493K Jobs & 40% Reddit Surge?

Wtf is happening?

Author

Keith Andrade
November 03, 2024

In partnership with

With 493K new jobs added this quarter and Reddit shares surging by 40%, staying informed can feel like a full-time job itself. But fear not! We've distilled this week's chaos into bite-sized insights so you can stay ahead without losing your sanity.

The 30 Second Tech Hack

📰 Noteworthy

1. Diddy: 8 Tapes, 2 Minors

Diddy found himself amidst controversy as 8 sex tapes surfaced, with 2 involving minors. The scandal is gearing up for a trial set on May 5.

NewsNation
mbyte.co/edl

2. Harris and Walz Launch Fortnite Map

In a surprising move, Harris and Walz introduced Freedom Town in Fortnite, aiming to support small businesses. With only 7 days left in the race, the GOP remains unresponsive.

GameSpot
mbyte.co/tbn

3. September Jobs: 200K Added

September saw 200K jobs added, pushing the unemployment rate down to 3.8%. The labor force remained robust with wages creeping up by 0.3%.

Bureau of Labor Statistics
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💡 Innovation

1. OpenAI Fights Google with SearchAI

OpenAI launched SearchAI to its paid users, directly competing with Google Search. Partnering with the AP and News, it now faces lawsuits from the media industry.

2. Shield AI Drones Triumph in Ukraine

Shield AI doubled its revenue to $163M as Ukraine requested over 200 drones. Each drone, costing $1M, has proven resilient against intense jamming.

Wall Street Journal
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3. Google’s AI Generates 25% of Code

Google’s AI contributed to 25% of its codebase, boosting cloud revenue by 35% and overall revenue to $88.3B. AI tools are clearly the driving force behind this growth.

The Verge
mbyte.co/u3y

4. Inbrain Raises $50M

Inbrain secured $50M to advance brain technology, utilizing graphene and materials 10 microns thin. Trials on 10 patients are imminent, and the FDA has granted Breakthrough status.

Bloomberg
mbyte.co/3jh

📈 Market

1. Coinbase Grows Amid Market Volatility

Coinbase's revenue soared to $2B despite a 27% drop in transaction fees. They secured $8.2B in resources, and a stock buyback signals strong investor trust.

Decode Investing AI Assistant
mbyte.co/6fr

2. Nasdaq Revenue Up 10%

Nasdaq enjoyed a 10% revenue increase, maintaining a 54% margin. With ARR at $2.7B and SaaS constituting 37% of ARR, their financial health looks robust.

Decode Investing
mbyte.co/yx2

3. Reddit Shares Surge 40%

Reddit’s shares skyrocketed by 40% following a Q3 sales report of $348M compared to $313M last year. Profitable on a GAAP basis, user growth hit 47% year-over-year.

Bloomberg
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4. Tesla Deliveries Hit 7 Million

Tesla achieved a record of 7 million deliveries, with Megapack output reaching 40 GWh. Revenue from FSD climbed to $326M, and vehicle growth is forecasted at 30%.

Decode Investing AI Assistant
mbyte.co/1qq

5. SP Global Revenue Rises 16%

SP Global saw a 16% year-over-year revenue increase, with EPS up by 21% and indices revenue climbing 18%. Their ETF AUM now exceeds $4T.

Decode Investing AI Assistant
mbyte.co/f2f

6. Robinhood Launches Election Betting

Robinhood ventured into presidential betting, allowing users to bet on Trump or Harris. Each trade not only boosts their revenue but also has the potential to distort election perceptions.

The Verge
mbyte.co/t33

Savvy Investors Know Where to Get Their News—Do You?

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🏛️ Policy

1. Russia's Fake Ballot Video Exposed

A fake ballot video from Russia, dubbed "Storm-1516," amassed hundreds of thousands of views online. Policies are being updated to combat this disinformation wave.

2. False Vote Claims Go Viral

False claims about voter fraud garnered 12M views, with perpetrators using old country passports. UOCAVA protections for overseas voters remained intact as courts dismissed these fraud lawsuits.

3. PA Funds AI Security in Schools

Pennsylvania allocated a $588M bond on the ballot, with $2M designated for AI systems in schools. The security market has now hit $3B, and Alyssa’s Law mandates real-time alerts.

Bloomberg
mbyte.co/3r0

4. Downey to Sue Over AI

Downey announced plans to sue AI developers as California laws now block likeness replication. SAG-AFTRA is demanding AI consent, and new rules aim to protect IP rights.

5. Misinformation Blocks FEMA Aid

Helene's actions triggered fake news that spread across social media, hindering FEMA aid. In response, $2.3M was allocated to enhance security, and urgent policy changes are underway.

Bloomberg
mbyte.co/qry

6. China Hacks Trump, Harris Phones

China targeted Trump and Harris campaigns, leading the FBI to investigate breaches on 200K devices. New policies are boosting cyber defenses to prevent future intrusions.

7. AI Transcription Needs New Rules

Experts are calling for stricter AI regulations as over 30,000 users rely on Whisper. Healthcare sectors face transcription errors, highlighting the need for policies ensuring safety and accuracy.

8. FTC Fines Lyft $2.1M

Lyft was slapped with a $2.1M fine for deceptive advertising, falsely claiming inflated driver earnings by 30%. They are now required to use typical pay metrics.

The Verge
mbyte.co/zn4

9. FTC’s Cancel Rule Faces Lawsuit

Three groups have challenged the FTC's new cancelation rule, which mandates online cancellations within 180 days. Giants like Disney are leading the opposition.

The Verge
mbyte.co/5fl

🔍 Final Roundup

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