🐕🇺🇸 Trump Appoints Elon to Lead DOGE

Happy Wednesday all,

We’re halfway through the week, and we’ve got a fresh batch of updates to keep you in the loop. From the latest in inflation and corporate earnings to exciting innovations in tech, we’ve got the highlights you won’t want to miss.

This week’s edition also includes some surprising moves in government and a peek into how Amazon is gearing up to make deliveries even more efficient. Whether you’re looking for the biggest headlines or the most intriguing developments, it’s all here. Dive in and enjoy!

Enjoy this week’s Hump Days!

- Humphrey & Rickie

👀 Eye-Catching Headlines

Inside VW and Rivian’s Big Bet to Rescue Each Other (WSJ)

7-Eleven Is Said to Consider $58 Billion Management Buyout (BBG)

The Travel Nerds on a Mad Dash for 1 Million Frequent-Flier Miles (WSJ)

Spirit Nearing Bankruptcy Deal That Would Wipe Out Shareholders (BBG)

In Europe, Instagram Ads Are About to Get Less Personal (WSJ)

Apple’s Next Device Is an AI Wall Tablet for Home Control, Siri and Video Calls (BBG)

How ChatGPT Brought Down an Online Education Giant (WSJ)

Harvard’s Not-So-Smart Money: Two Decades of Poor Returns and Rich Pay (BBG)

The Weekly Brief

US Inflation Stays Firm for Third Month With 0.3% Core CPI Gain

• CPI data for October 2024 showed that price pressures still remain persistent in the US economy. The CPI index rose 2.6% year-over-year, up from 2.4% in September, marking the first acceleration since March.

• The core CPI, which excludes volatile food and energy prices, increased 0.3% for the third consecutive month, resulting in a 3.6% annualized rate over the past three months - the fastest pace since April.

• Key factors contributing to the inflation persistence include rising goods prices after a year of declines, firm housing costs, and increases in used car prices and airfares. The shelter index, accounting for over half of the monthly advance, rose 0.4%.

• While some areas showed improvement, such as a slight drop in car insurance costs, the overall picture suggests that the battle against inflation remains slow and frustrating.

Home Depot Q3 Sales Beat Estimates, Boosted By Hurrican Season

• Home Depot reported better-than-expected comparable sales for the third quarter, with a decline of 1.3% YoY, the best in nearly two years.

• The company mentioned that sales were bolstered by increased demand for seasonal items and outdoor project supplies, partly due to recent hurricanes and warm weather.

  • As a result, Home Depot revised its full-year forecast, now expecting a 2.5% drop in comparable sales, an improvement from the previous 3% to 4% decline projection.

• Despite the ongoing challenges in the housing market due to high interest rates, Home Depot's stock has risen nearly 20% year-to-date.

  • Larger remodeling projects continue to face pressure from the high interest rate environment, with executives noting that consumers are postponing significant home improvement projects until mortgage rates decrease further.

Trump names Elon Musk to role for creating greater government efficiency

• President-elect Donald Trump has appointed Elon Musk and Vivek Ramaswamy to lead a new Department of Government Efficiency (DOGE), aimed at streamlining government operations and reducing bureaucracy.

  • Funny enough, dogecoin surged 20% after this announcement.

• This informal role, which doesn't require Senate approval, will allow Musk to maintain his positions at Tesla, X, and SpaceX while wielding significant influence in the Trump administration.

• The department's goals include dismantling government bureaucracy, cutting regulations, reducing wasteful spending, and restructuring federal agencies, with all actions to be posted online for transparency.

• Musk, who donated millions to Trump's campaign, has promised to reduce federal spending by at least $2 trillion.

  • The department's work is set to conclude by July 4, 2026, coinciding with the 250th anniversary of the Declaration of Independence.

Amazon developing driver eyeglasses to shave time off deliveries

• According to Reuters, Amazon is developing smart eyeglasses for its delivery drivers to enhance efficiency in the final stages of package delivery. These glasses would provide turn-by-turn navigation on a small embedded screen, guiding drivers along their routes and at each stop.

• The smart glasses build upon Amazon's existing Echo Frames technology and could potentially include features such as package photo capture for delivery confirmation.

  • However, the project faces several challenges, including battery life limitations and the need for comprehensive data on delivery locations.

• The company is also exploring other innovations, such as ceiling-mounted scanners in delivery vans, to further streamline the delivery process.

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