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Why climbing Mount Everest is so expensive

<ul class="summary-list"><li>Gold reached reached a new-all time high on Friday, topping $2,700 for the first time.</li><li>The safe-haven asset is attracting interest after the death of a top Hamas leader.</li></ul><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Gold</a> hit another record high amid simmering geopolitical unease in the Middle East.Futures climbed as much as 1% to $2,720 an ounce on Friday as the death of <a target="_blank" href="https://www.businessinsider.com/israel-says-killed-hamas-chief-yahya-sinwar-oct-7-mastermind-2024-10">Hamas leader Yahya Sinwar</a> late Thursday spurred renewed concerns of further geopolitical tension.According to <a target="_blank" href="https://think.ing.com/articles/the-commodities-feed-gold-hits-another-record-high/">analysts at ING</a>, gold investors were responding to Israel's pledge to continue fighting, rather than de-escalate, per President Joe Biden's recommendation. They've treated the precious metal as a geopolitical safe haven all year, ING said."Traders are seeking safety in gold this morning after Israel said it killed Hamas leader Yahya Sinwar, and Prime Minister Benjamin Netanyahu said Israel would keep fighting until all the hostages seized by Hamas last year are free, even though US President Joe Biden said it was time for the war to end," the analysts wrote.Meanwhile, Hezbollah committed to continue fighting after Sinwar's killing, <a target="_blank" href="https://www.reuters.com/world/middle-east/hezbollah-says-it-will-escalate-war-with-israel-after-hamas-leader-killed-2024-10-18/">Reuters</a> said. Iran, which backs several proxies in the region, issued a UN mission statement citing a strengthened "spirit of resistance."FXPro senior market analyst Alex Kutsikevich noted that the metal's 2% increase this week is abnormal because it's risen alongside the dollar, even though the two assets are normally inversely correlated.He said gold and the dollar only rise together when there's a sudden spike in demand for defensive assets — something that generally occurs geopolitical stress.Macroeconomic conditions are also at play as investors watch to see how far interest rates may fall. Gold, which does not yield interest, benefits when borrowing costs are lower. Other factors include strong central bank buying, as well as robust demand in Asia, ING added.

Gold climbs to record high as Hamas-leader death stokes geopolitical tensions

<ul class="summary-list"><li>Bitcoin has surged 12% as Trump's election odds in betting markets began rising in mid-September.</li><li>Trump's crypto-friendly stance has boosted investor enthusiasm for bitcoin as his betting odds rise.</li></ul>Investors are getting excited by the prospect of getting a "crypto president" in Donald Trump, with the price of bitcoin popping in the last month as the former president has gained ground in betting markets. According to the betting website Polymarket, Trump's odds of winning the Presidential election in November bottomed on September 18. Since then, the price of bitcoin has surged 12% and is just a few percentage points away from a fresh record high. The token was trading at $66,857 on Thursday afternoon. The gains for the cryptocurrency accelerated in early October when Trump overtook Kamala Harris among bettors as the favored winner.Markets have been broadly <a target="_blank" href="https://markets.businessinsider.com/news/stocks/donald-trump-trade-rally-betting-markets-kamala-harris-bitcoin-djt-2024-10?_gl=1*1it5qaz*_ga*MTQwNDU1NzEzMS4xNjkyMjgzNDcy*_ga_E21CV80ZCZ*MTcyOTEyMjQyNS40NS4xLjE3MjkxMjQwNTAuNTguMC4w">behaving like Trump will win</a> next month, but bitcoin and crypto have been standouts in the Trump trade. Billionaire investor Stanley Druckenmiller highlighted the dynamic in <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-10-16/druckenmiller-says-market-is-very-convinced-trump-will-win?sref=LspfQlRv">an interview with Bloomberg</a> on Wednesday, noting the market seems "very convinced Trump is going to win."He added: "You can see it in the bank stocks, you can see it in crypto."Bernstein analyst Gautam Chhugani said last month that <a target="_blank" class="" href="https://markets.businessinsider.com/news/currencies/bitcoin-price-outlook-90000-target-if-trump-wins-november-election-2024-9?utm_medium=ingest&amp;utm_source=markets">a Trump win could be monumental for the crypto industry.</a>"Crypto is the rare instance, where the difference in election outcome could determine the destiny of the industry," Chhugani said, adding that he expects bitcoin to soar to $90,000 if Trump wins.Trump's embrace of the crypto industry has been years in the making.The former president <a target="_blank" rel="" class="" href="https://www.businessinsider.com/trump-bitcoin-stance-2024-7?utm_medium=ingest&amp;utm_source=markets">addressed the Bitcoin Conference in July</a> with a 45-minute speech, and has talked about crypto policy in nearly every speech since. He's also released several NFT collections over the past two years.At the Bitcoin Conference over the summer, Trump said he'd lay out a plan "to ensure that the United States will be the crypto capital of the planet and the bitcoin superpower of the world."This past week, Trump was part of the launch of a crypto token called World Liberty Financial.Bitcoin might be ultimately front-running a potential Trump win in November, with the cryptocurrency up 59% year-to-date."Elections remain hard to call, but if you are long crypto here, you are likely taking a Trump trade," Chhugani said.Yet, investors in the world's largest cryptocurrency could also be getting ahead themselves, as betting market websites like Polymarket aren't a perfect indicator of election odds. While Polymarket shows the odds of Trump winning in November rose to 62% on Thursday, the polls are telling a very different story. According to the latest polling, the election is still too close to call with both candidates virtually tied or within the margin of error in the major battleground states.The sharp divergence in Trump's betting market odds and the polls has even led <a target="_blank" class="" href="https://www.marketwatch.com/story/a-french-crypto-whale-backing-trump-may-be-moving-markets-many-times-that-size-ce6a35e3">some to speculate that someone might be making massive bets</a> on Trump in an illiquid betting market to make it appear that he's more likely to win the election. <a target="_blank" class="" href="https://x.com/Domahhhh/status/1846597997507092901">Internet speculation has swirled</a> around the identity of a single "whale" who has bet as much as $25 million via multiple accounts on Polymarket, single-handedly boosting Trump's betting odds on the platform.

