Today’s topics

• Boeing raises $21B in latest stock offering

• NASA revises Artemis 3 moon landing sites

• Russia slaps Google with an out-of-this-world fine

• Reddit stock jumps 42%

• Canva is valued at $26 billion

   

  and more…

The Nasdaq led a slide in US stocks Thursday as Meta and Microsoft earnings raised doubts about Big Tech’s outlook amid rising AI expenses. The Nasdaq dropped 2.7%, the S&P 500 fell 1.9%, and the Dow dipped 0.9%, marking a downbeat end to the month for all three indexes.

Boeing cashes in on $21 billion in expanded stock sale. Boeing scored big, raising $21 billion from its latest stock offering—more than the anticipated $19 billion. Investor demand was strong enough for Boeing to upsize its sale to 112.5 million common shares and $5 billion in depositary shares, each tied to convertible preferred stock. Priced at $143 per share, this move added $15.81 billion from common stock and another $4.9 billion from depositary shares.

Reddit jumps 42% on AI success. Reddit’s stock shot up 42% on Wednesday, reaching a record $116.03 per share after smashing earnings expectations. Revenue jumped 68% from last year, boosted by big AI deals with OpenAI and Google—making this Reddit’s hottest quarter in two years. Now, analysts are betting on $113 million in profits next year, a massive jump from earlier guesses of $17.5 million. Just months ago, investors weren’t sure Reddit could make it in AI, but now they’re seeing it’s a force to be reckoned with.

From 100+ rejections to $26 billion: Melanie Perkins' Canva journey. Melanie Perkins’ journey with Canva is a true underdog story. After more than 100 investors said “no,” she kept pushing, determined to make design easy for everyone. Today, Canva is valued at $26 billion, with over 110 million users worldwide.

U.S. growth falls short at 2.8%. The U.S. economy grew 2.8% in the third quarter—good, but not quite the 3.1% that was hoped for. Consumer and government spending kept things rolling, but not quite enough to hit the target. The Federal Reserve is still eyeing further rate cuts, even with inflation running hot. So while the economy’s looking strong on the surface, the Fed seems ready to give it an extra push to keep things steady.

Robinhood launches 2024 presidential bets. Robinhood is letting users bet on the next U.S. president. Starting Monday, users can trade contracts on whether Vice President Kamala Harris or former President Donald Trump will win the 2024 election. To participate, users need to be U.S. citizens and have a Robinhood Derivatives account.

New MacBook Pros Got Supercharged with M4

Apple just upgraded the 14- and 16-inch MacBook Pros with M4 Pro and M4 Max chips. The entry-level 14-inch also comes in a new space black color, has an extra USB-C port, and now starts with 16GB of RAM—all for the same $1,599. For the M4 Pro models, it’s $1,999 for the 14-inch and $2,499 for the 16-inch, now with 24GB of RAM to start. Preorder are available now as the new MacBooks are set to hit the shelves November 8th.

25% of Google’s code now machine-made. AI has joined Google’s coding squad. CEO Sundar Pichai shared that 25% of Google’s latest code is AI-generated, with human engineers stepping in to polish things up. And Google’s not alone. Worldwide, 76% of developers are either using or planning to use AI to power up their code. In the U.S., a massive 92% of developers are already coding with AI’s help.

Meta’s new AI search to ditch Google. The company behind Facebook is developing its own AI-powered search tool to deliver real-time answers on current events straight through its Meta AI chatbot. Right now, Meta relies on Google Search and Bing to serve up info like news, sports, and stock updates—but not for long.

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We Now Know Where Most Meteorites Come From

Turns out, 70% of the meteorites that crash-land here are from just three giant rock collisions in the asteroid belt that happened in the last 40 million years. Before this, scientists only knew where a measly 6% came from (think Mars, the Moon, or asteroid Vesta).

NASA updates Artemis 3 moon landing sites. NASA just refined its shortlist of landing spots for the Artemis 3 mission, aiming for nine prime locations near the moon's south pole. These updated sites take into account both surface conditions and the capabilities of SpaceX’s Starship lander. This isn’t NASA’s first list—back in August 2022, they announced 13 potential spots, but now they’ve zeroed in on regions where water ice may be hiding in shadowed craters.

The final puff: UK to ban disposable vapes. UK drops the hammer on single-use vapes, effective June 1, 2025. Vaping has exploded by 400% in the last decade, and with one in four teens reportedly giving it a try, the UK is taking action. Each week, roughly five million disposable vapes are tossed, wasting enough lithium to power 5,000 electric cars every year.

Airlines now owe you for delays and cancellations. U.S. airlines are now required to automatically refund passengers for canceled flights, long delays, or paid services that weren’t provided, like Wi-Fi or entertainment. Under this new rule, a “significant delay” is defined as three hours or more for domestic flights and six hours for international ones. And for lost baggage, if it’s gone for over 12 hours on a domestic flight or up to 30 hours on an international flight, you’ll be refunded any checked bag fees.

Russia fines Google... more than planet Earth is worth. Russian court has slapped Google with a fine of two undecillion roubles—a two followed by 36 zeros—for limiting Russian state media on YouTube. To give you a sense, that’s an unimaginable $20,000,000,000,000,000,000,000,000,000,000,000. Basically, more than the world’s GDP... by about 200 times. Oh, and the fine doubles every day it goes unpaid. Safe to say, this might be one tab Google won’t be picking up anytime soon.

TikTok of the day: watch here

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