đź“ś The crypto Constitution

Friday, November 19, 2021 by Robinhood Snacks | Disclosures
Bidding on your own Constitution [Vincent Besnault/The Image Bank via Getty Images]

Bidding on your own Constitution [Vincent Besnault/The Image Bank via Getty Images]

Yesterday’s Market Moves
Dow Jones
35,871 (-0.17%)
S&P 500
4,705 (+0.34%)
Nasdaq
15,994 (+0.45%)
Bitcoin
$56,599 (-6.29%)

Hey Snackers,

Time to check your horoscope for a total eclipse of the chart: The longest partial lunar eclipse in almost 600 years was visible across North America early this morning.

Stocks ended the week mixed after shares of energy companies and airlines fell but tech stocks rallied. The Nasdaq ended the week higher, the Dow Jones finished the week lower, and the S&P 500 closed slightly above break-even.

Also: Pfizer said the US government will buy 10M courses of its promising Covid pill for $5.3B.

Meta

1. Nvidia crushes earnings thanks to gaming chips, but its future could be the “Omniverse”

Warm up the gaming chair... Nvidia makes graphics cards for everything from laptops to gaming consoles, including Nintendo’s Switch. America's most valuable chip company just reached new horizons: Nvidia scored another quarter of record sales, raking in $7.1B as demand for its gaming and server chips boomed.

  • Gaming revenue, which makes up nearly half of Nvidia's sales, surged 42% from last year as Nvidia powered hit games like Marvel’s Guardians of the Galaxy.
  • Data center revenue surged 55% as the eservices boom continued. Nvidia powers half the world’s servers, touting customers like Microsoft and Amazon.
  • The global chip shortage could last into 2023, but Nvidia said it’s securing long-term supply deals to avoid major issues.

Metamorphosis... Like Facebook, Microsoft, Roblox, and other tech titans, Nvidia is turning its focus to the metaverse. While the metaverse concept is still vague, many describe it as a 3D internet you live inside. Adding to the confusion, Nvidia's version of the metaverse is called "Omniverse."

  • Omniverse Enterprise: Nvidia's new subscription service lets creators, designers, researchers, and engineers collaborate in a shared virtual space.
  • For example: BMW is using Omniverse to build factories by simulating its manufacturing plants. Interior designers could virtually "stage" houses inside 3D models.
  • Nvidia also launched Omniverse Avatar, a platform for making AI assistants that could help with billions of daily customer service tasks.
THE TAKEAWAY

Chips are the backbone of the metaverse... From Facebook's VR gaming world, to Microsoft's VR office, the metaverse relies on realistic graphics and animation, which Nvidia is famous for. Nvidia's CEO believes the Omniverse is one of the company’s largest opportunities, and hopes that one day, every internet transaction will use a graphics card. If virtual 3D worlds are the future of the internet, graphics cards are the building blocks to get there.

$PEOPLE

Your move, Nicolas Cage… Why steal the Constitution when you can buy it? Yesterday, a decentralized autonomous organization (DAO) called ConstitutionDAO bid on one of the 13 remaining copies of the US Constitution in a Sotheby’s auction. DAOs (rhymes with “cows”) are blockchain-based communities that are collectively owned by their members — read: no central leadership. ConstitutionDAO launched eight days ago as a 10-person Twitter convo, and has since attracted thousands of people on Discord:

  • ConstitutionDAO crowdsourced $47M worth of Ether from 7K+ online contributors in an attempt to buy the 234-year-old document, which Sotheby’s sold last night for a record $47.4M. Drumroll...
  • ConsitutionDAO lost the bid, and said it'll provide contributors the option for a refund. FYI: Contributors wouldn't have owned a piece of the Constitution anyway — but they would've been able to vote on where to put it (think: a museum).

From James Madison to the Wu-Tang Clan… Crypto enthusiasts have used DAOs to raise millions since 2016, when an org called The DAO (capital T) raised $150M and lost much of it to hackers. Despite valid security and practicality concerns, DAOs boomed this year: PleasrDAO bought a Snowden NFT for $5.4M and a Wu-Tang Clan album for $4M. Wyoming became the first US state to recognize DAOs as legal corporate structures in June, and experts expect legal recognition to expand.

THE TAKEAWAY

DAOs could be the new boardroom… Beyond crowdsourcing to buy cool collectibles, DAOs could run entire businesses. Instead of relying on a few execs to make company-wide decisions behind closed doors, DAOs could enable all stakeholders to vote publicly on the blockchain. Sports-betting startup Augur and metaverse company Open Meta DAO both operate as DAOs, and decentralized finance company 1inch is also moving to the DAO model.

What else we’re Snackin’

  • F150: Ford is teaming up with chip manufacturer GlobalFoundries to boost supplies, after having to halt car production at some plants this summer due to the chip shortage.
  • iCare: Apple is reportedly pushing to launch its electric self-driving car (feat. no steering wheel) as soon as 2025, seven years after starting the project.
  • Scrolled: Attorney generals launched a probe into Instagram's effects on children, escalating scrutiny over Facebook’s potential harm to young users.
  • Closed: CVS plans to shutter 900 stores over the next three years and shift its focus to digital as more of its customers shop online.
  • Jordans: Roblox and Nike teamed up to create “Nikeland,” a free virtual world where gamers can dress their avatars in Nike swag while playing mini-games.
  • Conference: Cisco shares sank nearly 6% after the IT hardware maker missed quarterly sales expectations and cited pressure from higher costs.

Snacks Daily Podcast

Extra shot caramel macchiato, hold the small talk.

Amazon and Starbucks are joining forces to create a cashier-less café in New York. Tune in to hear why this could be the beginning of the urban drive-thru.

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Snack Fact of the Day

Thanksgiving dinner will cost American families an average of $53.31 this year, up 14% from last year

Friday

  • Earnings expected from Foot Locker

Authors of this Snacks own: CVS, Pfizer, Amazon, Apple, Microsoft, Google, Starbucks, Twitter, and some Ethereum

ID: 1929117