Anna's Daybreak News

_{Just facts, you think for yourself}

Friday, 5:17 AM

November 1, 2024

Good morning news friend! Stay informed on the latest happenings, keeping pace with the ever-changing world around you. 📰🌟

Trick or Treat Economy

The Commerce Department reported a 2.1% year-over-year increase in prices for September, down from 2.3% in August. This rate aligns with the Federal Reserve's 2% target. The lowest inflation since February 2021.

Core prices rose 2.7% year-over-year, with a monthly increase of 0.3% from August. Consumer spending increased by 0.5% in September. However, income growth slowed to 0.3%, prompting a decrease in the savings rate to 4.6%.

Jobless claims fell by 12,000 to 216,000. The four-week average of claims dropped to 236,500. Wages grew by 3.8% year-over-year, but the employment cost index rose only 0.8% in Q3, the slowest pace in three years.

The Federal Reserve is expected to cut its key rate by 25 basis points next week. Economic growth remained at a 2.8% annual rate during the last quarter.

Source: Read More

OpenAI Takes Aim at Google

OpenAI revealed new search features for ChatGPT. This addition allows users to search the web directly through the chatbot, entering the realm traditionally governed by Google.

ChatGPT Search is integrated with the existing platform instead of being a standalone product. Initially, it will be available to paid ChatGPT Plus and Team users, with wider access to free users over the coming months.

OpenAI tested this search engine prototype, called SearchGPT, with about 10,000 users earlier in July. The AI model used for this feature is a refined version of GPT-4o.

Search results will provide summaries with attribution links, enabling users to explore related content through sidebars. OpenAI collaborated with several publishers, including Condé Nast and Time magazine.

Source: Read More

Amazon's Third-Quarter Surge

Amazon reported a net income of $15.3 billion, surpassing the $12.2 billion prediction. Additionally, Amazon's revenue reached $158.9 billion, above the expected $157.2 billion.

Sales in North America rose 9% to $95.5 billion. Amazon Web Services saw a 19% increase in revenue, totaling $27.5 billion. Amazon's earnings per share were $1.43, beating the anticipated $1.14.

Amazon projected operating income between $16 billion and $20 billion for the fourth quarter, exceeding analyst estimates of $17.5 billion. Expected sales could reach $188.5 billion, higher than the $186.4 billion forecast.

Amazon plans to invest $52 billion in nuclear power deals and over $10 billion for internet access initiatives.

Source: Read More

Apple’s Q3 Results

Apple reported a revenue of $94.93 billion, up 6.1% from the previous year. Analysts had projected $94.58 billion. Earnings per share were $1.64, exceeding the expected $1.60.

iPhone sales rose 5.5% to $46.22 billion, surpassing the $45.47 billion estimate. Early sales of the iPhone 16, launched on September 20, outpaced those of the iPhone 15.

However, overall sales in China fell short, totaling $15.03 billion, below the $15.78 billion forecast. Apple’s investments rose by $2.91 billion to $9.45 billion

Apple’s services revenue came in at $24.97 billion, below the anticipated $25.28 billion. Mac and iPad sales also missed estimates, reporting $7.74 billion and $6.95 billion, respectively.

Source: Read More

US Biotech's Shift Away from China

Nearly 80% of U.S. biotechnology firms rely on Chinese partners for key services. This dependence spans manufacturing, research, and raw materials.

The Biosecure Act, passed by the House, could restrict US firms from partnering with targeted Chinese companies by 2032. WuXi AppTec and WuXi Biologics are among the firms listed.

Biotechs are now diversifying supply chains, with many turning to Europe, India, and domestic options. AstraZeneca aims to create separate supply chains for China and the West.

Shifts may lead to slower drug development and increased costs. As of 2023, China is the second-largest pharmaceutical market at $112 billion, following the US at $714 billion.

Source: Read More

“Fortune punishes the greedy by making him poor and the very greedy by making him rich.”

Baked with love,

Anna Eisenberg ❤️