Tesla shares enjoyed a Trump pump on Monday 18th November 2024 after reports that President-elect Donald Trump’s team intend to prioritise a federal framework for regulating autonomous vehicles within the U.S. Department of Transportation.
Elon Musk was a prominent advocate in the business sector for Trump’s re-election campaign leading up to this month’s elections.
Gold prices have fallen to near a two-month low as the dollar strengthens in the wake of Donald Trump’s election victory last week.
This downturn has halted the bullion’s rally, which had achieved a series of record highs over the past year. Gold has seen a decline in six of the seven most recent trading sessions following Trump’s win, interrupting its streak of record-breaking milestones over the last twelve months.
On the other hand, Crypto has relished the Trump pump with Bitcoin and many altcoins setting new all-time highs!
Gold price charts – 3 month and one-year snapshot as of: 15th November 2024 (08:10 GMT)
Samsung, previously a powerhouse in the semiconductor industry, has encountered significant hurdles in the AI competition, leading to a notable decline in market value. The company’s faltering stance can be attributed to a variety of factors, such as strategic errors, fierce competition, and swift technological progress in the AI field.
Missteps
A key factor in Samsung’s downturn in the AI sector is its insufficient investment in high-bandwidth memory (HBM) technology, which is vital for AI applications due to its ability to expedite data processing and enhance performance.
Although Samsung was once at the forefront of memory technology, it did not leverage the increasing demand for HBM, thus ceding ground to competitors such as SK Hynix. SK Hynix made significant investments in HBM and forged a robust partnership with Nvidia, an influential entity in the AI domain.
Competition
The AI sector is fiercely competitive, featuring key companies such as Nvidia, Google, and Microsoft, which are making substantial advancements in AI technology. Nvidia has notably become a frontrunner with its GPUs, crucial for AI training. Samsung’s struggle to match these developments has resulted in a decline in both market share and revenue.
Rapid technological advancements
The swift advancement of technology in the AI sector has presented challenges for Samsung. The company’s emphasis on conventional memory technology did not fully prepare it for the transition to AI-centric applications. With the rise of AI applications such as OpenAI’s ChatGPT, the need for sophisticated memory solutions surged, highlighting Samsung’s insufficient investment in High-Bandwidth Memory (HBM) as a notable shortcoming.
Financial implications
Samsung’s difficulties in the AI sector have significantly affected its finances. The company has seen a reported loss of around $122 billion in market value since July 2024, marking the most substantial drop among global chipmakers. This decline is largely due to Samsung’s challenges in adapting to the evolving AI industry and competing with its rivals.
Prospects
Despite facing challenges, Samsung is actively striving to advance in the AI domain. The company has recently introduced its next-generation Bixby AI, which utilizes large language model technology, positioning it to better contend with competitors such as ChatGPT and Google Gemini.
Additionally, Samsung is cultivating its proprietary AI model, named Samsung Gauss, with the goal of augmenting device functionality and elevating the consumer experience.
Samsung’s lag in the AI sector is due to strategic errors, fierce competition, and swift technological progress. Despite considerable financial setbacks, the company is vigorously pursuing new AI initiatives and investments to recover its standing in the industry.
The path forward is fraught with challenges, yet Samsung’s commitment to innovation and adaptation could enable it to regain its status as a frontrunner in the AI domain.
Elon Musk’s Vision for Tesla’s Trillion Dollar Future
Elon Musk, the visionary CEO of Tesla, has consistently set ambitious goals for the company. Among his most audacious claims is that Tesla could potentially become a multi trillion-dollar company and even reach a valuation of $25 trillion, largely driven by the deployment of robotaxis.
Robotaxi vision
Tesla’s robotaxi concept is centred around autonomous vehicles that can operate as self-driving taxis. These vehicles are equipped with Tesla’s Full Self-Driving (FSD) technology, which Musk believes will revolutionize transportation. By transforming Tesla cars into autonomous ride-sharing vehicles, the company could generate significant revenue without increasing the number of cars sold.