Bitcoin is on a tear as 'crypto president' Trump's betting-market odds climb     

<ul class="summary-list"><li>Elon Musk's net worth has soared past $300 billion, according to the Bloomberg Billionaires Index.</li><li>It comes off the back of big stock market gains for Tesla following Trump's election win.</li></ul>Elon Musk's net worth has surged past $300 billion as Tesla shares climbed following Trump's election win earlier this week.Musk's fortune stands at $314 billion as of Saturday, up a handsome $50 billion since November 5, <a target="_blank" class="" href="https://www.bloomberg.com/billionaires/">according to the Bloomberg Billionaires Index</a>.That makes Musk the only person with a current net worth of more than $300 billion — Amazon founder Jeff Bezos trails behind in second with $230 billion, while Meta chief Mark Zuckerberg rounds out the top three with $209 billion, per Bloomberg.The Tesla CEO's soaring wealth — which is shy of his record of around $340 billion in 2021 — follows a bumper week in the stock market for the company, which has seen its shares jump around 28% since Tuesday's close.The EV maker on Friday <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-trillion-valuation-donald-trump-election-win-tsla-2024-11?_gl=1*8f690f*_ga*MTQwNDU1NzEzMS4xNjkyMjgzNDcy*_ga_E21CV80ZCZ*MTczMTA3MjYyOC44OS4xLjE3MzEwODE0NjEuNTkuMC4w">reached a trillion-dollar market valuation</a> for the first time since April 2022.Musk was a big supporter of Trump during the latter's presidential campaign, putting over $100 million of his own money into a super PAC and holding his own rallies to try to get him elected.And it looks like that might be about to pay off for Musk.Wedbush analyst Dan Ives said in a note this week that Trump's win could significantly benefit Tesla, as the company is better positioned than competitors should Trump withdraw tax credits and other incentives meant to boost EV sales when he's back in office."Tesla has the scale and scope that is unmatched in the EV industry and this dynamic could give Musk and Tesla a clear competitive advantage in a non-EV subsidy environment, coupled by likely higher China tariffs that would continue to push away cheaper Chinese EV players (BYD, Nio, etc.) from flooding the US market over the coming years," he said.Ives called Trump's victory <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-election-victory-tesla-shares-elon-musk-ev-president-2024-11">a "homerun" for the company</a>.Musk's other ventures, such as his aerospace company SpaceX, could also benefit during Trump's second term in office.Francesco Trebbi, a professor of business and public policy at the University of California, Berkeley, <a target="_blank" class="" href="https://www.businessinsider.com/trump-won-election-what-that-means-for-elon-musk-2024-11">previously told BI</a> that a Trump presidency might help the company procure large contracts with the Department of Defense.

Elon Musk's wealth soars past $300 billion as Tesla shares climb on the back of Trump's election win

