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PLUS: Palantir Boosts 2024 Revenue Forecast On Strong AI Demand

âïžGood morning. It's Tuesday, Nov. 5, and we're covering, Boeing Workers End Strike After Approving 38% Pay Rise Deal, OpenAI In Talks With Regulators To Transition To For-Profit Model, Harris And Trump Make Last Push Ahead Of Tight Election, and much more. First time reading? Sign up to get this newsletter: Sign up here.
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MARKETS
Coin | Price | 1 Day | This Year |
---|---|---|---|
Bitcoin BTC | $68,647.65 | 0.40% (1d) | 95.43% (1y) |
Ethereum ETH | $2,425.50 | 1.91% (1d) | 28.74% (1y) |
Solana SOL | $161.23 | 0.64% (1d) | 287.68% (1y) |
Cryptocurrency Prices by Market Cap
The global cryptocurrency market cap today is $2.24 Trillion, a 2.61% decrease in the last 24 hours.
The total crypto market volume over the last 24 hours is $79B, which makes a 10.17% increase.
The total volume in Defi is currently $3.65B, 4.62% of the total crypto market 24-hours.
The volume of all stablecoins is now $92.15B, which is 92.15% of the total market 24-hour volume.
Bitcoinâs dominance is currently 60.72%, an increase of 1.35% over the day.
Bitcoin Drops Below $68,000 As Mt. Gox Moves $2.2 Billion BTC in Repayment Transfers
Bitcoin (BTC) fell below $68,000 early Tuesday following a major transfer of over 32,000 BTC, worth $2.2 billion, by Mt. Gox as part of its ongoing repayment plan. This transfer, split between two wallet addresses, is seen as a step towards future sales, which may add selling pressure to the market. Mt. Gox, once the leading crypto exchange, collapsed in 2014 after a massive hack that lost an estimated 740,000 BTC. The repayment plan, initially set for October 2024, has been extended to October 31, 2025. (Read Deeper)
BUSINESS & FINANCE
Boeing Workers End Strike After Approving 38% Pay Rise Deal
Boeing workers have voted to accept a new contract that includes a 38% pay increase over four years, ending a seven-week strike that began on September 13. The vote saw 59% of striking workers in favor of the agreement, which also provides a one-time bonus of $12,000 and updates to retirement plans. The strike involved over 30,000 unionized workers and significantly impacted Boeing's production, costing the company nearly $10 billion.
Why It Matters: Boeing's CEO, Kelly Ortberg, acknowledged the difficulties faced during the strike and stressed the need for collaboration to restore the company's reputation. The strike's resolution comes amid Boeing's financial challenges, including a reported $4 billion loss in its commercial aircraft division for the third quarter and impending layoffs of around 17,000 workers. The company's struggles have been compounded by recent operational setbacks, including incidents affecting its passenger planes and space ventures. (Read Deeper)
Palantir Boosts 2024 Revenue Forecast On Strong AI Demand
Palantir Technologies has raised its 2024 revenue forecast for the third time this year, now expecting $2.805 billion to $2.809 billion, due to strong demand for its AI-driven software from both government and commercial clients. The company's shares jumped 13% in extended trading following the news. Palantir, whose technology helps test and debug AI applications, has experienced a surge in its stock price, driven by broader interest in AI and recent inclusion in the S&P 500.
Takeaway: While U.S. government contracts make up a large portion of its revenue, Palantir's commercial business is expected to overtake government revenue soon, thanks to faster decision-making in the private sector. The company also raised its operating income forecast, reflecting the financial impact of AI demand. (Read Deeper)
TECHNOLOGY & SCIENCE
OpenAI In Talks With Regulators To Transition To For-Profit Model
OpenAI is progressing in talks with regulators about restructuring from a nonprofit to a for-profit organization, potentially enabling easier access to investor capital. Discussions with Californiaâs attorney generalâs office are underway, focusing on the valuation of OpenAIâs intellectual property, like its ChatGPT technology. Delaware's attorney general has also requested updates on the shift. Key regulatory challenges include determining the value of OpenAIâs assets, as the transition must satisfy California laws on charitable asset distribution.
Takeaway: Founded in 2015 with a mission to develop safe, beneficial AI, OpenAI transitioned in 2019 to a "capped" for-profit model to manage the high costs of AI development. The organization now seeks to convert to a public benefit corporation, which would allow it to operate as a for-profit while retaining a nonprofit arm with significant ownership in the new entity. This restructuring aims to balance investor appeal with the organizationâs original mission for social good. (Read Deeper)
Meta Extends Political Ad Ban On Facebook And Instagram Beyond U.S. Election Day
Meta has extended its ban on new political ads on Facebook and Instagram past Election Day in the U.S. Originally set to end on Tuesday, the restriction will continue "until later this week." Meta says the policy is intended to allow time for verifying claims made in ads to prevent the spread of misinformation. Existing political ads that ran before October 29 can still run with limited editing options. Googleâs parent company, Alphabet, has a similar policy, pausing election-related ads once polls close on Election Day. Political ad spending has spiked, with nearly $1 billion going toward down-ballot races recently.
