😏Dem Blame Biden For Harris's Election Loss

☀️Good morning. It's Thursday, Nov. 7, and we're covering, Qualcomm's Strong Sales Boosted By Chinese Smartphone Makers, SpaceX Prepares For Sixth Starship Flight Test On November 18, Democrats Blame Biden's Late Exit For Harris's Election Loss, 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 cryptocurrency market cap today is $2.53 Trillion, a 1.85% increase in the last 24 hours.

• The total crypto market volume over the last 24 hours is $193.75B, which makes a 35.87% increase.

• The total volume in Defi is currently $9.93B, 5.13% of the total crypto market 24-hours.

• The volume of all stablecoins is now $180.69B, which is 93.26% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 58.63%, a decrease of 1.10% over the day.

Bitcoin Hits New Highs After Trump Win, Traders Eye Fed Rate Cuts

Bitcoin hit a new all-time high of $76,000 following Donald Trump's election victory, with a surge in market sentiment pushing BTC up 6.6% in 24 hours. Traders are now focused on the Federal Reserve's expected 0.25% rate cut, which historically supports assets like Bitcoin by increasing liquidity and weakening the dollar. Analysts are also concerned about higher bond yields and inflation risks due to Trump’s policies, which could dampen market enthusiasm. (Read Deeper)

BUSINESS & FINANCE

Qualcomm's Strong Sales Boosted By Chinese Smartphone Makers

Qualcomm reported strong earnings driven by increased sales of smartphone chips to Chinese manufacturers like Xiaomi, Oppo, and Vivo. The company raised its forecast for the upcoming quarter, citing strong demand from flagship smartphone launches. Qualcomm's shares rose following the announcement of a $15 billion stock buyback. Despite concerns over future revenue losses from Apple, which is developing its own modem chips, Qualcomm's licensing agreements and chip sales in China are providing growth. The company also faces a legal dispute with Arm over licensing issues.

Why It Matters: The San Diego-based company, which is the largest supplier of smartphone chips, reported $10.24 billion in sales and $2.69 per share in adjusted profits for its fiscal fourth quarter. Qualcomm’s revenue from Chinese customers accounted for 46% of its total revenue in the previous fiscal year. Qualcomm announced a new licensing agreement with Shenzhen Transsion Holdings, a Chinese company that produces phones for emerging markets. (Read Deeper)

Xi Jinping Prepares For Renewed U.S.-China Trade War

With Donald Trump’s recent re-election, tensions are rising as he threatens to impose 60% tariffs on Chinese goods—a drastic escalation that could severely disrupt global trade. In contrast to the first U.S.-China trade war in 2018, President Xi Jinping’s administration appears more prepared, having taken steps to strengthen China’s economic resilience. Since then, Beijing has expanded its strategic tools, including controls on critical exports, tariffs, and targeted sanctions on American firms.

Takeaway: China would rather avoid a costly trade battle, as its economy relies heavily on exports of goods like electric vehicles. China could ramp up its support for domestic consumption and adopt countermeasures like currency devaluation and sanctions on U.S. firms operating in China. Trump’s policies may present a mixed picture for U.S.-China relations. Though hostile trade policies are on the table, Trump has indicated openness to Chinese investments. (Read Deeper)

TECHNOLOGY & SCIENCE

SpaceX Prepares For Sixth Starship Flight Test On November 18

SpaceX is set to conduct its sixth Starship flight test on November 18, following a successful fifth test in October. The test will focus on similar objectives, including catching the Super Heavy booster at the launch site with massive "chopstick" arms and achieving an accurate splashdown of the Starship upper stage. The Federal Aviation Administration approved both the fifth and sixth flights at the same time, speeding up the process. This test will also involve testing the heat shield, reentry maneuvers, and the re-lighting of one of the Starship’s six Raptor engines in orbit.

Takeaway: Engineers have added upgrades to the system, such as increased redundancy in the propulsion system and new software controls. The goal is to gather more data for future reusability and refine landing techniques. The upcoming test will be streamed live, with a webcast beginning 30 minutes before the launch window opens at 2 p.m. PT, offering a prime opportunity for viewers to watch the late-afternoon reentry. (Read Deeper)

Canada Orders TikTok To Shut Down Over National Security Concerns

The Canadian government has ordered TikTok to close its operations in Canada, citing national security concerns, though Canadians will still be able to access and use the app. Innovation Minister François-Philippe Champagne explained that this decision followed a national security review and advice from Canadian intelligence agencies. TikTok’s Canadian offices in Toronto and Vancouver will be closed, and the app’s parent company, ByteDance, has announced plans to challenge the order in court.

