Observe. Think. Chat. Do. Trade. Repeat…
The central bank reportedly cited monetary tightness as Moscow wages an ongoing battle with sky-high inflation.
What is the rate of inflation in Russia
As of November 2024, the rate of inflation in Russia is 8.9%.
Gemini 2.0 Flash, as the model is named is available in a chat version for users worldwide, while experimental multimodal version of the model, with text-to-speech image generation capabilities, available to developers.
‘If Gemini 1.0 was about organising and understanding information, Gemini 2.0 is about making it much more useful,’ Google CEO Sundar Pichai reportedly said in a statement.
Google’s latest large language model surpasses its predecessors in most user request areas, including code generation and the ability to provide factually accurate responses. However, it falls short compared to Gemini1.5 Pro when it comes evaluating longer contexts.
To access the chat-optimized version of the experimental Flash 2.0, Gemini users can select from the drop-down menu on both desktop and mobile web platforms. According to the company it will soon be available on the Gemini mobile app.
The multimodal version of Gemini Flash .0 will be accessible through Google’s AI Studio and Vertex AI developer platforms.
The general availability of Gemini 2.0 Flash’s multimodal version is scheduled for January, along with additional Gemini 2.0 model sizes, Google announced. The company also plans to expand Gemini 20 to more Google products in early 2025.
Gemini 2.0 signifies Google’s latest efforts in the increasingly competitive AI industry. Google is competing with major tech rivals such as Microsoft and Meta, as well as startups like OpenAI, the creator of ChatGPT, Perplexity, and Anthropic, which developed Claude.
In addition to new Flash, other research prototypes are aimed at developing more ‘agentic’ AI models and experiences. According to the company, agentic models ‘can understand more about the world around you, think multiple steps ahead, and take action on your behalf, with your supervision’.
The Fed indicated that it probably would only lower twice more in 2025, according to the closely watched ‘dot plot’ matrix of individual members’ future rate expectations
While the decision itself was closely watched, the primary concern centered on what they would communicate regarding its future direction, considering inflation remains above and economic growth is relatively – conditions that do not typically align with easing.
The Fed said that it would probably only lower the interest rate twice in 2025. The markets reacted with a sharp pullback with the Dow hitting a 10-day losing streak – last seen in 1974.
The Dow is lining up for potentially its worst weekly performance since March 2023.
The S&P 500 fell 2.95% to 5,872.16, while the Nasdaq Composite decreased 3.56% 19,392.69 as losses in the tech-heavy index accelerated at the end of the session.
Both the 30-stock Dow and the S&P 500 recorded their largest one-day loss since August 2024.
The Dow and most other indices reacted badly to the Feds interest prediction for 2025 – suggesting ‘maybe’ only two more rates cuts to come.
The Dow Jones Industrial Average has recently experienced its longest losing streak since the 1970’s – 1978 to be precise.
The index has suffered nine consecutive days of declines. This downward trend began on 4th December, when the index closed above 45,000 for the first time, only to drop over 1,500 points since then.
However, it’s not a major fall for the 30-stock index, despite the concerning numbers – it has been a slow burn and not a ‘massive’ correction. It represents a little under around a 3.5% pullback.
Several factors contribute to this decline. Investors are bracing for the Federal Reserve’s final interest rate decision of the year, expectations of a 0.25% cut. However, stronger-than-expected retail sales in November have introduced uncertainty about the Fed’s future monetary policy. Additionally, concerns about the potential impacts of-E Donald Trump’s tariff plans have added to volatility.
Despite the Dow’s losses, the broader S&P 500 and Nasdaq Composite indices have demonstrated resilience, with the latter even achieving record highs. This divergence underscores the mixed sentiment among investors, with some rotating out of high-growth stocks like Nvidia and into other tech sectors.
Market analysts suggest that the Dow’s ‘adjustment’ may be a healthy pause, offering an opportunity for stocks to consolidate before potentially resuming their upward trajectory. Investors ought to remain vigilant, closely monitoring market trends and individual stock performance to navigate this dynamic environment effectively
The heaviest drag on the Dow is UnitedHealth, which has contributed to more than half of the index’s decline over this period.
Some of this money has likely rotated to crypto with Bitcoin notably blasting through the $100,000 mark to touch $107,000 in recent trading.
Despite Nvidia’s slip, the Nasdaq Composite continues to soar to new highs, driven by strong performances from other tech giants like Apple, Microsoft, and Alphabet.