Takeaway: The policy, which Meta also implemented in the 2020 election, is intended to allow time for the verification of political claims made in ads. Since August, Meta has permitted only political ads that were initially run before October 29 to remain active during the final week leading up to Election Day. For eligible ads, advertisers have limited editing abilities, restricted to scheduling, budgeting, and bidding adjustments. (Read Deeper)
AROUND DE WORLD & POLITICS
Harris And Trump Make Last Push Ahead Of Tight Election
On the final day of campaigning before a closely contested U.S. presidential election, both Vice President Kamala Harris and former President Donald Trump rallied supporters in key battleground states. Trump campaigned in North Carolina and Michigan, while Harris focused on Pennsylvania, emphasizing the importance of voter turnout. Both candidates expressed confidence in their chances of victory, with polls showing them nearly tied. Harris concluded her campaign in Philadelphia, featuring celebrity support, while Trump held his last rally in Grand Rapids, Michigan, promoting his core issues of border security and criticizing the Biden-Harris administration's economic record.
Takeaway: Opinion polls indicate that Trump, at 78, and Harris, at 60, are virtually tied, making Pennsylvania a focal point due to its significant Electoral College votes. As Election Day approaches, both candidates are urging their supporters to turn out at the polls. Internal data from Harris's campaign indicated growing support among young voters and communities of color, while Trumpâs campaign highlighted increased early voting among women. (Read Deeper)
Nigeriaâs President Orders Release Of 29 Children Facing Death Penalty
Nigerian President Bola Tinubu has ordered the immediate release of 29 children facing the death penalty for allegedly participating in protests against the countryâs severe cost-of-living crisis. This move follows increasing pressure from human rights activists. The minors, aged 14 to 17, had been detained since August alongside over 70 others charged with treason and related offenses. Their court appearance last week drew outrage as some children collapsed from exhaustion and appeared malnourished. A local court had set high bail conditions, which none of the minors could meet.
Takeaway: Their detention had gone largely unnoticed until their arraignment last week, which sparked widespread outrage and renewed concerns regarding the state of human rights in Nigeria, Africa's most populous country. A local court set stringent bail conditions, demanding 10 million naira (approximately $5,900) for each child, an amount none could afford. Human rights organizations, including Amnesty International, have condemned the children's arrest, describing it as indicative of serious flaws in Nigeria's criminal justice and child justice systems. (Read Deeper)
ENTERTAINMENT & SPORTS
Joe Rogan Endorses Donald Trump, Citing Elon Musk's Influence
Joe Rogan officially endorsed Donald Trump in a post on social media and during a podcast episode, attributing his support to Elon Musk, who he said made the "most compelling case" for the former president. In his endorsement, Rogan emphasized Musk's influence, stating, "If it wasn't for him we'd be fucked." The announcement came just hours before Election Day and followed a recent appearance by Trump on The Joe Rogan Experience, where the former president reached a wide audience of over 14 million Spotify listeners and gained significant viewership on YouTube. (Read Deeper)
Wilson's Last-Minute Double Seals Thrilling Fulham Comeback Against Brentford
Fulham pulled off a dramatic late comeback to defeat Brentford 2-1 at Craven Cottage, thanks to substitute Harry Wilsonâs two injury-time goals. Brentford had initially taken the lead in the first half with a stunning 25-yard strike from Vitaly Janelt. However, Wilson came on with just eight minutes left and made an immediate impact, first flicking the ball over Brentford's goalkeeper Mark Flekken with an outside-of-the-boot finish, then heading in a second goal in the 97th minute to seal the win. (Read Deeper)
PODCAST(WHAT WE ARE LISTENING TO)
A Short History of Financial Euphoria, Kyle Grieve takes us through the fascinating and often cautionary tales of some of historyâs most infamous financial bubbles. (Listen)
EXTRA BREVITI
Apple Inc. is proposing to invest nearly $10 million to establish a factory in Bandung, Indonesia, as part of efforts to lift a ban on the sale of its latest iPhone model. (Read More)
KPMG is set to lay off approximately 330 employees, representing less than 4% of its U.S. audit workforce. (Read More)
A Philadelphia judge has dismissed a request from District Attorney Larry Krasner to halt a $1 million daily giveaway organized by Tesla CEO Elon Musk's political action committee. (Read More)
The Global Dollar (USDG) stablecoin, backed by leading crypto firms like Robinhood, Kraken, and Paxos, has launched with a unique approach to sharing income from reserve assets. (Read Deeper)
The art challenges the technology, and the technology inspires the art. - John Lasseter (Director)