Why It Matters: While the government won’t prevent individuals from using TikTok, officials warn Canadians to be cautious, given concerns that user data could be accessed by the Chinese government. This follows a U.S. push to limit TikTok due to similar concerns over potential Chinese access to user data. In 2023, Canada had already banned TikTok from government devices, initiating a review that led to the current shutdown order. TikTok maintains that its data is stored outside of China and that it complies with Canadian privacy laws. (Read Deeper)

AROUND DE WORLD & POLITICS

Democrats Blame Biden's Late Exit For Harris's Election Loss

Democrats are blaming Joe Biden for the party's presidential loss to Donald Trump, accusing him of clinging to the nomination too long and setting up Kamala Harris, his successor on the ticket, for failure. Many believe Biden’s age, unpopularity, and late withdrawal left Harris with too little time to run an effective campaign. They argue that Biden’s team mishandled issues like inflation and underestimated the anti-incumbency sentiment in the electorate.

Takeaway: The decision to keep Biden in the race for so long, some Democrats argue, was rooted in overconfidence and a belief within his team that only he could prevent Trump from winning. Supporters of Biden, however, argue that the economic backlash against incumbents is part of a larger trend and would have been a challenge for any Democratic candidate. (Read Deeper)

German Coalition Government In Crisis After Chancellor Scholz Fires Finance Minister Lindner

Germany’s coalition government faces collapse after Chancellor Olaf Scholz fired Finance Minister Christian Lindner, sparking a political crisis that threatens the government’s parliamentary majority. Scholz, citing a breakdown in trust, announced a confidence vote in January. If the vote fails, early elections could be held by March. The coalition, which includes Scholz’s Social Democrats, the Greens, and Lindner’s Free Democrats (FDP), has been strained over disagreements on fiscal policy.

Takeaway: The 2022 Russian invasion of Ukraine led to skyrocketing energy prices and a significant increase in Germany’s defense spending, straining government finances. Scholz and the Greens have advocated for loosening Germany’s debt rules to finance increased spending, while Lindner has insisted on tax cuts funded by cuts to social and environmental budgets. This turmoil emerges as Germany confronts economic challenges, heightened by the recent reelection of Donald Trump in the U.S. (Read Deeper)

ENTERTAINMENT & SPORTS

Arsenal's Champions League Defeat To Inter Milan Highlights Struggles And Resilience

Arsenal’s Champions League campaign took a hit with a 1-0 defeat to Inter Milan at the San Siro on Wednesday, their first loss in the competition this season. The Gunners had hoped to bounce back after a disappointing Premier League defeat to Newcastle, but despite dominating possession and creating several opportunities, they were unable to break down Inter’s defense. (Read Deeper)

Celebrities Couldn't Save Kamala Harris, But Joe Rogan's Influence Helped Trump

As the 2024 election season unfolds, it’s becoming clear that celebrity endorsements, once considered crucial to a candidate’s success, may not hold the sway they once did. For Vice President Kamala Harris, the support of Hollywood heavyweights like Taylor Swift, Beyoncé, Eminem, and Bruce Springsteen failed to deliver the expected boost in the polls. In contrast, former President Donald Trump’s viral moments, including a widely viewed podcast interview with Joe Rogan, might have resonated more deeply with crucial voter demographics. (Read Deeper)

PODCAST(WHAT WE ARE LISTENING TO)

• Why Zuckerberg’s Rebrand Shouldn’t Distract Us: We've all seen the changes in Zuckerburg, but what's the bigger picture here? (Watch)

EXTRA BREVITI

• OpenAI has acquired the high-profile domain name Chat.com, which now redirects visitors to its AI chatbot, ChatGPT. (Read More)

• Australia plans to introduce a law that would ban children under 16 from using social media, aiming to protect them from potential harm. (Read More)

• Truecaller’s co-founders, Alan Mamedi and Nami Zarringhalam, are stepping down from daily operations, transferring leadership to Rishit Jhunjhunwala,. (Read More)