Projections
Musk’s financial projections are based on the immense potential of the robotaxi market
Revenue Generation: Each Tesla vehicle could earn substantial income as a robotaxi. If Tesla owners opt into the robotaxi network, Tesla could take a share of the revenue generated from these rides.
Cost Efficiency: Autonomous driving reduces the need for human drivers, leading to lower operational costs. This efficiency could make robotaxis more affordable for users and highly profitable for Tesla.
Reduced pollution: will help meet green energy goals.
Market Penetration: As autonomous technology matures, the adoption of robotaxis could grow rapidly, capturing a significant share of the global transportation market.
Market potential
The global ride-hailing market is already valued at hundreds of billions of dollars, and with the introduction of autonomous vehicles, this market is expected to expand further. Tesla’s early entry and continuous advancements in FSD technology position it to be a dominant player in this space.
Challenges
While the potential is enormous, there are several challenges and scepticism surrounding Musk’s projections
Regulatory Hurdles: Autonomous vehicles must navigate a complex regulatory landscape. Approval processes and safety standards vary by region, which could delay widespread adoption.
Technical Milestones: Achieving full autonomy is a significant technical challenge. Tesla’s FSD technology is still in development, and perfecting it for widespread use requires overcoming numerous technical obstacles.
Market Competition: Tesla is not the only player in the autonomous vehicle market. Competitors like Waymo, Cruise, and traditional automakers are also investing heavily in autonomous technology.
Conclusion
Elon Musk’s vision of making Tesla a trillion-dollar and eventually a $25 trillion company through robotaxis is both bold and captivating. The success of this vision hinges on the successful deployment and adoption of autonomous driving technology. While there are significant challenges to overcome, Musk’s track record of defying odds and achieving groundbreaking innovations keeps the possibility within the realm of achievable dreams.
The future of transportation, as envisioned by Musk, could fundamentally reshape how we move and how Tesla thrives as a pioneer in autonomous mobility.
Tesla’s future does seem promising with the introduction of Optimus, their humanoid robot, as well as their advancements in solar energy and battery technology.
Bitcoin has achieved a new all-time high, surpassing $82,000, and has continued to climb.
This suggests that investors are confident the world’s leading cryptocurrency will gain even more, following U.S. elections that resulted in a significant number of pro-crypto candidates being elected.
During his campaign, President-elect Donald Trump vowed to make the United States the ‘crypto capital of the world.’
Trump reportedly committed to several initiatives for the crypto community, such as creating a national cryptocurrency reserve using $16 billion in Bitcoin accumulated by the U.S. government from asset seizures and from reducing interest rates.
Generally, an easing of monetary policy aligns with an increase in cryptocurrency prices, as it lowers the cost of borrowing money.
The U.S. stock market sunbathed in another day of records on Friday 8th November 2024.
The Dow and S&P 500recorded their best week in a year after Trump’s election win.
The Dow Jones Industrial Average rose 259.65 points to close at 43,988.99 and broke the 44,000 barrier in intraday trading. The Dow Jones traded above 44,000 for the first time ever during the session.
The S&P 500 closed at 5,995.54, after briefly trading above 6,000 – a first for the S&P 500.
The tech-heavy Nasdaq Composite slowed at 19,286.78 but set an intraday record high as well.
More new records set in extended U.S. post-election rally
The S&P 500 and Nasdaq climbed on Thursday 7th November 2024, extending the rally following the victory of President-elect Donald Trump, while traders considered the implications of the Federal Reserve’s recent rate reduction.
The S&P 500 rose to close at an all-time high of 5,973.10, while the Nasdaq Composite increased by to end at 19,269.46, marking its first finish above 19,000.
The Dow Jones Industrial Average remained virtually unchanged, dipping slightly by less than one point to 43,729.34. During the trading session, all three indices reached new intraday highs.
Following President Trump’s electoral victory, the stock market experienced a significant rally on Wednesday 6th November 2024, with the Dow soaring by 1,500 points. The S&P 500 surged recording its best post-election day performance ever.