<ul class="summary-list"><li>Goldman Sachs projects the price of gold will climb 8% to $3,000 an ounce by the end of 2025.</li><li>They cite central bank buying, Fed rate cuts, and continued safe-haven interest as reasons.</li></ul>A <a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price?utm_medium=ingest&amp;utm_source=markets">gold</a>-buying spree has turned the <a target="_blank" href="https://markets.businessinsider.com/news/commodities/gold-price-record-high-became-etf-interest-rates-trump-costco-2024-10">yellow metal into one of this year's hottest investments</a>.Though the commodity has already soared more than 30% year-to-date, Goldman Sachs anticipates that there's even more upside in store next year.In a note published Tuesday, the bank projected that gold will reach $3,000 an ounce by the end of 2025, implying an 8% increase from its current price.It offered three reasons for the forecast:First, high demand from central banks will continue, though Goldman does expect gold buying to slow next year.Central banks have sought gold with new intensity since Western sanctions were placed on Russia for its invasion of Ukraine. Some countries treated this as a lesson to diversify reserves away from the greenback, prompting high demand for the bullion metal."We assume that central bank purchases will moderate to a monthly pace of 30 tons — about a third of the elevated 85 tons average monthly pace observed since 2022, but structurally higher than the 17 tons monthly average pace before the freezing of Russia's reserves—by end-2025," analysts wrote.<div type="image" title="Chart showing the surge in central bank gold purchases since 2022" height="1310" width="2192" msid="114820099" hostid="261" sizebytes="75042"></div>Second, easing US interest rates will gradually boost Western ETF holdings backed by gold.Goldman expects the Federal Reserve to reduce the fed funds rate to the 3.25%-to-3.5% range midway through 2025. Since the gold doesn't yield interest, easing monetary policy typically boosts gold's competitiveness. When rates are high, the commodity loses out against other interest-bearing assets.In a September note, Goldman found that gold-backed ETFs rise gradually for a six month period as rate cuts occur. This boost matters to the price of gold since rising ETF holdings bear down on the physical supply of the metal.Third, <a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/gold-safe-haven-treasurys-us-national-debt-bofa-fiscal-expansion-2024-10">safe haven investors</a> will have more reason to keep piling into gold.Goldman said speculative positioning has risen to high levels over geopolitical and inflationary concerns. The bank anticipates that this could normalize as uncertainty softens gradually after the election, which could prompt some near-term downside risk to the price of gold.However, analysts wrote that gold will remain an attractive hedge in the long term amid a potential escalation of new tensions. These include <a target="_blank" href="https://markets.businessinsider.com/news/stocks/trump-tariffs-china-election-consumer-stocks-earnings-ubs-2024-10">trade disputes</a>, threats to the <a target="_blank" href="https://www.businessinsider.com/interest-rate-cut-trump-fed-powell-reaction-independence-history-2024-9">Fed's independence</a>, <a target="_blank" href="https://www.businessinsider.com/harris-trump-fix-national-debt-how-to-invest-portfolio-protection-2024-10">US debt fears</a>, and the chance of a future recession.

3 reasons why surging gold prices will climb another 8% by the end of 2025, Goldman says

<ul class="summary-list"><li>Chinese stocks are poised for a huge run-up in the next year, according to Renaissance Macro's Jeff deGraaf.</li><li>The research firm CEO said perfect conditions are aligning for additional gains exceeding 50%.</li></ul>China's stock rally isn't over — and the nation could have the perfect cocktail of ingredients to stage a monster run-up over the next year, according to one Wall Street forecaster.Jeff deGraaf, the CEO of Renaissance Macro Research, says he sees China's benchmark stock index climbing to 6,000 over the next year. That implies a 54% increase from the CSI 300's current levels, thanks to the right mix of conditions in Beijing that should power equities higher, he told Bloomberg on Friday."Skepticism, valuation, stimulus, momentum and a trend change," deGraaf said of China's investing environment, adding that it was "one of the best set-ups" he's seen over his 35-year career.Chinese stocks have been on a roller coaster in recent weeks after Beijing announced its latest <a target="_blank" class="" href="https://www.businessinsider.com/china-xi-jinping-stimulus-plan-wall-street-stock-market-economy-2024-9">monetary stimulus package</a>, which included lowering interest rates and pumping the stock market with $114 billion. The package sparked the <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/china-stock-market-rally-economy-stimulus-liqudity-overwhelm-system-2024-9">steepest rally in Chinese stocks since 2008</a> before it <a target="_blank" class="" href="https://www.businessinsider.com/china-stock-markets-csi300-golden-week-reopening-bazooka-stimulus-outlook-2024-10">quickly fizzled</a>, a sign investors were disappointed Beijing didn't announce more stimulus measures.Markets, though, are expecting the nation to announce a fresh fiscal stimulus package at a briefing on Saturday, potentially reviving the bull case for stocks. Most investors expect China to add 2 trillion yuan, or $283 billion, in fiscal stimulus through 2025, according to a <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-10-11/bofa-s-hartnett-says-buying-any-dips-as-china-mulls-stimulus">Bloomberg poll</a> of market participants."We see the policy response as self-preservation, a reaction to the weakness and a potential Mario Draghi-esque 'Do what it takes' moment for China," deGraaf said, later urging investors to "keep stops in place" when betting on Chinese stocks.Other traders on Wall Street have shown interest in buying the dip in Chinese equities, despite fear that <a target="_blank" class="" href="https://www.businessinsider.com/china-economy-growth-stimulus-demand-emerging-markets-world-bank-2024-10">Beijing's economic slowdown</a> could stick around.Investors poured a record $39.1 billion into Chinese stock funds in the week ending October 9, according to EPFR Global data cited by Bank of America in a note."We buy any China dips," BofA strategist Michael Hartnett wrote in a note. Stimulus efforts will continue to "be used aggressively to boost domestic animal spirits and demand," he added.Additionally, the Shenzhen Huaan Hexin Private Investment Fund Management Co., a Chinese hedge fund up 800% since 2017, also says it's buying the dip in technology stocks listed in Hong Kong. The <a target="_blank" class="" href="https://markets.businessinsider.com/index/hang_seng">Hang Seng Index</a> has dropped 3% over the last five trading days, but is still up 27% from levels at the start of the year."Such a correction is more like a buying opportunity," Yuan Wei, the fund's founder, said in an <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-10-11/hedge-fund-up-800-in-seven-years-buys-dip-in-china-tech-stocks">interview</a> with Bloomberg this week. "If you compare to their fundamentals, the stocks remain very cheap."China's onshore market has a 50% chance of starting a <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/china-stock-market-rally-outlook-bullish-drivers-stimulus-goldman-sachs-2024-10">new bull run</a>, as opposed to a short-term bounce, and the bear market in equities should be over by now, Yuan said."The market is just rebounding from an extremely bearish level to a level that's still undervalued," he later added.Other strategists on Wall Street have made bullish calls on Chinese equities in recent weeks, with eyes on continued stimulus measures in Beijing. Goldman Sachs predicted <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/china-stock-market-rally-outlook-bullish-drivers-stimulus-goldman-sachs-2024-10">China's stock market could rally another 20%</a>, thanks to "more substantial policy measures" and Chinese stocks being oversold, strategists said in a note.

