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10-14-2023

TECH

• Meta, the parent company of Facebook and Instagram, is intensifying efforts to remove violent content related to the Hamas attacks on Israel. The company has removed a significant amount of content in Hebrew and Arabic that violated its policies. The European Union has called on Meta and other social media platforms to combat disinformation and illegal content. YouTube is also facing scrutiny from the EU over the dissemination of illegal content and disinformation related to the conflict. The EU has launched investigations into X (formerly Twitter) and Elon Musk

• The United States has granted permission to Taiwan Semiconductor (TSMC), SK Hynix, and Samsung to supply their chipmaking tools to their factories in China. This allows the companies to continue their chipmaking operations without disruption. TSMC has also received a waiver extension to supply US chip equipment to its factory in Nanjing, China.

• Equifax has been fined £11 million by the Financial Conduct Authority (FCA) for failing to protect the data of millions of UK customers during a cyber breach in 2017. The FCA called the attack “entirely preventable” and criticized Equifax for mishandling their response. The breach exposed personal data of up to 147.9 million US consumers and 13.8 million UK consumers. Equifax received a 30% discount on the fine for resolving the matter

• Elon Musk’s company, X (formerly known as Twitter), is accused by the US National Labor Relations Board (NLRB) of illegally firing an employee for criticizing the return-to-office policy. The NLRB filed a formal complaint, alleging a violation of federal labor laws. Musk ordered workers back to the office and threatened resignation for non-compliance. The employee encouraged coworkers not to resign and was subsequently terminated. X has not responded to the allegations.

• The Biden administration is considering tightening restrictions on the export of American AI chips to Chinese companies through their overseas subsidiaries. This move aims to close a loophole that allows Chinese companies to access US chips and chip-making tools. The new rules would prevent sales to units of Chinese companies based outside of China and address national security concerns regarding the transfer of advanced technology to China. Additionally, the US government is looking to restrict Chinese parties’ access to US cloud providers with AI capabilities.

• Smart Global Holdings reported a significant revenue miss, causing its stock price to plummet by 45%. However, analysts maintained their Buy ratings and remain optimistic about the company’s future growth potential. Smart Global has transformed into an enterprise solutions company, acquiring Stratus Technologies and divesting its Brazil operations. The company’s sales mix for fiscal 2023 was 52% IPS, 31% Memory Solutions, and 17% LED Solutions.

• Generative AI, powered by models like OpenAI’s GPT-3, is gaining popularity among companies. Key considerations include data quality, identifying specific use cases, and measurable business outcomes. GenAI has the potential to revolutionize enterprises, optimizing supply chains and enhancing existing products. It requires standardization, safety, bias mitigation, security, economy, and governance. AI is transforming operational processes in business networks, simplifying labor-intensive tasks and enabling autonomous functionality. Google has introduced updates to its generative

• Executives from PwC, Google DeepMind, Slack, and IBM discussed the risks and rewards of AI, emphasizing the importance of enhancing the human experience and collaboration. They highlighted the risks of bias, misinformation, and erosion of trust. Skilled cybersecurity and AI developers are needed to ensure quality and mitigate negative consequences. Integrating AI into businesses requires commitment, identifying low-hanging fruit, and sharing AI strategies. Ethical principles, transparency, accountability, and user data privacy are crucial in AI

• Fortinet Inc, a cybersecurity vendor, is experiencing stock price losses but has a strong EPS of 1.33. It is considered undervalued with potential for higher returns. Barclays downgraded Fortinet due to negative channel checks and lower prioritization of firewall refreshes, affecting its stock. However, Fortinet’s balance sheet remains healthy with a net cash position of $2.32 billion and a reduced risk of future debt repayments.

• Nvidia is expected to release new AI chips at an accelerated pace, making it difficult for competitors to catch up. The company’s dominance in the market is due to its software programming ecosystem and its approach of combining software and silicon. Hedge fund manager Stanley Druckenmiller has a positive view on Nvidia, considering its dominance in CUDA and the shift towards accelerated computing. Nvidia’s stock has seen a surge in demand due to the AI boom and has a history of successful bets.