The market’s mixed signals reflect a broader trend of sector rotation. Investors are taking profits from Nvidia after its impressive gains and reallocating their capital to other promising tech stocks. This strategy allows investors to lock in profits while still capitalising on the overall bullish sentiment in the tech sector.
The Nasdaq’s resilience, despite Nvidia’s downturn, highlights the strength and diversity of the technology sector. While Nvidia’s correction is a reminder of the volatility inherent in high-growth stocks, the broader market remains optimistic about the future of technology and innovation.
Market analysts suggest that Nvidia’s correction may be a healthy pause, providing an opportunity for the stock to consolidate before potentially resuming its upward trajectory. As the tech landscape continues to evolve, both Nvidia and its peers remain at the forefront of driving the next wave of digital transformation.
Investors should stay vigilant, monitoring both market trends and individual stock performance to navigate this dynamic environment effectively.
Nvidia is still holding its $3.2 trillion market cap valuation reached this year.
The integration is activated when Siri is posed with complex questions. If a question is deemed more suitable for ChatGPT by Apple’s software, Siri will request user consent to utilise the OpenAI service. Apple has incorporated privacy safeguards into this feature, ensuring that OpenAI does not retain any requests. This integration employs the GPT-4o model from OpenAI.
No OpenAI account is necessary for Apple users to engage with the ChatGPT feature, although Apple offers paid upgrades for ChatGPT. Additionally, ChatGPT can be accessed via certain text menus.
The launch of iOS 18.2 marks a pivotal point for Apple, which is banking on Apple Intelligence to spearhead the marketing for its iPhone 16 series. Apple Intelligence encompasses a range of artificial intelligence capabilities. The ChatGPT integration was initially revealed in June 2024.
The inaugural segment of Apple Intelligence was introduced in October 2024, including text editing tools capable of proofreading or rephrasing, a revamped Siri interface that illuminates the entire phone screen, and a summary of notifications.
Next year, Apple plans to introduce a further update to Apple Intelligence, promising substantial enhancements to Siri that will enable it to perform tasks within apps.
Many investors are of the opinion that the addition of features to Apple Intelligence will enhance iPhone sales, initiate an upgrade cycle, and possibly establish Apple as a frontrunner in consumer AI.
This integration marks a significant triumph for OpenAI by showcasing its flagship product to millions of iPhone users. The financial details of the partnership between Apple and OpenAI remain undisclosed.
To install and utilise Apple Intelligence, users must have an iPhone 15, iPhone 15 Pro, or any iPhone 16 model, despite the fact that ChatGPT integration mainly operates on cloud servers – iPhone owners can enable software updates in the General tab of the Settings app.
Upon updating to the newest Apple software, users will be prompted to configure Apple Intelligence. Their devices will have to download substantial files, including Apple’s AI models, which are necessary for the service’s functionality.
The updates also bring Apple’s image creation app, named Playground, which generates images from people’s descriptions or prompts, and Image Wand, a tool that lets users edit out objects or imperfections from photos.
Apple finally issue a version of AI – not just any AI but Apple Intelligence, whatever that really means.
The AI video-generation model operates similarly to OpenAI image-generation tool, DALL-E: the user inputs a desired scene, and Sora produces a high-definition video clip.
Sora can also create video clips inspired by still images and can extend existing or fill in missing frames. The Microsoft-backed artificial intelligence which surged into the mainstream last year because of ChatGPT’s viral success.
OpenAI said users don’t need to pay extra for the tool, which will be included in existing ChatGPT accounts such as Plus and Pro. Employees on the livestream and OpenAI CEO Sam Altman demonstrated features like ‘Blend’ (joining two scenes together at the user’s direction), as well as the option to make an AI-generated video endlessly repeat.
Until now, Sora has mainly been available to a small group of safety testers, or ‘red-teamers’, who test the model for vulnerabilities in areas such as misinformation and bias.
It’s all part of a serious growth plan for OpenAI, as the Microsoft-backed artificial intelligence startup battles Amazon-backed Anthropic, Elon Musk’s xAI, Google’s Gemini, Meta, Microsoft and Amazon for the biggest slice of the generative AI market, which is predicted to top $1 trillion in revenue within a decade.
Earlier this month, OpenAI appointed its first chief marketing officer, signalling intentions to increase marketing expenditures to expand its user base. Additionally, in October 2024, OpenAI introduced a search feature within ChatGPT, enhancing its ability to compete with search engines such Google and Microsoft’s Bing potentially attracting users who would otherwise visit those platforms for web searches.
