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11-28-2023

TECH

• Forbes released its 2024 30 Under 30 lists, featuring young entrepreneurs making strides in various industries, including retail, gaming, venture capital, science, consumer tech, manufacturing, education, sports, social media, food & drink, marketing & advertising, healthcare, enterprise tech, and science. The lists highlight diversity and innovation.

• Chinese companies Baidu, Meituan, and PDD Holdings report strong Q3 earnings, exceeding expectations and recovering from the impact of the pandemic.

• OpenAI’s drama highlights the potential of artificial general intelligence (AGI) while generative AI tools like ChatGPT raise concerns about misinformation and age-appropriateness.

• The UK’s Competition and Markets Authority warns that Adobe’s $20 billion acquisition of Figma could harm innovation and competition.

• Google will delete inactive user accounts and their associated content, such as emails and photos, starting from December 1st.

• The US, UK, and 16 other countries have signed an international agreement to prioritize the security and safety of AI systems.

• A lawsuit alleges that Meta (formerly Facebook) knowingly allowed underage users and downplayed harmful content on its platforms.

• Nvidia’s Q3 earnings report shows a 206% increase in revenue to $18.12 billion, leading to an upgrade in rating from “Hold” to “Buy” by analysts. Despite this, the stock price fell almost 5%.

• Paris Mayor Anne Hidalgo is leaving Twitter (referred to as X), calling it a “gigantic global sewer” due to issues like disinformation and hatred.

• Gen Digital Inc. and Synopsys Inc. stocks outperformed the market, rising for the third consecutive day, while Alphabet saw a 144% increase in share price over the past five years.

• Google Drive users are unable to access files from the last six months due to a glitch. Google is investigating the issue and working on a fix.

• Amazon and Salesforce have expanded their partnership, allowing customers to manage data, incorporate AI technologies, and purchase Salesforce apps on AWS Marketplace.

• Salesforce is expected to report Q3 earnings with revenue growth of 11.2% YoY and projected earnings of $2.05 to $2.06 per share.

• Chinese AI company SenseTime denies allegations by Grizzly Research of inflating revenue through fabrication schemes, causing shares to fall 10%.

• Privacy rights group noyb has filed a complaint against Meta’s ad-free subscription service, claiming it violates privacy laws.

• Funding for European tech startups is expected to decline to $45 billion in 2023, a 55% decrease from 2021. This is attributed to delayed fundraising and slower investor deployment, but European funding rounds will still be 18% higher than in 2020. The number of European early-stage startups is expected to grow in the next five years.

• Apple’s iOS 17 introduces NameDrop, a contact sharing feature that experts say is safe despite police warnings.

MEDIA

• Russian court extends detention of Wall Street Journal reporter Evan Gershkovich until January 30 on espionage charges.

• Taylor Swift’s concert film “The Eras Tour” has grossed over $250 million globally, becoming the highest-grossing concert film ever domestically. It will start streaming on December 13, featuring bonus performances.

• Disney’s animated film ”Wish” underperformed at the box office over Thanksgiving, earning only $31.7 million instead of the expected $40-50 million. The film received poor reviews and lost out to other films.

• ByteDance, owner of TikTok, is downsizing its gaming business, leading to job cuts and the potential sale of mobile gaming studio Moonton.

• Stephen Colbert cancels “The Late Show” episodes this week due to surgery for a ruptured appendix. Recovery is underway.

• AMC’s stock is plummeting after Disney’s film ’Wish’ flopped at the box office, contributing to the company’s worst year ever.

• Roku’s stock rises 150% this year, with a 6.5-7.2% jump after an upgrade to Buy by Cannonball Research analyst, predicting positive fiscal 2024 outlook.

• DouYu International Holdings has established an interim management committee after the arrest of its CEO and chairman, overseeing operations for now.

• Sports Illustrated is under scrutiny for publishing articles written by fake AI-generated authors, leading to the removal of the content.

• Merriam-Webster’s word of the year is ”authentic,” reflecting society’s struggle with deepfake content and false news in 2023.

• Sky Glass is a smart TV designed for sports lovers, offering integrated TV-and-entertainment services, advanced technology, and entertainment options like UHD Quantum Dot screen and Dolby Atmos sound system.

• The Guardian updates its environment pledge, measuring its impact on nature and emphasizing the importance of its climate and nature journalism.

CONSUMER

• Wirecutter readers choose top 25 Cyber Monday deals, including tech gadgets, kitchen tools, outdoor gear, and gaming chairs. Cyber Monday offers big discounts on iPads, gaming chairs, Apple watches, Dyson fans, headphones, and Apple AirPods. Sephora offers up to 50% off on brands like Milk, Benefit Cosmetics, and Clinique for Cyber Monday. Cyber Monday deals include discounts on Apple Watches, wireless noise-canceling headphones, OLED TVs, washers and dryers, and Chromebooks. Wayfair offers up to 70% off on furniture, décor, and appliances during its Cyber Week sale. Cyber Monday mattress deals include discounts on top brands like Purple, Nectar, and Casper. Amazon offers discounts on Kindles, Echo speakers, Fire TV devices, ice cream makers, and more for Cyber Monday. Gaming laptops from Razer, Asus, and Alienware are discounted up to $1,100 for Cyber Monday. Cyber Monday deals include discounts on laptops, monitors, graphics cards, Nintendo consoles, and Apple products.

• Chinese fashion company Shein has confidentially filed for an IPO in the US with a valuation goal of $90 billion.