• Indian IT service providers, including Tata Consultancy Services, Infosys, and HCLTech, are reducing hiring efforts due to a decline in demand for IT services. Overhiring and reduced client spending have led to concerns about the impact on the US and UK economies. Companies are focusing on improving employee utilization and reducing billable working hours. Infosys has decided to skip hiring fresh graduates this year due to a slowdown in IT spending and a skills gap in data science and artificial intelligence.

• Russian technology company Astra has successfully raised 3.5 billion roubles ($36.2 million) in its initial public offering (IPO) on the Moscow Exchange. The IPO was heavily subscribed, with demand exceeding supply by over 20 times. Astra dominates Russia’s operating system market with its Astra Linux software, which is widely used by government entities and state companies. The company has experienced significant growth in its share of corporate clients and plans to launch a long-term motivation program for its

• The IRS has notified Microsoft that it owes $28.9 billion in back taxes, penalties, and interest. The case involves a deal in which Microsoft channeled profits to a Puerto Rican factory to take advantage of tax benefits. Microsoft plans to appeal the IRS’ conclusions.

• India has reversed its decision to impose import restrictions on laptops, following objections from the PC industry and the US government. The government is now consulting with the industry and will announce a new order on laptop imports by the end of October.

• Qualcomm is cutting 1,258 jobs in California, primarily impacting employees in San Diego and Santa Clara offices. The layoffs are due to macroeconomic uncertainty and low demand for its products. The job cuts will affect engineering, technical, and accounting staff. The process will begin in mid-December and is expected to be completed by the first half of fiscal year 2024.

• Over three dozen plaintiffs have joined a class action lawsuit against Apple, alleging negligence in preventing stalking incidents with its AirTag tracking product. The lawsuit claims that despite Apple’s safety upgrades, AirTags have been used in stalking cases resulting in multiple murders. The plaintiffs argue that Apple’s protective measures are inadequate and seek damages and further prevention actions. Apple has until October 27 to respond to the lawsuit.

• Amazon’s Prime Day may be over, but discounts on tech products are still available. Some notable deals include discounts on Apple products like AirPods Pro 2 and MacBook Air models. Samsung also offers low prices on monitors. Other brands like Google, Samsung, and Anker have discounts on various tech products including smartwatches, wireless earbuds, speakers, and home security devices. Additionally, Amazon offers discounts on the new Apple Watch Series 9, M2 Mac mini, and ZAG

• Apple has expanded its new Apple Maps experience to Denmark and Greece, offering improved navigation, detailed maps, and augmented reality-powered walking directions. The rollout also includes the introduction of Look Around, a feature that provides immersive street-level views. This marks the twentieth expansion of Apple’s new map data since its launch in 2018.

• The war between Israel and Hamas has exposed the authenticity crisis on social media platforms, with false information and AI-generated content spreading rapidly. Trust in traditional news outlets has declined, leading to reliance on biased alternative sites. Social media’s ubiquity has confounded truth, spreading misinformation faster than it can be debunked. People under 30 trust social media almost as much as traditional news media. The flood of disinformation during the conflict has made social media unreliable. Users are urged to be cautious and seek diverse

• TE Connectivity is an undervalued global electrical connector supplier with fair financial strength and strong profitability. The company plans to increase its dividend payment, indicating sustainability and potential for future growth. It is considered an attractive income stock with solid potential as a dividend stock.

