🗞️ NVIDIA surpasses Apple

November 06, 2024   |   Listen Online   |   Read Online Brought to you by: Top stories today: Trump wins presidential elections, Republican sweep 90% likely Trump Media reports revenue still at a de minimis $1M in Q3, $19.2M loss Novo Nordisk's obesity drug Wegovy sees sales surge driven by U.S. NVIDIA surpasses Apple as world's most valuable company Nintendo stock jumps as next-gen Switch console plans unveiled Follow us on X | Instagram | Advertise 0. Data and calendar All values as of 6 AM ET / 3 AM PT, other than S&P500 and NASDAQ close (4 PM ET / 1 PM PT). All times are ET. 1. Trump wins presidential elections, Republican sweep 90% likely The House still has a 10% chance of being controlled by Democrats, according to Polymarket: Polymarket. Control of Congress would mean power to pass more tax cuts and general fiscal policy. The President already has foreign policy and tariff-related unilateral powers. An abortion ban is highly unlikely, as it would require 60 votes in the Senate, and Trump already said he would veto such bill. Trump claimed victory after Fox News projected his victory, hours before NYT and AP did. Elon Musk celebrated the win on X. European leaders congratulated Trump. Crypto was significantly up in response, with BTC and ETH +8% and SOL +15% All values as of 6 AM ET / 3 AM PT. The Ohio Senate race was won by blockchain entrepreneur Bernie Moreno. 2. Surf Freely, Stay Safe: Get Surfshark VPN* Surfshark VPN. Protect your privacy with Surfshark VPN—unlimited devices, no data caps, and zero speed limits. Get 4 extra months free and enjoy the best value among premium VPNs. Browse, stream, and shop securely without worrying about trackers or snooping; just set it up and go. Get Surfshark VPN now for $1.99/mo + 4 months free *Sponsored. 3. Trump Media reports revenue still at a de minimis $1M in Q3, $19.2M loss Trump Media's stock was +30% to $44.20 in the premarket, as it increasingly acts as a meme stock: MarketWatch: Trump Media stock. Net loss improved by 26% from $26M a year ago. -5.6% YoY in revenue to $1.01M from $1.07M a year earlier. $673M in cash and investments in Q3, with no debt. 4. The Best Hearing Aid in 2024: "The Clarity Is Insane"* hear.com Imagine this: you're in a crowded restaurant. You're with friends, family, colleagues – take your pick. There's music playing, people all around, and it's not super easy to hear the conversation. What do you do? Here are your options: You can lean in, read lips, ask for repeats, or… hear me out… you could give this tiny new hearing aid a try… hear.com's new best-selling device is making conversation effortless, even in background noise… and the clarity is insane. So if you want to join 400,000 happy customers and give them a try, you know what to do: Click here! Learn More *Sponsored. 5. Novo Nordisk's obesity drug Wegovy sees sales surge driven by U.S. demand +79% YoY in Wegovy revenue to 17.3B Danish kroner ($2.5B), up from 15.6B kroner expected. +50% in U.S. sales to $1.8B. +21% in Novo's overall net profit to $3.92B in Q3. 21-27% operating profit growth guidance, tightened from 20–28% expected previously. 23-27% sales growth outlook for full year 2024, vs. 22-28% expected earlier. Relatedly, Novo said it was aware of 10 deaths from compounded obesity drug copies. 6. NVIDIA surpasses Apple as world's most valuable company CompaniesMarketCap. +2.8% in the share price to $139.91 boosted NVIDIA's market cap to $3.43T. Apple was pushed to 2nd place with a market cap of $3.38T, while Microsoft ranked 3rd at $3.06T. +212% in NVIDIA's market cap since $1.1T on Nov. 4, 2023. Jun.: NVIDIA previously overtook Apple, but held the title for only a day. Ongoing AI wave has helped NVIDIA grow its market cap. 7. Nintendo stock jumps as company unveils next-gen Switch console plans Backward compatibility on the next Switch console announced ahead of its launch. A new Super Mario Bros. film is set to release in 2026. 146.04M cumulative Nintendo Switch sales since its launch in March 2017. Tue.: Nintendo cut its operating profit outlook by 10% to 360B yen ($2.4B). 8. Decentralized AI startup funding 3x in 2024 PitchBook. 65 deals have been closed in 2024 so far, vs. 35 last year. Blockchain and crypto serve as AI workload infrastructure by these startups. 9. Small, midsize VC funds in U.S. facing slowdown Crunchbase. -44% YoY in the number of U.S. small and midsize VC funds ($10M-$500M) to 118 in 2024 YTD from 209 in 2023. Capital raised by the existing small and midsize VC funds also declined this year Crunchbase. -47% to $13.7B, compared to $26.7B in 2023. 10. Interesting videos, posts, and memes AI Policy Update: Safety Battles, Censorship & Future Risks The AI Future Has Arrived: Here's What You Should Do About It Insane Demands of AI & Datacenters: Exowatt's Mission for Affordable, Sustainable Power| E2039 11. Other headlines AI Apple asks Foxconn to produce AI servers in Taiwan: report. Institutional Venture Partners is said to lead Perplexity's $500M round. UK government launches AI safety platform for businesses. Software Engineer or Architect? Hire Both!* *Sponsored. Tech Apple warns investors future products may never be iPhone-like profitable. Amazon CEO denies full in-office mandate is "backdoor layoff." Mozilla Foundation drops advocacy division, lays off 30% staff. Coupang Q3 revenue +27% to $7.9B; net retail sales miss estimates. Wise's revenue +19% to £592M. Tech & law Apple said to face first fine under DMA for anticompetitive App Store practices. Google defeats lawsuit over gift card fraud. FTC accuses fintech startup Dave of misleading borrowers. FAA gives approval to Amazon for smaller delivery drones. Biotech Abbott posts positive, longer-term data for its Esprit BTK stent. FDA delays decision on Merus' first-in-class cancer drug. Business BMW profit dives, misses expectations due to weak China sales, brake issues. China's markets drop as Trump presidency looms. Coca-Cola sales drop in Turkey, Pakistan after boycott calls. Lulu, UAE's biggest IPO of 2024, draws $37B in orders. Crypto Chainlink, UBS, Swift complete pilot to extract cash from tokenized funds. World Netanyahu fires Israeli defense minister Yoav Gallant over war conduct. Gallant, after being fired, warns Israel is abandoning captives. South Korea to build "perfect" security partnership with new U.S. admin. Zelensky says clashes with North Korean troops "open page" to instability. Was this newsletter forwarded to you? Sign up here. Liked it? Forward it to friends and get rewards (see below). 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