Binance’s $4 billion blunder

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Coinbase climbs 12% thanks to Binance blunder 🪙

A $4 bill blunder: Coinbase has its sights set on becoming the number one crypto exchange as Binance CEO ‘CZ’ pleads guilty to money laundering charges and pays a $4 billion settlement.

• Investor confidence: Many investors are now seeing Coinbase as the most stable crypto exchange. Why? Because…

• Compliance is king: Coinbase is taking a compliance-focused approach that’s resonating with investors, unlike FTX and Binance’s approach

Check out Coinbase

*Ratings are provided by analysts at Zacks, a leading investment research firm

Microsoft up 1% after OpenAI chaos 🤖

All-time high: Microsoft shares surged to a new high of $377 after it snapped up Sam Altman to lead a new “advanced AI research” unit. Just days later, he boomeranged back to OpenAI and now him and Microsoft are on the board.  

• The rebellion: 95% of OpenAI employees signed a letter saying they would quit if the board doesn’t step down. Some even refused to attend meetings with new CEO, Twitch founder Emmett Shear.

• Altman’s in, the board’s out: The employees' efforts worked, as on Wednesday, Altman announced “I’m looking forward to returning to OpenAI and building on our strong partnership with Microsoft”.

Check out Microsoft

*Ratings are provided by analysts at Zacks, a leading investment research firm

Nvidia slips 1% despite tripling revenue 💾

No signs of slowing: The AI chip-making powerhouse reported fiscal Q4 results on Wednesday, continuing to surpass analysts’ projections for revenue and income.

• GPUs FTW: Demand for graphics processing units (GPUs) has continued to surge, thanks to the rapid rise of generative artificial intelligence.

• But, shares are down: Export restrictions made by the US Government will impact its trade with China, harming sales. Still, the company remains the S&P 500’s most successful stock of the year.

Check out Nvidia

*Ratings are provided by analysts at Zacks, a leading investment research firm

What have we learned this week? 🤓

• Crypto craves compliance: Binance has followed in the footsteps of FTX in becoming an unregulated mess. Now more than ever crypto needs stability. 

• There’s power in numbers: Over 650 of 770 OpenAI employees took a stance against the board’s decision, which led to its ultimate demise. 

• Nvidia is looking for loopholes: Nvidia is trying to develop new data centre products that comply with government policies and don’t require licences.

Stock announcements 👀

• McDonald’s: McDonald's has acquired a 28% stake in its Chinese business from Carlyle Group

• Palantir: The NHS has just awarded American tech company Palantir a contract worth £330m

• Abercrombie & Fitch: Shares are up 22% this month as sales have risen 20% this quarter. Shares are up over 200% since the start of the year.

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*Figures and ratings correct as of November 23rd 2023.

Past performance does not guarantee future results. Capital at risk when investing. This content is for educational purposes only. Shares does not provide investment advice. If you are unsure about anything, please seek advice from an authorised financial advisor.