With Sora, the creator of ChatGPT to compete with video-generation AI tools from companies such as Meta and Google, which announced Lumiere in January. Similar AI is offered by other startups, including Stability AI’s Stable Video Diffusion. Additionally, Amazon has launched Create with Alexa, a model that focuses on generating prompt-based short, animated content for children.
Video may represent the next frontier generative AI, following the integration of chat and generators into both consumer business sectors. Although the creative potential may exhilarate certain AI enthusiasts these new technologies also pose significant concerns, particularly as major political elections take place worldwide.
According to data from Clarity, a machine learning business, the number of AI-generated deepfakes has surged by 900% year over year.
The new AI frontier is both exciting and concerning at the same time.
Gross Domestic Product (GDP) fell by an estimated 0.1% on a monthly basis, the ONS said Friday 13th December 2024, attributing the downturn to a decline in production output.
It marked the second consecutive economic downturn, following a 0.1% GDP decline in September 2024. Sterling declined on the back of these disappointing figures, trading 0.3% lower against the U.S. dollar in early trade.
However, ‘real’ GDP is estimated to have grown 0.1% in the three months to October 2024, the ONS said, compared to the previous three months ending in July 2024.
In a statement on Friday 13th December 2024, U.K. Finance Minister Rachel Reeves reportedly conceded that the October figures were ‘disappointing,’ but defended the government’s economic strategies. I expect the chancellor would have been quick to own the success had the GDP improved – especially after the ‘for growth’ budget.
The economy has grown just once over the past five months and is 0.1% lower than before Labour won the election. That may suggest it’s not just the Budget that is holding the economy back. Instead, the drag from higher interest rates may be lasting longer than was calculated.
Either way, be it budget or inflation pressure – the UK economy isn’t growing.
Note: preliminary ONS figures may be revised in future assessments
The consumer price index (CPI) showed a 12-month inflation rate of 2.7% after increasing 0.3% on the month, the Bureau of Labor Statistics reported Wednesday 11th November 2024. The annual rate was 0.1 percentage point higher than October 2024.
Excluding food and energy costs, the core CPI was at 3.3% on an annual basis and 0.3% monthly. The 12-month core number was unchanged from a month ago.
All of the numbers were in line with consensus estimates.
The data comes with Federal Reserve deciding over what to do at their policy meeting next week. Markets strongly expect the Fed to lower its benchmark short-term borrowing rate by 0.25% at the meeting on 18th December 2024.
It is unlikely now that a January rate cut will happen as the FOMC measures the impact recent cuts have had on the economy.
Odds are of a 99% certainty of a cut in December 2024.
The stock increased to an intraday high of $415, exceeding its previous peak by 50 cents and closed above its highest finish of $409.97 recorded on 4th November 2021.
Tesla’s market has increased reportedly increased by around 69% this year, with nearly all of those gains occurring after Trump’s election victory early last month. The stock’s 38% rally in represented its monthly performance since January 2023 and ranks as the 10th best on record.
Reportedly according to Federal Election Commission filings, Musk invested $277 million into a pro-Trump campaign effort and transformed his support for the Republican nominee into a full-time job in the lead-up to the election. He financed an operation in swing states to register voters and utilised his social media platform, to promote his chosen candidate, often disseminating misinformation.
The world’s wealthiest individual, whose net worth has increased to over $360 billion, is poised to head the Trump administration’s ‘Department of Government Efficiency,’ DOGE – together with former Republican presidential candidate Vivek Ramaswamy.
The newly formed DOGE will be tasked with culling government bureaucracy by streamlining and junking departments.
Musk’s role may grant him authority over the budgets and staffing of federal agencies, well as the capability to advocate for the removal of inconvenient regulations. During a Tesla earnings call in October, Musk reportedly stated intention to leverage his influence with Trump to create ‘Federal approval for autonomous vehicles.’ At present, approvals are at the state level.
Is business now openly running he U.S. government?
The company’s shares fell by over 3% following the announcement, signalling the latest development in the ongoing tech conflict between the U.S. and China over the profitable semiconductor market.
Over recent weeks, the U.S. imposed stricter restrictions on the sale of certain exports to Chinese firms, and the dispute over the industry is anticipated to persist as Donald Trump returns to the White House.
Established in 1993, the company initially gained recognition for producing computer chips designed to process graphics, especially for video games.
Today, the tech giant leads in developing chips that drive artificial intelligence (AI), boasting a market value exceeding $3 trillion.
Its increasing control over the market has drawn scrutiny from competition regulators in the U.S. and internationally. Recently, the firm confirmed that it had been approached by regulatory bodies globally, including those in the U.S., UK, European Union, South Korea, and China.
