📈Tesla Stock Missing Q3 Delivery Estimates, OpenAI Raises $6.6 Billion, At $157 Billion Valuation💰️, Israeli Airstrike On Central Beirut. 🔥

Good morning. It's Thursday, Oct. 3, and we're covering, Tesla Stock Missing Q3 Delivery Estimates, OpenAI Raises $6.6 Billion, At $157 Billion Valuation, Israeli Airstrike On Central Beirut, Five People Were Killed, 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 $2.13 Trillion, a 1.91% decrease in the last 24 hours.

• The total crypto market volume over the last 24 hours is $90.7B, which makes a 21.29% decrease.

• The total volume in Defi is currently $5.24B, 5.78% of the total crypto market 24-hours.

• The volume of all stablecoins is now $82.9B, which is 91.40% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 56.85%, an increase of 0.62% over the day.

BUSINESS & FINANCE

Tesla Stock Missing Q3 Delivery Estimates

Tesla's stock dropped by up to 3.7% after missing delivery estimates for Q3 2024. The company reported 462,890 deliveries, slightly below expectations of 463,310 by FactSet and 469,828 by LSEG. Tesla's production for the quarter was 469,796 vehicles, showing a slight increase from last quarter's numbers but falling short of some estimates. CEO Elon Musk's public behavior, including controversial statements on social media, has put pressure on Tesla's brand

Takeaway: Tesla faces growing competition, particularly in China from brands like BYD and Nio. In the U.S., legacy automakers like Ford and GM are ramping up EV sales, though Tesla remains the dominant player in the electric vehicle market. Tesla’s growth has slowed, with expectations for lower delivery growth this year, even as it added the Cybertruck to its lineup. Investors are now turning their attention to Tesla's Q3 earnings, with a focus on profit margins amid continued competitive. (Read Deeper)

Toyota Delays U.S. Electric Vehicle Production To 2026 Due To Slow Sales

Toyota is delaying its U.S. electric vehicle (EV) production to early 2026, instead of the originally planned late 2025, due to design changes and slowing EV sales. The company had planned to start making a three-row electric SUV at its Kentucky plant but informed suppliers of the delay. Despite this, Toyota aims to introduce 5-7 new EV models in the U.S. over the next two years. Supply chain disruptions also contributed to the delay.

Takeaway: The delay follows previous reports that supply chain disruptions and governance issues had caused Toyota to push back its U.S. EV production by six months. The automaker now aims to begin manufacturing electric SUVs under its luxury Lexus brand in North America by 2030 but has abandoned earlier plans to build these vehicles in the U.S. Instead, completed models will be shipped from Japan. (Read Deeper)

TECHNOLOGY & SCIENCE

OpenAI Raises $6.6 Billion, At $157 Billion Valuation

OpenAI has raised a record $6.6 billion in its latest funding round, bringing its total funding to $17.9 billion and valuing the company at $157 billion. The funding round was led by Thrive Capital, with participation from Microsoft, Nvidia, SoftBank, and others. The funds will be used to expand its AI research, increase computing power, and develop more AI tools. OpenAI has asked investors not to support competing startups, which raises concerns about competition. OpenAI faces intense competition from companies like Anthropic and xAI.

Why It Matters: OpenAI has spent approximately $7 billion on model training and $1.5 billion on staffing, with its running costs for ChatGPT reaching $700,000 daily. OpenAI aims to achieve $100 billion in revenue by 2029 but may increase subscription prices to remain competitive. There are plans for OpenAI to transition from nonprofit to for-profit governance to attract more investment. However, this change must occur within two years to secure the new funding. (Read Deeper)

Annular Solar Eclipse 2024 Wows Skywatchers With Stunning 'Ring of Fire'

On October 2, 2024, an annular solar eclipse captivated skywatchers as the moon passed in front of the sun, creating a stunning "ring of fire" effect visible from locations like Easter Island, southern Chile, and southern Argentina. The eclipse began at 11:15 AM EDT and was seen in its full glory by an estimated 175,000 people along its path, while more than 240 million others experienced a partial eclipse.

