Today’s topics

• Peloton just hired Ford exec as its new CEO

• Americans are gearing up to leave the U.S

• Microsoft’s CEO cuts his own pay

• AI-designed 3D-printed rocket engine

• Uber stock drops 9%

   

  and more…

Stocks rallied on Friday, kicking off November with gains as Amazon boosted tech stocks, and traders shrugged off a lackluster jobs report. The Dow Jones climbed 288.73 points (0.69%) to end at 42,052.19, while the S&P 500 rose 0.41% to 5,728.80. The Nasdaq Composite also gained 0.8%, closing at 18,239.92.

Uber stock drops 9% despite record revenue. Uber shares fell 9% on Thursday after the company missed its target for gross bookings—a key measure of total revenue before fees. CEO Dara Khosrowshahi called it a record quarter for profitable growth, with Uber’s platform now counting over 25 million Uber One members.

Peloton just hired Ford exec Peter Stern as its new CEO, starting in January. The news sent Peloton’s stock up 28% to $8.50. Stern fails to cut costs and keep subscribers happy as Peloton works to recover from a major drop since its pandemic-era high. Despite stock bump, the company’s shares are still down over 94% from their peak in 2020.

Buffett’s Berkshire ditches Apple and sells $166bn in stocks. Over the past eight quarters, Warren Buffett's Berkshire Hathaway has sold $166 billion in stocks, notably reducing its holdings in Apple and Bank of America. With limited attractive investment opportunities in the U.S. market, Buffett has redirected these funds into short-term Treasury bills, boosting Berkshire's cash reserves to a record $325.2 billion.

Microsoft’s CEO cuts his pay by $5.5M. In fiscal year 2024, Microsoft CEO Satya Nadella's compensation increased by 63%, reaching $79.1 million, thanks to a huge boost in stock awards from $39 million to $71 million. Despite this increase, Nadella cut $5.5 million from his own cash bonus, choosing to take $5.2 million instead of the full $10.7 million, citing accountability for recent security slip-ups.

BYD overtakes Tesla in quarterly sales for the first time. China’s EV maker BYD has outpaced Tesla in quarterly revenue for the first time. With its global expansion hitting high gear, BYD’s third-quarter revenue blew past Tesla’s $25.2 billion. BYD reported revenue of 201.12 billion yuan ($28.24 billion) for the three months ending Sept. 30—a 24% jump from last year.

Google Maps Gets Smarter with AI

With the help of Google’s Gemini AI tech, U.S. users can now chat with Maps to find the best spots around town. The app now offers more parking info and detailed walking directions from car to destination.

OpenAI throws down with Google with new SearchGPT engine. OpenAI introduced SearchGPT, an AI-powered platform integrated into its ChatGPT chatbot. This new service, available exclusively to paid ChatGPT users, provides real-time updates on sports scores, stock quotes, news, weather, and more. Partnering with major news outlets, it’s ready to deliver fresh, reliable info fast. This move isn’t just a swipe at Google’s crown—it’s also a shot at Microsoft’s Bing and other AI search rivals like Perplexity.

Big Tech’s $200B AI splurge. Amazon, Meta, Alphabet, and Apple are going all-in on AI this year, collectively spending a record $200 billion on tech and infrastructure to power the next era of artificial intelligence. Despite some mixed results, Big Tech is doubling down to keep investors on board.

World’s first AI-designed 3D-printed rocket engine. The University of Sheffield joined forces with AI start-up LEAP71 and inventor Sam Rogers to fire up a rocket engine designed by AI. LEAP71’s Noyron code decided to try its hand at rocket science, designing a fully functional engine that Sheffield’s team then 3D-printed in copper. They went from “let’s build a rocket” to an actual test fire in just weeks. The engine successfully roared to life at Airborne Engineering, proving that robots aren’t just here to write your emails.

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Anti-obesity drug wipes out arthritis pain. In a first-of-its-kind trial spanning 11 countries, semaglutide—the anti-obesity drug in question—didn’t just slim waistlines; it turned out to slash knee pain as well. The relief is said to be so powerful that it rivals opioids, minus the risk.

Wealthy Americans plot their post-election escape. A record number of wealthy Americans are gearing up to leave the U.S. after the election. Lawyers and wealth advisors say high-net-worth clients are serious about securing second passports and long-term residency abroad. Interest in an escape plan has spiked since COVID-19, but this time, many are making real moves to pack their bags.

America's new “Mini Monaco” in Florida. A $2 billion development at Bahia Mar Marina, backed by Related Group and Rok Acquisitions, is set to bring high-end vibes to Fort Lauderdale with luxury hotels, condo towers, a beach club, chic restaurants, and designer shops. Will it be enough to transform Fort Lauderdale into America’s answer to Monaco?

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