TOGETHER WITH
Hey there weekday warrior. Here’s what’s on tap today… the AI bubble is back on, the eVTOL wars are getting interesting, and Gemini 3 can’t stop winning.
Enjoy the next 3 minutes and 35 seconds of blue-chip news and commentary.
Keep on snapping necks and cashing checks,
“Told ya so” - Dr. Michael Burry
“Hey, there’s a bubble.” - literally everyone at 10:45 AM EST for some reason
Remember on Wednesday when Jensen Huang and Nvidia $NVDA ( ▼ 0.97% ) saved the AI trade with a massive Q3? Shares of the GPU maker mooned after hours on Wednesday, and markets ripped at the open yesterday.
Welp, the good times were cancelled quicker than you can say “Larry Summers frequented Little Saint James.”
At one point early in the session, the Nasdaq was up almost 3%… but closed down 2.6%. The Dow and S&P 500 also got hit with an UNO Reverse (draw 4 variety) card. Woof.
WTF happened?
Looking at you, Nvidia…
Despite the yuge beat and Jensen Huang claiming demand for its Blackwell chips is “off the charts,” cracks began to show in Nvidia’s rally as the morning went on. By time it was all said and done, NVDA closed down 3%.
As you can probably guess, shares of pretty much everything cratered bigly not long after NVDA began to free-fall. In a matter of minutes, the AI bubble was a big f*cking deal again.
Of course, it probably doesn’t help that the chances of a rate cut in December have dropped to effectively 0%. Delayed September jobs data came in better than expected, and we won’t be getting (most of) October’s data (thanks, a lot Uncle Sam), meaning there probably isn’t enough data to justify “cutting rates because of the weak job market.”
My advice? Call your loved ones.
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+ Netflix and Hulu are salivating over this 10-part docuseries…
“Air taxi” maker (read: not a flying car) Joby Aviation $JOBY ( ▲ 0.23% ) is suing its rival Archer Aviation $ACHR ( ▲ 4.51% ) for corporate espionage. Turns out, a former Joby employee snuck out some files before resigning to take a job at Archer.
The suits at Joby are claiming planned and premeditated espionage. Even with the litigation delays, I bet we still get flying cars before we get GTA VI.
+ Google: *builds technology that has and continues to fundamentally impact the trajectory of the human race*
Also, Google: *pulls an Elon* “let’s call it Nano Banana Pro lol”
On Thursday, Google $GOOGL ( ▲ 3.53% ) resumed stacking Ws with the release of its new image tool Nano Banana Pro, built on its Gemini 3 Pro model. Shares got a modest boost, despite the rest of the tech sector getting put in a body bag…
+ Never has the “Inc.” been more important to include in a ticker…
Shares of Bath & Body Works, Inc. $BBWI ( ▼ 4.93% ) tumbled yesterday to a new 52-week low after the lotioneers reported a top and bottom line miss and slashed their full-year outlook.
CEO Dan Heaf announced BBWI’s turnaround plan to save $250M in costs by 2027 and attract “younger consumers” with modern packaging and “social buzz” (oof…). Here’s a turnaround plan every '90s kid can get behind: Make American Shopping Malls Great Again.
+ Blue-hair baristas with gender studies degrees out here doing their best Occupy Wall Street impression…
The Starbucks $SBUX ( ▲ 3.3% ) Workers United union is officially one week into what it claims will be the “largest, longest” strike in Starbucks history. Workers plan to strike at 95 stores in 65 cities. Meanwhile, per foot traffic and sales data from Placer.ai, the strike has had minimal effect. Foot traffic on Red Cup Day was up 44.5% compared to Starbucks’ daily average…
+ Ex-Lloyd’s CEO Lost $17 Million AIG Job After Office Romance (Bloomberg) Men only want one thing…
+ As holidays approach, value players Walmart and T.J. Maxx are drawing the cash-strapped and the wealthy (CNBC) Define “wealthy”…
+ US Accuses Four of Smuggling Advanced Nvidia Chips to China (Bloomberg) Back in my day, we only smuggled drugs in our an*l cavities…
+ US stocks “slid on Thursday in a sharp reversal from an early rally, as technology gains faded after a boost from Nvidia's earnings and U.S. jobs data muddied the labor market outlook.” (Reuters)
+ The 10-year yield “moved lower Thursday as investors reacted to the delayed September labor market report that showed more jobs than expected were created in the month, while the number in August was revised lower. The September unemployment rate rose to its highest in almost four years.” (CNBC)
+ Oil “fell on Thursday as the administration of U.S. President Donald Trump pushed for Ukraine’s acceptance of a peace agreement with Russia to end a war that has gone on for more than three years.” (Reuters)
+ Bitcoin “edged lower on Thursday, remaining on the back foot after sliding below the key $90,000 level in the previous session, as investors weighed conflicting signals from the Federal Reserve and reacted to critically delayed U.S. jobs data.” (Investing.com)
+ The “smart” money (prediction markets) thinks there’s a 43% chance the average sales price of the Pop Mart Labubu (The Monsters Big Into Energy Series 6 Blind Box) will be more than $120 on StockX this month. You lost me at Labubu... (Kalshi)
⏪ Yesterday…
+ Walmart and ZIM dropped earnings before the bell
+ Intuit, Webull, Copart, Veeva, Elastic, The Gap, and Ross Stores reported after the close
⏩ Today we’re keeping an eye on…
+ U.S. flash PMI reports drop
Yesterday, I asked, “How much money would you need to release ALL of your emails to the world?”
24.3% of you said “$10M+.”
Here’s what some of you guys had to say…
$10,000,000: “go big or go home”
$10M+: “Because honestly, I don’t remember what I typed 20 years ago, and I’m sure it would come back to haunt me.”
$100: “Ive got nothing to hide, but this would be a great relationship test 🤣”
$10M+: “20+ years of emails, including 4 personal and 3 work accounts. I'd need enough money to buy an island for me and my family to hide.”
$100: “Emails yes, super inappropriate group chats with my buddies ABSOLUTELY NOT.”
$1000: “I'm young, 99% of all emails I've ever sent were work emails. If we have to release every text I've ever sent this is a different ball game.”
Here’s today’s question…
When is it ok to start saying "let's circle back after the holidays" (aka Christmas and New Year)?
Oh, and one more thing…
What did you think about today's newsletter?
Sent from my Amazon Fire Phone. Please excuse any mistakes and typos.
Does this look like the face of a guy you should take financial advice from?
No, it’s the face of an individual who is financially irresponsible/dumb enough to be talked into spending money on a family photo shoot that he could have just done with his iPhone. So, act accordingly...
This is not financial advice. Nothing in this newsletter is an investment recommendation. All content is created for entertainment, educational, or informational purposes only. Do your own research, or do yourself a favor and hire a professional.