Finance/Economy News

Stock Market

• Stocks have achieved six consecutive weeks of gains, the longest winning streak this year, despite election uncertainty.
• Shares in nuclear energy companies, particularly Sam Altman-backed Oklo, have surged (up 99% last week) following investments by Big Tech.

Cuba’s Economic Crisis

• Cuba is experiencing a nationwide blackout due to its aging energy infrastructure and dire economic situation, worsened by Hurricane Oscar.
• Cuba’s deficit of 80,000 barrels of fuel a day has led to over-dependence on dilapidated power plants and decreased oil imports from Venezuela, Mexico, and Russia.

Boeing Strike

• Boeing and its machinists union reached a tentative agreement that includes a 35% pay increase over four years. The strike, costing over $1 billion, may end pending a vote on Wednesday.

US Economic Dominance

• In 1990, the US accounted for 40% of the GDP of the G7, now it’s half.
• US economic output per person is 40% higher than Western Europe and Canada, and wages in Mississippi surpass the average in Germany, Canada, and the UK.

IMF Concerns

• Despite inflation cooling and rate cuts, the IMF warns the global economy risks entering a “Period of Not Good Enough” due to growing debt and protectionist policies.

Pharmacy Industry Struggles

• CVS appoints a new CEO amid thin profit margins, store closures, and layoffs. CVS’s stock has dropped over 25% this year, while Walgreens has suffered a 60% decline.

Wall Street Confidential Information Leak

• Odin Partners, a London recruitment firm, allegedly coaxed confidential details from financial workers under fake identities, dangling phony job prospects with major banks.

Technology News

Nuclear Energy Investments

• Big Tech firms, including Amazon, Google, and Microsoft, are heavily investing in nuclear power to fuel their energy-hungry AI data centers, with plans to start using small modular reactors by 2030.
• Microsoft plans to buy power from Three Mile Island after its renovation, while Holtec secured a $1.5B loan from the US Department of Energy to restart a US nuclear reactor.

AI Misinformation

• As the US election approaches, tech platforms like Meta and Microsoft are actively curbing AI-generated political misinformation, though experts acknowledge its continued spread.

AI Job Demand

• AI-related job postings on Indeed now make up around 2.2% of US listings, up from 1.6% last year, reflecting increased demand for AI-savvy workers despite a general tech sector downturn.

Genetic Screening of Embryos for IQ

• A US biotech startup, Heliospect Genomics, is controversially offering genetic screening for embryos to select for higher IQ, raising ethical concerns despite limited scientific backing.

Netflix Dominates Streaming

• Netflix reported record-breaking earnings, with revenue up 15% year-over-year, driven by increased subscriber growth and profitability, positioning it as the leader in streaming.

Musk’s Lottery Sparks Controversy

Elon Musk is running a $1 million daily lottery for Pennsylvania voters who sign a petition through his America PAC, raising legal questions. Critics argue it could violate federal law against paying for voting, though Musk’s team claims it’s legal since it doesn’t directly involve voter registration. Some experts believe it’s in a gray area, while others, including a former Justice Department official, assert it clearly crosses the legal line. Pennsylvania’s Governor Josh Shapiro has suggested law enforcement might investigate.

Left’s Opinion:

• Legal experts argue Musk’s lottery may violate federal laws prohibiting payments related to voter registration or voting.
• Some suggest the growing financial incentives inch closer to crossing legal boundaries.
• While certain benefits to assist voting are allowed, Musk’s sweepstakes raises concerns over its legality due to the monetary involvement.
• Musk’s allies claim the giveaway is lawful since it targets petition signers, not directly registering voters.

Right’s Opinion:

• Some experts argue Musk’s giveaway does not clearly violate laws, as most states only criminalize payments for voting, not petition signing.
• Others highlight that Musk’s initiative promotes free speech and gun rights, aligning with core conservative values.
• Musk’s financial incentive is seen as a strategic way to engage swing state voters and drive support for constitutional rights.
• Supporters praise the giveaway as a bold move to influence the election in favor of free speech and Second Amendment protections.