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<keyword id="19995882" type="General" weightage="100" keywordseo="Berkshire-Hathaway" source="keywords" meta.keywordsubtype="org" meta.entityname="Berkshire Hathaway" meta.hostid="261" meta.entityid="Berkshire Hathaway">Berkshire Hathaway</keyword> Inc., the conglomerate led by American Businessman <keyword id="19921921" type="General" weightage="20" keywordseo="Warren-Buffett" source="keywords">Warren Buffett</keyword>, has made history by becoming the first U.S. non-tech company to surpass the USD <keyword id="6852179" type="General" weightage="20" keywordseo="1-trillion" source="Orion">1 trillion</keyword> mark in <keyword id="20000950" type="General" weightage="20" keywordseo="market-capitalisation" source="keywords">market capitalisation</keyword>. The <keyword id="19998639" type="General" weightage="20" keywordseo="stock-price" source="keywords">stock price</keyword> of Berkshire Hathaway surged by USD 3.96 on the New York Stock Exchange, closing at USD 464.59 per share on Wednesday. With this milestone, Berkshire Hathaway joins an exclusive group of six other companies, primarily from the <keyword id="19896148" type="General" weightage="20" keywordseo="technology-sector" source="keywords">technology sector</keyword>, that have crossed the USD 1 trillion threshold. This list includes Apple, Nvidia, Microsoft, Alphabet (the parent company of Google), Amazon, and Meta Platforms (the parent company of Facebook). The stocks of Berkshire Hathaway have seen significant growth this year, appreciating by more than 28 per cent on the New York Stock Exchange. Despite this achievement, the broader U.S. stock markets faced a downturn on Wednesday. Both the S&amp;P 500 and the Nasdaq indices declined, largely due to profit-taking by investors. This market pressure in the U.S. had a ripple effect across Asian markets, where major indices also faced selling pressure on Thursday morning. In Asia, Japan's Nikkei index fell by 0.45 per cent, while Hong Kong's Hang Seng index declined by 0.55 per cent. Taiwan's Taiwan Weighted Index emerged as the largest loser among the major Asian markets, dropping by 1.32 per cent. In the Indian markets on Wednesday, the Nifty 50 index at the National Stock Exchange (NSE) touched a record new lifetime high of 25,114.05 during the trading. The sectoral stocks of IT contributed the most to the fresh lifetime high ever of Nifty. Rate cut hopes in the US and subsequent buying from foreign portfolio investors supported the market. The sectoral index of IT was trading with a lead of 1.96 per cent with stocks of major <keyword id="20062339" type="General" weightage="20" keywordseo="IT-companies" source="keywords">IT companies</keyword> such as LTIMindtree, Wipro, and Infosys are trading as the biggest gainers in the trade. <keyword id="19925636" type="General" weightage="20" keywordseo="stock-market" source="keywords">Stock market</keyword> opened nearly flat on Wednesday with Nifty starting above 25,000 and BSE Sensex opening at 81,800. Over the past few trading sessions, the Nifty was in the tight range despite the positive global cues. "Finally it has broken through to fresh all-time highs. This opens up possibilities for a strong upmove now. Sector-wise, domestic cyclicals will lead the way while IT is coming back in favour of selective name," said Ajay Bagga, Market and Banking expert.

Warren Buffett-led Berkshire Hathaway becomes first non-tech US company to cross USD 1 trillion market cap

