🔔Bitcoin Nears $90K

☀️Good morning. It's Tuesday, Nov. 12, and we're covering, Japan’s Pledges $65 Billion For the Semiconductor And AI Sector, Amazon Explores AR Smart Glasses For Delivery Drivers, Trump Names Key Appointments For His Second Term Administration, and much more. First time reading? Sign up to get this newsletter: Sign up here. 

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MARKETS

Cryptocurrency Prices by Market Cap

• The global crypto market cap today is $3 Trillion, a 9.18% increase in the last 24 hours.

• The total crypto market volume over the last 24 hours is $312.16B, which makes a 14.99% increase.

• The total volume in Defi is currently $15.56B, 4.99% of the total crypto market 24-hour volume.

• The volume of all stablecoins is now $284.64B, which is 91.18% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 58.93%, an increase of 0.68% over the day.

Bitcoin Soars Toward $90,000, Marking A Record-breaking Rally

Bitcoin is on the verge of hitting a new milestone, approaching $90,000 as the cryptocurrency continues its impressive rally in the wake of Donald Trump’s presidential victory. The world’s largest digital asset has surged by more than 25% since November 5, reaching a peak of $89,637, sparking optimism among investors who believe Trump's pro-crypto stance will benefit the market. (Read Deeper)

BUSINESS & FINANCE

Japan Pledges $65 Billion For Semiconductor And AI Sector

Japan has pledged more than $65 billion to support its semiconductor and artificial intelligence sectors, aiming to boost national and private investments to over ¥50 trillion ($330 billion) in the coming decade. Prime Minister Shigeru Ishiba announced this new funding, which will be part of an upcoming economic stimulus package projected to generate an economic impact of around ¥160 trillion.

Why It Matters: This initiative aims to enhance Japan’s competitiveness in advanced tech, especially as global powers like the U.S. and China make substantial investments in chip and AI development. This funding comes in addition to roughly ¥4 trillion already allocated under former Prime Minister Fumio Kishida, who aimed to revive Japan’s chip sector with support for firms like Rapidus Corp. The Japanese government plans to fund this framework without raising taxes, potentially through asset-backed bonds. (Read Deeper)

Blackstone CEO's Strategic Support For Trump Pays Off

Blackstone CEO Steve Schwarzman’s early endorsement of Donald Trump is proving to be a strategic move, as it has positioned him to play a significant role in the new administration. Schwarzman’s support for Trump in 2024 contrasts with other business leaders who remained neutral. With Trump’s return to power, Schwarzman has gained influence, with his name even floated for roles like Treasury Secretary.

Takeaway: This political shift is beneficial for Blackstone, as its leadership is divided between pro-Trump figures like Schwarzman and pro-Democratic figures like his heir-apparent, Jon Gray. This diversity in political support has insulated the firm from criticism and allowed it to navigate policies on tax, trade, and antitrust. Blackstone’s approach of hiring executives with ties to both parties helps the firm maintain influence and adapt to changing political environments. (Read Deeper)

TECHNOLOGY & SCIENCE

Amazon Explores AR Smart Glasses For Delivery Drivers

Amazon is reportedly developing AR smart glasses, internally codenamed “Amelia,” for its delivery drivers. These glasses, adapted from Amazon’s Echo Frames, are designed to increase delivery efficiency by providing turn-by-turn navigation and guiding drivers through buildings to avoid delays. The project may still be scrapped if manufacturing or practical issues arise, especially given that Echo Frames have sold poorly, with only 10,000 units of the latest model sold.

Why It Matters: The glasses aim to replace handheld GPS devices, allowing drivers to carry more packages and streamline deliveries. However, challenges remain, including the difficulty of integrating a battery that lasts a full shift, creating a comfortable design, and mapping complex routes. (Read Deeper)

Genetic Testing Giant 23andMe To Cut 40% Of Workforce

23andMe, the genetic testing company, announced it will lay off 40% of its workforce, or 200 employees, as part of a major restructuring effort. The company also revealed it will halt its therapeutic development projects and explore licensing or selling those assets. These moves come after a difficult year for the company, which saw its stock price drop over 70% and faced a major data breach in December 2022, exposing the personal information of millions of users.