Post-election, the bond market has seen considerable fluctuations, with Treasury yields declining on Thursday after a sharp increase the previous day.
Bitcoin’s origin is one of the most captivating mysteries of the digital age. The cryptocurrency was created in 2008 by an unknown individual or group under the pseudonym Satoshi Nakamoto.
Despite numerous investigations, the true identity of Nakamoto remains shrouded in secrecy.
Story
The story of Bitcoin begins with the release of a whitepaper titled “Bitcoin: A Peer-to-Peer Electronic Cash System.” This document outlined a new kind of decentralised digital currency, one that relied on cryptographic principles to ensure security and prevent double-spending.
Nakamoto’s revolutionary vision was to create a financial system free from the control of traditional banks and government interference.
Genesis block
In January 2009, Nakamoto mined the first block of the Bitcoin blockchain, known as the ‘genesis block,’ marking the birth of the cryptocurrency. Over the next couple of years, Nakamoto continued to work on the project, communicating with other developers via email and online forums.
The mystery surrounding the origin of Bitcoin
However, by 2011, Nakamoto had largely stepped away from active involvement in the project, leaving behind a legacy that would forever change the financial landscape.
Speculation
Speculation about Nakamoto’s true identity has been rampant. Some believe Nakamoto is a single, exceptionally talented individual, while others theorise that it could be a group of developers working under a collective pseudonym.
Over the years, various names have been proposed as possible candidates, including renowned cryptographers, developers, and even eccentric entrepreneurs. Yet, none of these theories have been definitively proven, and Nakamoto’s identity remains a closely guarded secret.
Intrigue
The intrigue surrounding Nakamoto is not just a matter of curiosity but also of financial significance. As the creator of Bitcoin, Nakamoto is estimated to own around one million Bitcoins. At current market values, this makes Nakamoto one of the wealthiest individuals in the world.
Bitcoin chart from inception as of 7th November 2024 touching $75,000
Bitcoin chart from inception as of 7th November 2024 touching $75,000
However, these Bitcoins have never been moved or spent, adding to the enigma of Nakamoto’s motives and intentions.
Myth?
The myth of Satoshi Nakamoto has taken on a life of its own, becoming a symbol of the power and potential of decentralized technology. The anonymity of Nakamoto also serves as a reminder of the core principles behind Bitcoin: privacy, decentralisation, and freedom from traditional financial systems.
In a world increasingly dominated by surveillance and control, the mystery of Nakamoto provides a compelling counter-narrative, one that continues to inspire and intrigue both technologists and libertarians alike.
In the end, the true identity of Satoshi Nakamoto may never be revealed, and perhaps that is as it should be. The enduring mystery adds to the allure of Bitcoin, ensuring that its origins will forever be a topic of fascination and debate.
Bitcoin, which could benefit from relaxed regulation, soared to an all-time high and topped $76,000.
Bitcoin rallied Wednesday 6th November 2024, hitting all-time highs as former President Donald Trump defeated Vice President Kamala Harris to win the election an become the 47th U.S. president.
The price of Bitcoin touched a fresh record of $76,493.86.
Bitcoin one-month chart as of 6th November 2024 – New high!
Bitcoin hits new all-time high of $76,493.86 6th November 2024
Trump’s support for crypto
The ‘noises’ around the Trump trade for crypto are reportedly of deregulation, potential tax cuts for an asset that is both held long term but also day traded, less dependency on government financial institutions and the Fed and maybe seen as an alternative as a decentralised currency. Trump has previously indicated support of risk assets and the growth of crypto.
Ether surged 11%, while Solana, rocketed 13%. Payment system token XRP jumped more than 5%. Meanwhile, Meme coins soared, with Dogecoin up more than 15%.
Shares of Coinbase surged around 31%%, posting its best day on record since its first day of trading. MicroStrategy, which has a high correlation play on the price of Bitcoin, advanced 13%.
Nvidia is set to replace its rival chipmaker Intel in the Dow Jones Industrial Average, signifying a significant change in the blue-chip index that highlights the surge in artificial intelligence and a substantial shift within the semiconductor industry.
