Good morning. US stock futures dipped in Thursday morning trading as investors mulled over retail earnings data.
🔋 US to spend billions to boost battery production
The funding aims to boost battery manufacturing and supply chains by expanding domestic facilities for critical minerals, next-generation technologies and lithium-based technologies, among others.
According to U.S. Secretary of Energy Jennifer Granholm, the investment will place the US “front and center to meet the growing demand for advanced batteries, boost our global competitiveness, maintain and create good-paying jobs, and strengthen our clean energy economy”
China dominates the global EV battery supply chain, and the limit it imposed on the anode material graphite in October has fueled uncertainty in the segment
💡 So what: Investing in battery technology is crucial for the U.S. for several reasons. As the U.S. transitions to renewable energy sources like solar and wind, efficient energy storage becomes vital to manage intermittent power generation. Batteries help store excess energy when it's available and release it when needed. Also ,the future of transportation is electric, and batteries are the heart of electric vehicles. A robust battery infrastructure supports the growth of the EV market, reducing dependence on fossil fuels and lowering emissions
Thursday - Initial Jobless Claims (wk end Nov 10th), Philadelphia Fed Manufacturing Survey, Fed Governor Waller Speaks
Friday - No Major Economic News
🛒 Save money on groceries by following these steps
🚀 Musk’s SpaceX given ok to launch next rocket
🤖 Microsoft enters AI chip race
WHAT: Microsoft just pulled a chip out of its tech wizard hat! At its Ignite developer conference in Seattle, the company introduced a new chip, called Maia, to speed up AI computing tasks and provide a foundation for its $30-a-month "Copilot" service for business software users, as well as for developers who want to make custom AI services.
WHY: Microsoft and other tech giants such as Alphabet are grappling with the high cost of delivering AI services, which can be 10 times greater than for traditional services such as search engines.
💰 IMF head encourages push for digital currencies
WHY: Supporters say CBDCs will modernise payments with new functionality and provide an alternative to physical cash, which seems in terminal decline. Georgieva said that with technology advancing so rapidly, countries needed to push ahead with development now to avoid getting caught out in future
🪧 Meta fights back against EU designation
WHY: Meta's Facebook, Instagram, Marketplace, and WhatsApp qualified as gatekeepers under the DMA, which was designed to level the playing field between Big Tech companies and smaller competitors.
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