😢Nissan To Layoff 9,000 Workers

☀️Good morning. It's Friday, Nov. 8, and we're covering, Block Shares Drop After Third-Quarter Revenue Miss, Nissan To Lay Off Thousands As Global Sales Decline, Trump Names Susie Wiles As White House Chief Of Staff, 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 $2.48 Trillion, a 1.40% decrease in the last 24 hours.

• The total crypto market volume over the last 24 hours is $125.91B, which makes a 27.79% decrease.

• The total volume in Defi is currently $6.82B, 5.82% of the total crypto market 24-hours.

• The volume of all stablecoins is now $120.99B, which is 96.09% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 60.43%, an increase of 1.58% over the day.

Bitcoin Eyes $90K Resistance Level Amid Strong Bullish Momentum

Bitcoin has surged to new record highs, surpassing $76,000 and moving into price discovery mode. The next key resistance level is expected to be around $90,000, based on trendline analysis from previous peaks. However, a drop below $66,824 would invalidate this outlook. Additionally, the options market suggests resistance could also emerge at $80,000 and $100,000. Solana (SOL) has gained 11% against Bitcoin (SOL/BTC), signaling a potential breakout from months of consolidation. If confirmed, this could lead to a rally toward 2021 highs. (Read Deeper)

BUSINESS & FINANCE

Block Shares Drop After Third-Quarter Revenue Miss

Block Inc.'s shares dropped after the company's third-quarter revenue missed analysts' expectations, reporting $5.98 billion compared to the anticipated $6.24 billion. The digital payments company, known for Cash App and Square, is also shifting its focus within cryptocurrency, winding down its decentralized finance project TBD and prioritizing its Bitcoin mining and self-custody wallet, Bitkey.

Takeaway: Block is scaling back its investments in Tidal, the music streaming service, to concentrate on these initiatives. Additionally, Block disclosed an ongoing Consumer Financial Protection Bureau investigation into Cash App's handling of customer disputes. The company’s earnings report highlighted plans to expand lending options and integrate Afterpay into Cash App, aiming to offer a more comprehensive banking suite to its users. (Read Deeper)

Rivian Misses Revenue Target Due To Component Shortage

Rivian reported third-quarter revenue of $874 million, falling more than 12% short of analysts’ estimates due to ongoing supply chain issues impacting its production. The electric vehicle (EV) company attributed the shortfall to a component shortage for its Enduro motor, a key part of the R1S and R1T models. This component issue, resulting from Rivian’s shift toward in-house design, forced the company to cut its annual production forecast to 47,000–49,000 vehicles.

Takeaway: Rivian has now adjusted its annual adjusted earnings loss forecast to between $2.82 billion and $2.87 billion, up from an earlier estimate of $2.7 billion. Year-over-year, third-quarter revenue dropped 34.6% from $1.33 billion. However, the company was able to reduce operating expenses, which helped narrow its losses to $1.1 billion. Rivian also announced a partnership with LG Energy Solution, securing a supply of 4695 battery cells to be produced at an LG factory in Queen Creek, Arizona, for its R2 line. (Read Deeper)

TECHNOLOGY & SCIENCE

Nissan To Lay Off Thousands As Global Sales Decline

Nissan is set to lay off 9,000 workers worldwide and cut its global production by 20% in response to declining sales in China and the U.S. The job cuts are part of a cost-saving strategy aimed at making the company leaner and more resilient, according to CEO Makoto Uchida. He, along with other senior executives, will take pay cuts as part of the restructuring. This restructuring highlights the challenges traditional automakers face in adapting to changing markets and the global shift toward EVs.

Takeaway: Nissan has lowered its 2024 operating profit forecast by 70%, reflecting the challenges it faces from rising competition in China, especially from domestic electric vehicle (EV) makers like BYD. The company also faces declining demand in the U.S., impacted by high inflation and interest rates. Nissan plans to produce new electric models at its Sunderland, UK, plant, including electric versions of the Qashqai, Juke, and Leaf. (Read Deeper)

Amazon Considers Additional Multi-Billion Dollar Investment In AI Startup Anthropic

Amazon is reportedly considering a second multi-billion dollar investment in AI startup Anthropic, following its initial $4 billion investment last year. This funding gives Amazon Web Services (AWS) clients early access to Anthropic’s technology. Amazon has asked Anthropic to prioritize its servers, which are powered by Amazon’s AI chips, though Anthropic prefers Nvidia-designed chips for training its AI models.