MEDIA

• The recent conflict between Israel and Hamas has led to a surge in anti-Semitic incidents globally, with threats and violence targeting Jewish communities. Israel has called for the evacuation of over a million Palestinians from Gaza City, raising concerns about a humanitarian crisis. The United Nations and aid groups are urging for a ceasefire and the opening of a humanitarian corridor. Journalists and civilians have been killed and injured in the violence, and there are calls for investigations into potential war crimes. The conflict has also sparked protests and tensions worldwide

• Microsoft has received approval from UK regulators for its $69 billion acquisition of Activision Blizzard. The deal faced initial opposition due to concerns about Microsoft’s dominance in the cloud gaming market, but was approved after restructuring the agreement and selling cloud streaming rights to Ubisoft. This approval marks the final major regulatory hurdle for the deal, which has already received approval from other countries.

• Wolfe Research downgraded Netflix due to concerns about its 2024 growth forecast. Microsoft and Apple stocks underperformed, while News Corp outperformed. Netflix is expected to generate strong revenue in Q3-2023. Analysts have mixed opinions on Netflix’s future growth and stock valuation. Netflix’s crackdown on password sharing may contribute to revenue growth in Q3.

• Taylor Swift’s concert film, ”The Eras Tour,” is receiving positive reviews and generating high demand, boosting the struggling cinema industry. The film has already surpassed $100 million in advance ticket sales globally and is expected to break records. However, there have been declines in the stock of theater chains like AMC Entertainment Holdings Inc. and Cinemark Holdings Inc. despite the film’s success. The film is also generating high demand for cinema ads and is projected to be the biggest concert movie ever. Filmm

• The New York Times, The Upshot, and other sources have developed simulators to calculate NFL teams’ playoff chances. These simulators use an Elo rating system, information from betting markets, and random simulations to estimate the likelihood of teams winning games and making the playoffs. Users can input game outcomes to see how it affects their team’s playoff odds.

• Ireland’s rugby team will sing ”Ireland’s Call” before their World Cup quarter-final match against New Zealand. Ireland aims to match the top tier record of 18 consecutive wins held by New Zealand and England. New Zealand’s winger Will Jordan is expected to continue his impressive try-scoring record. England is in a crucial position to reach the semi-finals but cannot afford to lose to Fiji. The upcoming match between England and Fiji is seen as the defining game of England’s campaign. Fiji is

• On Saturday, October 14th, an annular solar eclipse, also known as a “ring of fire” eclipse, will occur in the Americas. The eclipse will be visible from Oregon to Texas, passing through several US states and countries in Central America. It is important to use protective eyewear when viewing the eclipse to avoid eye damage. The eclipse will also have an impact on solar power output, particularly in states like California and Texas. This eclipse serves as a rehearsal for a total solar eclipse

• The highly anticipated India vs Pakistan cricket match in the Cricket World Cup 2023 is set to take place in Ahmedabad. The match is expected to have a massive turnout, but visa issues will limit the number of Pakistan supporters. India has a strong home advantage and a winning record against Pakistan in previous World Cup matches. The match is highly anticipated and is expected to have a significant impact on India’s economy. India captain Rohit Sharma won the toss and elected to field, and opener Shubman

• Prominent bankruptcy judge David Jones is under investigation and has recused himself from cases due to a romantic relationship with attorney Elizabeth Freeman. The Office of the US Trustee has objections in the Corizon bankruptcy case and raised concerns about Jones’ role as mediator. Jones voluntarily agreed to be removed from his cases pending the investigation. Legal ethics experts criticize Jones for not disclosing the relationship or recusing himself from cases involving Freeman’s law firm. Other judges will handle Jones’ bankruptcy cases involving large companies during the investigation

• Paris is becoming a thriving art center with multiple galleries and art fairs showcasing international artists. High Art is a prominent gallery attracting international collectors. Paris+ par Art Basel and Paris Internationale are major art fairs featuring galleries from around the world. Design Miami is making its debut in Paris. Hauser & Wirth is opening a new gallery in Paris. The art scene in Paris is expanding, with collaborations with institutions and plans for future growth.

• Best Buy will discontinue the sale of DVDs and Blu-ray discs in 2024, focusing on new technology. Walmart, Amazon, and Target become top retailers. The decline in physical media sales is due to streaming. Best Buy’s gaming sections reflect the shift towards digital-only gaming. The company’s decision follows a trend of moving away from physical media.

