😲Trump Don It Again

☀️Good morning. It's Wednesday, Nov. 6, and we're covering Nvidia Overtake Apple As World’s Largest Company, Perplexity Raising New Funds At $9 Billion Valuation, Trump Wins North Carolina As Republicans Seize Senate Majority, 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 $2.47 Trillion, a 10.40% increase in the last 24 hours.

• The total crypto market volume over the last 24 hours is $152.63B, which makes a 94.26% increase.

• The total volume in Defi is currently $5.91B, 3.87% of the total crypto market 24-hours.

• The volume of all stablecoins is now $140.52B, which is 92.07% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 59.73%, a decrease of 0.85% over the day.

  Bitcoin Reaches New Record High of $75,000

  Bitcoin surged to a record high of $75,000 as traders bet on Donald Trump’s potential election edge. The cryptocurrency rose 7% overnight, fueled by expectations that a Trump win could benefit the crypto sector. Trump’s victories in key states like North Carolina and Georgia, along with a projected Republican Senate majority, boosted investor optimism. (Read Deeper)

BUSINESS & FINANCE

Nvidia Overtake Apple As World’s Largest Company

Nvidia has become the world’s largest company by market capitalization, surpassing Apple with a valuation of $3.43 trillion. This rise highlights the growing importance of AI on Wall Street, as Nvidia’s shares have surged over 850% since 2022, largely due to its dominance in AI infrastructure. The company now accounts for 7% of the S&P 500 Index and has driven about a quarter of its 21% gain this year. Nvidia's chip technology is pivotal for tech giants like Microsoft, Amazon, and Meta, who are Nvidia customers and heavily invested in AI.

Takeaway: The rise in Nvidia’s valuation comes amid a broader AI boom, with Wall Street analysts expecting Nvidia's revenue to more than double this year and continue strong growth next year. Despite earlier concerns over delays with its Blackwell chip, Nvidia has maintained investor confidence as it benefits from heightened demand for AI-related technologies. (Read Deeper)

Global Stocks Rise As Investors Await U.S. Presidential Election Outcome

Global stock markets are seeing gains as investors await the outcome of the U.S. presidential election, with the results expected to influence economic and trade policies worldwide. Asian markets reflected optimism, with Japan’s Nikkei 225 up 2% and Australia’s ASX 200 up 1%, while Hong Kong's Hang Seng fell 2.5%. Major U.S. stock index futures also rose following a positive close on Wall Street. Bitcoin hit a record high above $75,000, and the U.S. dollar strengthened against other major currencies.

Why It Matters: If Donald Trump wins, his proposed aggressive trade tariffs, particularly targeting China, could impact Asia's economy, especially sectors tied to U.S. trade. His pro-business tax policies are expected to boost corporate profits but could lead to higher inflation. Conversely, a Kamala Harris win would likely mean a continuation of Biden's approach to trade, more regulatory oversight for industries like banking, and potential support for renewable energy sectors. (Read Deeper)

TECHNOLOGY & SCIENCE

Perplexity Raising New Funds At $9 Billion Valuation

Perplexity, an AI search startup, is raising $500 million in a new funding round that would value the company at $9 billion. The round is led by Institutional Venture Partners (IVP). This follows a Series B round in January when Perplexity was valued at $520 million. The company has gained attention amid the rise of AI, particularly after the success of OpenAI's ChatGPT.

Takeaway: Perplexity is positioning itself as a key player in the AI-driven search space, competing against industry giants like Google. The company provides users with information sourced from the internet, drawing comparisons to traditional search engines but leveraging AI to enhance user interactions. Despite facing legal challenges from media companies like News Corp and The New York Times over alleged copyright infringement, Perplexity continues to attract investors. (Read Deeper)

Amazon CEO Andy Jassy Denies Full In-Office Mandate Is 'Backdoor Layoff'

Amazon CEO Andy Jassy addressed concerns over the company's new policy requiring employees to be in the office five days a week starting in January 2024. Responding to speculation that the mandate might be a “backdoor layoff” or driven by city agreements, Jassy clarified that the move is aimed at strengthening Amazon’s culture, not cutting costs or meeting external demands. Despite employee backlash, including a letter signed by over 500 employees citing concerns for family and health challenges, Amazon plans to proceed with the policy.

