Happy morning, Munchers!

Here is your daily dose of the news that matters, from Wall Street to Dalal Street - in 5 minutes and 11 seconds.

Let’s dive in.

What’s hot, what’s not

Market Commentary

• Fed boosted market sentiment and sent US stocks up - saying that they don't think we are in a recession. 📈

• Traders also shook off concerns that Nancy Pelosi's visit to Taiwan would bring trouble. 🥶

• A strong earnings season continues to provide optimism for stock markets around the world. 💸

Story Roundup

1 - Dirt, dust and sanctions are why Europe's starving for gas. 🥴

Russia's state-owned gas company Gazprom has been treating Europe like a pawn of late.

They supply about 40% of Europe's gas needs, and recently cut gas exports to a mere fifth of usual capacity.

Initially, this gas cut was blamed on some maintenance issues. Namely, some dust and debris in the pipeline. 

Now, Russia is saying that sanctions are preventing them from importing a turbine - a crucial part of the pipeline to export gas. 

2 - Hackers hit the Solana network HARD. 💔

Unknown hackers hit tens of thousands of third-party crypto wallets in an attack on the Solana network.

It looks like there has been about $10 million (and counting) in theft from these users so far. 

It also looks like it's only affecting iOS users with a specific type of wallet.

Scary times.

If you do have any crypto, you might want to consider a hard wallet. Takes your crypto 'offline' and makes it impossible for a hacker to get access to it. 

3 - Uber gets rid of it's Zomato position. 🍅

After reporting their first cash-flow positive quarter, Uber has sold it's minority stake in Zomato for a total loss of $710m.

It's a holding that bogged down what would have otherwise been one of Uber's best quarters, as they just clocked their first cash-flow positive quarter. 

In 2020, they sold their Uber Eats operations to Zomato in exchange for a stake in the company - which has quickly deteriorated as Zomato fell 70% from it's pandemic peak.

Big money. 🎾

4 - OPEC hikes oil production a teeny weeny bit. 🛢️

Bloomberg said it best - "THE SMALLEST INCREASE EVER".

OPEC responded to relentless diplomacy from Biden with a 100,000 barrels/day hike, offering little respite for consumers that are facing suffering from relentless energy inflation.

There's been a pretty decent drop in oil prices in recent weeks, but the Biden administration wants to see it crater a little more.

Slippery slope. 

5 - Tiger Global goes halfsies on their flagship fund. 💵

Tech stock hedge fund Tiger Global was a Wall Street darling for the last few years - riding the very peaks of the run-up in tech companies.

Over the past few years, the fund’s overweight exposure to technology and software companies made it one of the best performing hedge funds in the world, recording tens of billions of dollars in profits.    

Cut to today, and their flagship hedge fund is down a whopping 64% on the year. 

This comes amid a tech stock rout that has sent some of the biggest growth companies in the world plunging. 

In an environment where growth companies have had their legs cut off by the Fed and their aggressive tightening, leveraged tech investing doesn't seem to be working well. 🤷

One for the history books.

Aaaand that’s a wrap.

Happy day guys.

I've just shifted my newsletter platform from Substack to Beehiiv. It might not make a lot of difference for you, but is a whole new world for me.

Do let me know if you like the flavor of these ones better.Thanks a ton for reading. Hope you enjoyed it.

Any feedback is open - positive or negative. Hit my line at [email protected] or https://www.linkedin.com/in/aryaansh/.