What we’re reading (11/21)
“Binance Crypto Chief Changpeng Zhao Pleads Guilty To Federal Charges” (Washington Post). “Changpeng Zhao, founder of the world’s largest crypto exchange, pleaded guilty Tuesday to violating the Bank Secrecy Act and has agreed to step down as chief executive of Binance, which will pay a $4.3 billion fine, according to court documents.”
“Nvidia’s Sales Surge, With No End In Sight For AI Boom” (Wall Street Journal). “In its latest period, its fiscal third quarter, sales more than tripled to $18.1 billion, well above Wall Street forecasts in a survey of analysts by FactSet. Profits also surged, rising to $9.2 billion compared with $680 million a year earlier and above estimates.”
“Microsoft Exec Says OpenAI Employees Can Join With Same Compensation” (CNBC). “It is not immediately known if the offer is contingent on Altman’s employment at Microsoft. Scott did not respond to CNBC’s request for comment on X. But, the comment gives some clarity to what Microsoft is willing to pay employees and how many it would hire.”
“US Stocks End Streak Of Gains As Fed Minutes Indicate A Restrictive Policy Outlook” (Insider). “US stocks fell on Tuesday with the S&P 500 snapping a five-session winning streak as the latest Fed minutes hinted at a hawkish-leaning central bank. The report dampened hopes for an imminent Fed pivot to rate cuts. Still, no further rate hikes are expected, and an overwhelming majority continue to expect rates to remain at the current 5.25%-5.50% range.”
“US Home Sales On Pace For The Worst Year Since 1993” (CNN Business). “Home sales may have their worst year in 30 years. Sales slumped in October and prices continued to climb, as mortgage rates surged last month and inventory remained extraordinarily low. That kept homebuyers out of the market, according to a monthly report from the National Association of Realtors released Tuesday.”
