Bitcoin Surges, Retail Interest Lags

CRYPTO
Bitcoin Surges, Retail Interest Lags

Despite Bitcoin nearing its all-time high, retail investors remain surprisingly disinterested. Bitcoin briefly surged to $73,562 on October 29, just shy of its previous record, but search interest for “Bitcoin” on Google remains low. In fact, recent Google Trends data show Bitcoin search interest scores only 23 out of 100 compared to its peak in May 2021, and it’s generating only a fraction of the traffic that “AI” is receiving.

Crypto analyst Miles Deutscher highlighted this lack of enthusiasm on social media, noting that Bitcoin is on the cusp of a new high while retail interest is "almost non-existent." Data from Sensor Tower reveals that Coinbase, which often ranks in Apple’s top 50 during bull runs, currently sits at 308th.

While retail engagement has been sluggish, institutional demand continues to soar. The launch of U.S. spot Bitcoin ETFs, like BlackRock’s iShares Bitcoin ETF, has contributed significantly to institutional holdings, driving in over $22.7 billion in net flows this year. Analysts from CryptoQuant noted that retail investors often lag behind institutional investors, suggesting that if Bitcoin continues its upward trend, retail could soon jump in, chasing the momentum.
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OPENAI
OpenAI's In-House Chip Strategy

OpenAI is taking a significant step by developing its own in-house chip in partnership with Broadcom and TSMC. As AI demands continue to soar, the company aims to reduce costs and ensure a stable supply chain. OpenAI initially explored creating its own chip manufacturing plants but decided to focus on chip design due to high costs and time constraints.

Currently, OpenAI has a team of around 20 engineers, including former Google TPU designers, working on their first custom chip, expected by 2026, though the timeline is flexible. This move boosted Broadcom’s shares by 4% and TSMC’s US shares by over 1%.

This strategic shift highlights OpenAI’s efforts to secure sufficient processing power, a challenge faced by other tech giants like Google, Microsoft, and Meta. OpenAI is also integrating AMD chips to supplement Nvidia’s GPUs, which dominate the market but remain in limited supply. This competition has even led to high-profile executives pleading with Nvidia for more chips.
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ALPHABET
Alphabet Shares Surge on Earnings

Alphabet's shares surged up to 6% in after-hours trading after the company reported better-than-expected third-quarter earnings. The standout performer was Google Cloud, which posted $11.35 billion in revenue—an increase of nearly 35% compared to last year’s $8.41 billion. This growth was driven by strong demand for its AI-based products and services targeting enterprise clients.

Earnings per share came in at $2.12, surpassing estimates of $1.85, while overall revenue reached $88.27 billion, beating Wall Street’s forecast of $86.30 billion. Alphabet’s advertising revenue also grew to $65.85 billion, showing steady performance despite slower growth in the sector.

Chief Financial Officer Anat Ashkenazi highlighted ongoing efforts to cut costs using AI to streamline operations, manage headcount, and optimize physical assets. The company aims to continue accelerating these initiatives while freeing up capital for more attractive opportunities.

CEO Sundar Pichai emphasized Alphabet’s focus on scaling its "full stack" of AI products, which is benefiting billions of users. Google’s search business remains its top revenue driver, generating $49.4 billion, up 12.3% year-over-year.
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REDDIT
Reddit Stock Soars After Profits

Reddit Inc. shares soared by 22% in after-hours trading after surpassing analyst expectations in its latest earnings report. The company reported $348.4 million in sales for Q3, beating the projected $312.8 million and marking its first GAAP profitability since going public in March.

CEO Steve Huffman attributed the success to investments in advertising technology, allowing the platform to better monetize its large user base. Reddit's stock has now nearly tripled in value since its IPO. The company’s optimistic holiday-quarter forecast of $385 million to $400 million in sales also exceeded analysts' estimates of $356 million.

Huffman emphasized Reddit’s growing effectiveness in connecting businesses with their target audiences on the platform.
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Meme of the day

Word of the day
Syncretism

Syncretism refers to the combining of different forms of belief or practice.

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