Suddenly popular prediction markets, flush with new users from the U.S. presidential election, believe they can keep the momentum going with new intriguing markets.
Why it matters: The idea of gleaning wisdom from the betting crowd through giant markets of bettors got a major boost on election night, but presidential races come only once every four years.
Walmart shares hit a record high today after the company reported strong sales, raised its outlook and indicated that the holiday shopping season is looking merry and bright.
Zoom in: The retail behemoth reported 5.3% growth in U.S. comparable sales (excluding fuel) over last year's third quarter, crushing Wall Street's expectations of 3.6%, according to Bank of America.
Global e-commerce sales spiked 27%, while the company's budding global advertising business rose 28%.
What they're saying: The retailer is hitting a "trifecta of everyday low price value, technology and convenience," TD Cowen analyst Oliver Chen wrote in a research note.
It's becoming Wall Street's quarterly pulse check on the AI economy: Nvidia's earnings report is on deck tomorrow afternoon.
Why it matters: The chipmaker has become a proxy for the status of the budding AI economy, providing direct insights into how much tech giants are spending and whether a bubble is brewing.
Meta Platforms is planning to build a multibillion-dollar data center in northern Louisiana, Axios has learned.
Why it matters: Louisianahas emerged as an attractive area for data center campuses as Big Tech searches for new regions outside of energy-constrained hubs.
Paris Hilton's media company 11:11 has ballooned amid one of the toughest climates for the media industry in the last decade.
Why it matters: Hilton's fanbase is massive, global and family-friendly. "We have figured out an incredible way to integrate brands into culture and pop culture, and that's taken hold," said president and co-founder Bruce Gersh.
Meta is creating a new product unit to develop AI tools for the 200 million businesses that use its apps, Axios has learned.
Why it matters: Meta is an advertising company. To fuel ad growth, it needs to invest in the businesses that use its platform to interact with customers.
Shaquille O'Neal, the NBA hall of famer and TV analyst, has agreed to an $11 million settlement in a lawsuit related to non-fungible tokens, according to multiple reports.
Why it matters: Shaq is the latest on a growing list of celebrities to have paid for their involvement in a crypto project.
Official economic data shows the bedrock of the economy — the American consumer — is strong. Anecdotes from the nation's largest retailer back that up and suggest the good times will continue into the holiday season.
Why it matters: Fears of a potential recession sparked by sluggish consumer spending looked like a head fake. Robust shopping continues to underpin robust growth.
Apple has started selling its own advertising inventory for Apple News, two sources familiar with the effort told Axios. It's pitching new ad units that it hopes will maximize revenue for itself and its publishing partners.
Why it matters: The shift toward direct sales represents a significant milestone in Apple's advertising ambitions.
Why it matters: On Wednesday Sotheby's will auction a conceptual artwork of a banana duct-taped to a wall, with an estimated price of $1 million to $1.5 million, more than eight times its original sale price.
Between Robert F. Kennedy Jr. and Vivek Ramaswamy, the incoming Trump administration has divergent views on regulating the pharmaceutical industry.
Why it matters: Both influential MAGA allies say there are deep problems with America's drug development system. But RFK Jr., the Health and Human Services secretary designee, is calling for more oversight of drugs and vaccines and diminished federal funding for R&D.
President-elect Trump's vow to deport millions of undocumented immigrants could eliminate workers from U.S. industries already projected to face shortages and cut up to 6.8% of the national gross domestic product.
The big picture: While undocumented laborers make up a relatively small percentage of the total U.S. workforce, they have outsized roles in fields like construction, agriculture and hospitality.
Elon Musk is a wild card in the tech industry's frantic effort to game out where a Trump-dominated Washington will come down on AI regulation.
State of play: It's a reasonably safe bet that President-elect Trump will trash President Biden's modest moves to set limits on AI development and give companies a free hand to do what they want — and beat China.
Why it matters: Morgan and her husband Ilya Lichtenstein pleaded guilty last year to stealing more than $3 billion worth of bitcoin from virtual exchange Bitfinex.
/2024/11/18/1731971874691.gif?w=3840)
