Issue #45

Shopify does $5 billion on Black Friday, AWS bets on liquid cooling, Jaguar yassifies car, and more.

News from November 28 - December 5, 2024

Shopify Does $5 Billion On Black Friday

Shopify reported $5 billion in Black Friday sales, a 22% year-over-year increase, keeping pace with last year’s growth and positioning it to hit $92.8 billion in fourth-quarter GMV. Its stock has soared 44% in the past month, reaching its highest levels since January 2022, driven by strong third-quarter results and robust holiday sales. 

Shopify’s partnerships with PayPal and YouTube further expand its ecosystem for small businesses, bolstering its leadership in e-commerce. 

Analysts remain optimistic about its holiday performance, noting Shopify’s ability to drive growth and outperform broader e-commerce trends during key shopping periods like Cyber Week.

Source

Dollar Climbs After Trump Speaks

The dollar had its biggest jump since Trump’s 2016 election, rising 0.7% after he talked about tariffs on Brics nations and as political tensions in France grew. The euro dropped 0.8% with France facing a no-confidence vote. 

Strong U.S. economic data and rising Treasury yields gave more support to the dollar. Experts say the dollar’s rise could continue, with fewer interest rate cuts expected from the Federal Reserve.

Source

Musk’s $56 Billion Pay Day Denied 

A Delaware judge rejected Tesla’s attempt to reinstate Elon Musk’s $56bn pay package, ruling that a shareholder vote couldn’t overturn her earlier decision. The package required Musk to meet highly ambitious targets, rewarding him with a massive increase in Tesla ownership. 

Musk, who takes no salary from Tesla, warned that without proper compensation, his focus may shift to other ventures, including AI development. Tesla shares have surged 44% this year, doubling the value of Musk’s stock options. 

Source 

Bulletin Board

• FTC Fines Goat. The FTC fined sneaker marketplace Goat over $2M for deceptive shipping and refund practices, including missing promised deadlines despite charging up to $25 for expedited delivery. The company also misled buyers about its "Buyer Protection" policy, frequently denying refunds or offering only partial credits for defective products. Samuel Levine, director at the FTC: “When an online business promises to protect consumers’ purchases, it must have the appropriate systems in place to make sure those protections can be implemented.” Source 
• Australian Miners Strike $3.2 Billion Deal. Australian gold miners Northern Star Resources and De Grey Mining have struck a $3.2 billion deal as global gold prices drive major industry mergers. This takeover gives Northern Star control of the promising Hemi gold site in Western Australia, set to produce 500,000 ounces annually. Worldwide, gold miners are consolidating to capitalize on record prices, with recent billion-dollar acquisitions by companies like Newmont and AngloGold Ashanti. Northern Star’s annual output could hit 2.5 million ounces by 2030. Source 
• AWS Bets on Liquid Cooling. AWS is adopting liquid cooling for its AI servers, including Nvidia accelerators and Trainium2 chips, as it modernizes its data centers to handle the increasing demands of generative AI. The new system integrates air and liquid cooling for maximum efficiency while reducing energy costs and boosting sustainability. AWS predicts a sixfold increase in rack power density within two years, underscoring its commitment to supporting AI workloads and lowering its carbon footprint through cooling solutions. Source 
• Jaguar Yassifies Car. Jaguar revealed its electric Type 00 concept car, a stark shift from its iconic designs, featuring a bold pink exterior and a minimalist logo. The car’s unconventional look, compared to a mix of a Cybertruck and luxury vehicles, drew mixed reactions online, with some calling it a desperate rebrand. Critics noted the design feels more like a bid for modern relevance than a nod to Jaguar’s legacy, sparking debate over the company’s new direction. Source 
• Japan Strives for Power. Japan is making a bold push to regain dominance in semiconductor manufacturing with Rapidus, a government-backed start-up targeting advanced 2nm chips. Once a global leader, Japan’s share of the $600bn chip market has dwindled to 15%. Rapidus aims to challenge industry norms with bespoke, small-batch chip production. Skeptics cite steep costs, talent shortages, and aggressive timelines, but the government has pledged billions to support the effort, betting on its strategic and geopolitical potential. Source

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