💩 The AV wars

And Delta tells CrowdStrike to lawyer up

Author

Tyler Morin
October 28, 2024

TOGETHER WITH

The 2024 election is just a week away. And each side has touted the importance of embracing crypto post-election. Being on the sidelines is no longer an option. CoinFlip Preferred helps you stay ahead with rapid, secure access to deep liquidity and expert support. Get preferred access now.

Hey there weekday warriors,

The AV wars are so f*cking back.

Enjoy the next 4 minutes and 12 seconds of blue-chip news and commentary.

Keep on snapping necks and cashing checks,

+ US stocks “closed mixed Friday as Treasury yields ripped higher, and markets logged weekly losses as uncertainty over the Federal Reserve's next move shadowed a robust earnings season in full swing.” (CNBC)

+ The 10-year Treasury yield “moved higher on Friday, after hitting a three-month high earlier this week.” (CNBC)

+ Oil “settled higher on Friday and gained 4% on the week, with investors taking stock of the ongoing conflict in the Middle East as well as the U.S. election next month.” (Reuters)

+ Bitcoin dipped Friday but recovered most of the losses by Sunday.

+ The three most talked about stocks on WallStreetBets in the past 24 hours were: 1) Tesla +3.3% 2) Nvidia +0.8% 3) Trump Media +11.4%

The market moves you need to know about


+ The military-industrial complex is alive and well. Isn’t that right, L3Harris? The defense contractor that has adopted a fluid definition of “ethical” had itself a quarter thanks to geopolitical tensions. LHX popped 3.5% after reporting better-than-expected earnings and hiking the low end of its revenue guidance for the full year.

– Shares of Joby Aviation plummeted 14.5% after the company announced it was selling 40M shares as part of a secondary offering to help it raise $202M that will fund manufacturing and prepare for commercial operations.

There’s only one thing both presidential candidates can agree on: crypto is the future.

With the 2024 election a week away, crypto’s role in the financial future has become a major talking point. Each side has touted the importance of embracing crypto post-election.

And nearly half of voters now expect crypto to be part of their portfolio in the near future. Being on the sidelines is no longer an option.

CoinFlip Preferred helps you stay ahead with rapid, secure access to deep liquidity and expert support. Don’t wait for the election aftermath—position yourself now.

Use promo code WATER25 for 25% off transaction fees with CoinFlip Preferred.

Limited to 1 use per customer, valid 10/28/2024 -11/30/2024

🛑 Every day I bring you markets news, insights, and low-brow humor for free. The only thing I ask is that you support our sponsors. Clicking and checking out Coinflip helps keep the lights on. You know what to do. đŸ€

The AV wars

Tesla at its ‘We, Robot’ event: “Look at our Robotaxi prototypes
 diving in a controlled environment
 presumably with human intervention.”

Waymo: “Hold me beer!”

The leader in the autonomous driving clubhouse (spoiler: Waymo) isn’t about to let the competition catch up. Not that it’s particularly close


Waymo recently announced it’s completing nearly 100k driverless rides per week in LA, SF, and Phoenix. Which explains why “Waymo is unreal, you guys” IG Reels are becoming the new “look at this firework show” vids.

GM’s Cruise recently pumped the brakes on rolling out driverless whips after one of its vehicles nearly killed someone in San Fran. And Tesla’s Robotaxi is still years away from a major rollout (2026 per Elon last week).

So what’s Waymo got up its sleeve?

On Friday Waymo said it raised $5.6B from its biggest backer Google, and a who’s who of venture capital. Think: Andreessen Horowitz, Fidelity, Perry Creek, Silver Lake, Tiger Global, and T. Rowe Price. And we can all agree that it is good for pedestrians everywhere that Google is better at autonomous vehicles than AI, right?

That brings Waymo’s total raised to $11B-ish. To which every AI company replied, “that’s it?” With its new Scrooge McDuck pile of money, the AV company plans to build on its lead by expanding rides in its current cities and launching in new locations.