The business finds itself at the centre of escalating geopolitical and economic tensions between the U.S. and China, with both nations vying for supremacy in advanced chip technology.
Nvidia disclosed last month that sales to China, including Hong Kong, represented approximately 13% of this year’s revenue to date.
However, this figure has declined following Americas enhancement of restrictions on sophisticated technology exports to Chinese companies, citing national security concerns. Chinese state media reported that Beijing had initiated an investigation.
The inquiry alleges that Nvidia breached commitments established during its 2020 acquisition of Mellanox Technologies, a smaller entity.
This development follows the U.S.’s recent intensification of restrictions, affecting sales to 140 entities, including Chinese chip companies such as Piotech and SiCarrier, barring special authorisation.
In retaliation, China reportedly imposed stringent new regulations on the export of crucial minerals to the U.S., such as antimony, gallium, and germanium. Observers have highlighted the significance of these measures, noting they specifically target the U.S rather than imposing general restrictions.
In a groundbreaking achievement, Google has unveiled its latest quantum computing chip, named Willow. This new chip marks a significant milestone in the journey toward realising the full potential of quantum computing, a technology that promises to revolutionise numerous fields through its unparalleled processing power.
At the core of Willow’s innovation is its remarkable ability to perform computations at speeds previously deemed impossible. To put this into perspective, Willow can solve a complex problem in just five minutes – a task that would take the world’s most advanced supercomputers an astounding 10 septillion years to complete. This leap in speed and efficiency showcases the potential of quantum computing to tackle problems beyond the reach of classical computers.
This quantum power combined with artificial intelligence will become a formidable force in the world, potentially a foe!
One of the most significant advancements with the Willow chip lies in its approach to quantum error correction. Traditionally, error rates in quantum computations have posed a substantial barrier to practical applications. Willow, however, exhibits an exponential reduction in errors as more qubits (quantum bits) are integrated into the system. This breakthrough in error correction brings the technology closer to practical, large-scale quantum computing, paving the way for more reliable and accurate results.
While Willow represents a monumental step forward, experts caution that a fully functional, widely applicable quantum computer is still years away. Nonetheless, the potential applications of quantum computing are vast, ranging from breakthroughs in medicine and drug discovery to advancements in artificial intelligence and energy solutions. With continued investment and research, Willow could be the precursor to a new era of technological innovation, fundamentally altering how we approach complex problems.
Leading experts in the field commend Google’s achievement, highlighting Willow’s significance in the broader context of quantum computing development. While challenges remain, the unveiling of Willow underscores the rapid progress being made and the exciting possibilities that lie ahead. As we stand on the brink of a quantum revolution, Willow serves as a beacon of what the future may hold.
Google’s Willow chip is more than just a technological marvel; it represents the relentless pursuit of innovation and the profound impact that quantum computing can have on our world.
As research continues and technology evolves, Willow stands as a testament to the incredible possibilities that lie within the realm of quantum physics.
Quantum computers operate on a fundamentally different principle than the computer in your phone or laptop. They utilise quantum mechanics, which governs the peculiar behaviour of particles at the smallest scales, to solve problems much more quickly than conventional computers.
The hope is that quantum computers will one day accelerate complex tasks, like the development of new medications. However, there are concerns that this power could be misused, such as breaking certain forms of encryption that safeguard sensitive information.
Google shares climbed 6% after the announcement.
Concurrently, KPMG noted that UK job vacancies decreased at the quickest pace since the pandemic began. This downturn coincides with warnings from businesses that the Labour Party’s ‘pro-growth’ budget could exacerbate inflation and decelerate hiring.
Tax increases do not fit well with a ‘pro-growth’ agenda. Also, GDP predictions made by the UK chancellor for 2025 through 2027 are lame.
These factors have collectively contributed to a significant drop in business confidence, with many firms bracing for a challenging economic environment ahead
This milestone, reached on 5th December 2024, signifies a notable triumph for Bitcoin enthusiasts and investors who have endured the market’s volatility over the years.
The cryptocurrency value surge past $100,000 followed Donald Trump’s election as President of the United States. Trump’s favorable stance on crypto and his commitment to deregulate the sector are believed to have enhanced investor confidence. The momentum was further increased by his decision to nominate Paul Atkins, a recognized proponent of cryptocurrency, as the new chairman of the Securities and Exchange Commission (SEC).
Since the creation of the first Bitcoin ETF there have been massive inflows invested in this asset helping to push Bitcoin ever higher.