• New Zealand’s pace bowlers dismantle Bangladesh’s batting line-up, while captain Kane Williamson makes a successful return from injury. New Zealand secures an eight-wicket victory and moves to the top of the table.

• Renowned poet Louise Glück has passed away at the age of 80. Glück was known for her austere and lyrical work, drawing on classical mythology and personal experiences. She received the Nobel Prize in Literature in 2020 and leaves behind a legacy of powerful and enduring poetry.

• England secured a 1-0 win against Australia in a friendly match at Wembley Stadium. Ollie Watkins scored the winning goal, while James Maddison impressed as a No. 10. England’s performance was disjointed, with defensive vulnerabilities and loose passing. The match allowed Gareth Southgate to rest key players and give game time to squad players. The Socceroos showed resilience and had chances to get something from the game.

• The New York Rangers had a successful season opener, dominating the Buffalo Sabres with a 5-1 victory. They received strong performances from Chris Kreider, Artemi Panarin, and Alexis Lafreniere. The Columbus Blue Jackets suffered a 4-2 loss to the Philadelphia Flyers in their home opener and are dealing with an injury concern with defenseman Zach Werenski.

CONSUMER

• Former CEO Todd Vasos is returning to Dollar General, causing the stock to rise nearly 8%. The retailer has been struggling with disappointing profits and labor issues. Vasos’ return is seen as a positive move, but some caution that it may not solve all of Dollar General’s challenges.

• Gen Z is cooking at home more frequently and reducing spending in response to rising inflation and financial challenges. They are experiencing financial setbacks, limited emergency savings, and have low confidence in an improving economy. Despite these changes, consumer finances remain healthy, with strong repayment and low delinquency rates.

• Citigroup, Truist Securities, and Jefferies have maintained their recommendations for Dollar General (DG) with a one-year price target of $150.49, representing a 35.38% increase. Dollar General has declared a quarterly dividend of $0.59 per share, with a dividend yield of 2.12%. The company’s projected annual revenue is expected to increase by 6.61%, and its non-GAAP EPS is projected to be 12.74. Several

• UK high street retailer Next has acquired fashion retailer Fat Face for £115 million. The deal will be settled in cash, Next shares, and management equity. Fat Face will maintain its autonomy and creative independence. The acquisition is expected to be completed in the next few weeks.

• Birkenstock’s IPO dropped 13% on its first day and finished the week down 21%. Primech Holdings and Agape ATP also had poor debuts. Birkenstock’s stock is now down 18% from its IPO price but still has a market capitalization of $7 billion. The IPO coincided with a decline in LVMH shares.

• Shopify reported strong Q2 2023 financial results, with revenue of $1.69 billion and a non-GAAP profit of $0.14 per diluted share. The company is investing in growth and expanding its markets. Merchant Solutions revenue grew by 35%, Subscription Solutions revenue increased by 2%, and Monthly recurring revenue (MRR) saw a 30% YoY increase. Despite being cash flow positive and experiencing revenue growth, the company remains unprofitable on a GAAP basis

• Dollar General will pay $42,500 to settle a lawsuit filed by the EEOC, alleging that a pregnant cashier was fired.

• Groupon’s stock surged after Roth MKM initiated coverage with a buy rating and a price target of $30. The analyst predicts increased demand for Groupon’s discounted offerings due to high inflation and a potential recession. Windward Management LP also increased its stake and believes the stock could reach $55 per share. Groupon is expected to experience a strong revenue upswing with depleted savings and reduced purchasing power. The analyst highlights Groupon’s cash-generating ability and expects a sharp rebound in valuation. The

• Fast Retailing, the owner of Uniqlo, expects an 18% growth in annual profit and plans to expand in China, North America, and Europe. The company reported a 28% rise in operating profit and a record net profit. It anticipates further earnings growth and plans to open more Uniqlo stores overseas.