Intel’s shares fell by 1% in extended trading on Friday 1st November 2024, while Nvidia’s shares increased by 1%. Intel has now lost over half its value.
The update will take place on 8th November 2024. Also, Sherwin Williams will replace Dow Inc. in the index, the S&P and Dow Jones said in a statement.
Nvidia‘s shares have surged over 170% in 2024, following a roughly 240% increase last year, as investors flock to the AI chipmaker. Nvidia’s market capitalisation has expanded to $3.3 trillion, ranking it second only to Apple among publicly traded companies.
Nvidia one-year share price chart
Nvidia one-year share price chart
Major companies such as Microsoft, Meta, Google, and Amazon are acquiring Nvidia’s graphics processing units (GPUs), like the H100, in large quantities to create computer clusters for AI projects. Nvidia’s revenue has more than doubled for five consecutive quarters, with at least a threefold increase in three of those quarters. The company has indicated that the demand for its forthcoming AI GPU, Blackwell, is ‘insane’.
With Nvidia‘s inclusion, four of the six tech companies valued at over a trillion dollars are now part of the index, leaving Alphabet and Meta as the two not listed in the Dow.
Apple’s fourth-quarter results surpassed Wall Street forecasts for revenue and earnings per share. However, net income declined due to a one-time charge related to a tax settlement in Europe.
iPhone sales and overall sales both rose by 6%.
Apple one year stock chart
Amazon
Amazon’s shares soared in after-hours trading following the announcement of earnings and revenue that exceeded expectations. The firm’s cloud services and advertising divisions demonstrated significant expansion.
Amazon one year stock chart
Intel
Intel has reported earnings that surpassed expectations and provided improved guidance. The company is currently undergoing a significant restructuring initiative.
Intel one year stock chart
However, Intel has now lost over half its market value.
Super Micro Computer’s shares dropped 33% in premarket trading 30th October 2024, following the announcement in a regulatory filing that Ernst & Young had stepped down as its accounting firm.
The filing revealed that EY had expressed doubts about the AI server company’s “commitment to integrity and ethical values” during accounting reviews.
Super Micro had been included in the S&P 500 index in March 2004.
Super Micro one month chart snapshot 30th October 2024
Further update – 1st November 2024
Super Micro’s sell-off persisted on Friday, November 1, 2024, with the stock falling an additional 10%, culminating in a 44% loss for the week.
The most significant drop occurred on Wednesday 30th October 2024, following the company’s announcement of losing its second auditor in under two years.
Super Micro, currently behind schedule in submitting its latest annual report, has announced it will deliver a ‘business update’ for the most recent quarter on Tuesday 5th November 2024, coinciding with Election Day in the U.S.
Volkswagen’s operating profit fell to 2.86 billion euros ($3.1 billion), with third-quarter sales revenue experiencing a 0.5% year-on-year decrease to roughly 78.5 billion euros.
These figures come after Volkswagen lowered its annual outlook for 2024 last month, which was the second adjustment within a few months.
The company has recently encountered several challenges, including potential plant closures in Germany and the cancellation of many labour contracts with local workers in September 2024.
According to Volkswagen, vehicle sales reportedly dropped by 8.3% in the third quarter of 2024, compared to the same period the previous year.
Reports indicate that the Volkswagen Group’s net liquidity was negative 160.6 billion euros at the end of September 2024. At the end of 2023, the company’s net liquidity was negative 147.4 billion euros.
Microsoft’s significant investment in OpenAI is impacting its earnings – 30th October 2024
The company reportedly indicated, following the quarterly earnings report, that Microsoft anticipates a $1.5 billion reduction in income for the current period, primarily due to projected losses from OpenAI.
Microsoft’s nearly $14 billion investment in OpenAI, the creator of the widely popular ChatGPT assistant, has catalysed the emergence of the generative artificial intelligence industry, leading to billions in new revenue for Microsoft.