Why Chinese stocks will climb another 50% from current levels, research CEO says

<ul class="summary-list"><li>US stocks edged lower on Wednesday as investors continued to adjust their outlook for Fed rate cuts.</li><li>Investors see a 69% chance the Fed will cut rates two more times in 2024. </li></ul>US stocks slumped on Wednesday as investors tempered their expectations for rate cuts, sending bond yields higher. Major indexes slipped in early-morning trading, while Treasury yields moved up. The 10-year Treasury bond yield rose three basis points to 4.242%, its highest level in about three months. The bond market has been <a target="_blank" class="" href="https://markets.businessinsider.com/news/bonds/treasury-yields-bonds-interest-rates-economy-inflation-election-labor-market-2024-10">caught in a sell-off this week</a> as traders adjust their views on the path of monetary policy amid hot economic data, the potential for a Trump victory next month, and cautious guidance from Fed officials this week. Investors are pricing in a 69% chance the Fed is still on track to cut rates two more times this year, but odds for a rate cut in January have fallen to 45%, down from 66% a week ago, according to the <a target="_blank" class="" href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">CME FedWatch tool</a>.Investors, meanwhile, are keeping an eye on coming corporate earnings reports. Boeing shares slid more than 2% early Wednesday after the aerospace firm reported a loss of over $6 billion last quarter. Tesla shares also dipped slightly lower as investors readied for Elon Musk's car company to r<a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/tesla-q3-earnings-preview-wall-street-auto-margins-robotaxi-2024-10?_gl=1*bbcxw6*_ga*MTgwNjk2NzI1OC4xNzIwNDY0ODMz*_ga_E21CV80ZCZ*MTcyOTY4ODYyMy4yNzEuMS4xNzI5Njg4ODcxLjM2LjAuMA..">eport earnings after the closing bell</a>.Earnings season has been off to a strong start so far. 79% of S&amp;P 500 companies that have already reported financials have <a target="_blank" class="" href="https://insight.factset.com/sp-500-earnings-season-update-october-18-2024">beaten earnings estimates</a>, according to a FactSet analysis last Friday."The bar for third-quarter earnings is low, with analysts currently expecting only about a 3% increase in S&amp;P 500 earnings per share (EPS). That low bar and a supportive economic environment points to potential upside," LPL Financial wrote in a note.MacDonald's stock dropped 6% after the Centers for Disease Control and Prevention said an outbreak of <a target="_blank" class="" href="https://www.businessinsider.com/mcdonalds-e-coli-outbreak-tied-quarter-pounders-2024-10">E. Coli linked to the fast food chain's quarter pounders</a> led to one death and 10 hospitalizations. Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Wednesday:<ul><li><a target="_blank" href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,831.32, down 0.34% </li><li><a target="_blank" href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 42,666.37, down 0.62% (-262.74 points)</li><li><a target="_blank" href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq composite</a>: 18,477.25, down 0.52%</li></ul>Here's what else is going on:<ul><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/paul-tudor-jones-gold-crypto-bitcoin-election-inflation-debt-crisis-2024-10">Legendary investor Paul Tudor Jones</a> says he's buying gold and bitcoin prior to the November election.</li><li>A<a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/trump-anti-china-stocks-semiconductors-export-controls-tariffs-trade-10"> Trump win could fuel a long-term buying opportunity</a> in Chinese stocks, according to one stock chief.</li></ul>In commodities, bonds, and crypto:<ul><li><a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">West Texas Intermediate</a> crude oil dipped 1% to $71.03 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a>, the international benchmark, was lower by 1.01% to $75.27 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price">Gold</a> slid 0.59% to $2,732.47 an ounce.</li><li>The 10-year Treasury yield ticked higher three basis points to 4.242%.</li><li><a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> edged lower to $66,785.</li></ul>

