Traders have long searched for ways to beat the market. Following the Trump Administration may be a winning strategy.
After the White House reshared a social media post from GameStop with a likely AI-generated image of the president over the weekend, shares of the video game retailer surged Monday morning. Argentina’s markets also went on a tear after a positive election for Trump-backed President Javier Milei. And while neither instance came with an explicit endorsement to buy those assets, others have—like when Trump posted on Truth Social in April that it was a “great time to buy,” just hours before he temporarily paused many of the tariffs that had roiled markets.
Some experts say it doesn’t meet the definition of insider trading—but it’s certainly unorthodox for government officials.
Amazon said Tuesday that it would cut 14,000 corporate employees, just a day after reports surfaced that the company is reportedly planning to lay off as many as 30,000 workers, which would be one of the largest reductions in force in the firm’s history. Sources told Reuters the layoffs are meant to make up for overhiring during the pandemic, and Amazon appeared to indicate Tuesday that the layoffs aren’t finished.
The United Arab Emirates has become a hub for the Trump Organization’s international expansion, and more business is on the way. The president and his family have entered into at least nine agreements with ties to the Gulf nation, which will provide an estimated $500 million in 2025—and about $50 million annually for years into the future.
Markets reacted positively to news of a framework for a trade deal between the U.S. and China, with the S&P 500 surging to a record high, led by big tech stocks. Meanwhile, gold saw its fifth drop in the last six trading days as the precious metal, considered a safe haven asset, continues to come down from its monthslong rally.
The federal government has formed a $1 billion partnership with AMD to construct supercomputers using AMD’s AI chips, the chipmaker announced. The first computer is expected to come online within the next six months, and AMD says that the systems will “drive breakthroughs in science, energy and national security.”
Elon Musk on Monday night unveiled “Grokipedia,” an online encyclopedia built entirely using AI-generated articles designed to take on Wikipedia. At launch, Grokipedia has over 885,000 articles compared to Wikipedia’s 7 million. In a statement, the Wikimedia Foundation, the nonprofit that runs Wikipedia, said: “Wikipedia’s knowledge is—and always will be—human. … This human-created knowledge is what AI companies rely on to generate content.”
Tens of millions of Americans who rely on SNAP benefits are in limbo as the Trump Administration said it would not issue benefits on November 1, claiming that funding for the critical food stamps program had “run dry” due to the ongoing government shutdown. The Department of Agriculture has insisted it cannot dip into contingency funds to cover the program—which Democrats and several think tanks have disputed.
YouTube TV’s latest major carriage dispute could see Disney content pulled from its platform, with ESPN and ABC also on the chopping block. The two parties must make a deal before Friday, and YouTube said it would give a $20 credit to YouTubeTV subscribers if Disney content is unavailable for an extended period of time.
DAILY COVER STORY
Ripple, with its XRP token and an unfulfilled dream of replacing global bank messaging service SWIFT, topped Forbes’ 2024 list of “zombie blockchains”—billion-dollar crypto projects sustained mostly by speculation rather than any real usage. At the time, it had a market value of $36 billion but fees of only $583,000.
But lately, it has been on a tear. In private markets, the company’s shares now trade between $135 and $170, roughly 2 to 3x higher than at the start of the year, valuing it between $22 billion and $30 billion. For context, that’s nearly on par with Circle, the stablecoin issuer Ripple wants to compete with and tried to acquire before it debuted on public markets in June. Ripple’s token XRP, which does not grant an ownership stake in the company, is up 366% year-over-year with a market cap near $150 billion.
Ripple is also now part of the roaring digital asset treasury trend, as multiple firms have announced treasury strategies around XRP in recent weeks. The idea that companies would even consider storing a token created by a company that has long struggled for business traction, is a great vote of confidence.
It’s not all that surprising given the end of Ripple’s 5-year legal battle with the Securities and Exchange Commission, plus a streak of high-profile acquisitions. While the XRP Ledger may still lag behind more popular blockchains in terms of app usage and developer activity, it is clear Ripple the company is a very different beast than what it was just a year ago.
WHY IT MATTERS “Think about this: Ripple spent about $3 billion on acquisitions over the past two years and paid $125 million to the SEC. A hefty sum, but in the end, a shrewd purchase of legitimacy, infrastructure and diversification,” says Forbes deputy editor Nina Bambysheva. “Money may not buy love, but it can buy a second act.”
MORE The Rise Of Crypto’s Billion Dollar Zombies
In another anime box office win, Chainsaw Man – The Movie: Reze Arc blew past projections in its opening weekend. The film topped the box office in a week that featured numerous major releases:
$17.2 million: How much the film earned over its opening weekend in the U.S.
At least $61 million: The amount the movie has grossed overseas
$332 million: How much movie theaters had grossed this month prior to last weekend’s totals, putting October on track to be one of the worst months at the domestic box office this year
Some of the most common fears around performance reviews are feeling that you didn’t accomplish enough, or the possibility of being blindsided by unexpected negative feedback. It’s important to reflect on your wins by making a list of your accomplishments throughout the year, and be prepared to discuss not only what went well but what could have been better. Demonstrate your ability to learn from feedback rather than being defensive.
Which clothing retailer is rolling out a new “Diamonds & Pearls” concept that focuses on luxury items and a boutique shopping experience?
A. David’s Bridal
B. Victoria’s Secret
C. Men’s Wearhouse
D. Talbots
Thanks for reading! This edition of Forbes Daily was edited by Sarah Whitmire, Chris Dobstaff and Caroline Howard.