FUTURES
WALL STREET ROLLS HIGHER… DOW CLOSES ABOVE 44,000 FOR FIRST TIME. NEW YORK (AP) — U.S. stocks rose Monday, led by those seen as benefiting the most from Donald Trump’s reelection as president, but drops for some high-profile Big Tech stocks kept indexes in check.
The S&P 500 edged up by 0.1%, coming off its best week of the year following Trump’s victory and a cut to interest rates by the Federal Reserve to bolster the economy. The Dow Jones Industrial Average rose 304 points, or 0.7%, while the Nasdaq composite gained 0.1%.
—> TESLA shares pop 9% as post-election rally continues, via CNBC… TESLA headed for $2T market valuation, via Fox Business.
DIGITAL CURRENCY
BITCOIN TOPS $88K OVER TRUMP. CNBC reports: The price of the flagship cryptocurrency was last higher by more than 11% at $88,409.68, according to Coin Metrics. Recently, it hit a fresh high of $88,451.
—> WHAT TO KNOW ABOUT CRYPTO’S RALLY, via Associated Press: Crypto assets like bitcoin have a history of drastic swings in value — which can come suddenly and happen over the weekend or overnight in trading that continues at all hours, every day… At the start of the COVID-19 pandemic, bitcoin stood at just over $5,000. Its price climbed to nearly $69,000 by November 2021, in a time marked by high demand for technology assets, but later crashed during an aggressive series of Federal Reserve rate hikes aimed at curbing inflation.
hello, future. it’s me, kev.
…and this is a dispatch from the digital frontier. Your one-stop shop for markets, tech, and the future. The day is 314-insert. The year is 2024. The planet is Earth. My name is Kevin Cirilli —> LinkedIn.
We hope you had a great weekend. Happy Veteran’s Day to all of our vets and military families. Thank you thank you thank you for the sacrifice that you have selflessly given to our nation.
Back to the future...
GEOPOLITICS
READY OR NOT? COMMUNIST CHINA SCRAMBLES TO BRACE TO TARIFFS. BEIJING/HONG KONG, Nov 8 (Reuters) - Beijing has been preparing for Trump's return by… boosting self-reliance in tech… setting aside money to prop up the economy…
—> TOO BIG TO FAIL: CHINA BAILS OUT FAILING ECONOMY: BEIJING (AP) — China on Friday approved a 6 trillion yuan ($839 billion) plan to help local governments refinance their mountains of debt, in the latest push to rev up growth in the world’s second largest economy. CONTEXT: The 2008 U.S. TARP bailout was $700B…
—> XI JINPING PREPS FOR ECONOMIC WAR —> Bloomberg: China gave indebted local governments a 10 trillion yuan ($1.4 trillion) lifeline but stopped short of unleashing new stimulus, preserving room to respond to a potential trade war when Donald Trump takes office next year.
—> CHINA TELLS ITS BILLIONAIRES TO PULL CASH. Bloomberg: One of China’s largest hedge funds advised some clients to pocket gains as Trump’s return increases risks to China’s economy and markets… rare advice in an industry that typically does all it can to grow assets under management…
—> TOTALITARIAN TWINS: PUTIN DUBS XI IS HIS ALLY… BACKS CHINA AGAINST TAIWAN. SOCHI, Russia, Nov 7 (Reuters) - Russian President Vladimir Putin described China on Thursday as Russia's ally and threw his weight behind Beijing's claims over Taiwan.
DEAL —> Putin Lavishes Praise on Trump, Saying Russia Is ‘Open’ to Restored Ties, via New York Times… or NO DEAL? Russia Throws Cold Water All Over Trump’s Ability to End Ukraine War, via The New Republic.
CENTRAL BANK
FED FIGHT: POWELL READY FOR LEGAL BATTLE WITH TRUMP. New reporting from Wall Street Journal: Jerome Powell was prepared to go to court when the president floated his dismissal six years ago. If it happens again, the Fed chair might have to pay the legal tab himself.
DIGITAL FRONTIER
GOD GOES DIGITAL… POPE TO USE ARTIFICIAL INTELLIGENCE. Vatican unveils AI services for St. Peter's Basilica ahead of Jubilee… Reuters: new Artificial Intelligence-enabled services for St Peter's Basilica… Associated Press: The Vatican and Microsoft on Monday unveiled a digital twin of St. Peter’s Basilica that uses artificial intelligence to explore one of the world’s most important monument…
—> USING 400K high-resolution digital photographs, taken with drones, cameras and lasers over four weeks when no one was in the basilica, the digital replica is going online alongside two new on-site exhibits to provide visitors -- real and virtual -- with an interactive experience.