Stock market today: US stocks drop and bond yields climb as investors temper expectations for rate cuts

<ul class="summary-list"><li>Four years ago, the people who ran Deadspin quit the sports site and launched their own.</li><li>Defector, which relies on subscription revenue, was a hit out of the gate.</li></ul>Four years ago, <a target="_blank" class="" href="https://defector.com/">Defector</a> Media launched with a great story: It was a punchy, eclectic sports website run — and, crucially, owned — by former employees of sports website Deadspin, who had <a target="_blank" href="https://www.npr.org/2019/11/01/775548069/after-days-of-resignations-the-last-of-the-deadspin-staff-have-quit">quit en masse after fighting with their owner</a>.Defector founders tried selling subscriptions to launch the site, and that worked fabulously well: By the end of the site's first year, it had 36,000 subscribers (I was — and am still — one of them), $3.2 million in revenue, and $200,000 in operating profit."This rules — so far," <a target="_blank" href="https://podcasts.apple.com/tw/podcast/defector-media-life-after-deadspin-is-good-and-profitable/id1080467174?i=1000534063269">Defector Editor in Chief Tom Ley told me in 2021</a>.How's it going now?On the one hand, pretty darn well. Defector's revenue is now up to $4.6 million a year, and it's still profitable.But on the other hand, it's getting harder. Growth is plateauing, and making a living in digital media isn't getting any easier — whether you're a big, publicly traded publisher like <a target="_blank" href="https://ir.iac.com/static-files/c4f0ab4d-7404-4e83-9842-a90cdd0820b9">Meredith DotDash</a> or a tiny startup like Defector.You can see for yourself by looking at <a target="_blank" href="https://defector.com/defector-annual-report-year-four?utm_campaign=defector&amp;utm_medium=email&amp;utm_source=newsletter">Defector's annual report</a>, which gets pretty granular about what's working, what isn't, and what the company might do next.I highly recommend that you do, since it's a resource most publishers don't provide. But I can also sum it up for you: After signing up tens of thousands of subscribers in their first year, Defector is finding it increasingly hard to sign up new subscribers, and to keep the ones they have."We get smarter all the time," says Jasper Wang, who runs Defector's business operations. "But each incremental 1,000 subscribers are way harder to get than the last 1,000."Over the last year, Defector's subscriber count peaked at 42,500 — just a hair above the previous peak from the year earlier, when it topped out at 42,100.There are two ways for Defector to try to increase that number: It can work on getting the site and its offerings to more people, in hopes of getting more sign-ups. And it can work on keeping more of the subscribers it does have — to cut down on <a target="_blank" href="https://www.businessinsider.com/netflix-wins-streaming-wars-this-chart-shows-why-2024-1">churn, the bane of any subscription business</a>.Neither path is easy.Digital distribution is getting more difficult for every kind of publisher, as everyone from Twitter to Google to Facebook seems more interested in keeping users on their own properties than referring them to other sites. Defector thinks it can combat this with gift links that paying subscribers can pass along to their friends. That's supposed to create what the company calls "high-quality referrals."Meanwhile, the company is trying to cut down on churn by getting readers to spend more time on the site since the biggest predictor of renewals is the number of articles a subscriber reads. Defector says "onboarding" emails to new subscribers, pointing out articles and coverage they may not know about, has helped reduce churn by up to 10 percentage points.But no single thing is going to solve any of Defector's issues, which is why it's trying a lot of things. Next up: ads.Defector has always been just about ad-free, with an occasional ad or sponsorship here and there. In their words: "There are generally two ways to make money publishing words on the internet, and we've largely ignored one of them so far."But now the site thinks it's ready to try advertising for real and will start showing a regular diet of ads to non-subscribers later this year. It will hopefully be a twofer for the company: more revenue, derived primarily from readers who aren't likely to ever become subscribers, plus a gentle nudge that might prompt some non-subscribers to pay up to have a (mostly) ad-free experience.In any case: I don't often recommend annual financial reports as pleasure reading. But if you work in media, or are slightly curious about how the stuff on your screen gets to you, <a target="_blank" href="https://defector.com/defector-annual-report-year-four?utm_campaign=defector&amp;utm_medium=email&amp;utm_source=newsletter">I can't recommend it enough</a>.