Despite this, OpenAI is experiencing substantial financial losses. It is projected to incur $5 billion in losses this year, excluding stock-based compensation, against $4 billion in revenue, according to reports from earlier this month.
The company’s revenue reportedly increased by 16% in the fiscal first quarter, outpacing analyst predictions.
Earnings from Azure and other cloud services reportedly rose by 33%, exceeding forecasts.
Nevertheless, the projected revenue growth did not meet analyst expectations.
Meta
Meta’s third-quarter earnings report, released on Wednesday 30th October 2024, disclosed user numbers that fell short of expectations.
The company reported $3.29 billion daily active users for the quarter, marking a 5% increase from the previous year but still below the anticipated $3.31 billion by analysts.
Meta also projected a substantial increase in capital expenditures for 2025.
Additionally, Meta indicated a significant rise in AI spending for 2025.
As the autumn chill of November sets in, the market seems to defy the temperature drop with a notable heated uptick in activity.
This phenomenon, often referred to as the ‘November Effect’, is a period where investors start to position themselves for end-of-year strategies, leading to increased market volatility and opportunity.
Historically
Historically, November has been a month where markets tend to show positive returns. Several factors contribute to this trend. Firstly, the anticipation of the holiday season boosts consumer spending, leading to higher revenues for retail companies. This optimism often spills over into the stock market, driving up share prices.
Secondly, institutional investors begin to adjust their portfolios to lock in gains for the year, a process known as ‘window dressing’. This activity can lead to increased buying, particularly in stocks that have performed well throughout the year, further driving market momentum.
Additionally, the release of third-quarter earnings reports in October sets the stage for November. Companies that have posted strong earnings results often see continued investor interest, propelling their stocks higher. Conversely, companies with weaker results might face selloffs, adding to market dynamism.
Tech resilience
Tech stocks, in particular, have shown resilience and growth potential, even amidst economic uncertainties. With advancements in AI, cloud computing, and cybersecurity, tech continues to be a focal point for investors. November often sees a renewed interest in these sectors, with investors looking to capitalise on year-end growth opportunities.
However, it’s essential to approach this period with a balanced perspective. While the ‘November Effect’ can present lucrative opportunities, it’s also a time of heightened market volatility. Investors should stay informed, diversify their portfolios, and consider both the potential rewards and risks.
As the weather gets colder, the markets heat up, creating a dynamic environment ripe with possibilities for those who navigate it wisely. The key lies in staying informed and alert, ready to adapt to the ever-changing market landscape.
Take informed financial advice from a professional qualified financial adviser.
Apple has returned to the top five smartphone vendors in China’s market during the third quarter, lifted by the release of the iPhone 16, according to data.
Apple’s shipment growth remained steady year-on-year in the Q2, securing the company a second-place rank by market share in Q3.
Following Apple, Huawei held the third position with a 15.3% market share, as per reported data. Despite this, Huawei’s smartphone shipments in China saw a significant increase of 42% year-on-year.
The Nasdaq Composite climbed to an all-time high on Friday 25th October 2024, boosted by BIG tech stocks.
The tech-heavy index rose 0.56% to 18,518.61
The tech-heavy Nasdaq Composite index rose 0.56% to 18,518.61
Tech stocks boosted the market ahead of their upcoming earnings. Nvidia added 0.8%, and shares of Meta Platforms, Amazon and Microsoft were also higher.
Some analysts are suggesting it may be time to short Amazon and Apple as they head into earnings season? Let’s see.
Tesla helped boost the Nasdaq as its stock climbed to close at a 13-month high, sustaining its rally post-earnings.
Tesla enjoyed its best market day since 2013, the stock rose more than 3% on Friday 25th October 2024, closing at its highest since September 2023.
On Thursday 24th October 2024, Barclays Bank announced a net profit of £1.6 billion ($2 billion) for the third quarter, surpassing expectations
This figure exceeded the anticipated £1.17 billion net profit from analysts and marked a 23% increase from the same quarter in 2023.