• Tractor Supply Co. (TSCO) stock outperformed the market, ending a losing streak and trading volume increased. Competitors saw declines. TSCO is a leading rural lifestyle retailer with consistent growth and plans to expand its store target.

• American consumers are still spending, with total card spending per household increasing by 0.7% YoY in September. Core areas saw a 4.6% rise from May to August. Although September’s spending was softer, household card spending remained up 4.5% YoY in the past three months. Discretionary spending as a percentage of income remains resilient, but experts warn of potential reversals due to inflation and student loan payments.

• A woman in Holland, Michigan, has opened her clothing store, Maed Collective, in Anna Interiors in downtown Holland. She plans to grow her business through events and photo shoots.

REAL ESTATE

• Mortgage refinance rates have increased, with average rates for 30-year, 20-year, and 15-year fixed mortgages rising. The Federal Reserve’s interest rate hikes have contributed to higher borrowing costs, affecting homebuyer demand and affordability. The housing market is experiencing a decline in demand and affordability, with mortgage rates at a two-decade high and median monthly payments approaching $3,000. Moody’s data shows that housing affordability has significantly declined in the US, leading to negative credit effects

• Berkeley Group Holdings’ share price increased by 25% in the past year, with positive earnings growth and a total shareholder return of 29%. Belvoir Group PLC saw a 172% return over five years, with a 12% annual EPS growth rate. Ibraco Berhad had a 25% return over three years, while IGB Berhad had a 43% return over one year, with a 35% revenue growth. Investors should consider other factors and potential warning signs

• Meritage Homes Corporation may have an intrinsic value potentially 60% higher than its current share price, while Hotel Chocolat Group plc may be undervalued by 43% according to the Discounted Cash Flow (DCF) model. The DCF model estimates future cash flows and discounts them to their present value, using a two-stage growth model. However, it is important to note that the DCF model has limitations and other factors should be considered in evaluating a company’s value.

• Country Garden, China’s largest private property developer, receives a $300 million interest-free loan from its founding family. The company is also attempting to sell its private jet to support liquidity. It has missed coupon payments on some dollar bonds and warns of potential debt restructuring.

• U.S. Treasury Secretary Janet Yellen remains confident that housing inflation in the United States will eventually ease, despite recent increases in housing costs.

• Jeff Bezos, the founder of Amazon, has purchased a $79 million mansion in Indian Creek, Florida, adding to his extensive real estate portfolio. The waterfront property is located in the exclusive “Billionaire Bunker” neighborhood and features luxurious amenities. Bezos now owns properties in multiple locations and recently stepped down as CEO of Amazon.

TRAVEL

• Hilton Worldwide and Booking Holdings both experienced consecutive days of stock losses, with Hilton underperforming compared to Airbnb and Marriott.

• Universal Orlando Resort has been granted a special district by the Orange County Board of County Commissioners, funded by taxes and fees collected within the area. The district will use $174 million in bonds for infrastructure, including a rail service station. All board seats will be held by Universal employees, unlike Disney’s district, which was taken over by DeSantis allies. Disney alleges retaliation for opposing the state’s “Don’t Say Gay” law.

• Six US cities offer luxury vacations at affordable prices: Destin, Florida (beach rentals from $100/night), Santa Fe, New Mexico (40% cheaper boutique hotels), Oklahoma City (attractions and hotels under $200/night), San Antonio, Texas (4-star accommodations under $200/night), Bozeman, Montana (luxury at half the cost), and Boone, North Carolina (affordable upscale mountain town getaway).

