European automotive sector is facing deep crisis
• Demand for cars in EU has stalled and may never return to pre-pandemic levels • Outlook for exports has darkened amid US tariff threats and low Chinese demand Source: Agathe Demarais on X, Bloomberg
UPDATE >>> Elon Musk's AI company, xAI, has secured priority access to Nvidia's GB200 Blackwell deliveries scheduled for January 2025 by agreeing to pay a premium
$NVDA
⚠️US QUITS RATE IS FALLING QUICKLY⚠️
The quits rate, the % of workers voluntarily exiting their jobs fell to 1.9% in September, the lowest since June 2020. Americans are increasingly depending on their current jobs as the hiring pace has declined. Data for October is due today. Source: Global Markets Investor
SPACEX SHOOTS FOR THE MOON WITH $350B VALUATION
Elon's rocket empire might be worth more than Portugal's entire GDP. SpaceX is floating a tender offer that would launch its valuation to a mind-bending $350 billion—up from last month's mere $255 billion price tag. This astronomical jump would make SpaceX not just the most valuable startup on Earth, but worth more than many Fortune 500 companies. For context, they were "only" worth $210 billion earlier this year. Source: Mario Nawfal Source: Bloomberg @SpaceX
China trades at a 40% discount to India. Is this more a China discount or an Indian premium?
Source: Bloomberg, David Ingles
BREAKING 🚨: China
Chinese Yuan plunges to its weakest level against the U.S. Dollar in more than 12 months Source: Barchart
US small caps tend to heat up when the weather gets cold.
Historically, Nov-Jan is the strongest period for the Russell 2000. Source: David Marlin @Marlin_Capital, BofA
Google is slowly losing ground in search ads - by Chartr
While Google’s latest woes seem to center on the DOJ’s antitrust efforts, the search-engine giant may soon face another — perhaps even greater — threat to its moat: losing its dominance in search ads. In 2023, Google earned over $175 billion (or 57% of Alphabet’s total sales) solely from search advertising. However, Google is gradually losing ground in the $300 billion-strong global market for search ads, as both users and advertisers shift to competitors like Amazon and AI tools, The Wall Street Journal reports. According to data from eMarketer, Google’s share of the search-advertising market is forecast to drop below 50% next year for the first time since tracking began in 2008, with revenue growing at a modest 7.6% year over year. Meanwhile, Amazon’s search-ad revenue surged by 17.6% over the same period. Indeed, users are increasingly turning to platforms like Amazon or TikTok for their shopping searches and general queries, according to WSJ. The seemingly inevitable rise of AI is also playing a role: a survey from New Street Research found that nearly 60% of US consumers used a chatbot to help them decide on a purchase in the past 30 days. Source: Chartr, WSJ