The revenue for the quarter was reported at £6.5 billion, just over the predicted £6.39 billion.
Shares of Barclays rose by 3.5% as of 08:45 BST – hitting their highest point since October 2015 according to reports.
Barclays Bank One year share chart
Barclays Bank One year share chart
The bank’s return on tangible equity improved to 12.3% from the previous quarter’s 9.9%, while its CET1 ratio, a key solvency metric, increased to 13.8% from 13.6%.
Barclays had earlier this year unveiled a strategic revamp aimed at reducing expenses (cost cutting), enhancing returns for shareholders, and securing long-term financial stability.
This shift has emphasized domestic lending and scaled back the investment banking division’s costs. Part of this new strategy involved acquiring the retail banking operations of Tesco Bank in the UK.
Common Equity Tier 1 (CET1)?
Common Equity Tier 1 (CET1) is a key element of Tier 1 capital, consisting mainly of common stock held by banks or other financial institutions. Introduced in 2014, CET1 serves as a capital measure designed to safeguard the economy from financial crises. Banks must adhere to the minimum CET1 ratio requirements relative to their risk-weighted assets (RWAs), as specified by their financial regulators.
History lesson
Barclays Bank was formally established on November 17, 1690. It traces back to goldsmith bankers John Freame and Thomas Gould in London.
The name ‘Barclays’ came into the business in 1736 when James Barclay, who married John Freame’s daughter, joined the partnership.
Tesla shares climbed 12% in extended trading after the company’s third-quarter earnings beat Wall Street estimates, following a long slump.
However, Tesla’s revenue for that period, up 8% year on year, marginally missed expectations. “Vehicle growth” will hit up to 20%-30% next year, said CEO Elon Musk, thanks to “lower cost vehicles” and the “advent of autonomy.” Apparently, this was presented as a ‘best guess’.
Profit margins reportedly received a boost from $739 million in automotive regulatory credit revenue during the quarter. Automakers must acquire a certain number of regulatory credits annually. Those unable to meet the requirement can buy credits from companies like Tesla, which has a surplus due to its exclusive production of electric vehicles.
Automotive revenue reportedly rose 2% to $20 billion, up from $19.63 billion in the same quarter the previous year, and has remained roughly stable since late 2022. Energy generation and storage revenue reportedly surged 52% to $2.38 billion, while services and other revenue, which includes income from non-warranty Tesla vehicle repairs, increased by 29% to $2.79 billion.
Tesla quarterly revenues by business section
Tesla quarterly revenues by business section
Tesla share price and close and ‘after hours’ trading 23rd October 2024 (09:15 BST)
Tesla share price and close and ‘after hours’ trading 23rd October 2024 (09:15 BST)
Norway‘s massive world record breaking sovereign wealth fund reported a third-quarter profit of 835 billion Norwegian kroner ($76.3 billion) on Tuesday 22nd October 2024.
The fund’s performance was attributed to a stock market surge due to the decline interest rates.
The overall return for the quarter stood at 4.4%, which was 0.1 percentage points below the return of its benchmark index.
Gold continues on its path to new highs touching $2740 on 21st October 2024
In 2024, gold experienced a surge of over 35%, reaching new record highs.
This increase was propelled by the anticipation of additional Federal Reserve rate reductions following a half-percentage-point cut in September 2024, coupled with persistent geopolitical uncertainties stretching from Europe to the Middle East.
Delegates at the London Bullion Market Association‘s annual meeting earlier this week predicted that gold prices could reach $2,941 per troy ounce in the next 12 months.
As investors continue to seek out a safe haven for their money, the price of gold will remain elevated.
Gold price one year chart – price snapshot as of: 21st October 2024 (08:52 BST)
Gold price one year chart – price snapshot as of: 21st October 2024 (08:52 BST)
Gold, which yields no interest in its own right, tends to gain in value when interest rates are cut and when geopolitical tensions heat up.
Nvidia’s shares have reached a record peak as the company continues to benefit from the surging demand for its AI chips
Tech giants such as Microsoft, Meta, Google, and Amazon are acquiring Nvidia’s GPUs in large volumes to create extensive AI computing clusters.
