ChatGPT Justification for PPI Miss
For a bit of fun, we asked ChatGPT for some reasons (or excuses) why today's PPI data might be weaker than the official figures suggest. Most of the reasons provided wouldn't hold up in this context. It went as far as to exclude energy and food prices but didn't offer much more beyond that—all textbook explanations.
The least bad excuse we could come up with was to attribute it to higher commodity and energy prices while the US dollar weakened on a monthly basis. This is without openly acknowledging a failure to accurately account for real-time observable prices. Otherwise, we can almost expect Paul Kruman's next NY Times op-ed to likely present the case for lower PPI ex-everything-prices-higher.
It's the developments that are not on our radar which knocks confidence.
Grifols Downgraded by S&P and Fitch
Today, shares of Grifols SA fell by 10% following downgrades by both S&Pand Fitch to a negative watch—respective press releases here and here.
The stock has lost all of the gains it made last week after auditors approved the company's financial statements. Gotham City Research opened a can of worms.
Nvidia shares also experienced a minor drop today. Any decline less than 20-30% from its peak doesn't constitute a correction on this stock. At which point, sentiment will probably turn negative on the name… and they ramp up share buy backs. That's usually how it goes.