Takeaway: The layoffs come as CEO and co-founder Anne Wojcicki shifts focus back to the company’s core DNA-testing and research partnerships. This restructuring aims to yield $35 million in savings, although it will incur one-time costs of $12 million, mostly for severance and other employee exit expenses. Since its founding, 23andMe has been a major player in the rapidly growing personal genomics market, providing customers with ancestry insights and personalized health information based on their DNA. (Read Deeper)

AROUND DE WORLD & POLITICS

Trump Names Key Appointments For His Second Term Administration

As President-elect Donald Trump prepares to take over office for his second term, he has begun filling key roles within his administration, emphasizing loyalty and support for his policy agenda. Many of these appointees are well-known backers of his recent campaign, reinforcing Trump’s commitment to advancing his core priorities on immigration, national security, deregulation, and energy independence.

Why It Matters: These appointments reflect the priorities and direction of Trump’s administration, potentially impacting U.S. domestic and foreign policy in significant ways. Susie Wiles, who managed his disciplined 2024 campaign, is named Chief of Staff. Congressman Mike Waltz, known for his hawkish stance on China, will serve as National Security Adviser. Tom Homan, former ICE director, becomes the "border czar," leading Trump's proposed mass deportation efforts. (Read Deeper)

Ghana Set For Crucial Presidential Election On December

Ghana's general election is set for December 7, 2024, with nearly 18.8 million voters expected to participate in selecting a new president and parliament. The election will feature two main presidential candidates: Mahamudu Bawumia, the current vice president and economist, and John Mahama, a former president seeking a comeback. Economic issues, including inflation, rising living costs, and unemployment, dominate the campaign, with the NDC criticizing the NPP government's economic performance.

Takeaway: Voters will also choose members of parliament in 275 constituencies, where the candidate with the most votes will win. If no presidential candidate secures over 50% of the vote in the first round, a runoff between the top two contenders will be held by the end of December. Ghana has earned a reputation for peaceful, transparent elections, with previous contests often decided by narrow margins. (Read Deeper)

ENTERTAINMENT & SPORTS

Miss Universe Contestant Expelled Over Alleged Unauthorized Hotel Visit

Italy Mora, a 19-year-old contestant from Panama, was expelled from the Miss Universe competition ahead of the event in Mexico City. While the Miss Universe organization cited a "personal error" for her disqualification, rumors suggest it stemmed from Mora visiting her boyfriend’s hotel room without permission. Mora claimed the issue was tied to a heated argument with the director of Miss Universe Panama, César Anel Rodríguez, over organizational issues. (Read Deeper)

Thai Telecom Secures $560 Million Deal For English Premier League Broadcast Rights

Thai telecom company Jasmine International has secured a $560 million deal for exclusive broadcast rights to the English Premier League (EPL) and FA Cup in Thailand, Laos, and Cambodia. Starting in 2025, the contract covers at least three seasons, with a possible extension to six. Jasmine aims to boost its streaming service and compete with regional rivals like True Corp., which currently holds EPL broadcasting rights in Thailand. The initial three-year agreement costs $233 million, with the total reaching $560 million if extended. Jasmine will fund the deal through cash flow and loans, pending shareholder approval. (Read Deeper)

PODCAST(WHAT WE ARE LISTENING TO)

• Preparing for the 2025 bull market involves positioning your investments and strategy to capitalize on future opportunities. (Listen)

EXTRA BREVITI

• X, Elon Musk’s social platform, is testing free access to its AI chatbot Grok, previously limited to paying users. (Read More)

• Baidu has introduced new AI tools, including a text-to-image generator and a no-code app builder, as part of its push to commercialize large language model (LLM) applications. (Read More)

• Argentina's fintech company Ualá has raised $300 million in a Series E funding round, bringing its valuation to $2.75 billion. (Read More)

• FTX, the collapsed cryptocurrency exchange, has filed a lawsuit against Binance and its former CEO, Changpeng Zhao, seeking at least $1.76 billion in damages. (Read More)