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Top stories today: - Tech leaders congratulate Trump's win despite previous divisions
- Qualcomm projects bullish sales as high-end phone demand grows
- Fed expected to cut interest rates by 25 bps
- Canada orders ban on TikTok's operations, citing national security risks
- OpenAI acquires Chat.com, redirects visitors to ChatGPT
- Global startup M&A deal activity dips QoQ
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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). |
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 | All times are ET. |
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Listen to our AI-generated podcast summarizing today's newsletter (beware the few hallucinations): |
| Bay Area Times Daily - Nov. 7, 2024 ► Play Online |
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1. Tech leaders congratulate Trump's comeback despite previous divisions |
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A Republican win the House and Senate is now 97% likely, from 90% yesterday |
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Elon Musk's enthusiasm was in full swing throughout the day on Wed. |
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Trump named Musk in his victory-claiming speech. $100M+ contributed by Musk to America PAC to boost the Trump campaign. The Chief of Government Efficiency role is reserved for Musk. A falling-out is predicted by some between Musk and Trump.
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Trump's victory brought a record $64B gain for the world's 10 richest people |
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3. Qualcomm projects bullish sales as high-end smartphone demand grows |
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+19% in Q4 FY2024 revenue, reaching $10.2B, up from $8.6B a year ago. +96% in quarterly net income, totaling $2.9B vs. $1.5B a year earlier. Dec. quarter revenue projected at $10.5B-$11.3B, above the $10.5B estimate. $15B share buyback program announced, replacing the previous $10B plan.
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Mobile chips remained a major revenue source for Qualcomm |
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+10% in FY24 handset division revenue to $24.9B, followed by $2.9B from automotive. +12% in Q4 handset revenue to $6.1B from $5.5B a year ago. Slower consumer upgrades challenge Qualcomm's handset business. Snapdragon 8 Elite aims to drive high-end market revenue.
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Qualcomm's stock +6% to $183.90 (market cap: $185B) in after-hours trading on positive projections |
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5. Fed expected to cut interest rates again at 2 PM ET, now by 25 bps |
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6. Canada orders ban on TikTok's local operations, citing national security risks |
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TikTok's offices in Toronto and Vancouver are ordered to close. The app will remain accessible. Investment Canada Act served as the basis for the decision. "We will challenge this order in court," TikTok said. The move comes as the U.S. considers restrictions on TikTok.
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7. OpenAI acquires Chat.com, redirects visitors to ChatGPT |
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Sam Altman shared the URL on X to announce the deal. Sep. 1996: when the Chat.com domain was registered. 2023: when HubSpot CTO Dharmesh Shah acquired Chat.com for $15.5M. Shah confirmed the deal with OpenAI without disclosing its financial terms. Brand change for ChatGPT isn't likely to be OpenAI's plan.
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8. Global startup M&A deal activity dips QoQ but shows improvement from 2023 |
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+11% YoY in global venture-backed M&A activity, reaching 479 deals in Q3. 500 deals were closed in Q2, though.
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+46% YoY growth in AI startup M&A activity with 70 deals in Q3, down from 75 in Q2 |
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AMD-Silo.AI ($665M) and Applied Systems-Planck ($300M) were among the notable deals in the last quarter. 15% of all startup M&A deals in the past two quarters were AI startups, up from 11% a year ago.
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9. PE buyouts in Europe's consumer goods sector surpass 2023 levels |
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+12% in consumer goods buyouts to €15B ($16.1B) in 2024, up from €13.4B in 2023. 181 deals closed so far this year, vs. 222 deals last year. JAG Holdings-JDE Peet at €2.2B was the largest deal in the sector this year.
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10. Broadcom, Qualcomm, MediaTek to retain lead in Wi-Fi chipset market in 2024 |
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Broadcom projected at 24% market share, Qualcomm at 19%, and MediaTek at 13%. Wi-Fi 6, 6E, and 7 to capture 43% of market by 2025, ending Wi-Fi 5's dominance.
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11. Interesting videos, posts, and memes |
 | 3 $1M+ AI startup ideas targeting profitable niches and how to build viral apps |
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 | OpenAI's New ChatGPT Search Engine: My Hands-On Test |
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12. Other headlines |
AI |
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Tech |
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Tech earnings |
Lyft Q3 revenue +32% to $1.52B, gross bookings +16% to $4.1B. Take-Two Q2 FY25 revenue +4% to $1.35B, net bookings +2% to $1.47B. ARM Q2 FY25 revenue +5% to $844M, royalty revenue +23% to $514M. Adyen's revenue +20% to €498M. Bumble Q3 revenue -0.7% to $273.6M, 4.3M total paying users.
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Tech & law |
TSMC, GlobalFoundries finish discussions over CHIPS Act support: sources. Trump likely to uphold CHIPS Act despite campaign rhetoric. Australia plans legislation to ban children under 16 from using social media.
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Biotech |
FDA clears 1st treatment for dry AMD, with LumiThera's Valeda. Damona gets FDA nod for trial of drug targeting cognitive deficits.
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Business |
Nippon Steel still expects U.S. deal can be completed this year. Automakers brace for new tariffs, EV changes under Trump presidency. Nissan announces restructuring with 9,000 job cuts. Chinese stocks bounce back as stimulus hopes offset Trump risks.
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Crypto |
JPMorgan rebrands blockchain platform to Kinexys. Polymarket, prediction betting markets vindicated by Trump's win.
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U.S. politics |
DOJ set to drop federal cases against Trump before inauguration. Harris concedes election to Trump but vows to fight on. Biden to address nation at 11 AM on Thu.
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World |
Trump win heightens risks for BOJ as yen renews slide. GOP spokesperson says Trump wants Israel's wars to end soon. China congratulates Trump, says respects America's choice. German opposition leader calls for confidence vote by next week.
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