Defector Media started with a bang. It's an uphill climb to keep growing — just like in most of digital media.

<ul class="summary-list"><li>'Free Solo' climber Alex Honnold witnessed the effects of climate change throughout his career.</li><li>He's seen glaciers and ice features melt away in Patagonia and Alaska.</li></ul>In 2023, world-famous climbers Alex Honnold (of "<a target="_blank" class="" href="https://www.businessinsider.com/free-solo-documentary-directors-interview-filming-alex-honnold-el-capitan-climb-without-rope-2018-9">Free Solo</a>" fame) and Tommy Caldwell tackled the Devils Thumb, a hazardous mountain in southeastern <a target="_blank" class="" href="https://www.businessinsider.com/living-in-alaska-pros-cons-outdoors-no-sunlight-cheap-rent-2023-12">Alaska</a>.Before their ascent, Honnold and Caldwell hiked to the mountain's base, tripping over piles of boulders. The path didn't always look so treacherous."What used to be relatively benign snowfields have melted down into shattered glaciers and exposed rock," Honnold, 39, says in "The Devil's Climb," a new documentary about the journey.<div type="image" title="Alex Honnold climbing the Devils Thumb." height="4032" width="6048" msid="114222330" hostid="261" sizebytes="1838584"></div>Honnold told Business Insider that the mountain changed significantly over the past decade, which made planning the climb more challenging."A lot of the photos were from 2014 or 2016, and in just the span of seven or eight years, the mountain had melted out like a ton," he said. In particular, the northwest face had a different terrain. "It was a different mountain, which kind of changed our climbing experience."Throughout his climbing career, Honnold has witnessed similarly stark <a target="_blank" class="" href="https://www.businessinsider.com/category/climate-change">environmental changes</a>. It inspired him to start the <a target="_blank" href="https://www.honnoldfoundation.org/">Honnold Foundation</a> in 2012, a non-profit that builds renewable energy resources around the world."It makes it easy to talk about climate change to people because you see it with your own eyes," he said.<h2 id="fd331123-0e91-4e8f-9bfe-849404bb66b5">He's seen 'dramatic' landscape changes on his climbs</h2>Honnold and Caldwell previously planned an ice climb in <a target="_blank" class="" href="https://www.businessinsider.com/hiking-patagonia-argentina-trekking-poles-would-have-helped-2023-12">Patagonia, Argentina</a>. But once they got to the area, they learned the ice feature had fallen down the year before."It was just gone and would probably never re-form again," Honnold said, noting that it takes hundreds of years for snow to compress back into an ice wall.<div type="image" title="An aerial view of Alex Honnold and Tommy Caldwell climbing the Devils Thumb." height="3158" width="4218" msid="114222329" hostid="261" sizebytes="2452676"></div>In that same area, he's seen a glacial lake extend "double the distance" due to <a target="_blank" href="https://www.antarcticglaciers.org/glaciers-and-climate/glacier-recession/shrinking-patagonian-glaciers/">receding glaciers</a>. "Year over year, you see the glaciers move so much that it changes the way in which you can hike into the mountains," he said. "It's really dramatic."<h2 id="9bb67b3f-b0d3-4dae-9638-074269667801">His foundation focuses on communities</h2>In 2023, the Honnold Foundation helped launch the <a target="_blank" href="https://www.canarymedia.com/articles/clean-energy/puerto-ricos-first-community-led-microgrid-is-ready-to-launch">first community-led microgrid project</a> in Puerto Rico. Comprised of rooftop solar panels, it was intended to be a solution to the island's electricity shortage after Hurricane Maria in 2017.Honnold said the foundation's projects focus on helping communities because "there's no real point in solving environmental issues if you're not also improving human living conditions."The organization has also installed <a target="_blank" class="" href="https://www.businessinsider.com/new-passive-income-side-hustle-selling-electricity-neighbors-solar-panels-2023-12">solar panels</a> in US cities like Detroit and Memphis to help families reduce their electricity bills.<h2 id="b287c5aa-8aa7-44c3-adb4-ce155363d449">He mentions climate change at corporate events</h2>In a recent interview on the <a target="_blank" href="https://youtu.be/Hw2y6OWcqZc?si=kjl0Pc30kH2ZRGWm&amp;t=2242">"Rich Roll" podcast</a>, adventure journalist Adam Skolnick shared an anecdote about how Honnold raises money for his foundation by <a target="_blank" href="https://www.newyorker.com/culture/culture-desk/do-good-climbers-make-good-capitalists">hosting climbing and outdoor events</a> with top business leaders where he mentions the impacts of climate change.Skolnick said that Honnold will "scold them for their environmental issues and implore them to do good and do better," before taking them on excursions.While Honnold said said while he rarely leads events this way, climate change conversations come up a lot in his career "because as a climber, you see it so acutely.""I fundraise for the foundation really in any way that I can," Honnold said. "I'm happy to take money from anybody if it means supporting community solar around the world.""The Devil's Climb" premieres October 17 at 9pm EST on National Geographic and streams the next day on Disney+ and Hulu.