AMAZON WANTS DRIVERS TO WEAR SMART GLASSES, via Engadget: Amazon is reportedly developing smart glasses for its delivery drivers…will allegedly also provide drivers with “turn-by-turn navigation” instructions while driving. Finally, wearing AR glasses means that drivers won’t have to carry a handheld GPS device.
QUANTUM
MEET THE FUTURE —> QUANTUM MEMORY. Wired is out with a new piece today about researchers making breakthroughs in Quantum Memory. We think Washington and Wall Street have been asleep at the wheel on quantum… but here’s why they should wake up:
Better Data Security: Quantum memory is crucial to the future of secure communication. Unlike current data storage, quantum systems are extremely resistant to hacking. This means safer online banking, medical records, and personal data storage for everyday people.
Advancements in Medicine: Quantum memory can help process complex data faster, which could accelerate breakthroughs in medical research. Imagine finding cures for diseases in months instead of years, thanks to faster and more efficient data handling.
Smarter Technology: Quantum memory has the potential to power advanced AI, making devices and services we use smarter and more personalized. From improving virtual assistants to advancing scientific research, the impact on technology could benefit daily life in ways we can’t fully imagine yet.
Economic Growth and Job Creation: As quantum technology grows, so do job opportunities. Fields like quantum computing and memory development could become new pillars of the tech industry, creating high-paying jobs and driving economic growth.
DO YOU STILL NOT GET IT? Imagine AI as a skilled chef who can cook a complex meal but needs a lot of time to gather ingredients and follow a detailed recipe. The chef uses a standard kitchen, following traditional cooking techniques to prepare each dish carefully. Classical computing provides the chef with the right tools, like measuring cups, cutting boards, and an oven. However, the process is still limited by how long it takes to do everything step-by-step.
Now, think of quantum computing as a supercharged kitchen where certain processes can happen simultaneously rather than sequentially. In this new kitchen, ingredients can “mix themselves,” multiple dishes can cook at once, and the chef can access combinations and flavor profiles that weren't possible before. Quantum computing allows the chef (AI) to try out countless recipe variations and cooking methods all at once, discovering the best combinations and flavors much faster.
Just as the quantum kitchen speeds up the chef's work and opens up new culinary possibilities, quantum computing allows AI to process complex information in parallel rather than in a linear way. This approach makes AI's "cooking" — or problem-solving and learning — faster and more powerful, allowing it to tackle tasks that were previously out of reach.
BOTTOM LINE —> While AI alone is powerful, AI with quantum computing can tackle levels of complexity and variety that were previously unimaginable, revolutionizing what’s possible.
SPACE
TRUMP 2.0 GOES TO SPACE —> Big. Gen. (Ret.) Damon Feltman previews what’s on the frontier for space in the next Trump administration: There is perhaps no greater visible sign of Trump’s interest in space than what happened in the Department of Defense.
Conversations about elevating the mission of space and status of space forces in the DoD pre-date his first term, but the re-establishment of United States Space Command and United States Space Force represented a significant realignment of military resources and authority. In case you haven’t followed, USSPACECOM turned five last month, and the Space Force will follow in December. Source: mtf.tv.
CAN ARTIFICIAL INTELLIGENCE BEAT “KILLER ELECTRONS” FROM SUN STORMS? Researchers are using machine learning to improve predictions of "killer electrons"—fast-moving particles in Earth’s Van Allen belts that threaten space equipment by causing electronic malfunctions. Published in Space Weather, this advancement enhances space weather forecasting, a critical step in safeguarding satellites and other space technology. Source: Phys.org.
ONE MORE THING
THE BEATLES + ARTIFICIAL INTELLIGENCE LAND GRAMMY NOMINATION, via TechRadar.com:
The Beatles have scored Grammy nominations for Record of the Year and Best Rock Performance for their song "Now and Then," a 'lost' track recovered and restored using AI. This is the first time a song produced with AI assistance has earned such recognition and could portend plenty of arguments ahead over the role of AI in music production.
With gratitude,
Kev
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