Anti-Clickbait News Summaries for November 13, 2024
Analyst predicts Nvidia could reach $10 trillion value by 2030
Hi, it’s Jack with your daily news summaries 😇
The Markets:
Futures
Crude oil saw a slight gain, while natural gas dropped nearly 2%. Gold experienced a moderate rise, while most U.S. indices (Dow, S&P 500, Nasdaq 100, and Russell 2000) recorded minor losses.
Crude Oil: 68.21 ▲ +0.13%
Natural Gas: 2.8520 ▼ -1.89%
Gold: 2616.70 ▲ +0.40%
Dow: 43981.00 ▼ -0.21%
S&P 500: 6004.75 ▼ -0.14%
Nasdaq 100: 21155.75 ▼ -0.16%
Russell 2000: 2401.90 ▼ -0.13%
Forex & Bonds
The EUR/USD and BTC/USD pairs posted modest gains, while the GBP/USD held steady. U.S. Treasury yields rose significantly, with the 5-Year, 10-Year, and 30-Year rates each increasing by over 2%.
EUR/USD: 1.0627 ▲ +0.04%
USD/JPY: 154.94 ▲ +0.22%
GBP/USD: 1.2746 ▼ -0.01%
BTC/USD: 87766.00 ▲ +0.52%
5-Year Treasury: 4.314 ▲ +2.84%
10-Year Treasury: 4.432 ▲ +2.88%
30-Year Treasury: 4.577 ▲ +2.28%
Major Stock Changes
Among major stocks, SPOT (+2.24%) and CYBR (+2.10%) led the gains, while SMCI (-6.59%) and TSLA (-6.15%) took the biggest losses. AAPL held steady with no change.
SPOT ▲ +2.24%
CYBR ▲ +2.10%
NVDA ▲ +2.09%
MSFT ▲ +1.20%
AMZN ▲ +1.00%
GOOG ▲ +0.74%
GOOGL ▲ +0.70%
AZN ▲ +0.62%
FLUT ▼ -1.13%
HD ▼ -1.28%
RIVN ▼ -4.17%
PLUG ▼ -4.02%
SAVE ▼ -5.29%
TSLA ▼ -6.15%
SMCI ▼ -6.59%
AAPL ▬ 0.00%
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Rivian aims for positive gross margin next quarter after production challenges
Rivian Automotive expects to achieve a positive gross margin next quarter after facing challenges with production and costs. The company has re-engineered its vehicles and upgraded its manufacturing facility to improve profitability.
In the third quarter, Rivian's revenue fell 35% year over year to $874 million, with vehicle deliveries down 36%. The company reduced its full-year production guidance to 47,000-49,000 vehicles and reported a significant operating loss of $1.17 billion.
Rivian has secured a multi-year deal with Volkswagen, providing up to $5 billion in cash. This partnership, along with its relationship with Amazon, may help Rivian expand its vehicle offerings and work toward profitability.
Trump promises pardons for January 6 rioters raising concerns about far-right extremism
Donald Trump has pledged to pardon individuals convicted for their roles in the January 6 insurrection. This promise has raised concerns among experts, who believe it could embolden far-right extremist groups in the U.S.
Currently, around 200 people remain imprisoned for their involvement in the Capitol riot. Trump’s potential pardons could apply to all federal convictions related to January 6, which would allow many to regain their freedom and legal rights, including access to firearms.
The far-right movement has been relatively quiet in recent years, but Trump's actions could reignite their activities. Experts warn that pardons would signal acceptance of extremist behavior and could lead to increased recruitment and activity among these groups.
Source: https://ca.news.yahoo.com/trump-pardons-jan-6-rioters-101405160.html
Alex Jones' Infowars goes up for auction to pay Sandy Hook families
Alex Jones' media company, Infowars, is up for auction today as part of his bankruptcy proceedings. The auction is private, and the winning bid will be revealed once court documents are filed. Proceeds will help pay $1.5 billion in damages to Sandy Hook families.