Takeaway: Anthropic, founded by former OpenAI executives Dario and Daniela Amodei, has drawn major investments from tech giants. Google’s parent company, Alphabet, previously invested $500 million and committed to an additional $1.5 billion over time. This potential new investment underscores Amazon’s strategic commitment to AI and its intent to strengthen its cloud services with cutting-edge AI capabilities. (Read Deeper)

AROUND DE WORLD & POLITICS

Trump Names Susie Wiles As White House Chief Of Staff

President-elect Donald Trump has appointed Susie Wiles, his campaign co-chair, as White House chief of staff, making her the first woman in the role. A veteran Republican strategist, Wiles was pivotal in Trump’s 2024 election win and has been a key figure in his political circle since 2016. Known for her strategic expertise, Wiles has previously worked with prominent GOP figures, including Senator Rick Scott and Florida Governor Ron DeSantis.

Takeaway: Wiles’ Republican career began in the 1970s, and she has served in both political and private-sector roles, including her recent tenure at the public affairs firm Mercury. She is known for her strategic understandingm and ability to unify teams. Her appointment has been met with strong support from Republican leaders, who praise her leadership and team-building skills as Trump prepares to transition into office. (Read Deeper)

Nigeria Faces Blackouts Across Major Cities As Power Grid Collapses

Nigeria's major cities, including Abuja, Lagos, and Kano, experienced widespread blackouts on Thursday following yet another collapse of the national electricity grid — the tenth such incident this year. The Transmission Company of Nigeria attributed the outage to a “partial disturbance of the system” but did not provide additional details. Frequent grid failures are common due to chronic underinvestment in Nigeria's power infrastructure, limiting the nation’s power output to just 4,000 megawatts, far below the 13,000 megawatts it could potentially generate.

Takeaway: Power issues are compounded by security concerns, as insurgents frequently target infrastructure. Last month, the northern part of Nigeria faced a prolonged blackout after transmission lines were vandalized. To address these challenges, Nigeria passed legislation last year allowing individual states to generate and transmit power, aiming to reduce pressure on the national grid and attract investment into the power sector. (Read Deeper)

ENTERTAINMENT & SPORTS

Three Arrested In Connection With Liam Payne's Death In Buenos Aires

Three people have been arrested in Argentina in connection with the death of former One Direction singer Liam Payne. The suspects include a close companion of Payne, a hotel employee, and an alleged drug supplier. Authorities have reviewed substantial evidence, including security footage, witness statements, and Payne's phone records, revealing that Payne received multiple narcotics deliveries during his stay in Buenos Aires. An autopsy determined Payne’s death resulted from a fall from his hotel balcony, with toxicology reports indicating he had consumed alcohol, cocaine, and a prescribed antidepressant. (Read Deeper)

Chelsea Beat Noah 8-0 In Conference League

Chelsea secured a 8-0 win over Armenian side Noah in the UEFA Conference League on Thursday. The Blues led 6-0 by halftime, with goals from Tosin Adarabioyo, Marc Guiu, Axel Disasi, João Félix, Mykhailo Mudryk, and Félix again. In the second half, Christopher Nkunku added two more goals, including one from the penalty spot. Despite the one-sided nature of the match, Chelsea maintained professionalism and avoided taking undue advantage. The win sets up a confidence-boosting momentum for Chelsea ahead of their Premier League clash against Arsenal on Sunday. The match also saw academy graduate Tyrique George make his senior debut. (Read Deeper)

PODCAST(WHAT WE ARE LISTENING TO)

• Sam Altman: What Startups Will be Steamrolled by OpenAI & Where is Opportunity. (Watch)

EXTRA BREVITI

• Israel’s parliament has passed a controversial law enabling the deportation of family members of attackers, including Palestinian citizens of Israel, to Gaza or other locations. (Read More)

• Airbnb's revenue rose 10% to $3.73 billion, exceeding analysts' expectations, although earnings per share of $2.13 slightly missed estimates. ( Read More )

• Apple's 2024 MacBook Pro models, featuring the new M4 chips, offer an impressive performance boost, particularly with the M4 Pro variant, which is described as "astonishingly fast." (Read More)