🍋 The New King of Tech Jobs

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Good Morning! Apple is planning to announce its next foray in the finance world - Apple Pay Later. It's like a bank loan but with a more fun logo.

Robinhood is planning to buy back shares from the Sam Bankman-Fried controlled entity that owns 7.6% of Robinhood. Meanwhile, lawyers on the FTX case have already racked up a bill of $20 million. In other tech news, Netflix is taking no prisoners in its mission to stamp out password sharing, banning it in Spain and Canada.

And Google's latest promotional event for its chatbot, Bard, took a stumble as Bard shared inaccurate answers and caused the company's stock to dip nearly 8%.

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1. Story of the Day: The New King of Tech Jobs

Silicon Valley has been dethroned, and the East Coast is officially the new king of tech jobs. For the first time ever, Washington DC and New York had more job openings for software developers than California last month.

Silicon Valley has more jobs in Big Tech and at startups, while the East Coast is has a higher presence of investment banks and professional firms like Goldman Sachs, BCG, and Deloitte.

The tech industry was once the darling of the job market, offering the latest and greatest in innovation and excitement. However, 2022 has been a year of turbulence, with job postings peaking last spring followed by a massive wave of 150,000 layoffs - most notably at Silicon Valley's biggest names like Facebook, Amazon, and Google.

But while Big Tech has been feeling the burn, banks and professional services firms on the East Coast are recognizing the need for in-house tech talent. They’re recruiting software engineers heavily, offering hires higher pay, greater stability, and growth opportunities.

Takeaway: Don’t count on Big Tech being down for too long. But New York and Washington DC are capitalizing on the opportunity and becoming tech hubs, and those jobs could be here to stay.

2. Markets Rundown

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Stocks closed lower amidst earnings data and recession concerns.

Movers & Shakers

• (+) New York Times ($NYT) +12% because the company beat earnings estimates after a digital bundling push.

• (–) Alphabet Inc. ($GOOGL) -8% after Google flopped at its AI event.

• (–) Lumen ($LUMN) -21% after the telecommunications company sank to levels not seen since 1988.

Private Dealmaking

• CVS will buy Oak Street Health for $10.6 billion

• Brookfield Reinsurance bought Argo Group, an insurance company, for $1.1 billion

• MBK Partners bought Unimat Retirement Community, a Japanese elder care provider, for $300 million

• Jobber, an operations management software provider, raised $100 million

• Jeff, a Spanish platform for entrepreneurs, raised $96 million

• Crowdbiotics, a software developer platform, raised $40 million

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3. Top Reads

• How streaming saved our quality of life (Axios)

• Disney beats expectations as subscriber losses aren’t as bad as feared

• (CNBC)

• Microsoft’s double-edged threat to Google (WSJ)

• Half of Americans say they are financially worse off, highest since 2009 (Fox)

• Wholesale egg prices have collapsed, and why consumers may soon see relief (CNBC)

• Uber reports strongest quarter ever as rest of Silicon Valley stalls (CNN)

• Cities are racing to add new EV charging stations (Axios)

• Microsoft heads for $2 trillion market cap after ChatGPT bounce (MW)

• BBBY bears may be exposed to one more surge (YF)

4. Book of the Day: The Power of Writing It Down

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For anyone who's trying to make sense of their life, who wants to get unstuck from the patterns that hold them back, hear this incredible news: everything you need for the freedom you want is entirely within reach. This practice and pathway is free, it's readily available every day of your life, it takes just minutes of your time, and anyone can do it.

Drawing from years of coaching hundreds through the writing process–from first-timers to New York Times bestselling authors–Allison Fallon shares tried and tested practices for getting started, staying inspired, and using this simple habit to shift how you feel and show up to your life. Pen and paper is simply the method, but the reward is the real magic: new depths of self-discovery, creativity, and intentionality for living.

“Writing helps us not only see the words we’re already using but then change the words we’re using so that we can in turn change our lives.”

5. Short Squeez Picks

• Nobody optimizes happiness

• How to improve concentration

• The mindset that brings unlimited willpower

• Developing a philosophy of project building

• The art of questioning our assumptions

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6. Daily Visual: Office Occupancy Dips Back Below 50%

As of Feb 1, 2023

_{Source: Axios}

7. Daily Acumen: Hidden Leverage

After years of tests, Lockheed engineers finally built a stealth plane. They could fly their prototype without radar picking it up. It was a miracle.

Then one day, it just stopped working.

“You lit up the radar like a Christmas tree” an engineer tells a test pilot in the book Skunkworks. “They saw him coming from 50 miles away.”

No one could figure it out. They hadn’t made any changes to the plane’s design.

A screw hadn’t been secured tightly enough during maintenance, its head extending a few millimeters above the plane’s surface. That was maybe half a drill spin less than ideal. It was more than tight enough for the plane to operate. But on radar, it “appeared as big as a barn door.”

There’s a lot of hidden leverage in the world – tiny things that seem inconsequential but operate in a tightly wound system where one flaw can bring everything down.

_{Source: Collaborative Fund}

8. Job Board

• JPMorgan Chase Bank, N.A. - Senior Associate - Chief Investment Office - Financial Analysis - New York, NY

• Apple Bank for Savings - Quality Control Analyst - Financial Intelligence - New York, NY

• UBS - Credit Risk Officer - Global Family Office/Hedge Funds - New York, NY

• Amex - Senior Financial Analyst - New York, NY

• Dow Jones - Senior Data Analyst, Data Science & Insights - New York, NY

• Deloitte - Senior - Financial Services Industry - New York, NY

9. Memes of the Day

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