Bidding includes various assets, such as equipment and an armored truck. Some bidders are reportedly from both conservative and progressive backgrounds, with some left-leaning bidders withdrawing due to high competition. The final decision on the winning bid will be made by a court-appointed trustee.
Despite the auction, Jones claims he will not be silenced and continues to appeal the defamation rulings against him. The bankruptcy judge ruled that the Sandy Hook families can pursue his future earnings until the full amount owed is paid.
Biden and Trump to meet at White House for symbolic transfer of power
President-elect Donald Trump will visit the White House on Wednesday to meet with President Joe Biden. This marks Trump's first return since losing the 2020 election, contrasting with his refusal to meet Biden during the previous transition.
Trump's visit aims to symbolize a peaceful transfer of power, a process that was disrupted in 2020 when he did not concede. Biden has emphasized the importance of this transition and has committed to a smooth handover.
Trump is expected to address House Republicans before the White House meeting. The participation of Vice President-elect JD Vance and First Lady Jill Biden remains uncertain.
Analyst predicts Nvidia could reach $10 trillion value by 2030
Analyst Beth Kindig predicts Nvidia's value could reach $10 trillion by 2030, surpassing the combined worth of Apple, Microsoft, Amazon, and Tesla. Currently valued at $3.5 trillion, Nvidia would need a 185% increase to meet this target.
Nvidia dominates the AI market, holding a 98% share in data center graphics processing units. The company reported a 122% revenue increase to $30 billion in its latest quarter, driven by strong demand for its products.
The upcoming launch of Nvidia's Blackwell GPU is expected to significantly enhance AI training speeds. Analysts anticipate continued growth in AI hardware and services, positioning Nvidia to capitalize on this expanding market.
Inflation data suggests progress may have stalled as costs rise in October
Inflation data for October is expected to show a rise of 2.6% compared to last year, up from 2.4% in September. Core inflation, which excludes food and energy, is predicted to remain steady at 3.3%.
Voter frustration over rising living costs contributed to a shift in political power, with Republicans gaining control of the White House and Senate. Despite wage growth outpacing inflation, many consumers are still facing higher expenses in areas like child care and home insurance.
Investors are reacting to concerns that proposed economic policies from President-elect Donald Trump could lead to increased inflation. This has caused a sell-off in government bonds, resulting in rising borrowing costs, including mortgage rates.
Source: https://www.nbcnews.com/business/economy/progress-inflation-likely-stalled-now-rcna179872
Elon Musk's xAI builds 100,000 GPU supercluster in record 19 days
[Misleading: The datacenter was ready and they just put the racks in and connected and configured them together over 19 days.]
Elon Musk's xAI has built a supercluster of 100,000 NVIDIA GPUs in just 19 days, a significant reduction from the typical four-year timeline for such projects. NVIDIA CEO Jensen Huang praised this achievement as "superhuman" and unprecedented in tech infrastructure.
The rapid setup included constructing a dedicated facility and implementing advanced cooling and electrical systems. Huang noted that the complexity of integrating the GPUs involved intricate wiring and coordination with NVIDIA engineers.
This supercluster will support xAI's ambitious AI models, enabling advanced generative AI and machine learning tasks. Huang believes this accomplishment sets a new standard for AI infrastructure deployment.
Pentagon notifies China of recent US nuclear missile test launch
The Pentagon informed China in advance about a U.S. nuclear missile test conducted on November 5. The unarmed Minuteman III missile was launched from California and traveled to the Marshall Islands, marking a new level of communication between the two nations.
This notification follows China's own ICBM test on September 25, which the U.S. confirmed receiving prior notice for. While there is no formal agreement for such notifications, the U.S. aims to encourage China to establish a similar arrangement.
Both countries have expressed a willingness to maintain communication to avoid misunderstandings. However, experts note that China remains cautious about transparency due to concerns over revealing sensitive military information.
