JPMorgan reported third-quarter earnings on Friday that beat analysts' expectations.The banking giant increased revenue by 7% and earnings per share by 1%.CEO Jamie Dimon warned of a worsening global environment and lingering threats to the US economy. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Go to newsletter preferences Thanks for signing up! Access your favorite topics in a personalized feed w ...

Core Insights - Tesla's "We, Robot" event did not meet Wall Street expectations, leading to a significant drop in Tesla's stock price by up to 7% in premarket trading [1][2] Product Developments - During the event, Tesla showcased prototypes of its self-driving car, the Cybercab, along with Optimus humanoid robots and a 20-passenger Robovan [3] - The anticipated more affordable model, which was hinted at during July's earnings call, was not unveiled, raising concerns among analysts [3][4] Analyst Reactions - Gene Munster from Deepwater Asset Management noted the absence of the cheaper model, suggesting Musk may have withheld it to prevent order cancellations [4] - Dan O'Dowd criticized the demonstration of the Cybercab, comparing it to outdated technology and claiming that competitors like Waymo are ahead in autonomous driving [4] - Paul Miller from Forrester expressed skepticism about Tesla's ability to sell the Cybercab for under $30,000 by 2026 or 2027, citing regulatory challenges and the need for external subsidies [5] Market Challenges - Jefferies analysts highlighted Tesla's lack of verifiable progress in autonomous driving and the complexities involved in scaling a robotaxi business, including technology, regulation, and fleet management [6] - Garrett Nelson from CFRA Research mentioned that the event raised numerous questions and expressed disappointment over the lack of detail regarding Tesla's short-term product roadmap [6] Positive Outlook - Despite the criticisms, Wedbush analyst Dan Ives praised the design of the Cybercab and noted that the Optimus project is progressing more rapidly than expected, suggesting that a robotaxi fleet could potentially generate $10 billion in annual revenue at scale [6]

Tesla Robotaxi Unveiling - Tesla unveiled its long-awaited Robotaxi, named Cybercab, at the "We, Robot" event in Los Angeles [1][2] - The event showcased the autonomous vehicle's capabilities in a controlled suburban environment at Warner Bros Discovery's movie studio in Burbank, California [2] - Elon Musk demonstrated the Cybercab by riding in it around the lot, highlighting its butterfly-style doors and sleek design [3] Production and Availability - Tesla has at least 20 Cybercabs and 50 fully autonomous vehicles, some of which were already driving without human intervention at the event [3] - The company plans to have unsupervised fully autonomous Model 3 and Model Y vehicles on the road in California and Texas by next year [3] - Production of the Cybercab is expected to begin before 2027, with a projected cost of less than $30,000 [3] Additional Products and Features - Tesla introduced the Robovan, a large shuttle van capable of seating up to 20 people [3] - The company also showcased Optimus, a humanoid robot priced between $28,000 and $30,000, though no timeline for availability was provided [4] Event Details and Reception - The event featured a futuristic setup with themed areas like "TSLA Theater," "New York," "Metropolis," and "Westworld," offering activities such as Texas BBQ and arcade games [5] - The event started nearly an hour late due to a medical emergency in the crowd [5] - The unveiling was live-streamed on X (formerly Twitter), attracting over two million viewers at one point [5] Autonomy and Future Vision - Elon Musk emphasized that autonomy is central to Tesla's future value, stating, "The value of Tesla overwhelmingly is autonomy" [1][6] - Tesla's Autopilot driver-assist software is widely available, but the Full-Self Driving upgrade remains in beta and requires human supervision [6] - Musk has historically made optimistic predictions about autonomous driving timelines, though many have been delayed [6] Industry Context and Challenges - Tesla's self-driving technology faces regulatory scrutiny, with the National Highway Traffic Safety Administration investigating hundreds of crashes involving Autopilot, including 29 fatalities [7] - While Tesla vehicles currently have Level 2 autonomy, Waymo has achieved Level 4 autonomy, allowing vehicles to operate without a driver in certain US cities [7] - Analysts expect regulatory approval for unsupervised full self-driving technology to be a significant hurdle for Tesla in the coming years [7]

Costco shoppers stocked up on supplies in anticipation of the US port strike and Hurricane Helene.Costco says the "abnormal" activity had a measurable impact on monthly sales.The quick resolution to the port strike will likely minimize the disruption to the flow of imports. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Go to newsletter preferences Thanks for signing up! Access your favorite topics in ...

Nvidia's stock surged 25% since September, nearing its all-time high.OpenAI's $6.6 billion funding last week preceded the stock's ascent.Two other key factors signal ongoing demand for AI computing. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Go to newsletter preferences Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. Email address By click ...