Takeaway: Amazon's in-office policy has drawn backlash from employees, particularly after Matt Garman, head of Amazon Web Services, reportedly suggested that those who couldn’t comply might seek jobs elsewhere. Amazon responded by offering commuter benefits and subsidized parking to ease the transition. Jassy acknowledged the adjustment but emphasized the company’s commitment to working through it together. (Read Deeper)

AROUND DE WORLD & POLITICS

Trump Wins North Carolina As Republicans Seize Senate Majority

In a surprising comeback, former President Donald Trump won North Carolina, bringing him closer to the 270 Electoral College votes needed to reclaim the White House. At midnight, Trump had secured 230 Electoral College votes to Kamala Harris’s 169, with six undecided states. The Republicans also regained control of the Senate, flipping Democratic seats in West Virginia and Ohio, though the battle for the House remains uncertain.

Takeaway: Economic concerns played a key role, with Trump capturing more Hispanic and lower-income voters than in 2020, particularly those affected by inflation. Exit polls indicated strong support for Trump among voters who prioritized the economy and felt financially worse off than four years ago. Both candidates stand to make history: Harris would be the first female and Black woman president, while Trump would become the first president in over a century to serve non-consecutive terms. (Read Deeper)

Protests In Israel As Netanyahu Fires Defense Minister Yoav Gallant

Israeli Prime Minister Benjamin Netanyahu has dismissed Defense Minister Yoav Gallant, leading to widespread protests across the country. Netanyahu cited a “crisis of trust” between them, stemming from Gallant’s disagreements over hostages, military service exemptions, and a post-war plan for Gaza. Gallant’s moderate stance, including a willingness to make concessions to secure hostages from Hamas, contrasted with Netanyahu’s harder approach, leading to friction within Israel’s war cabinet.

Takeaway: Public dissatisfaction surged as Demonstrators, some blocking highways and lighting fires, have called for Netanyahu’s resignation. Gallant’s firing has drawn attention due to his strong relationship with the U.S., where the White House acknowledged his contributions. As Foreign Minister Israel Katz steps into the defense role, political divisions within Israel’s leadership continue to deepen amidst the ongoing Gaza conflict. (Read Deeper)

ENTERTAINMENT & SPORTS

Champions League Roundup: Milan Topple Madrid, Liverpool Dominate, Sporting Shock City, Juve And Lille Draw

In a thrilling showdown at the Santiago Bernabeu, AC Milan defeated reigning champions Real Madrid 3-1. Milan's Malick Thiaw opened the scoring with a header from a Christian Pulisic corner. Real Madrid quickly responded with a Vinicius Junior penalty, but Alvaro Morata gave Milan the lead again by capitalizing on a saved shot. Sporting CP stunned Manchester City with a 4-1 victory, ending City’s unbeaten run. Phil Foden gave City an early lead, but Viktor Gyokeres equalized for Sporting with a powerful finish. Sporting took control in the second half with quick goals from Maximiliano Araujo and two penalties converted by Gyokeres. (Read Deeper)

Selena Gomez Reveals Health Condition

Selena Gomez recently addressed body shamers on TikTok, revealing that she has Small Intestinal Bacterial Overgrowth (SIBO), a digestive condition that causes bloating, abdominal pain, and other symptoms. After fans speculated about her appearance at the premiere of her film Emilia Pérez, Gomez responded, saying that her body "flares up" due to SIBO and that she’s not focused on fitting a certain image. At 32, Gomez has been transparent about her health struggles, including lupus, which led to a kidney transplant in 2017, and her battles with bipolar disorder, anxiety, and depression. (Read deeper)

PODCAST(WHAT WE ARE LISTENING TO)

• Why Banks Suck: Not that banks are all bad but they take too much and give to little. (Listen)

EXTRA BREVITI

• Sarah McBride Becomes First Transgender Representative in U.S. Congress After Winning Delaware Seat. (Read More)

• Bernard "Bernie" Marcus, billionaire cofounder of The Home Depot and a prominent Republican donor, has died at age 95, the company announced on Tuesday. (Read More)

• A federal judge has dismissed a proposed class-action lawsuit accusing Google of profiting from Google Play gift card scams by not refunding victims. (Read More)

• Mozilla Foundation Lays Off 30% of Staff, Shifts Focus with Strategic Restructuring. (Read More)