Anna's Daybreak News

_{Just facts, you think for yourself}

Thursday, 5:14 AM

November 21, 2024

Good morning news friend! Stay on top of the stories that matter, following the events shaping our world. 📰🌟

Billionaire Bribery Indictment

Gautam Adani, chairman of Adani Group and once the 3rd riches man in the world, was charged in a $2 billion bribery scheme. Adani Group holds a market cap exceeding $200 billion.

The indictment, unsealed in New York, outlines a four-year conspiracy where Adani and his associates allegedly raised more than $3 billion by deceiving investors and banks.

One of the largest bribes mentioned is $228 million intended for agreements in Andhra Pradesh, which was touted as "the world’s largest" power contract.

Authorities claim the defendants attempted to destroy evidence and obstruct investigations by hiding documents. They reportedly used code names to communicate about the bribes, referring to Gautam Adani as "the big man" or "Numero uno."

Source: Read More

Bill Hwang Sentenced

Bill Hwang, founder of Archegos Capital Management, received an 18-year prison sentence for fraud and market manipulation.

The collapse of Archegos in March 2021 resulted in losses exceeding $10 billion for banks. Hwang misled banks about his portfolio to secure aggressive loans, leading to a $160 billion in exposure.

When stock prices fell, Hwang could not meet margin calls, resulting in a loss of over $100 billion in market value. He had a net worth of "at most" $55.3 million following the collapse.

Hwang’s lawyers argued for no prison time, citing his low risk of re-offending and his philanthropic work, including over $600 million in donations through his foundation.

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Nvidia's Q3 Results

Nvidia’s revenue growth forecast slowed to 69.5% from 94%. This will be the company’s slowest growth in seven quarters. Supply chain issues are straining chip production.

Despite this, Nvidia’s data center sales soared by 112% to $30.77 billion. Q3 adjusted earnings hit 81 cents per share, beating predictions of 75 cents.

Nvidia launched its Blackwell family of AI chips. Initially, these chips will have gross margins in the low 70s.

Nvidia has shipped approximately 13,000 Blackwell samples and aims for several billion in sales this quarter. Demand for these chips remains strong, but supply will likely take time to catch up.

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Target's Stock Plunges 20%

Target reported a 1.9% decline in store sales for the last quarter, despite a 10.8% boost in online sales. Overall sales reached $25.67 billion, slightly up from $25.4 billion, but still fell short of expectations.

Target's CEO Brian Cornell noted a challenging environment, blaming inflation and a US dockworkers' strike for increased costs and inventory buildup.

The retailer now anticipates flat sales for the holiday quarter, with earnings per share projected between $1.85 and $2.45, down from previous forecasts.

Target's stock dropped more than 20% on the announcement as it will cut prices on over 10,000 items in an effort to lure customers.

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Uber Launches Holiday Services

The UberX Share service is now available at select airports. This allows passengers to share a ride with another traveler, saving up to 25%. If no match is found, solo riders will still save 25%.

Participating airports include Austin, Denver, Newark, Dulles, Miami, New Orleans, Phoenix, San Francisco, and international locations like Amsterdam and Madrid.

For those with large luggage, Uber is rolling out the UberXXL service. It offers extra trunk space at a cost between Uber XL and Uber Black. This service operates at 60 airports worldwide

Additionally, Uber will extend its shuttle service to LaGuardia Airport, running every 30 minutes from 5:00 a.m. to 10:45 p.m. The TSA predicts a record 18.3 million travelers will fly from November 26 to December 2, 2024.

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Dark Energy May Not Be What it Seems

Scientists are challenging the long-held views on dark energy, the force believed to drive the universe's accelerated expansion.

Currently, dark energy constitutes nearly 70% of the universe. In contrast, ordinary matter, like stars and planets, accounts for only 5%.

Research indicates that dark energy may not be a constant force as previously thought. Instead, it appears to change over time. This finding could overturn the current cosmological model, which assumes dark energy's constancy.

Researchers used the Dark Energy Spectroscopic Instrument to explore distant galaxies. It creates a three-dimensional map of the universe, tracking galaxy movements over 11 billion years.

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“People feel deep anxiety finding out that someone they thought was stupid is actually more intelligent than they are.”

Baked with love,

Anna Eisenberg ❤️