Nvidia Skyrockets with AI Demand

??21st November 2024 | Homeownership Now Costs Much More Than Renting, Biden Approves Anti-Personnel Mines for Ukraine, Instagram Testing Reset for Recommended Posts, George Strait Honored with Lifetime Achievement at 58th CMA Awards, Republicans Block Gaetz Report on Ethics Panel, Trump Team Considers New White House Crypto Position, and more!

Business and Economy

?? Homeownership Now Costs Much More Than Renting

Owning a home is currently about 35% more expensive than renting, a significant rise from the usual 14% premium, driven by higher mortgage rates, insurance premiums, and maintenance costs. While rents have leveled off, homeownership costs remain high. Matt Vance head of multifamily research at CBRE stated, “The one-year outlook shows little change in home prices, rents, and mortgage rates.”?

?? U.S. Economy Faces Collapse by 2026, Warns Morgan Stanley

The U.S. economy could face a downturn by 2026 from Donald Trump’s proposed tariffs, warns Morgan Stanley’s Chief Economist Seth Carpenter. Plans for 10-100% import tariffs, including 60% on Chinese goods will potentially drive inflation, raising consumer costs, and slowing growth. Carpenter stated, “Tariffs are a drag on growth for the U.S., not just the countries targeted.

?? Nvidia's Revenue Soars on AI Demand

Nvidia’s Q3 revenue surged 94% year-over-year to $35.08 billion, surpassing expectations. Strong demand for AI chips like Blackwell drove 112% growth in data center sales. The company forecasts $37.5 billion in Q4 revenue, signaling 70% annual growth. Gaming, automotive, and visualization segments also expanded. CEO Jensen Huang emphasized, “Every customer is racing to be the first to market.”

World

?? Gautam Adani Hit with Fraud, Bribery Charges in New York

Gautam Adani, chair of India's Adani Group, was indicted in Brooklyn federal court for a multibillion-dollar fraud and bribery scheme. Adani and co-defendants allegedly paid over $250 million in bribes to secure $2 billion in solar contracts. They are charged with securities fraud and wire fraud for misleading investors. The Securities and Exchange Commission stated, "Gautam and Sagar Adani orchestrated a bribery scheme."?

?? Biden Approves Anti-Personnel Mines for Ukraine

US President Joe Biden has agreed to supply Ukraine with anti-personnel land mines to slow Russian advances in eastern Ukraine. The non-persistent mines will be used in rural areas, with Ukraine ensuring minimal civilian risk. This decision is part of broader US support for Ukraine’s defense efforts. Serhiy Kuzan, Director of Ukrainian Security stated, "We need more anti-personnel mines."??

?? ECB Signals Eurozone Crisis Risk from Slow Growth and High Debt

The European Central Bank (ECB) has cautioned that the Eurozone could face a new debt crisis if growth remains sluggish, public debt stays high, and policy uncertainty continues. In its latest Financial Stability Review, the ECB highlighted concerns over elevated debt levels, large deficits, and weak economic growth. Vice-President Luis de Guindos remarked, "Markets have started to pay more attention to fiscal risks."?

Science and Tech

??? Instagram Testing Reset for Recommended Posts

Instagram is testing a new "reset" tool allowing users to remove all recommended content from their feeds. Available soon globally, the tool clears algorithmic suggestions, though the platform will reintroduce personalized recommendations over time. The feature, part of Instagram’s effort to enhance user well-being, will let users reset feeds in a few taps, similar to TikTok’s "For You" feed reset.?

Sports and Entertainment

?? George Strait Honored with Lifetime Achievement at 58th CMA Awards

The 58th CMA Awards, held on November 20, 2024, in Nashville, recognized George Strait with the Lifetime Achievement Award for his immense influence on country music. Hosted by Luke Bryan and Peyton Manning, Morgan Wallen won Entertainer of the Year, Chris Stapleton’s "White Horse" took Song of the Year, and Cody Johnson earned Album of the Year. Wallen stated, “This is a dream come true.”

?? Liam Payne's One Direction Mates, Attend Emotional Funeral Near London

Liam Payne’s former One Direction bandmates, including Harry Styles, Louis Tomlinson, Zayn Malik, and Niall Horan, gathered on Nov. 20, 2024, at a 12th-century church near London to honor their late friend. The emotional service remembered Payne, who passed away on Oct. 16. Payne’s close friend, James Corden stated, "It was time for the band to say their final goodbyes.”?

?? Jenny McCarthy-Wahlberg Rides Giant Strawberry on Masked Singer, Ice King Revealed as Former Child Star

Jenny McCarthy-Wahlberg took a playful turn on The Masked Singer, riding a giant strawberry during Miley Cyrus Night. The episode’s highlight came when Ice King was unmasked as former child star Drake Bell, following his performance of "Midnight Sky." Despite correctly guessing Bell earlier, McCarthy-Wahlberg switched her guess to James Franco, later remarking, "Better luck next time."

Misc

?? Musk & Ramaswamy Propose Ending Remote Work, Large-Scale Firings for Federal Workers

Elon Musk and Vivek Ramaswamy, advisers to a potential Trump administration, floated ending remote work for federal employees, calling it a pandemic-era privilege. They argued it would shrink the federal workforce by encouraging voluntary resignations. Additionally, they proposed large-scale firings and agency relocations. They stated, "If federal employees don’t want to show up, American taxpayers shouldn’t pay them."?

??? Trump Team Considers New White House Crypto Position

President-elect Donald Trump’s team is considering creating a first-ever White House role focused on cryptocurrency policy, potentially as a "crypto czar." The position would oversee federal regulation, with industry advocates pushing for direct access to Trump. Former Coinbase CEO Brian Armstrong, stated, "The crypto industry needs a direct line to the White House to ensure effective policy."??

?? Republicans Block Gaetz Report on Ethics Panel

Republicans on the House Ethics Committee voted to block the release of the investigation into Rep. Matt Gaetz, despite calls from Senate GOP members for transparency before his attorney general confirmation. Democrats, including Reps. Sean Casten and Steve Cohen, are attempting to introduce resolutions to make the report public. Rep. Derrick Van Orden stated, “It’s crucial for everyone to have the necessary information.”?

This Day That Year

On November 21st, 1922, Rebecca Ann Felton of Georgia was sworn into office, making history as the first woman to sit in the U.S. Senate. Appointed to the position, Felton served for just two days.

Have a great day and see you Tomorrow??