Bitcoin’s ascent to $100,000 has been tumultuous. Beginning the year at approximately $38,505, the cryptocurrency has experienced an impressive 155% increase to date. The surge was especially notable in the fortnight after Trump’s victory, with Bitcoin’s value soaring by about 45%.
Bitcoin’s ascent has triggered a ripple effect throughout the wider cryptocurrency market, now valued at a combined $3.78 trillion. This upsurge has reinforced Bitcoin’s preeminence in the digital asset arena and garnered considerable interest from institutional investors.
Despite the festive atmosphere, some analysts warn that Bitcoin’s well-known volatility is still worrisome. Although numerous investors have realized significant profits, the asset’s high-risk profile may not be appropriate for all. Nevertheless, the prevailing mood within the cryptocurrency community is one of optimism, fueled by the expectation that the incoming administration will create a regulatory climate more conducive to digital assets.
Bitcoin’s record-breaking streak continues, signaling a bright future for the renowned cryptocurrency. Its evolution from a peer-to-peer electronic cash system to a trillion-dollar asset highlights the revolutionary impact of blockchain technology.
This formed part of a wider market surge that led the S&P 500 and Nasdaq Composite to also hit record peaks. It concluded a remarkable month for the stock market, marked by the Dow achieving its most substantial monthly gain of the year, all thanks to Trump winning the U.S. election.
In November, the S&P 500 experienced a 5.73% rise, and the Dow Jones Industrial Average recorded a notable 7.54% increase, both marking their most robust monthly performances for the year. Concurrently, the Nasdaq Composite enjoyed a 6.21% surge, its largest monthly gain since May.
Recently, a host of factors have pumped up investors’ sentiment for stocks.
The presidential election concluded with Donald Trump decisively securing the presidency. This eliminated any uncertainty, which is often disliked by investors. Additionally, Trump’s support for the stock market, tax cuts, cryptocurrency, and deregulation is well-received by investors.
The U.S. economy expanded at an annualised rate of 2.8% in the third quarter. Although the gross domestic product is projected to grow by 1.31% in the fourth quarter, this still signifies an expansion, countering concerns of a potential recession hitting the U.S. economy.
Even a slowing growth rate can have its advantages. It provides the U.S. Federal Reserve with greater motivation to implement a second rate cut this year at its December 2024 meeting, potentially boosting economic activity.
Moreover, the seasonal strength of stocks in November 2024 has infused investors with a sense of optimism.
Entering December 2024, it’s challenging to disregard the current bull market, given the favourable conditions.
U.S. stocks are experiencing a robust year-end rally, partly due to short sellers being compelled to purchase stocks to close their positions as the year concludes.
This surge of buying could propel the S&P 500 to reach 6,300, suggesting a 5% increase for December 2024 and a 32.1% rise throughout 2024, surpassing the 24.2% gain seen in 2023.
Additionally, there’s the significant boost in cryptocurrency values, often referred to as the ‘Trump pump,’ – and this too is currently underway.
Analysts had expected the 2.3% annual rate for the month, up from 2% in October.
Markets have fully priced in a 0.25% interest rate cut from the ECB in December 2024, which would mark the institution’s fourth cut of the year.
One factor contributing to the fall was investors capitalising on Bitcoin’s exceptionally high price, which increased the supply of Bitcoin. Long-term holders began to release substantial quantities of Bitcoin during the recent surge.
However, there are deeper reasons why some strategists remain uncertain about Bitcoin’s ability to reach the six-figure milestone. The $100,000 mark seems to have become a significant obstacle, if not an outright barrier, to further increases.
Indeed, the recent surge in Bitcoin’s value could be instilling a misleading sense of confidence among investors. Viewing Bitcoin as a speculative bet or a means to achieve returns, it appears that investors are flocking to Bitcoin primarily for potential capital gains rather than its intrinsic value or practical applications.
The recent introduction of options for spot Bitcoin exchange-traded funds could be influential. Options provide investors with a way to speculate on Bitcoin’s price fluctuations without the need to invest in Bitcoin directly.
It’s leveraged to the hilt and there most likely will be a correction anytime soon.
That being said, a correction does not equate to lasting deflation. Should even a portion of U.S. President-elect Donald Trump’s commitments to the cryptocurrency sector materialise, the $100,000 mark might not represent a peak, but merely another milestone that Bitcoin surpasses during its triumphant ascent.
But remember, in my opinion and for what it’s worth – it is just a punt, not an investment.