Source: https://www.newsweek.com/us-news-china-warned-about-nuclear-missile-test-pentagon-1984849
Global cell line development market projected to reach USD 15.88 billion by 2031
The Global Cell Line Development Market is projected to grow from USD 6.36 billion in 2023 to USD 15.88 billion by 2031, with a compound annual growth rate (CAGR) of 12.12%. This growth is driven by advancements in technology and increasing demand for cancer treatments.
Reagents and media products are expected to lead market growth due to their essential role in maintaining cell health. Additionally, recombinant cell lines are becoming the preferred choice for producing therapeutic proteins, enhancing market stability and scalability.
North America is anticipated to dominate the market, supported by strong biopharmaceutical research and development, a robust healthcare infrastructure, and significant investments in biotechnology.
NASA's Jet Propulsion Laboratory to cut 325 jobs due to budget constraints
NASA's Jet Propulsion Laboratory (JPL) will lay off about 325 employees, or 5% of its staff, due to budget cuts. This marks the third round of layoffs this year, following earlier reductions of 100 and 530 positions.
The layoffs are primarily linked to significant budget cuts for the Mars Sample Return mission, which saw funding drop from $822.3 million to $310 million. JPL's workforce will decrease to around 5,500 employees.
Staff will be notified of their job status via email, and employees are instructed to work from home on the day of the layoffs. The budget constraints have raised concerns about NASA's ability to support its missions effectively.
Source: https://www.latimes.com/science/story/2024-11-12/jpl-to-lay-off-roughly-5-of-its-workforce
Arthur Hayes predicts Trump's policies will weaken dollar and boost Bitcoin value
Arthur Hayes, co-founder of BitMEX, predicts that President-elect Donald Trump's policies will weaken the U.S. dollar and boost Bitcoin's value. In a recent blog post, he argues that increased bank credit and government subsidies will expand the money supply.
Hayes believes that as the dollar devalues, demand for Bitcoin will rise, potentially pushing its price to $1 million. He emphasizes that Bitcoin's limited supply will attract investors seeking a safe haven from inflation.
Currently, Bitcoin is priced at $86,494.50, down 2.90% in the last 24 hours. Hayes continues to advocate for Bitcoin as a superior asset compared to traditional currencies and gold.
How extreme ultraviolet lithography shapes the future of microchip technology
Extreme ultraviolet lithography is a breakthrough technology used to create the world's most advanced microchips, essential for AI models. This method involves a powerful laser that generates extreme ultraviolet light to etch circuits on silicon wafers.
Only one company, the Dutch firm ASML, produces the machines needed for this process. The technology's development faced skepticism and was initially explored in U.S. nuclear labs before being advanced by American tech companies.
The U.S. is now focused on preventing China from accessing these critical microchips, highlighting the strategic importance of this technology in global markets.
Source: https://www.npr.org/2024/11/13/1212604208/asml-euv-extreme-ultraviolet-lithography-microchips
Crude oil prices rise as supply tightens and OPEC adjusts demand forecasts
Crude oil prices increased on November 13 due to short-term supply tightness, with buyers quickly securing available cargoes. OPEC's optimistic demand forecasts for 2024 and 2025 also supported the rise, despite previous concerns about demand from China.
The NYMEX December WTI rose to $68.27 per barrel, while ICE January Brent reached $72.07 per barrel. OPEC has lowered its global oil demand growth estimates for the fourth consecutive month, citing weakening demand in China and India.
Attention is shifting to the Middle East conflict as President-elect Donald Trump's foreign policy remains uncertain. Analysts suggest that geopolitical tensions could lead to supply disruptions, impacting oil markets.
Tesla produces 1000 Powerwalls in a single day at Nevada gigafactory
Tesla's gigafactory in Nevada has achieved a new milestone by producing 1,000 Powerwall energy storage devices in one day. This announcement was made on Tuesday via Tesla's official social media account.