<ul class="summary-list"><li>Tesla stock is down 7% since it reported third-quarter vehicle deliveries on Wednesday. </li><li>JPMorgan sees the stock drifting even lower, by as much as 48% to its $130 price target.</li></ul>JPMorgan raised its price target for Tesla stock — but the bank still sees shares of Elon Musk's electric carmaker falling almost 50% in the coming year. <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/TSLA-stock">Tesla</a> stock is down 7% since it reported <a target="_blank" class="" href="https://www.businessinsider.com/tesla-q3-deliveries-preview-wall-street-expects-beat-mojo-returns-2024-9">third-quarter vehicle deliveries</a> on Wednesday, but JPMorgan thinks it can go much lower.In a Thursday note, the bank set its December 2025 Tesla stock price target to $130, representing potential downside of 48% from Wednesday's close.That target is a slight increase from the bank's prior target of $115 a share.According to <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/jpm-stock">JPMorgan</a> analyst Ryan Brinkman, Tesla could be on the verge of not growing its full-year unit volumes for the first time ever."The continued softer trend now appears to position Tesla to potentially not grow full year unit volumes for the first time in its history, which we estimate could cause incrementally more investors to reconsider the company's growth stock multiple," Brinkman said.Year-to-date, Tesla has delivered 1.29 million vehicles. To exceed its 2023 vehicle delivery volumes of 1.81 million vehicles, the company would have to deliver more than 520,000 vehicles in the fourth quarter, which is more than what Wall Street analysts expect.Consensus estimates on Wall Street are tracking at about 500,000 vehicle deliveries in the fourth quarter, Wedbush analyst Dan Ives said.Meanwhile, the most vehicles Tesla has ever delivered in a quarter is 484,507, which occurred in the fourth quarter of 2023.Brinkman believes Tesla's potential inability to grow vehicle deliveries this year, which CEO Elon Musk has previously said should grow at an annual rate of 50% for the long term, could cause investors "to pay more attention to the growing gap between fundamentals and valuation."And even with its $130 price target, Brinkman believes that's a generous valuation for the automaker."Despite implying material downside risk, we feel our valuation analysis, nevertheless, generously values Tesla as the world's most valuable automaker, given it is suggestive of a ~$400 market capitalization vs. Toyota $290 bn despite considerably less earnings and cash flow and given the company's stalled automotive growth over the past two years makes it harder to embrace the hyper growth story," Brinkman concluded.Of course, while Brinkman has been a longtime Tesla bear, the bulls view it as less of a traditional automaker and more of a technology company.Tesla is set to host an event on October 10 to showcase its robotaxi plans. Meanwhile, Tesla bull Adam Jonas of Morgan Stanley has speculated that Tesla can grow its valuation by selling its own phone and even drones."Is it just me, or are you seeing more 'breadcrumbs' from Tesla's CEO that could potentially connect Tesla with aviation?" Jonas asked in a note earlier this week.This differing view among analysts — over whether Tesla is an automaker or a tech company — explains the widening gulf between price targets among the bears and the bulls. Jonas has a $310 price target for Tesla stock, more than double Brinkman's $130 target.

JPMorgan just raised its price target for Tesla — but it still expects a 48% crash in the stock

<ul class="summary-list"><li>US stocks fell Monday as bond yields and oil prices moved higher.</li><li>The rise in oil prices and solid September jobs report has revived inflation concerns.</li></ul>US stocks retreated from near-record highs on Monday, with all three major moving averages declining by about 1%.A number of risk factors pushed stocks lower on Monday, including a jump in interest rates and oil prices, the <a target="_blank" class="" href="https://www.businessinsider.com/hurricane-milton-category-five-threatens-florida-fema-funding-2024-10">growing intensity of Hurricane Milton</a>, and negative news flow for a couple of mega-cap technology stocks.The 10-year US Treasury yield jumped back above 4% on Monday, representing its highest level in about two months. Friday's release of the September jobs report sparked the move higher in yields.The stronger-than-expected nonfarm payroll report showed <a target="_blank" class="" href="https://www.businessinsider.com/september-jobs-report-unemployment-rate-nonfarm-payroll-growth-federal-reserve-2024-10">employers added 254,000 jobs</a> last month, crushing estimates of about 150,000. The unemployment rate also declined slightly to 4.1%.Meanwhile, oil prices continued to surge on Monday, rising by about 4% as tensions in the Middle East continued to simmer on the first anniversary of the Hamas-led attack against Israel.The rise in oil prices and the stronger jobs report are fanning fears of a potential rebound in inflation, which would mean fewer rate cuts from the Federal Reserve."After Friday's strong employment report, the consensus might pivot to 'no rush to ease further' during the fall. We can't rule out 'higher for longer' making a comeback this winter. We are in the none-and-done camp for the rest of this year," Yardeni Research said in a note on Monday.Finally, a Wells Fargo analyst downgrade of Amazon sent that stock lower by about 3%, while Alphabet shares dropped 2% after a judge ordered <a target="_blank" class="" href="https://www.reuters.com/legal/us-judge-orders-google-open-up-app-store-competition-2024-10-07/">the company to open its app store to more competition,</a> handing a victory to Epic Games.Investors will <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-q3-earnings-preview-investors-themes-ai-interest-rates-2024-10">turn their attention to earnings season, which kicks off this week</a> with results from PepsiCo on Tuesday, followed by the first of the major banks on Friday.Finally, the September CPI report is also due out this Thursday. Economists expect the CPI index to rise 2.3% year-over-year in September, down from 2.5% in August. Bank of America analysts note that an upside surprise in last month's inflation reading has the potential <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-volatility-cpi-inflation-september-jobs-report-bofa-2024-10">to send stocks on a roller coaster this week</a>. Here's where US indexes stood shortly at the 4:00 p.m. closing bell on Monday:<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>: 5,695.94, down 0.96% </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>: 41,954.24, down 0.94% (-398.51 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>: 17,923.90, down 1.18% </li></ul>Here's what else is going on:<ul><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-price-nvda-smci-super-micro-100000-gpu-chips-2024-10">Nvidia stock jumped 4% on Monday after Super Micro Computer said it was shipping more than 100,000 GPUs per quarter.</a></li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-september-jobs-report-growth-value-david-kelly-2024-10">JPMorgan's chief strategist told Business Insider why he is feeling "increasingly queasy" about the market.</a></li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/tesla-stock-trader-lost-306-million-according-to-lawsuit-rbc-2024-10">A Tesla trader turned $65,000 into $306 million before losing it all, according to a lawsuit.</a></li><li><a target="_blank" class="" href="https://www.businessinsider.com/texas-housing-market-home-prices-falling-austin-dallas-moving-trends-2024-10">Falling home prices and fed-up residents show the Texas housing boom is slowing down.</a></li><li><a target="_blank" class="" href="https://www.businessinsider.com/inflation-outlook-fed-interest-rate-cuts-jobs-report-us-economy-2024-10">Consumer prices are still in focus for investors despite the Fed's recent pivot to the labor market.</a></li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-goldman-sachs-boosts-sp500-price-target-again-2024-10">Goldman Sachs increased its year-end S&amp;P 500 price target for the third time this year to 6,000.</a></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 jumped 3.93% to $77.30 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a>, the international benchmark, was higher by 3.89% to $81.09 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price">Gold</a> was down 0.18% to $2,663.00 an ounce.</li><li>The 10-year Treasury yield was higher by 7 basis points at 4.032%.</li><li><a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> was higher by 0.82% to $63,335.</li></ul>