'Free Solo' climber Alex Honnold often sees melted glaciers on his climbs. It's changed the course of his career.

New Delhi: Shares of <keyword id="19903587" type="General" weightage="20" keywordseo="Life-Insurance-Corporation-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Life Insurance Corporation of India" meta.hostid="261" meta.entityid="Life Insurance Corporation of India">Life Insurance Corporation of India</keyword> (<keyword id="6367143" type="General" weightage="100" keywordseo="LIC" source="Orion">LIC</keyword>) climbed 3 per cent on Friday after the company reported a 10 per cent rise in net profit to Rs 10,461 crore in the June 2024 quarter. The stock jumped 3 per cent to Rs 1,159.60 on the <keyword id="19895774" type="General" weightage="20" keywordseo="BSE" source="keywords">BSE</keyword>. At the NSE, it climbed 3 per cent to Rs 1,160 apiece. The state-owned life insurance behemoth had a net profit of Rs 9,544 crore in the year-ago period. The total income increased to Rs 2,10,910 crore during the latest June quarter as against Rs 1,88,749 crore in the year-ago period, LIC said in a regulatory filing on Thursday. <keyword id="22725292" type="General" weightage="20" keywordseo="lic-md" source="keywords">LIC MD</keyword> and CEO Siddhartha Mohanty said the Assets Under Management (AUM) increased to Rs 53,58,781 crore as on June 30, as compared to Rs 46,11,067 crore at the end of same quarter previous year, registering an increase of 16.22 per cent. The total premium income for the quarter increased by 16 per cent to Rs 1,13,770 crore, as compared to Rs 98,363 crore in the same quarter a year ago. Asked about entry into the health insurance business, he said, LIC is exploring the option of picking up majority stakes in a standalone health insurance company.

LIC shares climb 3 percent after earnings announcement

<ul class="summary-list"><li>Nvidia's stock rally has another 12-18 months left to go, according to S&amp;P Global's Andrew Chang.</li><li>The stock has at least another year of "strong runaway" amid big demand for its chips, Chang said.</li></ul>Nvidia stock has a lot more room to climb — and shares of the market's <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-stock-price-earnings-party-investors-cult-investing-memes-2024-9">most popular chip maker</a> are bound to soar for at least another year, according to Andrew Chang, a technology director at S&amp;P Global Ratings.The banking veteran pointed to recent <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-taiwan-tsmc-jensen-huang-china-disruption-2024-9">comments from Jensen Huang</a>, who sparked a sharp rally in NVDA shares this week after speaking at a Goldman Sachs conference in San Francisco. The Nvidia CEO issued more guidance on consumer demand and, in particular, demand for Blackwell, the company's next-gen GPU.His comments bolster predictions of continued upside for Nvidia, Chang said in an interview with <a target="_blank" class="" href="https://www.youtube.com/watch?v=3FnQmDld9gA">Schwab Network</a> on Friday."It just confirms our view that we have strong runway for at least the next 12 months," Chang said.Nvidia's partners are also showing signs of strong chip demand. Oracle, which has an ongoing partnership with Nvidia, bumped up its revenue forecasts after beating earnings for the first quarter. The software firm also doubled its planned capital expenditures for the fiscal year — which are all bullish signs for Nvidia."All of these are great data points that, at least for the next 12 to 18 months, things look great," Chang said of the Jensen Huang-led firm.Still, he acknowledged some concerns investors have been airing. Some have floated worries that Nvidia's growth is unsustainable, given the stock's monster 2,514% gain over the last five years.Some analysts have warned demand for Nvidia's chips may not hold strong in the coming years, as <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-price-prediction-artificial-intelligence-chips-gpu-earnings-report-2024-5">the firm's largest customers could eventually turn into competitors</a>. <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/apple-working-on-its-own-ai-chip-for-data-centers-wsj-1033340339?utm_medium=ingest&amp;utm_source=markets">Apple</a> and <a target="_blank" class="" href="https://www.businessinsider.com/microsoft-making-ai-chips-to-compete-with-aws-documents-confirm-2023-6?utm_medium=ingest&amp;utm_source=markets&amp;_gl=1*13d1ns4*_ga*OTI1ODIwOTQ2LjE3MTYzOTg2NjU.*_ga_E21CV80ZCZ*MTcyNjI0ODk5Ni4zNDEuMS4xNzI2MjQ5Mzk1LjMyLjAuMA..">Microsoft</a>, two huge customers of Nvidia's GPUs, are reportedly working on their own AI chips."Ultimately, if Oracle, if Microsoft, if Amazon don't see the ROI that they expect, they're going to cut orders. So hyperscale, demand volatility is something that really concerns us," Chang said. "But, you know, these data center players have been known to order a bunch and then pause for several quarters. That's what we're looking out for."Investors will also need to be on the lookout for tighter regulation of AI. <a target="_blank" class="" href="https://www.businessinsider.com/doj-subpoena-nvidia-antitrust-investigation-heats-up-report-2024-9">Nvidia was recently targeted</a> by the Department of Justice in a fresh antitrust probe, Bloomberg reported, and it's just a "matter of time" before other countries follow suit and try to regulate the technology, Chang said.Nvidia stock sold off in the weeks following its earnings report at the end of August, <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/oracle-nvidia-help-revive-stock-markets-ai-trade-this-week-2024-9">but the stock staged a fresh rally this week</a> alongside other tech stalwarts including Oracle and Super Micro Computer. Wall Street remains generally bullish on Nvidia. According to Nasdaq data, analysts have issued an average price target of $153 a share, implying a 29% upside from current levels.