Why It Matters: Annular eclipses differ from total solar eclipses in that the moon, due to its elliptical orbit, can appear smaller in the sky and thus does not completely cover the sun, resulting in the "ring of fire" effect. Areas outside the path of annularity saw varying degrees of solar coverage, with notable percentages reported in regions of Chile and Argentina. (Read Deeper)

AROUND DE WORLD & POLITICS

Israeli Airstrike On Central Beirut, Five People Were Killed

At least five people were killed and eight injured in an Israeli airstrike on a building in central Beirut, which housed a health center linked to Hezbollah. This attack represents the first Israeli strike near Beirut’s center, occurring just meters from the Lebanese parliament. The Israeli military described the operation as a "precision" strike, part of a broader campaign against Hezbollah following the IDF's announcement of eight soldiers killed in combat, marking Israel's first troop losses since ground operations began.

Takeaway: The IDF conducted multiple airstrikes in the southern suburb of Dahieh. Before the strikes, Lebanon’s health ministry reported that Israeli bombings had killed 46 and injured 85 in the previous 24 hours. Among the deceased was Kamel Ahmad Jawad, a U.S. permanent resident visiting Lebanon. The ongoing conflict has resulted in over 1,200 deaths in Lebanon and displaced around 1.2 million people. (Read Deeper)

Dockworkers Strike For First Time In 50 Years, Threatening U.S. Economy

Around 45,000 dockworkers launched a strike on October 2, 2024, for the first time in nearly 50 years, potentially impacting up to 105,000 workers across 36 East and Gulf Coast ports. The strike was prompted by stalled labor negotiations between the International Longshoremen’s Association (ILA) and the U.S. Maritime Alliance (USMX), with the ILA seeking a 77% wage increase over the next seven years.

Why It Matters: The strike threatens supply chain disruptions, particularly affecting nonperishable goods like fresh produce and various food imports, as well as a substantial portion of U.S. exports. Economic experts estimate the strike could cost the U.S. economy between $540 million and $5 billion daily, with potential shortages and price increases for consumers if it extends beyond a few weeks. (Read Deeper)

ENTERTAINMENT & SPORTS

Real Madrid Suffer First Champions League Defeat Since May 2023

Real Madrid suffered their first Champions League defeat since May 2023, falling 1-0 to Lille in their second league phase match. This loss follows a draw in the Madrid derby and marks the first defeat for Los Blancos in 36 games across all competitions. Coach Carlo Ancelotti made three changes to the lineup, including the enforced substitution of goalkeeper Thibaut Courtois due to an adductor injury, allowing Andriy Lunin to make his season debut. (Read Deeper)

Messi Shines As Inter Miami Claims First MLS Supporters' Shield

Lionel Messi scored twice in Inter Miami's 3-2 victory over Columbus Crew, leading the club to its first-ever MLS Supporters' Shield. Messi opened the scoring and netted a stunning free-kick before Luis Suárez added another goal for Miami. This victory secures the top spot in the league standings for Miami, granting them home advantage in the upcoming playoffs. Messi's triumph marks his 46th piece of silverware in his career, and the team aims to win their final two league matches to surpass the MLS record for most points in a regular season. (Read Deeper)

PODCAST(WHAT WE ARE LISTENING TO)

• Here's a comprehensive overview of Alibaba, covering its business segments, the impact of Chinese regulations, investor trust, recent performance, and potential valuation. (Listen)

EXTRA BREVITI

• Subramaniam Iswaran, Singapore's former transport minister, has been sentenced to 12 months in prison for corruption. ( Read More )

• Mark Zuckerberg Joins the $200 Billion Club with a $76 Billion Surge in Wealth. (Read More)

• Philippines will implement a 12% value-added tax (VAT) on digital services provided by major tech companies like Amazon, Netflix, Disney, and Alphabet. (Read More)