Nvidia, with a market capitalisation of around $3.4 trillion, ranks as the second most valuable publicly traded company in the U.S., trailing behind Apple, which has a market cap of approximately $3.55 trillion.
Oh, the volatility of tech stocks, don’t you just love it?
The company’s stock rose by 2.4% to close at $138.07, exceeding the previous high of $135.58 set on 18th June 2023. The shares have increased by nearly 180% this year and have experienced a more than ninefold increase since early 2023.
Regarded as the leading supplier in the AI revolution, Nvidia has gained significantly from the generative AI surge initiated by OpenAI’s ChatGPT release in November 2022. Nvidia’s GPUs are instrumental in developing and running sophisticated AI models, including those that operate ChatGPT and related platforms.
You can’t go far wrong when big players such as Microsoft, Meta, Google and Amazon are buying your stuff.
Tesla’s stock declined on Friday 11th October 2024 following the electric vehicle maker’s highly anticipated robotaxi event, which left investors unimpressed
£60 billion was wiped off Tesla market cap
CEO Elon Musk showcased the Cybercab concept vehicle, announcing that it would be available for purchase at a price below $30,000.
Analysts reportedly commented that the event did not emphasise any immediate opportunities for Tesla, focusing instead on Musk’s long-term vision for fully autonomous driving.
At the ‘We, Robot’ event on Thursday 10th October 2024, CEO Elon Musk presented the Cybercab, a sleek, silver two-seater without steering wheels or pedals, underscoring his company’s goal to develop a fleet of self-driving vehicles and robots.
Musk expressed his hope for Tesla to start producing the Cybercab by 2027, though he did not specify the manufacturing locations. He reiterated that the Tesla Cybercab would be sold for less than $30,000.
Furthermore, he anticipated that Tesla’s Model 3 and Model Y electric vehicles would feature ‘unsupervised FSD’ operational in Texas and California by next year. FSD, standing for Full Self-Driving, is Tesla’s advanced driver assistance system, currently available in a supervised format.
Investors and analysts were underwhelmed by the event. Tesla shares fell.
Tesla one year chart as of 11th October 2024
Tesla one year chart as of 11th October 2024
Elon Musk’s wealth
Elon Musk is projected to become the world’s first trillionaire by 2027, as per a recent report by Informa Connect Academy. Among global billionaires, Musk is nearest to reaching the 13-figure threshold, with his wealth continuing to increase.
Ripple has announced the launch of a range of features designed to assist banks and fintech’s with the storage of digital tokens, marking a significant expansion into the realm of crypto custody.
Crypto custody services, which support clients in managing their crypto assets, represent a new venture for Ripple, now unified under the brand Ripple Custody.
The company is best known for its XRPcryptocurrency and RippleNet, a distributed ledger platform facilitating fast interbank payments.
Stocks broadly climbed for a second consecutive session on 9th October 2024 with Dow & S&P 500 reaching new record highs
The S&P 500 and Dow Jones Industrial Average both closing at record highs, buoyed by a surge in technology stocks and a dismissal of geopolitical worries.
The S&P 500 increased to 5792, marking a new all-time high, while the Nasdaq Composite rose to end at 18291. The Dow Jones Industrial Average jumped 431 points to close at a record 42512.
Leading the rally were technology stocks, with Amazon and Apple each gaining over 1%. Super Micro Computer saw a significant 4% increase. The gains helped offset a rocky start to October, propelling the major indices into positive territory for the month.
Following the release of minutes from the Federal Reserve’s September meeting, which showed a 0.50% interest rate cut, stocks held onto their gains. The minutes indicated that a ‘substantial majority of participants‘ were in favour of the more significant rate reduction.
Record high reached for the S&P 500 on 9th October 2024
Record high reached for the S&P 500 on 9th October 2024
Record high reached for the Dow Jones on 9th October 2024
Record high reached for the Dow Jones on 9th October 2024
