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Hello Capitalists,
Here is everything you should be following today:
Jobs report shocks Wall Street
Nvidia earnings pump stock price
US approves AI chip sale to Saudi Arabia
Congresswoman busted for Covid Cash fraud, faces 53 years
Starbucks Strike expands as holiday season approaches
Today’s markets + assets:
🔴 DOW: 45881.81 (⬇️ 0.56%)
🔴 S&P: 6587.20 (⬇️ 0.80%)
🔴 NASDAQ: 22307.92 (⬇️ 1.08%)
⚠️✅CBOE VIX Volatility Index: 27.96 (⬆️ 18.17%)
🔴 Gold: $4058 (⬇️ 0.6%)
🔴 Silver: $50.20 (⬇️ 1.27%)
🔴 Bitcoin: $86,345 (⬇️ 6.80%)
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U.S. Jobs boom shocks Wall Street amid Shutdown chaos!
In a surprise jolt to jittery markets, [ [link removed] ] the U.S. economy added a robust 119,000 jobs in September—far exceeding forecasts of 50,000—before Democrats launched a crippling 44-day government shutdown which stalled data flows.
Payrolls Surge Unexpectedly: Nonfarm employment beat Dow Jones estimates by more than double, signaling pre-shutdown resilience despite August’s revised loss of 4,000 jobs and July’s downward tweak to 72,000.
Wages Cool Moderately: Average hourly earnings rose 0.2% monthly—below the 0.3% forecast—and 3.8% annually, easing inflation pressures that could sway Federal Reserve’s December rate pause.
Sectors Show Divergence: Health care and leisure sectors gained 43,000 and 37,000 jobs respectively, while transportation shed 25,000 amid federal hiring cuts totaling 97,000 for the year.
Household Data Optimistic: Employment swelled by 251,000, boosting participation to 62.4%—a five-month high—with full-time roles up 673,000.
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Nvidia shrugs off “Bubble” fears as Q3 results ignite a 5% surge in the stock
Nvidia shattered Wall Street expectations Wednesday [ [link removed] ] with blowout third-quarter earnings and a $65 billion sales forecast, as CEO Jensen Huang dismissed AI bubble fears amid surging global demand—except in restricted China, where sales cratered to just $50 million.
Massive Backlog Fuels Growth: Nvidia’s AI chip orders hit $500 billion for 2025-2026, excluding fresh deals with Anthropic and Saudi Arabia, signaling explosive infrastructure investments.
Huang Rejects Bubble Fears: CEO emphasized three booming AI drivers—GPU software, novel apps, and power-hungry “agentic AI”—predicting deeper appreciation for the tech surge beyond mere spending hype.
China Sales Vaporize Amid Tensions: Geopolitical curbs and competition slashed H20 chip revenue to insignificant levels, despite new U.S. export licenses sharing 15% with the government.
Analysts Cheer Reprieve Rally: Wall Street hailed the results as a “hand-holding” win, projecting $400 billion in free cash flow over nine quarters while doubting a quick China recovery.
NVIDIA’S AI FURY IGNITES 5% SURGE!
Nvidia shares rocketed 5% in after-hours trading [ [link removed] ] Wednesday after the chip giant reported blowout third-quarter results, with revenue soaring 62% to $57 billion and a sunnier forecast quashing AI bubble fears.
Blowout Revenue Triumphs Forecasts: Third-quarter sales hit $57.01 billion, smashing analyst predictions and surging 62% from last year, fueled by unrelenting AI chip hunger.
Huang Shatters Bubble Doubts: CEO Jensen Huang dismissed AI hype as illusory, insisting Nvidia’s view reveals “something very different”—sustained hyperscaler and enterprise demand.
Robust Q4 Outlook Boosts Confidence: Company guidance suggests stronger-than-expected fourth-quarter sales, spotlighting needs from OpenAI, Anthropic, and sovereign AI initiatives.
Margins and Peers Ride Wave: Gross margins exceeded estimates amid supply hurdles; the rally caused a wider rally across global AI stocks like AMD, Broadcom, and Samsung Electronics.
US approves AI chip sales to Saudi Arabian tech giants
The U.S. Commerce Department approved exports of up to 35,000 [ [link removed] ] advanced Nvidia AI chips to Saudi Arabia’s HUMAIN and the UAE’s G42 on Wednesday, easing prior restrictions after Crown Prince Mohammed bin Salman’s Washington visit and a $1 trillion investment pledge to bolster American tech leadership.
Export Reversal Signals Shift: The move overturns Biden-era curbs aimed at blocking tech leaks to China, prioritizing U.S. economic ties despite security risks.
Rigorous Safeguards Imposed: The terms of the deal impose mandates, strict reporting, and oversight by Commerce’s Bureau of Industry and Security to monitor chip deployment and prevent unauthorized distribution.
Partnerships Fuel Infrastructure Boom: HUMAIN has signed deals with Adobe, Qualcomm, AMD, Cisco, Groq, Luma and xAI for a massive 500-megawatt Saudi data center.
Global Hub Ambitions Soar: Saudi Arabia aims to become the world’s third-largest AI power by 2026, compressing two decades of progress into one year.
Democrat Congresswoman charged with stealing Covid cash
Federal prosecutors charged Democratic Rep. Sheila Cherfilus-McCormick [ [link removed] ] with stealing $5 million in FEMA COVID-19 funds, laundering them through family accounts and funneling portions illegally to her 2021 congressional campaign via a straw donor scheme, the Justice Department announced Tuesday.
FEMA Overpayment Fuels Fraud: A $5 million error in a family health-care firm’s COVID vaccination contract provided the illicit funds, obtained in July 2021 and the money was quickly laundered to obscure origins.
Siblings Spearhead Straw Scheme: Cherfilus-McCormick and her brother Edwin allegedly routed money to friends and relatives as “donors” to her campaign, violating finance laws and implicating Nadege Leblanc in the plot.
Tax Fraud Hides Lavish Spending: She conspired with preparer David Spencer to falsify returns, claiming personal and political costs as business deductions while inflating charitable gifts to slash liabilities.
Ethics Probe Looms Larger: Ongoing House investigations, sparked by a 2024 referral, eyes further violations like steering public funds to for-profits, with the congresswoman facing up to 53 years’ prison if convicted.
The Starbucks strike is the holiday gift no one wants
In a bold escalation timed for peak holiday frenzy, Starbucks Workers United expanded its strike to 95 stores across 65 U.S. cities [ [link removed] ] Thursday, involving 2,000 baristas demanding better wages, hours and fair practices amid stalled talks since last year.
Strike Scope Expands Dramatically: The Union added over two dozen cities and stores since the November 13 start, targeting 95 locations nationwide with open-ended action by 2,000 workers, including pickets at a key Pennsylvania distribution center.
Holiday Sales Face Threats: The action coincides with record-breaking Red Cup Day traffic up 44.5%, potentially jeopardizing Starbucks’ seasonal sales rebound under CEO Brian Niccol despite no observed disruptions yet.
Core Demands Remain Unmet: Workers seek proposals on wages, scheduling and resolution of hundreds of unfair labor charges, after rejecting the company’s April economic package and entering mediation earlier this year.
Company Counters Minimal Impact: Starbucks insists 99% of 17,000 U.S. stores are staying open, touting $30 hourly pay averages, low turnover and readiness to bargain, while blaming union for negotiation breakdowns.
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