• This article highlights the growing trend of seniors with limited mobility spending their wealth on travel and leisure. It emphasizes the importance of accessibility in the travel industry and mentions organizations working towards creating a more accessible future. It provides a list of wheelchair-friendly vacation destinations, including Little Valley Mountain Resort, Sonoma Valley, and Badlands National Park. Other accessible destinations mentioned are Stagecoach Trails Guest Ranch, Oahu, Hillwood Museum and Gardens, Niagara Falls, Tybee Island, Symphony of the Seas cruise ship,

ECONOMIC

• The Republican Party is facing turmoil in selecting a new House Speaker, with divisions preventing them from uniting around a single candidate. Rep. Jim Jordan has been nominated as a potential Speaker, but he faces challenges in securing enough support. The lack of a new Speaker has left the House powerless and unable to address important issues such as aid to Ukraine and government funding. The situation reflects the lack of unity within the Republican Party and the need for a quick resolution.

• BlackRock Multi-Sector Income Trust (BIT) and other BlackRock funds have announced dividends, but concerns about sustainability arise due to low profitability and growth ranks. BlackRock Enhanced International Dividend Trust (BGY) and BlackRock Health Sciences Trust (BME) also face similar concerns. BlackRock Core Bond Trust (BHK) has a high dividend yield, but its sustainability is questionable. BlackRock Muniyield Fund Inc (MYD) and BlackRock Debt Strategies Fund Inc (DSU

• U.S. Treasury Secretary Janet Yellen met with South Korean Finance Minister Choo Kyung-ho and expressed anticipation for a trilateral meeting with Japan. Yellen also discussed joint actions to deny Russia revenue and support Ukraine’s economic assistance needs. She expressed confidence in her plan for an increase in IMF quota-based lending resources, despite concerns raised by China. Yellen emphasized the importance of containing the Israel-Hamas conflict and preventing it from spreading. The G20 finance leaders’ communique did not mention

• Huaneng Power International, South Plains Financial, Northwest Pipe Company, and Sterling Infrastructure are discussed in relation to fair value and estimated return for their stocks. Progressive Corporation’s stock has risen due to strong Q3 performance and earnings.

• Winston Peters of New Zealand First may hold the balance of power in the upcoming election. Long queues were reported at polling stations, but voters were allowed to vote after the cutoff. Over a million voters have already cast their votes. Strict laws are in place to restrict campaigning and media coverage on election day. The Labour Party is facing potential defeat after six years of left-wing rule. The election is a battle between Prime Minister Chris Hipkins and Christopher Luxon of the National Party. Luxon has defended

• Poland’s upcoming parliamentary election is marked by concerns over bias in public broadcasting, erosion of checks and balances, and the future of democracy. The ruling Law and Justice party faces opposition from the liberal Civic Coalition, with the outcome likely to depend on smaller parties. The election could impact Poland’s relations with allies and the stability of the European Union. The ruling party’s use of the court and promises to defend traditional values maintain support, while protests against unpopular measures continue. The stability of the Polish zlot

• Prudential Financial, Ameriprise Financial, American Express, M&T Bank, Truist Financial, Bank of New York Mellon, and State Street Corp. experienced consecutive days of losses, with varying degrees of underperformance compared to competitors. Trading volumes fluctuated.

• The Securities and Exchange Commission (SEC) has finalized rules requiring hedge funds and large investors to report short-sale transactions, aiming to increase transparency and distinguish between hedging and betting against a company. The new rules also require disclosures on securities lending. The SEC’s decision has faced criticism for being burdensome and costly. The rules come in response to increased scrutiny after the GameStop saga. Companies that lend out shares will report activity to FINRA. The SEC plans to publish aggregated stock-specific data on short selling

• Mistras Group, Central Garden & Pet, DCC, Centamin, Gelsenwasser, and Delegat Group have all experienced declining or low returns on capital employed (ROCE). These companies may not be effectively deploying their funds into high-return investments, potentially leading to a decline in their businesses. Investors are advised to consider other investment options with better growth potential.

• The IRS has announced tax relief for individuals and businesses affected by recent terrorist attacks in Israel, extending the deadline to October 7, 2024. The relief applies to various tax filing and payment deadlines and can be automatically applied or requested through the IRS disaster hotline. Additionally, tax deadlines have been extended for California residents impacted by natural disasters.

