active stocks, memory-related names are under pressure after Google unveiled new algorithms aimed at reducing the memory required to run large language models and vector search engines.
Micron, Western Digital, Seagate Technology, and Sandisk are all under pressure.
Two aim is estimates that its fourth quarter report and issued mixed guidance.
However, shares are sharply higher as investors focus on management's confident tone, highlighting expanding margins, and strong cash generation.
And Sirreptatheraputics is surging after reporting initial phase one and two data for experimental treatments targeting two rare forms of muscular dystrophy.
And in other news of note, BlackRock CEO Larry Think had some blunt advice for investors frustrated by limited redemptions in private credit funds.
Deal with it.
On the front page of the contract, you're investing in something that has less liquidity.
You told the BBC's Big Boss interview podcast.
You have to accept that redemptions are going to be limited to 5% a quarter.
Those are the rules.
Live with it.
Think also stressed that unlike the financial crisis, private credit does not pose a systemic risk, despite recent redemption pressure and some retail funds.
The financial crisis in 2007 was based on hidden leverage, a gigantic leverage on balance sheets, he said.
This is not a leverage balance sheet problem.
While some retail investors are seeking to exit, Thinkset institutional demand remains strong.
More people are trying to get in, he said, adding that its H-Lend fund saw more subscriptions than redemptions.
And senior leaders at Meta Platforms could earn hundreds of millions of dollars if the company reaches a $9 trillion valuation within five years.
Meta awarded new stock options to seven top executives, excluding CEO Zuckerberg.
The options vest only if the stock rises, at least 88% by 2031.
Executives could capture the full payout, if shares climb more than 500% over that period, according to a filing.
That's all for today's Wall Street lunch.
Look for links for stories in the show net section.
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