Core U.S. inflation recorded more robust figures, climbing 0.3% monthly and reaching an annual rate of 2.8%, but also in accordance with forecasts.
Consumer spending increased by 0.4% monthly, as expected, while personal income surged by 0.6%, exceeding the estimated 0.3%.
The Federal Reserve is now likely searching for economic clues on how to proceed at its next interest rate meeting.
He was a French novelist, essayist, and critic, best known for his monumental work “In Search of Lost Time” (originally titled “À la recherche du temps perdu”).
This seven-volume novel, published between 1913 and 1927, is considered one of the greatest achievements in modern literature1. It explores themes of memory, time, and society in late 19th- and early 20th-century France.
Proust’s writing is known for its intricate style and deep psychological insight. His work has had a lasting impact on literature and continues to be studied and admired today.
See Wikipedia for more information.
This decline represents the third consecutive month of falling profits, succeeding a 27% year-on-year drop in September 2024, which was the most significant decrease since March 2020.
Industrial profits serve as an important indicator of the financial health of China’s factories, mines, and utilities.
For the first ten months, profits at China’s industrial companies saw a 4.3% reduction from the previous year, as reported by the National Bureau of Statistics of China on Wednesday 27th November 2024. This is in contrast to a 3.5% decrease reported up to September 2024.
The statistics bureau reportedly noted that the less severe decline in October 2024 was due to the application of Beijing’s stimulus measures.
The second-largest economy in the world expanded at its most modest rate in the third quarter since early 2023, struggling with subdued domestic consumption and an extended slump in the housing market.
However, retail sales in October 2024 exceeded forecasts with a 4.8% increase compared to the same period last year, and there was an improvement in the unemployment rate.
From Isaac Newton’s reflecting telescope in 1668 to Frank Whittle’s jet engine in 1937 and Tim Berners-Lee’s creation of the World Wide Web in 1989.
British inventors have continually pushed the boundaries of science and technology. The development of penicillin by Alexander Fleming in 1928 revolutionised medicine, while Michael Faraday’s work on the electric motor and electromagnetic induction laid the foundation for modern electrical engineering.
Innovations like the steam engine, the world’s first underground railway, stainless steel, and the hovercraft have significantly advanced transportation and industry.
Contributions such as the structure of DNA by Francis Crick and James Watson, the MRI scanner by Sir Peter Mansfield, and the vaccination by Edward Jenner have had profound impacts on health and science.
These inventions reflect the ingenuity and creativity that have positioned the UK as a leader in innovation and progress.
The Reflecting Telescope (Isaac Newton, 1668)
The Seed Drill (Jethro Tull, 1701)
The Steam Engine (Thomas Savery, 1698; improved by James Watt, 1765)
The World’s First Underground Railway (The Tube) (1863)
Penicillin (Alexander Fleming, 1928)
The Jet Engine (Frank Whittle, 1937)
The Electric Light Bulb (Joseph Swan, 1879)
The World Wide Web (Tim Berners-Lee, 1989)
Stainless Steel (Harry Brearley, 1913)
The Electric Motor (Michael Faraday, 1821)
The First Programmable Computer (Charles Babbage, 1837)
The Thermos Flask (Sir James Dewar, 1892)
Television (John Logie Baird, 1925)
Vaccination (Edward Jenner, 1796)
The Steam Locomotive – (George Stephenson, 1814)
The Lawnmower (Edwin Budding, 1830)
The Hovercraft (Christopher Cockerell, 1955)
The Safety Bicycle (John Kemp Starley, 1885)
The Cat’s Eye Road Reflector (Percy Shaw, 1934)
The Structure of DNA (Francis Crick and James Watson, 1953)
Concorde (British and French collaboration, 1969)
The Fax Machine (Alexander Bain, 1843)
The Electric Transformer (Michael Faraday, 1831)
Electromagnetic Induction (Michael Faraday, 1831)
Radar (Sir Robert Watson-Watt, 1935)
The Spinning Frame (Richard Arkwright, 1769)
The MRI Scanner (Sir Peter Mansfield, 1971)
The ATM (John Shepherd-Barron, 1967)
The Marine Chronometer (John Harrison, 1761)
The Tin Can (Peter Durand, 1810)
The Hydrogen-Oxygen Fuel Cell (Sir William Grove, 1839)
The Floating Breakwater (Sir Samuel Bentham, 1804)
The Sinclair ZX80 (First Affordable Home Computer) (Sir Clive Sinclair, 1980)
The Universal Joint (Robert Hooke, 1667)
The Submarine Periscope (Sir Howard Grubb, 1914)
The Identity Card System (Sir Edward Henry, 1916)
The Collapsible Baby Carriage (Owen Maclaren, 1965)
Thermal Insulation (Lord Kelvin, 1894)
