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Top stories today:
- Tech leaders congratulate Trump’s win despite previous divisions
- Qualcomm projects bullish sales as high-end phone demand grows
- Fed expected to cut interest rates by 25 bps
- Canada orders ban on TikTok’s operations, citing national security risks
- OpenAI acquires Chat.com, redirects visitors to ChatGPT
- Global startup M&A deal activity dips QoQ
0. Data and calendar
All values as of 6 AM ET / 3 AM PT, other than S&P500 and NASDAQ close (4 PM ET / 1 PM PT).
All times are ET.
Listen to our AI-generated podcast summarizing today’s newsletter (beware the few hallucinations):
1. Tech leaders congratulate Trump’s comeback despite previous divisions
“Extraordinary political and decisive victory,” Jeff Bezos said.
Bezos’s Washington Post recently declined to endorse a presidential candidate — a first in 36 years.
“We have great opportunities ahead of us as a country,” Zuckerberg stated.
2021: Meta banned Trump for 2 years.
Sundar Pichai said “committed to working” with Trump.
Oct.: Trump accused Google of bias.
A Republican win the House and Senate is now 97% likely, from 90% yesterday
53 Republican Senators are expected to be elected, vs. 47 for Dems.
220-224 Republican House representatives are expected, vs 211-215 for Dems, a narrow margin.
Elon Musk’s enthusiasm was in full swing throughout the day on Wed.
Trump named Musk in his victory-claiming speech.
$100M+ contributed by Musk to America PAC to boost the Trump campaign.
The Chief of Government Efficiency role is reserved for Musk.
A falling-out is predicted by some between Musk and Trump.
Trump’s victory brought a record $64B gain for the world’s 10 richest people
U.S. stocks surge following Trump’s win raised net worth of the ultra-rich.
SEC crypto enforcement is expected to rollback under Trump.
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3. Qualcomm projects bullish sales as high-end smartphone demand grows
+19% in Q4 FY2024 revenue, reaching $10.2B, up from $8.6B a year ago.
+96% in quarterly net income, totaling $2.9B vs. $1.5B a year earlier.
Dec. quarter revenue projected at $10.5B-$11.3B, above the $10.5B estimate.
$15B share buyback program announced, replacing the previous $10B plan.
Mobile chips remained a major revenue source for Qualcomm
+10% in FY24 handset division revenue to $24.9B, followed by $2.9B from automotive.
+12% in Q4 handset revenue to $6.1B from $5.5B a year ago.
Slower consumer upgrades challenge Qualcomm’s handset business.
Snapdragon 8 Elite aims to drive high-end market revenue.
Qualcomm’s stock +6% to $183.90 (market cap: $185B) in after-hours trading on positive projections
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5. Fed expected to cut interest rates again at 2 PM ET, now by 25 bps
A 25-basis-point reduction is expected to be tabled during Fed’s meeting on Thu.
4.50-4.75% interest rate range is likely.
Sep.: when the Fed cut interest rates by 50 bps.
6. Canada orders ban on TikTok’s local operations, citing national security risks
TikTok’s offices in Toronto and Vancouver are ordered to close.
The app will remain accessible.
Investment Canada Act served as the basis for the decision.
“We will challenge this order in court,” TikTok said.
The move comes as the U.S. considers restrictions on TikTok.
7. OpenAI acquires Chat.com, redirects visitors to ChatGPT
Sam Altman shared the URL on X to announce the deal.
Sep. 1996: when the Chat.com domain was registered.
2023: when HubSpot CTO Dharmesh Shah acquired Chat.com for $15.5M.
Shah confirmed the deal with OpenAI without disclosing its financial terms.
Brand change for ChatGPT isn’t likely to be OpenAI’s plan.
8. Global startup M&A deal activity dips QoQ but shows improvement from 2023
+11% YoY in global venture-backed M&A activity, reaching 479 deals in Q3.
500 deals were closed in Q2, though.
+46% YoY growth in AI startup M&A activity with 70 deals in Q3, down from 75 in Q2
AMD-Silo.AI ($665M) and Applied Systems-Planck ($300M) were among the notable deals in the last quarter.
15% of all startup M&A deals in the past two quarters were AI startups, up from 11% a year ago.
9. PE buyouts in Europe’s consumer goods sector surpass 2023 levels
+12% in consumer goods buyouts to €15B ($16.1B) in 2024, up from €13.4B in 2023.
181 deals closed so far this year, vs. 222 deals last year.
JAG Holdings-JDE Peet at €2.2B was the largest deal in the sector this year.
10. Broadcom, Qualcomm, MediaTek to retain lead in Wi-Fi chipset market in 2024
Broadcom projected at 24% market share, Qualcomm at 19%, and MediaTek at 13%.
Wi-Fi 6, 6E, and 7 to capture 43% of market by 2025, ending Wi-Fi 5’s dominance.
11. Interesting videos, posts, and memes
12. Other headlines
AI
Anysphere, Mercor — 2 OpenAI partners — raising at $2B valuation: report.
Microsoft brings AI-powered Rewrite to Notepad for Windows Insiders.
Saudi Arabia plans $100B AI powerhouse to rival UAE tech hub.
iOS 18.2 public beta arrives with few new AI features.
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Tech
CrowdStrike to acquire Israel’s Adaptive Shield for ~$300M: report.
Roblox to ban users under 13 from accessing certain experiences.
Tech earnings
Tech & law
TSMC, GlobalFoundries finish discussions over CHIPS Act support: sources.
Trump likely to uphold CHIPS Act despite campaign rhetoric.
Australia plans legislation to ban children under 16 from using social media.
Biotech
Business
Nippon Steel still expects U.S. deal can be completed this year.
Automakers brace for new tariffs, EV changes under Trump presidency.
Nissan announces restructuring with 9,000 job cuts.
Chinese stocks bounce back as stimulus hopes offset Trump risks.
Crypto
JPMorgan rebrands blockchain platform to Kinexys.
Polymarket, prediction betting markets vindicated by Trump's win.
U.S. politics
World
Trump win heightens risks for BOJ as yen renews slide.
GOP spokesperson says Trump wants Israel’s wars to end soon.
China congratulates Trump, says respects America’s choice.
German opposition leader calls for confidence vote by next week.
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