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đ Australians double their AI spend | Blue Origin's launchpad explosion
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The Big Picture
Australian consumer AI subscriptions are up 145%. According to Westpac spending data, AI subscriptions from Australians have more than doubled year-on-year. In total, Westpac customers are spending $5.6 million a month on AI subscriptions, with the average individual spending $37 a month. (Capital Brief)
Australian cattle farmers benefit as US beef prices surge. US beef prices are up 75% since 2020 as drought conditions and higher feed prices have seen US herd numbers drop to their lowest level in 60 years. One beneficiary has been Australian cattle farmers, with Australian beef exports to the US up 13% so far this year and Meat and Livestock Australia labelling it a record start to the year. (FT | ABC)
Russia strikes NATO country. A Russian drone struck a block of flats in Galati, a Romanian town on the border with Ukraine. Several Russian drones have entered NATO airspace since the invasion of Ukraine in 2022, but this strike is an escalation with two people being injured. (Reuters)
EU unlocks Hungaryâs frozen funds. The European Union had frozen âŹ16 billion intended for Hungary, one of its member states, over rule-of-law violations by former Prime Minister Viktor Orban. After a meeting with new Prime Minister Peter Magyar, the bloc has agreed to unfreeze the funds. (BBC)
France to build Europeâs largest data centre. Japanâs SoftBank Group will invest âŹ45 billion over 5 years to build 3.1 GW of data centres in northern France. SoftBank founder Masayoshi Son noted that France being a net-exporter of energy was critical to make the AI infrastructure investment. (Reuters | FT)
Japanâs population returns to the 1980âs. According to the latest census data, between 2020 and 2025, Japanâs population fell by 3 million people - the largest decline on record. This puts Japanâs population back to 123 million, in-line with where it was in 1989. (NY Times)
Companies in the news
Blue Origin rocket explodes on launch pad. Jeff Bezosâ space company faced a setback over the weekend as tests of their New Glenn rocket ended in a massive explosion. The company was planning to use the rocket next week to add more satellites to the low-earth orbit constellation it is building to challenge SpaceXâs Starlink internet service, but those plans are now delayed. (SMH)
KPMG Australia boss resigns after audit scandal. CEO Andrew Yates has resigned after acknowledging he did not properly handle a whistleblower complaint about auditors inappropriately accessing company documents. The allegations are that KPMG auditors inappropriately accessed commercial data of 6 major companies - Lendlease, Telstra, Optus, Dexus, Macquarie and Westpac - however, an external investigation is ongoing. (ABC)
Officeworks follows NAB and Telstra in offshoring hundreds of jobs. The office products retailer told staff it would be moving dozens of customer support and technology jobs to India. This follows a similar move from Telstra moving 650 jobs to India. (ABC)
Legacy tech makers are flying. Last week, we wrote about legacy computer makers like Lenovo, IBM and HP cashing in on the AI boom. On Friday it was Dell Technologies who saw shares rise 32% after reporting impressive earnings. First quarter revenue was up 88% to $43.8 billion while AI server revenue jumped 757% to $16.1 billion. The company also reported a $51.3 billion backlog of orders for AI servers. (CNBC)
DroneShieldâs new Chair keeps busy. Shareholders in the Australian defence company approved the election of new chairman Hamish McLennan. McLennan is also the Chair of REA Group and ARN Media and a director of Light & Wonder, keeping the former Network 10 CEO very busy. (AFR)
Universal Music Group rejects Bill Ackman. The billionaire fund manager had approached the entertainment giant with a âŹ56 billion takeover bid. Part of Ackmanâs pitch was to move Universalâs listing from its current exchange in Amsterdam to a new listing in the US. Universal, the label behind Taylor Swift, Kendrick Lamar, and Sabrina Carpenter, said the price âmaterially undervaluesâ the business. (BBC)
The beautiful game is under investigation
The attorneys-general of New York and New Jersey are investigating Fifaâs controversial ticketing practices ahead of the upcoming World Cup. Dynamic pricing has sent prices soaring, and some fans claim to have been misled and manipulated â the attorneys-general appear to agree and have subpoenaed Fifa.
Fifa, a non-profit organisation, has defended itself, saying âwithout Fifa there would be no footballâ.
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Choosing an adviser
We asked financial adviser Dylan Pargiter-Green from Bold Wealth about the questions investors need to be asking before they settle on a financial adviser.
What questions should investors ask before choosing an adviser?
Dylan: There are a few items I believe are key to establishing whether youâre a good fit for each other and more importantly whether or not youâre at a stage where the advice relationship is going to provide you value. Initially â getting to know the advisor, how they work with their typical clients and where these clients tend to report they get the most out of their relationship with their advisor is important.
Secondly, Iâd recommend getting an understanding of the advisors or companyâs philosophies, so that youâre not going to go down a path of receiving formal advice that just doesnât align with your goals.
Most importantly, when you are seeking advice, aim to understand the separation of the professional strategic guidance and advice you are given, from pure market outcomes. Advisors cannot control what happens in the market, nor can anyone. An advisor is there to provide advice on what they believe or know to be in the best interest of you achieving your goals, and investments are the tools they use to do so.
Want to talk to an adviser like Dylan to figure out if financial advice is for you? Fill out the form on our website and weâll match you with one of our hand-picked advisers to help you get started.
