🏆🤖Daylight Savings Sunday!

THE PROFITS💸

Good morning Opportunists. As daylight savings nudges us into darker evenings, it seems fitting to spotlight some pressing issues and a few surprise comebacks. First, the financial outlook: the U.S. economy faces what some are calling an unprecedented “financial emergency,” with rising debt and interest costs sparking intense debate. On a lighter note, soda is bubbling back into popularity. Meanwhile, Big Tech is pouring billions into AI infrastructure—think data centers and high-end chips—in hopes of sparking long-term gains, though Wall Street’s patience is wearing thin.

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US Money News

The US Financial Emergency

Elon Musk has joined Donald Trump on the campaign trail, warning of a "financial emergency" due to the U.S.'s soaring $35.7 trillion debt, fueling hopes for a bitcoin surge. Musk’s "Doge" initiative aims to cut government waste and save trillions, while Trump has proposed creating a bitcoin reserve and making the U.S. a crypto powerhouse if reelected, with prominent figures like Wall Street CEO Howard Lutnick supporting bitcoin as a valuable commodity like gold. [Source]

Upcoming Crypto Phaseout

The U.S. government has swapped seized ANT tokens for Ethereum as part of an upcoming crypto phaseout set for November 2, marking the first activity from its crypto wallet in nearly two years, according to Arkham Intelligence. Meanwhile, some Alameda wallets remain active with significant holdings, signaling a possible final reimbursement as FTX seeks to settle its $12 billion in investor claims and $16 billion in expenses. [Source]

Soda Makes a Comeback

Consumers are skipping pricey treats like Starbucks and Doritos, but Coke and Dr Pepper are seeing a boost as affordable indulgences, with soda volumes up 1.3% in the last quarter, reversing a years-long decline. Meanwhile, TikTok trends like "Dirty Diet Coke" and influencer-driven recipes are fueling soda’s appeal, especially among younger audiences, making it a surprisingly popular treat even amid health debates. [Source]

Entertainment

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Startup Spotlight

Innovative Approaches You’ll Want to Emulate:

How Emory Alums Built Tumble from Idea to Multi-Million Dollar Business

Meet Justin Soleimani, 34, and Zach Dannett, 35, former Emory classmates who co-founded Tumble, the L.A.-based rug company that’s gone from a side hustle to a $20 million business in just two and a half years. Tumble, known for its machine-washable, spill-proof rugs, was born out of frustration with traditional rugs’ upkeep — and it took only a year of late nights and countless prototypes to bring their concept to life.

Building the Business

While juggling full-time jobs at Bain & Co. and Noble House, Justin and Zach spent weekends working on Tumble, from securing manufacturers to refining prototypes. Their initial crowdfunding campaign helped validate demand and enabled larger orders, and thanks to a strong focus on profitability, Tumble remains fully bootstrapped with mid-eight-figure revenue and a growing team of ten.

The Roadblocks

Starting up during Covid posed unique challenges, especially around supply chain disruptions and sky-high costs. Relying on international teams and open communication, they managed to navigate these setbacks and scale Tumble without sacrificing quality.

Advice to Aspiring Entrepreneurs

Their top advice? Dive in fully, even without 100% certainty, and don’t fear failure. Justin emphasizes starting with a strong concept, while Zach encourages viewing setbacks as learning opportunities to keep evolving. [Source]

Science and Technology

Super Micro: After riding high in the generative AI boom, Super Micro has hit a rough patch with recent financial scrutiny and a sudden auditor resignation by Ernst & Young (EY). Following a damning short report and unresolved accounting issues, EY’s departure—dubbed a “noisy resignation”—sent Super Micro’s stock tumbling 33%, as concerns mount over governance and complex family-linked business dealings. [Source]

“Great Tech Worker Revolution”: A brewing "Great Tech Worker Revolution" sees talented developers growing frustrated with management's hypocritical policies—like forcing office returns while executives commute by private jet—and threats of being replaced by AI. These key workers are quietly biding their time, feeling undervalued, and may soon move to companies that truly appreciate their skills. [Source]

Business & Markets

Wendy’s is Closing Locations: Wendy’s plans to close 140 outdated, underperforming locations but will open the same number of new, tech-enhanced restaurants in more profitable areas. Despite closures, Wendy’s aims for growth, adding 250–300 new locations while seeing strong sales from its popular SpongeBob SquarePants-themed meal. [Source]

AI Infrastructure: Tech giants like Amazon, Microsoft, Meta, and Alphabet are pouring unprecedented funds—projected at $200 billion in 2024—into AI infrastructure, from rare chip acquisitions to massive data center expansions. While investors are concerned about short-term returns, these companies are doubling down, viewing AI as a transformative opportunity and justifying costs through new AI-driven products and cloud growth. [Source]

Investment Direction/Re-Direction: After selling $10.5 billion in U.S. bank stocks, Warren Buffett is redirecting Berkshire Hathaway’s investments toward Chubb, a top property and casualty insurer, with holdings now totaling $7.8 billion. The move aligns with rising insurance sector profits from premium hikes and higher yields, though climate risks and evolving customer needs still pose challenges. [Source]

Wisdom Tree: In a major move, WisdomTree transferred 8,258 Bitcoin (valued at around $600 million) and 48.83 Ethereum (worth nearly $125,000) to Coinbase, sparking speculation about possible shifts in its crypto strategy. This comes as the $99.5 billion asset manager recently withdrew its spot Ethereum ETF application, signaling a potentially cautious approach toward direct cryptocurrency investments. [Source]

Waymo’s Robotaxi: Alphabet's autonomous driving arm, Waymo, recently received a $5.6 billion boost, raising its valuation to over $45 billion and allowing it to expand its robotaxi services in cities like San Francisco, Los Angeles, and Phoenix. This funding, along with a new partnership with Uber, positions Waymo to provide over 150,000 weekly rides, though competition from Tesla’s planned self-driving Cybercab remains on the horizon. [Source]