The Jet Engine (Sir Frank Whittle) – successfully tested in 1941
The Jet Engine Afterburner (Sir Frank Whittle, 1946)
Carbon Fibre (Sir Harold Kroto, 1961)
The Modern Ship Propeller (Francis Pettit Smith, 1836)
Automatic Windshield Wipers (Gladstone Adams, 1921)
The Computer From early mechanical computers to modern electronic computers by Charles Babbage, ADA Lovelace (1842) to modern electronic computers – Sir Clive Sinclair
The Fire Extinguisher (George William Manby, 1818)
The Postage Stamp (Rowland Hill, 1840)
The Flushable Toilet – Sir John Harrington (1596) – (Thomas Crapper, 1861)
Torpedo (Robert Whitehead, 1866)
The Triple Expansion Steam Engine (Arthur Woolf, 1804)
The Bicycle – Kirkpatrick Macmillan (1842)
IVF – Robert Edwards, Patrick Steptoe & Jean Purdy
The Telephone – Alexander Graham Bell (1876)
The Cat’s Eye – Percy Shaw (1934)
Pneumatic Tyre – Robert William Thompson (1847)
The Refrigerator – William Cullen (1755)
The Steam Engine – Thomas Newcomen (1712)
Cement – Joseph Aspdin (1842)
The Thermos Flask – Sir James Dewar (1892)
The Cat Flap – Sir Isaac Newton
The above are just a few examples of British ingenuity and creative inventive ability.
The significant shift in political dynamics is largely due to the substantial financial support from the cryptocurrency industry, which has strategically funded political campaigns to foster a legislative environment favourable to digital assets.
Recognising the existential threat of strict regulations, the cryptocurrency industry has deployed unprecedented resources to sway election outcomes. Data from the Federal Election Commission reveals that crypto-related Political Action Committees (PACs) and other industry groups have raised over $245 million. These funds were channeled to endorse candidates favourable to the industry’s interests and to challenge those critical of it.
A prominent example is Bernie Moreno’s election to the U.S. Senate. Moreno, a former car salesman with minimal political experience, succeeded in defeating Democratic incumbent Senator Sherrod Brown, a known critic of the cryptocurrency industry. Moreno’s campaign was bolstered by an impressive $40 million from the cryptocurrency sector, underscoring the industry’s commitment to influencing legislative representation.
The crypto lobby’s success is credited to its tactical approach, which extends beyond post-election lobbying to active involvement in the electoral process. This strategy included targeting pivotal states and backing candidates supportive or neutral toward the industry. Consequently, Congress now includes nearly 300 pro-crypto legislators, granting the sector substantial sway over legislative priorities.
The ramifications of this development are significant. With a Congress inclined toward cryptocurrency, the industry anticipates more accommodating regulations and clearer guidelines on matters like digital asset classification and the creation of regulatory sandboxes. This shift could be a catalyst for innovation and expansion within the cryptocurrency domain.
This development has also sparked concerns regarding the impact of money on politics. Critics contend that the cryptocurrency industry’s electoral success highlights the urgency for campaign finance reform to curb the potential of industries to purchase political sway. They caution that such tendencies could compromise the democratic process and result in policies that prioritise special interests above the common welfare.
As the newly elected Congress assumes power, attention is focused on its approach to the intricate domain of cryptocurrency regulation. The ensuing months are pivotal in deciding if the industry’s political contributions will yield substantial advantages for the cryptocurrency sector and its participants.
Whichever way you package this, for or against – money buys political influence. The bias is obvious. It likely will be a bad thing in the long-term. Let’s hope it helps the people and not just the profits of big business.
We’ll see.
And don’t forget, the biggest tech and business influence in the new U.S. government (to be) just happens to be the richest person in the world, Elon Musk. He’s in charge of the newly announced Department of Government Efficiency – DOGE.
Business and not just money is in charge of the U.S. government with very few obstacles in its way!
This ‘influential’ purchase is big!
Other altcoins are rallying too, basking in the aftermath of the SEC resignation news.
Gary Gensler, Chair of the Securities and Exchange Commission, will step down on 20th January 2025 (Trumps inauguration day), an announcement made by the SEC on Thursday 21st November 2024, which clears the path for President-elect Donald Trump to appoint a more crypto friendly successor.