Core Insights - PayPal is launching an advertising business, starting in the US, leveraging its transaction data and large user base to attract advertisers [1][2][4] - The new service, PayPal Ads, will allow brands to run ads across PayPal, Venmo, and Honey, with plans to expand to over 30 million merchants next year [2][3][6] - The advertising market is shifting towards retail media, with significant ad dollars expected to be allocated to this space, providing high margins for sellers [5][6] Company Strategy - PayPal aims to address challenges in the retail media ad space by offering cross-merchant data, allowing marketers to streamline their advertising efforts [4][5] - The company plans to expand its advertising offerings to include video ads and self-service ad software, as well as entering new markets like the UK and Germany [7][8] - PayPal's advertising strategy is part of a broader initiative under CEO Alex Chriss to make the company more agile and competitive in the market [8] Market Context - The retail media space is projected to capture around $1 in every $7 of US ad dollars this year, highlighting its growing importance [5] - PayPal's 429 million active accounts provide a substantial audience, positioning it competitively against major retailers like Amazon and Walmart [6] - The entry into advertising comes as the market becomes increasingly crowded, with existing players like Mastercard and various data vendors already established [8][9]

Cash Balance and Growth - Amazon's cash balance is expected to reach almost $400 billion by 2027, significantly outpacing its Big Tech rivals [1][4] - By the end of 2024, Amazon is projected to have $127.4 billion in cash and short-term investments, tripling its 2018 amount and surpassing $100 billion for the first time [2] - Amazon's cash balance will exceed rivals Alphabet ($112.8 billion) and Microsoft ($108.1 billion) by 2024, and even Apple is expected to fall behind by next year [3] Drivers of Cash Growth - The increase in cash is driven by record profits from cloud computing, advertising, and improved efficiency, including cost-cutting measures [6] - Free cash flow is expected to nearly double from $36.8 billion in 2023 to $70.8 billion in 2025 [7] Shareholder Returns and Investment Priorities - Wall Street is questioning whether Amazon will return some of its cash to shareholders through buybacks or dividends, as other Big Tech companies have done [4][7] - Amazon approved a $10 billion stock repurchase plan in 2022 but has not added to it since [7] - Analysts believe the chances of an Amazon dividend are "pretty low" for the next 2 to 3 years, with a sustained share buyback program being more likely [7] - Amazon's CFO stated that the company's priorities are growth opportunities, long-term investments, and debt repayment, with no immediate plans for shareholder returns [9] AI and Future Investments - Amazon is heavily investing in artificial intelligence, competing with Microsoft, Alphabet, OpenAI, and Meta [10] - Capital expenditures are expected to increase in the second half of 2024, following $30.5 billion spent in the first half [10] - AWS's growth rate has rebounded, and competition with Microsoft is intensifying, which may lead investors to support continued funding for AI and cloud initiatives [10] Stock Performance and Investor Confidence - Amazon's stock has risen roughly 40% in the past year, outperforming the broader market [9] - CEO Andy Jassy's turnaround efforts have resulted in record profits and renewed investor confidence [9]

Matt Wood, VP of AI at Amazon Web Services, is leaving after 15 years.Wood's departure comes amid fierce AI competition from Microsoft, Google, and OpenAI.AWS has seen significant executive turnover, with its CEO and other top leaders leaving. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Go to newsletter preferences Thanks for signing up! Access your favorite topics in a personalized feed while you' ...

Core Viewpoint - Nvidia's stock has surged significantly due to excitement surrounding its new Blackwell chip, leading to a substantial increase in market value and investor interest [1][2][4]. Group 1: Stock Performance - Nvidia's stock climbed 4% on Tuesday, extending its rally to 14% over the last five trading days [1][2]. - The company's market value increased by $400 billion to $3.26 trillion, making it more valuable than Microsoft and second only to Apple among public companies [2][3]. Group 2: Financial Metrics - Nvidia's market value increase of $400 billion is noteworthy, surpassing the entire market value of Costco, which is valued at $254 billion [3]. - Nvidia generated $61 billion in revenue last year with a net income of nearly $30 billion, highlighting its profitability compared to its market valuation [3]. Group 3: CEO and Leadership Impact - CEO Jensen Huang's net worth has surged from approximately $14 billion to $106 billion in under two years, making him the 11th richest person globally [4]. - Huang has described the new Blackwell chip as "the engine to power this new industrial revolution," indicating its strategic importance for the company [4][5]. Group 4: Market Demand and Future Prospects - There is immense demand for the Blackwell processors, which are designed for AI applications with lower costs and energy consumption compared to previous models [5]. - Nvidia plans to ramp up Blackwell production in the fourth quarter, with expectations to sell chips worth billions before the year ends [5].

Boeing and union leaders resumed negotiations on Monday but reached a stalemate by the end of Tuesday.IAM District 751 said Boeing was "hell-bent" on its second offer, which had now been withdrawn.A Bank of America analyst estimated the strike was costing Boeing $50 million a day. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Go to newsletter preferences Thanks for signing up! Access your favorite to ...