• The Monetary Authority of Singapore (MAS) will shift to quarterly meetings to assess monetary settings starting from 2024. MAS will maintain its current rate of appreciation of the SGD NEER policy band and keep its monetary policy unchanged. Singapore’s GDP grew by 0.7% in Q3, surpassing expectations. MAS aims to reduce unpredictability and provide better signals to investors with the shift to quarterly meetings.

• The Canadian economy is expected to remain weak until mid-2024, with restrictive monetary policy and inflation above 3%. Bank of Canada Governor Tiff Macklem believes the economy is not heading for a serious recession and is looking for signs of easing underlying inflation. The recent surge in long-term bond yields will not increase the chance of a recession. Money markets have increased bets on another rate increase at the next meeting. Macklem emphasized that higher bond yields are not a substitute for addressing inflation.

CRYPTO

• Former FTX general counsel accuses FTX founder Sam Bankman-Fried of hogging insurance money. SEC won’t appeal court ruling on Grayscale Bitcoin ETF. Testimony reveals fraud and bribery allegations in Bankman-Fried trial. SEC won’t appeal court ruling on Grayscale Bitcoin ETF. Bankman-Fried allegedly ordered a bribe to recover frozen funds. Testimony reveals fraud and misuse of customer funds in FTX and Alameda. Bankman-Fried planned to use regulators against Binance.

• Tether, the largest stablecoin issuer, has announced that its current CTO, Paolo Ardoino, will become CEO in December. Jean-Louis van der Velde, the current CEO, will transition to an advisory role. Tether has a market cap of nearly $85 billion and Ardoino has played a significant role in its growth.

• Bitcoin and Ether experienced significant declines in the cryptocurrency market due to geopolitical concerns, the ongoing trial of Sam Bankman-Fried, and the possibility of an interest rate hike. The Consumer Price Index (CPI) rose in September, indicating that the Federal Reserve may keep interest rates unchanged. However, some experts believe another rate hike may be implemented. The Israeli-Hamas conflict and regulatory concerns have also impacted market sentiment. Miners selling off Bitcoin could further impact BTC price action, with potential drops towards $

• Michael Lewis’ book, “Going Infinite: The Rise and Fall of the New Tycoon,” explores the backstory of Sam Bankman-Fried (SBF) and his involvement in the FTX trial. It delves into SBF’s struggles with depression, his beliefs in effective altruism, and his desire to accumulate immense wealth for philanthropy. The trial will focus on financial fraud and malfeasance, while the book offers a deeper understanding of SBF’s motivations and actions.

HEALTH

• Kaiser Permanente has reached a tentative agreement with healthcare worker unions following a three-day strike involving 75,000 workers. The strike aimed to address issues such as low wages, staffing shortages, and patient care concerns. The agreement is subject to ratification by the workers.

• UnitedHealth Group reported strong Q3 results, with a 14% increase in revenue. The company is confident in its long-term growth outlook and is focusing on value-based care and pharmacy services. Medicare Advantage plans and Optum Rx are performing well. The company expects growth in 2024 and is committed to providing affordable care.

• Novo Nordisk, a Danish drugmaker, has raised its sales and profit outlook for 2023 due to strong demand for its weight-loss drugs Ozempic and Wegovy in the US. The company now expects sales growth of 32% to 38% and operating profit growth of 40% to 46%. The success of these drugs has propelled Novo Nordisk’s stock price and market value, making it Europe’s most valuable listed company. However, there may be risks associated

• Pfizer revises revenue agreement with the US government for its Covid-19 treatment, leading to a decrease in shares. Moderna also experiences a slump. Lululemon Athletica to join S&P 500, causing shares to rise. Pfizer launches cost-cutting program due to declining sales of Covid-19 products. Pfizer lowers outlook, expects a drop in revenue and demand for Covid-19 treatments. The company aims to save $3.5 billion through restructuring. Pfizer reduces revenue