Nvidia stock can climb for the next 12 months, S&P Global analyst says

<ul class="summary-list"><li>Stocks were higher on Tuesday after PPI showed wholesale inflation was less than expected in July.</li><li>The reading came in at 0.1% month over month, compared to estimates of 0.2%.</li></ul>US stocks were up on Tuesday after the producer price index for July showed wholesale inflation rose less than expected.Data from the Bureau of Labor Statistics showed that producer prices increased 0.1% last month compared to estimates of 0.2%. On an annual basis, PPI rose 2.3%, a significant decline from June's 2.7%.The cooler-than-expected reading should boost optimism for consumer prices to show a decline in inflation when the consumer price index is released on Wednesday.That would keep the door open for the Federal Reserve to loosen monetary policy at its next meeting after holding rates steady for the last year. Odds of an extra-large 50 basis point cut are now slightly ahead of the odds of a smaller, more typical 25 basis point reduction at the September Federal Open Market Committee meeting, according to <a target="_blank" class="" href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html?redirect=/trading/interest-rates/countdown-to-fomc.html">the CME FedWatch tool</a>."The PPI data this morning came in lower than expected – across the board – which is good news for those investors that worried the Fed would have to be more cautious in lowering interest rates due to lingering inflation," Chris Zaccarelli, CIO of Independent Advisor Alliance, said Tuesday."If tomorrow's CPI report comes in lower than expected, like this morning's PPI report did, then the Fed truly has a green light to cut rates by 50 bps at their next meeting if they deem it necessary to quickly get back to neutral in the face of a looming slowdown in the economy."Shares of Home Depot dropped Tuesday morning as the home improvement retailer slashed its earnings guidance for the full year on slower consumer demand. The company joins a growing list of big firms that have cited weaker spending in cutting outlooks for the coming quarters.Investors will get a fuller picture of consumer health on Thursday with retail sales data for July. Bank of America analysts wrote in a note that they expect the data to show healthy spending, keeping the US on track to avoid a recession."In our view, the trajectory of retail spending growth points to a soft landing for the economy. Therefore, we think investors should expect Fed cuts to be slow and steady - at a pace of 25bp per quarter, starting in September - rather than fast and furious."Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Tuesday:<ul><li><a target="_blank" href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,386.35, up 0.8% </li><li><a target="_blank" href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 39,551.47, up 0.49% (+194.46 points)</li><li><a target="_blank" href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq composite</a>: 16,984.68, up 1.22%</li></ul>Here's what else is going on:<ul><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/excessive-ai-spending-tech-stocks-investing-nvidia-blackwell-rally-bofa-2024-8">There are four reasons investors' AI earnings growth jitters</a> are premature, according to Bank of America.</li><li>Oil prices edged slightly lower Tuesday morning <a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/oil-prices-attack-iran-israel-wti-brent-crude-hamas-hezbollah-2024-8">after surging on Monday</a> as tensions in the Middle East soared.</li><li><a target="_blank" class="" href="https://www.businessinsider.com/starbucks-ceo-steps-down-replaced-by-chipotle-chief-2024-8">Starbucks replaced CEO Laxman Narasimhan</a> with Chipotle chief exec Brian Niccol. The stock surged 20% Tuesday morning. </li><li>Shares of Trump Media extended their decline after the former president sat for an interview with Elon Musk on X.</li></ul>In commodities, bonds, and crypto:<ul><li>Oil futures were slightly lower. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">West Texas Intermediate</a> crude oil dipped 0.75% to $79.47 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a>, the international benchmark, fell 0.8% to $81.67 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price">Gold</a> inched up to $2,508 per ounce.</li><li>The 10-year Treasury yield dropped five basis points to 3.9856%.</li><li><a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> was down 1% to $59,992.</li></ul>

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