Good Morning! It was a bad day to be a fraudster—Bill Hwang got 18 years in prison over the Archegos collapse, and Indian billionaire Gautam Adani was charged in New York for a $250 million bribery scheme. Meanwhile, FTX’s former CTO avoided jail time.

Elsewhere, Target reported its biggest earnings miss in two years, McDonald’s is prepping a 2025 ‘McValue’ offering, and Apollo’s Marc Rowan says an 'industrial renaissance' is driving a rebound in fundraising.

Plus, Musk and Ramaswamy unveiled their DOGE vision, Trump is considering a position solely for crypto policy, and Bitcoin inched closer to $100k, crossing $97k.

Seize the opportunity to invest in RYSE and shape the future of smart home tech.

_{SQUEEZ OF THE DAY}

Nvidia Dips Despite Beat

Wall Street and retail investors alike were on edge as Nvidia prepared to release its highly anticipated earnings after the bell yesterday. Expectations were sky-high…

And Nvidia delivered—sort of. The company reported a staggering 94% year-over-year revenue growth for Q3, hitting $35.1 billion.

While impressive, this marks a slowdown compared to the explosive growth of 122%, 262%, and 265% in the previous three quarters.

Nvidia’s data center business was the standout performer, contributing $30.8 billion in revenue, surpassing Wall Street’s expectation of $28.8 billion. Net income surged 109% year-over-year to $19.3 billion, while gross margins rose to an impressive 73.5%, both exceeding analysts' estimates.

Despite these wins, Nvidia’s stock dipped 2.5% after hours, partly due to concerns over its Q4 guidance. While the company projected revenue of $37.5 billion—slightly above Wall Street’s forecast of $37.09 billion—the outlook fell short of the sky-high expectations Nvidia has come to represent during its meteoric rise.

CEO Jensen Huang remained optimistic, stating, “The age of AI is in full steam, propelling a global shift to Nvidia computing.” Huang also addressed earlier concerns about overheating issues with the Blackwell chip, assuring investors that design flaws had been resolved in collaboration with TSMC.

Takeaway: Nvidia’s earnings continue to underscore the explosive growth of generative AI, with companies pouring billions into the sector. But the dip highlights just how sky-high expectations are for Nvidia—when you’re the world’s most valuable company and report 94% growth, and investors still hit the sell button, you know the bar is practically in orbit. Nvidia’s problem? Success so big it’s become boring.

_{PRESENTED BY RYSE}

Missed Out on Shark Tank’s Big Wins? Don’t Miss RYSE

The hit show Shark Tank has introduced the world to some of today’s most successful brands:

• Bombas – raised $200M in follow-on investment

• Scrub Daddy – over $300M in sales

• Ring – valued at $7M on Shark Tank, later acquired by Amazon for $1.2B, after all the Sharks passed!

Now, Dragon’s Den (the International version of Shark Tank) is proving to be another launchpad for promising brands, and RYSE Smart Shades secured not just one, but two offers from the Dragons. For a limited time, you have the chance to invest alongside the Dragons in a brand that could become the next household name.

With their breakthrough smart shade technology and distribution already in 127 Best Buy stores, RYSE is poised to be a big thing in tech!

This is your chance to invest early in a smart home company with big momentum.

Invest in RYSE and learn how to earn bonus shares.

_HEADLINES

Top Reads

• Archegos founder sentenced to 18 years in prison (BBC)

• Billionaire Gautam Adani charged in New York with massive fraud, bribery (CNBC)

• FTX CTO Gary Wang avoids prison time (YF)

• Musk and Ramaswamy lay out DOGE vision (Fox)

• Musk shares famed economist's view of which federal agencies should be cut (Fox)

• Target cuts forecast, posts biggest earnings miss in 2 years (CNBC)

• Delta’s CEO says Trump’s approach to regulation could be a breath of fresh air (CNBC)

• BlackRock's private equity push can't save early fund program (Axios)

• Lauren Sanchez is tight-lipped about wedding plans with Jeff Bezos (Fox)

• Bill Ackman lists NYC apartments at multi-million dollar loss (YF)

• Trump eyes official crypto lead or czar (Fox)

• Jaguar rebrands for EV transition (BBC)

• Goldman Sachs CEO Solomon sees robust capital markets next year (YF)

• Comcast’s cable networks spinoff raises questions about future of the TV business (CNN)

• McDonald’s McRib returns nationwide in December (Axios)

• McDonald’s preparing a 2025 ‘McValue’ offering (CNBC)

• Apollo says industrial renaissance driving a rebound in fundraising (CNBC)

_{CAPITAL PULSE}

Markets Rundown

Stocks Dip Amid Rising Yields and Strong Dollar: Equity markets ended slightly lower Tuesday, with muted moves ahead of NVIDIA's highly anticipated earnings report. Consumer sectors were hit hard, led by Target's 20% plunge after it slashed its full-year earnings outlook due to weak sales and inventory challenges. This contrasted sharply with Walmart's strong earnings performance reported earlier.