• US holiday shopping season expected to be muted due to high inflation, stagnant wages, and consumer reluctance to spend.

• Top clothing brands like Madewell and Lululemon are extending Cyber Monday deals, offering discounts on jackets, jeans, and more. Madewell offers up to 83% off select items, while Lululemon offers up to 63% off. Other deals include discounts on Vuori activewear.

• Amazon avoids strike in Spain on Cyber Monday after reaching a deal with CCOO trade union, except for 5,000 delivery workers.

• Approximately 50 Gucci employees in Rome are on strike, protesting against plans to relocate the design studio team to Milan, fearing staff cuts.

• IKEA is expanding its smart home offerings with affordable HomeKit blinds and three new smart sensors under $10.

• Top luggage brands like Away, Samsonite, Travelpro, Calpak, Béis, and more are offering up to 53% off on Cyber Monday.

• Foot Locker’s stock dropped as Citigroup downgraded it to “Sell” citing a weakening economy, high inventory, and promotional spending.

• Analysts express concerns about Ulta Beauty’s ability to handle economic challenges and lower their price target due to retail shrink and holiday performance worries.

• Australian retail sales in October declined by 0.2%, lower than expectations, as consumers delayed spending for Black Friday sales.

REAL ESTATE

• In October, sales of new homes in the US dropped by 5.6% due to higher mortgage rates, but demand remains strong.

• Blackstone’s Steve Schwarzman plans to invest billions in European real estate, focusing on dorms, warehouses, and data centers.

• First Lady Jill Biden introduces a crafty and candy-filled White House Christmas with 98 trees, 33,892 ornaments, and 14,975 feet of ribbon, reflecting a “Magic, Wonder, and Joy” theme.

• M&G Real Estate forecasts more forced selling in global real estate markets as banks hesitate to refinance troubled assets.

• The Kenyan High Court has ruled the mandatory 1.5% housing levy, part of a finance law, as unconstitutional, potentially leading to an appeal.

• Rome, Busan, and Riyadh are competing to host the 2030 World Expo, with Rome emphasizing human rights and sustainability.

ECONOMIC

• Merchants had a successful Black Friday despite a high number of failed online transactions, with over half of Americans making purchases. European stocks fell for a second session as comments from European Central Bank officials dampened expectations of interest rate cuts next year. The US dollar hit a three-month low against a basket of currencies, on track for its biggest monthly fall in a year. Zscaler’s stock fell despite a strong quarter, as the market was disappointed by the company’s cautious guidance. US futures remain flat as investors assess whether the November rally in the stock market is overdone. Oil prices rose as traders anticipate the OPEC+ meeting this week, aiming to end a four-day losing streak. Gold prices reached a six-month high as the dollar weakened and expectations of a pause in the Federal Reserve’s rate hikes grew. US Cyber Monday sales reached a record $12.4 billion, with online consumer spending increasing by 9.6% compared to last year. Asian shares were mixed as investors awaited updates on inflation and US consumer confidence.

• Amazon.com Inc. shares rose 0.67%, while Intercontinental Exchange Inc. and Waste Management Inc. stocks fell on a rough trading day.

• UP Fintech’s shares dropped 9.5% due to increased expenses and departure of chief compliance officer, despite positive Q3 revenue growth. Crown Castle’s stock rises 5.7% as activist investor Elliott Investment Management calls for leadership change and strategic review.

• German Chancellor Olaf Scholz pledges to address budget crisis and continue with economic modernization and clean energy goals, but provides few details.

• China’s central bank governor, Pan Gongsheng, announced that the country will maintain an accommodative monetary policy and expects inflation to increase. The People’s Bank of China (PBOC) also pledged to support Hong Kong’s role as an international financial center and implement measures to lower real lending rates and improve loan efficiency. The PBOC aims to meet its 5% economic growth target and transform the economy away from a debt-driven model while ensuring stability and sufficient liquidity.

• NetApp and Nisun International have stable ROCEs, indicating limited growth potential. SFS Group and Fabrinet have consistent ROCEs, suggesting reinvestment and growth opportunities. NextEra Energy’s ROCE is stagnant but above industry average. Nestlé has a flat ROCE with limited high-return potential.

• Bank of England Governor Andrew Bailey warns that interest rates are unlikely to be cut due to concerns over inflation and weak economic growth.

• Bank of Nova Scotia (Scotiabank) reported lower-than-expected profits in Q4 due to increased provisions for potential loan defaults.

• Barclays is considering various strategies, including cutting jobs and dropping clients, to improve its valuation, reduce costs, and boost profits.

• Clara, a Latin American fintech, has launched a payment account in Brazil with a goal of reaching $1.23 billion in transactions by 2024.

CRYPTO

• Binance founder Changpeng Zhao is unable to return to UAE until after his sentencing for US criminal charges and is ordered to stay in the US.

• Libertarian candidate Javier Milei’s victory in Argentina’s presidential election could benefit assets like ARGT, YPF, and Bitcoin. Milei will meet with US officials and the IMF to discuss economic policies and support.

• Bitcoin and other cryptocurrencies have experienced a slight dip in prices, falling 1% to $37,250, but traders remain optimistic about the upward momentum.

• Coinbase stock surges 18% as CEO Brian Armstrong sees Binance settlement as positive for crypto regulation and institutional investment.

• ”Layer two” tokens, built on top of blockchains like Bitcoin and Ethereum, gain value as the crypto market rises. The combined market cap is $14.3 billion, with Matic leading at $6.90 billion. However, they are highly volatile and risky investments.