Macy’s shutters stores, Apple’s pivot, Google’s Gemini fail and Tesla’s new model

— S&P 500, Nasdaq hit records; Bitcoin nearing previous all-time high 

— Macy’s closing over 100 stores across the U.S. 

— Google takes hit after Gemini blowback 

— Elon Musk turns on OpenAI but teases new, delayed Tesla 

— Apple dumps electric car plans, surprising many 

— Inflation remains hot ahead of Fed Chair Powell’s testimony next week 

— Regional banks rocked after NYCB disclosure 

STOCKS AND CRYPTO WRAP WINNING WEEK: Investors ended the week with the S&P 500 and Nasdaq Composite sitting at record highs, helping kickoff the month of March. For Bitcoin, it topped $63,000, with gains of over 23% for the past seven days, as tracked by Dow Jones Market Data Group. The all-time high for the world’s largest cryptocurrency by market value is $67,353.  

MACY’S SHRINKING: American retailer Macy’s plans to be much smaller after it shutters 150 locations…continue reading here.  

VIDEO: Where does Macy’s fit in the U.S. retail pie?

GOOGLE’S MISSTEP: The search giant’s AI tool, Gemini, was shown to have a bias against White people. CEO Sundar Pichai finally addressed the situation, but some wonder if this is the company’s Bud Light moment…continue reading here. Shares of parent company Alphabet lost 5% this week.

GOOGLE PARENT ALPHABET: -5% 1-WEEK

FRENEMIES?: Elon Musk is suing Sam Altman’s Open AI, claiming it’s lost its way under his direction…continue reading here. 

As for Musk’s Tesla, the long-delayed new model is coming soon, he promised…continue reading here.

VIDEO: How far ahead is Elon Musk in the electric vehicle race?

APPLE’S ABOUT FACE: Apple scrapped plans to develop an electric vehicle, good nighting what was known as “Project Titan,” per reports…continue reading here. 

VIDEO: Here’s why Apple is dropping out of the EV business.

REGIONAL BANKS ROCKED: Ahead of the March anniversary of the collapse of Silicon Valley Bank, NYCB is warning investors it’s on shaky ground, sending chills through the regional banking industry…continue reading here.  

VIDEO:  Is another regional bank on the verge of collapse?

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INFLATION STICKS AROUND: The Federal Reserve’s favorite data point on inflation didn’t bring enough relief for policymakers and is making the timing for future rate cuts even murkier…continue reading here.  

VIDEO: Former Federal Reserve President James Bullard gives his take on inflation. 

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