Overseas, European stocks edged higher, but U.K. stocks underperformed following a hotter-than-expected inflation reading, signaling fewer Bank of England rate cuts. The U.S. dollar strengthened, nearing yearly highs, while the 10-year Treasury yield climbed to 4.41%, continuing its upward trend.

All Eyes on NVIDIA: NVIDIA, now the world’s most valuable company at $3.6 trillion, is set to release earnings after the market close, with investors eager to gauge the strength of its AI-driven growth. Analysts project 86% year-over-year earnings growth, fueled by robust demand for artificial intelligence.

NVIDIA’s performance could set the tone for markets as it wraps up the third-quarter earnings season, during which 75% of S&P 500 companies beat expectations, delivering 6.6% earnings growth—a notable improvement from the 4.5% forecasted earlier in the season. With valuations already elevated after two years of expansion, earnings growth will likely be the main driver of stock performance heading into 2025.

Three Catalysts to Watch Before Year-End: Markets are poised for a strong close to 2024, supported by resilient economic growth, rising earnings, and a rate-cutting cycle. Three key events could shape the market narrative:

1. December 6 Jobs Report: After hurricane- and strike-distorted data last month, this report will provide clearer insight into labor-market trends.
   

2. December 11 CPI Report: As the last inflation reading before the Fed’s next meeting, this data will be critical for gauging the Fed’s rate-cut trajectory.
   

3. December 18 Fed Meeting: Markets anticipate a quarter-point rate cut, lowering the target range to 4.5%-4.75%. However, the Fed's tone on 2025 rate cuts will be pivotal, as the bond market now expects just two cuts next year, down from nearly five forecasted two months ago.

These events, combined with resilient economic growth and potential fiscal and trade policy shifts, could shape inflation and market performance into next year.

Movers & Shakers

• (+) Williams-Sonoma ($WSM) +28% because the consumer retail company beat earnings.

• (+) Lemonade ($LMND) +16% after Morgan Stanley upgraded the insurance company.

• (–) Target ($TGT) -22% after announcing weak outlook for the holiday shopping period.

Private Dealmaking

• Cyera, a cloud data security company, raised $300 million

• Kong, an API tech developer, raised $175 million

• Skydio, a drone maker, raised $170 million

• Tekever, a drone maker, raised $78 million

• Oura, a sleep ring manufacturer, raised $75 million

• KoRo, a natural snacks maker, raised $35 million

For more PE, VC & M&A deals, subscribe to our Buysiders newsletter.

_{BOOK OF THE DAY}

Protocols

Protocols provides simple, powerful, and evidence-based solutions to life’s most common challenges. Designed to improve your mental health, physical health, and performance, these guidelines are customizable, allowing you to adapt them to your specific needs.

With his clear and engaging style, Dr. Huberman explains the scientific principles behind each protocol and how they can deliver immediate, effective results. Protocols is your essential road map for achieving optimal health.

“An essential guide to improving brain function, enhancing mood and energy, optimizing bodily health and physical performance, and rewiring your nervous system to learn new skills and behaviors that can transform your life.”

_{DAILY VISUAL}

Fed Hikes Added $2 Trillion to Money Market Accounts

_{PRESENTED BY CARBON FINANCE}

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_{DAILY ACUMEN}

Happiness Misconceptions

Many people misunderstand happiness, believing it's simply the accumulation of positive experiences. In reality, happiness involves both moment-to-moment pleasure and overall life satisfaction, which often trade off against each other. For a more fulfilling life, it’s important to frame experiences positively and care for both our present and remembered selves.

Another misconception is that money cannot buy happiness. Studies show income can increase happiness, but its effect diminishes as income grows. While wealth contributes to comfort, focusing only on earning more might not lead to lasting fulfillment compared to nurturing relationships or purpose.

Finally, some think happiness is out of their control, relying solely on luck or circumstances. However, intentional actions—like practicing gratitude and varying positive experiences—can meaningfully boost well-being. While genetics and situations influence happiness, our habits and attitudes also play a significant role.

_{ENLIGHTENMENT}

Short Squeez Picks

• Why venting at work is a bad idea

• How to advocate for yourself at work

• The best Italian restaurants in NYC

• 8 habits of people who age more slowly than their friends

• 13 interpersonal skills you need in 2024

_{MEME-A-PALOOZA}

Memes of the Day