TS

+ It appears those $10 Uber Eats gift cards weren’t enough for Delta


The airline is suing CrowdStrike (-1.2%) for losses and damage related to the massive outage that crashed Windows-based systems in July. They’re seeking half a billion dollars from the cybersecurity firm, claiming that the clusterf*ck led to $380M in lost revenue and $170M in costs.

According to Delta, they had turned off auto-updates, but the CrowdStrike patch went back door on ‘em (even though Delta had said it wasn’t that kinda girl).

CrowdStrike went full send with its response, claiming Delta demonstrates “a lack of understanding of how modern cybersecurity works” and is making a “desperate attempt to shift blame for its slow recovery away from its failure to modernize its antiquated IT infrastructure.” Delta about to unload in its G2 review.

+ There’s a fine line between trimming the fat and winding down


And at this point, it’s kinda hard to tell which Spirit (+15.0%) is doing. The airline, which is reportedly in talks to merge with Frontier, announced a massive cust-cutting effort in hopes of delaying the inevitable (think: bankruptcy).

It will sell off 23 Airbus jets worth more than half a billion dollars and cut ~$80M worth of salaries.

+ The Boeing Starliner astronauts stuck at the International Space Station be like “Ok, but the new company is contractually obligated to rescue us, right? You guys?”

When the going gets tough
 Boeing (-0.1%) says “ight imma head out.” The aerospace company that’s realizing it really is rocket science, is considering exiting the space biz. In addition to the embarrassing situation unfolding in the International Space Station, Boeing has some troubles a little closer to home.

Between grounded planes related to its safety record (or lack thereof) and a nearly 2-month machinist strike, Boeing is more hard up for cash than Bernie Sanders in that one meme.

+ Apple (+0.3%) won
 but at what cost?

The iPhone maker was awarded $250 (that is not a typo) on Friday after a jury found that health tech company Masimo infringed on some of its smartwatch patents. But the paltry sum wasn’t the only L Tim Apple took. That decision was only related to discontinued Masimo watches. Its current line of watches was cleared and will remain on sale.

+ Trump doubles down on replacing income taxes with tariffs in Joe Rogan interview. "Ok, I want to get back to tariffs, but are aliens real?” - Joe Rogan

đŸ”„ IRS announces new federal income tax brackets for 2025. Prepare to feel poor


FYI, TWC might be compensated if you click on the links above. So, what are you waiting for? Start clicking.

FWD

âȘ Friday Colgate, Aon, and New York Community Bank reported before the bell.

⏩ Today we’re keeping an eye on


+ On Semi reports this morning

+ Waste Management, Ford, VF Corp. drop earnings after the close

+ Don’t freak out, but October 28th is historically the day with the best returns for the S&P 500

EXIT

Friday, I asked, “You get $10M cash, but you have to order off the kid's menu for the rest of your life. You taking that deal?”

89.8% of you are taking the money (and the kids’ menu).

Here’s what some of you guys had to say (and my thoughts in italics)


  • Money: “Tendies>everything”

  • Money: "I'll be a damn good cook."

  • Money: "Chicken tenders, Pizza and Mac&Cheese. Sign me up. I'll miss sushi but I'll wipe my tears with cash"

  • Money: "Best part about having a toddler is the dad tax. Getting to eat their kid food is elite. Pretty sure I could live off squeezable apple sauce and animal crackers let alone the glory of restaurant quality chicken fingers and mac and cheese."

  • Money: “I see you side-eying my chicken fingers. You know that I know you really want them too. Now go side-eye my Lambo b****"

  • Money: "Okay hear me out
between the kids menu at Chipotle and Cheesecake Factory (googled both thx), you’re set. Where do I sign??"

And here’s today’s question


Let’s set the scene for this one


  • There are at least 4 people at the dinner. All people you know.

  • It’s not a formal work thing, but colleagues could be there if you actually like them

  • The restaurant is $$$ or higher on Yelp (so it’s on the nicer side, we’re not talking Hooters with the fellas)

What is the protocol for phones at a restaurant (dinner)?

Login or Subscribe to participate in polls.

Oh, and one more thing


What did you think about today's newsletter?

Login or Subscribe to participate in polls.

FINE

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.