During Gensler’s tenure, the SEC engaged in numerous high-profile conflicts with the cryptocurrency industry, including a lawsuit against Grayscale over Bitcoin ETFs – a case Grayscale won, leading to a significant influx of capital into these funds since their inception in January.
The SEC has also pursued legal action against several major digital asset firms concerning their crypto dealings, such as Coinbase, with varying outcomes.
Additionally, the SEC has been in conflict with Tesla CEO Elon Musk, particularly regarding his acquisition of the social media company Twitter, now known as X, for $44 billion in 2022. The commission is currently seeking sanctions against Musk for failing to appear for court-mandated testimony related to this matter.
Under Gensler’s leadership, the SEC has scrutinised Musk’s adherence to a previous settlement that mandated a securities lawyer review certain Tesla-related social media posts before they were published.
Musk, a vocal critic of the SEC who supported Trump’s election campaign with his time and a donation of at least $130 million and campaigned alongside him, is poised to join the incoming administration as a co-leader of the newly proposed Department of Government Efficiency (DOGE).
With Gensler’s impending departure and the upcoming expiration of the terms for two other commissioners, Trump will have the chance to significantly influence the future composition of the SEC.
A green light for crypto investors, but a worry (maybe) for the retail trader long-term?
Nvidia third-quarter earnings beat expectations, but shares dropped 2.5% in extended trading.
The company’s revenue surged 94% year on year to $35.08 billion in the quarter ended 27th October 2024.
Net income climbed 109% from a year ago to $19.3 billion. Sales of Nvidia’s next-generation chip Blackwell, will be limited by supply, not demand, the company reportedly said.
Nvidia didn’t disappoint in terms of third-quarter revenue and net income, but it wasn’t enough for Wall Street. The forecast for the fourth quarter indicates a year-over-year growth of approximately 70%, marking a deceleration from the 265% growth experienced in the corresponding period the previous year.
Nvidia has emerged as the main beneficiary of the current artificial intelligence surge. Its shares have almost tripled in 2024, positioning it as the most valuable publicly traded company.
Numerous end-customers of Nvidia, including Microsoft, Oracle, and OpenAI, have begun receiving the company’s latest AI chip, known as Blackwell.
The share price decline appears to be due to reserved guidance for Q4, with Nvidia’s management anticipating supply challenges for its next-generation Blackwell GPU. Investors were hoping for a more optimistic forecast, but the cautious outlook was disappointing.
It’s interesting to see how even strong earnings can sometimes lead to a drop in share prices if the future outlook doesn’t meet investor expectations.
One of the most watched metrics is the Buffett Indicator, named after the legendary investor Warren Buffett. This indicator compares the total market capitalisation of U.S. stocks to the country’s gross domestic product (GDP).
Historically, a ratio above 100% is considered overvalued. As of September 30, 2024, this ratio stands at approximately 208%, significantly above the historical average and suggesting that the market is strongly overvalued.
Another important metric is the Price-to-Earnings (P/E) ratio, which measures the price of stocks relative to their earnings. The cyclically adjusted P/E ratio (CAPE), popularised by economist Robert Shiller, provides a long-term view by averaging earnings over ten years.
The CAPE ratio for the S&P 500 is currently around 35, well above the historical average of 16-17. This high level indicates that investors are willing to pay a premium for stocks, which could be a sign of overvaluation.
Several factors contribute to these elevated valuations. Low interest rates have played a significant role, making bonds less attractive and pushing investors toward stocks. Additionally, the rapid technological advancements and growth in sectors like technology, AI, and healthcare have driven up stock prices. Companies in these sectors have experienced significant revenue growth, leading to higher valuations.
However, these high valuations come with risks. The market’s current levels are pricing in a lot of optimism about future growth and profitability. Any economic slowdown, policy changes, or unforeseen global events could trigger a market correction. Investors must remain cautious and consider the potential for volatility.
On the other hand, some analysts argue that the current valuation levels can be justified by the robust corporate earnings and strong economic fundamentals. They point out that the U.S. economy has shown resilience in the face of challenges, and many companies have adapted well to the changing environment.
In conclusion, while U.S. stocks are currently expensive and may be overvalued by historical standards, it’s essential to understand the underlying factors and potential risks.
Investors should stay informed, diversify their portfolios, and be prepared for possible market fluctuations. As always, a balanced approach to investing, considering both the potential rewards and risks, is crucial.
Always do your own and careful – RESEARCH! RESEARCH! RESEARCH!
An seek professional financial advice.