Bitcoin's surge past $100,000 was partly fueled by Federal Reserve Chair Jerome Powell's comments likening the cryptocurrency to gold rather than a competitor to the U.S. dollar. Powell emphasized that bitcoin is primarily a speculative asset, which provided a sense of legitimacy to the crypto market. This sentiment, combined with pro-crypto remarks from President-elect Donald Trump and the potential nomination of Paul Atkins to the SEC, contributed to the rally.
At the APEC CEO Summit, Google CEO Sundar Pichai challenged Microsoft CEO Satya Nadella to a side-by-side comparison of their AI models, responding to Nadella's earlier comments questioning Google's position in the AI race. Pichai emphasized that while Microsoft utilizes OpenAI's models, Google has developed its own advanced LLMs, including the Gemini series, to enhance its AI and search products. The exchange highlights the ongoing rivalry between the two tech giants amid the escalating AI arms race.
Federal Reserve Chair Jerome Powell expressed confidence in the Fed's independence amid concerns about potential political influence from President-elect Trump. He emphasized that existing congressional safeguards protect the Fed's decision-making from political pressures, allowing it to focus on maximum employment and price stability for all Americans. Powell noted broad bipartisan support in Congress for maintaining this independence, despite Trump's past criticisms of the Fed.
Starbucks faces intense competition in China, where local chains like Luckin Coffee and Cotti Coffee are rapidly expanding and undercutting prices. Despite a 14% drop in same-store sales, Starbucks remains a popular social hub, known for its inviting atmosphere and consistent quality, even as it navigates a challenging market landscape.
Billionaire hedge fund manager Paul Tudor Jones warns of a looming fiscal crisis in the U.S. due to rising government spending and a soaring deficit, projected to exceed $1.8 trillion for the 2024 fiscal year. He cautions that this could trigger a significant sell-off in the bond market, leading to higher interest rates and a potential "Minsky moment" where the unsustainability of fiscal policies becomes apparent. Jones criticizes both Donald Trump and Kamala Harris as ill-suited to address these budget challenges and emphasizes the need for substantial spending reforms.
Seems like the connection with the server has been lost. It can be due to poor or broken network. Please hang on while we're trying to reconnect...
Oh snap! Failed to reconnect with the server. This is typically caused by a longer network outage, or if the server has been taken down. You can try to reconnect, but if that does not work, you need to reload the page.
Oh man! The server rejected the attempt to reconnect. The only option now is to reload the page, but be prepared that it won't work, since this is typically caused by a failure on the server.