The Powerwall is designed to provide homes and businesses with backup power during outages. Tesla has previously stated it can produce a Powerwall every 25 seconds, aiming for over 700,000 units annually.
In the last quarter, Tesla's energy generation and storage revenue grew by 52% compared to the previous year, reaching $2.38 billion. The company plans to significantly increase its energy storage deployments in 2024.
Transgender youth seek support as fears rise over potential policy changes under Trump
Transgender youth in the U.S. are increasingly reaching out to crisis hotlines following Donald Trump's election, which has raised fears about potential rollbacks of protections. Calls to the Rainbow Youth Project surged to over 5,500 in just ten days.
Trump's campaign focused on anti-transgender themes, promising to restrict rights for transgender students. His administration could quickly change policies affecting pronoun use and bathroom access, reversing recent protections established under President Biden.
Advocates are responding to rising despair among transgender youth by enhancing support services. Many young people are considering relocating to more accepting areas, while others express concern about the potential impact of federal policy changes on their communities.
Anthropic CEO predicts artificial general intelligence could arrive by 2026 or 2027
Dario Amodei, CEO of Anthropic, predicts that artificial general intelligence (AGI) could be achieved by 2026 or 2027, depending on the current pace of AI development. He noted that this timeline is uncertain due to potential challenges.
Amodei highlighted issues like data scarcity and geopolitical factors that could hinder progress. Despite these obstacles, he expressed optimism about AGI's future, stating that reasons against its imminent arrival are decreasing.
This prediction aligns with views from other industry leaders, including OpenAI's Sam Altman, who suggested AGI could arrive as early as 2025. Definitions of AGI vary, but it generally refers to AI that can perform tasks as well as humans across various domains.
Elon Musk claims SpaceX can fly from New York to Shanghai in 40 minutes
Elon Musk announced that SpaceX's Starship rocket can now make intercontinental flights possible, allowing travel from New York City to Shanghai in about 40 minutes. This development follows Donald Trump's re-election, which Musk believes could expedite regulatory approvals.
Musk's vision includes flights that take off like rockets and glide along Earth's orbit, drastically reducing travel times. Passengers would experience G-forces during launch and landing, and the journey would require them to remain seated.
While the concept has generated excitement, it may lack standard airline amenities, such as food and toilets. SpaceX envisions a new era of global travel, with rapid flights becoming commonplace.
US plans to triple nuclear power capacity by 2050 to meet rising demand
The Biden administration plans to triple U.S. nuclear power capacity by 2050, aiming to add 200 gigawatts through new reactors and upgrades. The goal includes 35 gigawatts of new capacity within the next decade.
The initiative addresses challenges like skilled labor shortages and regulatory issues. Bipartisan support exists for nuclear energy, highlighted by recent legislation enhancing the Nuclear Regulatory Commission's capabilities.
As global demand for low-emission power rises, major companies like Microsoft and Google are investing in nuclear energy. The U.S. aims to restore its leadership in nuclear technology amid increasing interest in carbon-free energy sources.
OpenAI and Anthropic CEOs outline visions for future of artificial intelligence
OpenAI CEO Sam Altman and Anthropic CEO Dario Amodei have shared their visions for the future of artificial intelligence, highlighting potential advancements in healthcare, work, and problem-solving. Both leaders anticipate rapid progress toward superintelligence, with Amodei suggesting it could arrive as early as 2026.
Their essays explore the transformative impact of AI, including the possibility of eradicating diseases and improving bureaucratic processes. However, they also raise concerns about the implications of such powerful technology, particularly regarding human identity and the nature of work.
While Amodei emphasizes a positive vision for AI's role in society, he acknowledges the complexities and ethical dilemmas that may arise. Both leaders agree that the development of superintelligence will require careful consideration of its effects on humanity.
The trans stuff...LOL