- The Telegraph
- Posts
- Bitcoin Hits Record High, Driven by Pro-Crypto Election Results.
Bitcoin Hits Record High, Driven by Pro-Crypto Election Results.
PLUS: Investor optimism surges as Bitcoin reaches $81,000, with strong demand in futures markets and growing confidence in pro-crypto policies from President-elect Trump and recent Fed rate cuts.
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Novo Nordisk Sees Strong Q3 on Wegovy Sales Surge, Adjusts 2024 Growth Outlook.
E.l.f. Beauty Surges with Strong Sales, Raises Full-Year Guidance.
Today in AI & Tech
Florida State Fires Three Coaches After Loss to Notre Dame.
and more…
BUSINESS
Gundlach Warns of Rising Interest Rates if Republicans Win House Majority.
DoubleLine Capital CEO Jeffrey Gundlach cautioned that interest rates could surge if Republicans secure the House, giving President-elect Trump a "free rein" on spending. This fiscal expansion would likely increase Treasury issuance and elevate bond yields. Gundlach noted that a Republican House would push for more debt, raising long-term rates and testing the Fed’s response. Despite concerns about the fiscal deficit, Gundlach suggested Trump’s agenda may lower the near-term recession risk.
Novo Nordisk Sees Strong Q3 on Wegovy Sales Surge, Adjusts 2024 Growth Outlook.
Novo Nordisk posted a Q3 net profit of 27.3 billion Danish kroner, surpassing forecasts due to a 79% increase in sales of its weight-loss drug, Wegovy. The company adjusted its 2024 full-year sales growth guidance to 23%-27%, driven by GLP-1 product demand and U.S. sales. Novo Nordisk cited ongoing supply constraints but announced increased investments to expand production capacity, including for its diabetes and obesity treatments.
E.l.f. Beauty Surges with Strong Sales, Raises Full-Year Guidance.
E.l.f. Beauty raised its full-year revenue and earnings guidance after reporting a 40% jump in sales, beating analyst expectations. The company now anticipates sales between $1.32 billion and $1.34 billion for fiscal 2025, supported by strong multi-generational appeal and viral marketing success. CEO Tarang Amin noted increased interest from major retailers like Target and Walgreens, which plan to expand E.l.f.'s shelf space. Additionally, E.l.f.’s international growth now comprises 21% of revenue, cushioning potential tariff impacts.
Toyota Criticizes California’s Upcoming EV Mandates as Unrealistic.
Toyota warned that California's upcoming EV mandates, requiring 35% of 2026 model-year vehicles to be zero-emission, are unachievable and could limit consumer choices. Toyota North America's COO, Jack Hollis, noted insufficient demand and potential market distortions. Currently, EV adoption is low nationally, with California, Colorado, and Washington leading. Without changes, the mandates could disrupt industry operations as manufacturers shift EV supply to compliant states.
Bitcoin Hits All-Time High, Signals Investor Optimism Amid Pro-Crypto Election Results
Bitcoin surged to a record near $81,000, driven by investor optimism following pro-crypto U.S. election results. The futures market shows strong demand, with open interest in Bitcoin exceeding $2.8 billion on Deribit. Investors are increasingly betting on further gains as options and futures premiums rise, indicating bullish sentiment. President-elect Trump’s pro-crypto promises, including plans to bolster a national crypto reserve, align with the Federal Reserve’s recent rate cuts, spurring additional gains across crypto assets.
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TECH
Today in AI & Tech
OpenAI Blocks 250,000 Requests for U.S. Candidate Images Amid AI Misinformation Concerns.
OpenAI reported over 250,000 rejections of requests to generate images of 2024 U.S. presidential candidates, including Trump, Harris, and Biden, to curb misinformation. With generative AI misuse on the rise, OpenAI disrupted over 20 global networks using deceptive AI content, yet none gained viral traction. Concerns remain high about AI’s potential to mislead voters, prompting experts to advise against relying on AI for election information.
U.S. Blocks Advanced Chip Shipments to China, Targets TSMC in Export Control Move.
The U.S. government has ordered Taiwan Semiconductor Manufacturing Co. (TSMC) to stop supplying advanced AI and GPU chips, specifically 7-nanometer or smaller, to Chinese clients, effectively limiting China’s access to key technology for artificial intelligence. This move follows a discovery that a TSMC chip was used in a Huawei AI processor, potentially breaching U.S. export restrictions. TSMC has informed affected customers of the suspension and pledged compliance with all regulations.
ChatGPT Resumes Service After Brief Outage, Affects Thousands.
OpenAI's ChatGPT experienced a brief outage affecting thousands of users, which was resolved within 30 minutes, according to the company. Access was restored for most by 4:34 p.m. PT, with a few customers facing issues until 5 p.m. CEO Sam Altman acknowledged the interruption but noted the company’s progress in improving reliability. Despite the glitch, ChatGPT remains popular, with 250 million weekly active users and OpenAI's valuation soaring to $157 billion.
Other
FEMA Fires Employee for Excluding Trump Supporters from Relief Efforts.
FEMA terminated an employee who instructed relief workers to avoid homes with Trump-supportive yard signs, a move FEMA Administrator Deanne Criswell condemned as a violation of FEMA’s core values. The incident, reported by The Daily Wire, has sparked investigations and strong reactions, with Florida Governor Ron DeSantis accusing the Biden administration of political bias. The firing comes after Trump’s presidential victory and amid ongoing relief efforts in hurricane-stricken Florida.
Firefighters Make Progress as Mountain Fire Near Los Angeles is 31% Contained.
Firefighters made significant progress in containing the Mountain Fire in Ventura County, reaching 31% containment by Sunday, up from 7% on Friday. The fire, which has destroyed 130 structures, forced thousands of evacuations. While weather conditions improved, allowing firefighters to work more effectively, over 1,000 evacuated homes remain uninhabitable. There have been at least 10 injuries, but none are life-threatening, and efforts are now focused on affected areas like Camarillo Heights.
Florida State Fires Three Coaches After Loss to Notre Dame.
Florida State fired offensive coordinator Alex Atkins, defensive coordinator Adam Fuller, and wide receivers coach Ron Dugans following a 52-3 loss to Notre Dame. Linebackers coach Randy Shannon will step in as defensive coordinator, while head coach Mike Norvell will continue calling plays. The dismissals will cost the school approximately $8.5 million, factoring in contracts and buyouts. The coaches are also required to make good-faith efforts to find new positions.
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