Stock market today: Indexes drop and yields, oil prices spike ahead of earnings and fresh economic data

<ul><li>The Nothing Phone (2a) is the latest mid-range smartphone from Nothing in India.</li><li>The device has been priced starting at ₹23,999 and is available in three variants.</li><li>Here’s my review of the Nothing Phone (2a) that will help you decide whether to buy the device or not. </li></ul> Carl Pei-led <keyword id="22591291" type="General" weightage="20" keywordseo="Nothing-Technologies" source="keywords" meta.keywordsubtype="org" meta.entityname="Nothing Technologies" meta.hostid="261" meta.entityid="Nothing Technologies">Nothing Technologies</keyword> recently launched the<a href="https://www.businessinsider.in/tech/mobile/news/nothing-phone-2a-smartphone-debuts-in-india-priced-starting-at-23999/articleshow/108240037.cms"> Phone (2a)</a>, the company’s third smartphone and its most affordable offering to date. The device features the company’s signature transparent design while toning down the Glyph interface. The Nothing Phone (2a) is placed below the Nothing Phone (2) and is aimed at users looking for a more affordable option but wanting a similar design and UI. The device’s highlights include its design, clean UI and battery life. I have been using the Nothing Phone (2a) for a few days now, and here is my detailed review of the latest mid-range smartphone from the smartphone maker. <h2>Nothing Phone (2a) price and availability</h2>The Nothing Phone (2a) has been launched in three variants. The base variant, with 8GB RAM and 128GB of internal storage has been priced at ₹23,999. The mid variant with 8GB of RAM and 256GB of internal storage has been priced at ₹25,999 and the top-end variant with 12GB RAM and 256GB of internal storage has been priced at ₹27,999. The Nothing Phone (2a) is available in four colour options – Black, Blue, Special Edition and White. In the box <ul><li>Nothing Phone (2a)</li><li>USB Type-C to Type-C cable</li><li>SIM ejector tool</li><li>Documentation</li></ul><h2>Nothing Phone (2a) specifications</h2> <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Specifications </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Display </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.7-inch Full HD+ OLED </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Refresh rate </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">120Hz </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Protection </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Gorilla Glass 5 </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Chipset </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">MediaTek Dimensity 7200 Pro </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Variants </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">8GB + 128GB, 8GB + 256GB, 12GB + 256GB </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Rear camera </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">50MP + 50MP </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Selfie camera </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">32MP </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Battery </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">5,000mAh </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Charging </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">45W </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wireless charging </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">NA </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fingerprint sensor </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">In-display fingerprint sensor </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Weight </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">190 grams </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Water resistance </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">IP54 </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> <h2>Pros and cons</h2>Pros <ul><li>Design</li><li>Performance</li></ul>Cons <ul><li>No charger in the box</li><li>Average low-light photography</li></ul><h2>Design and display</h2>Starting with the design, Nothing has made several changes to the design of the device when compared to its predecessors, while retaining its transparent design language. The device comes in four colour options – Black, Blue, Special Edition and White. I received the Black colour variant of the device, which is also my preferred variant. <div type="image" title="Rear" msid="112111179" hostid="261" sizebytes="74046" caption="&amp;lt;p&amp;gt;Nothing Phone (2a) rear design&amp;lt;/p&amp;gt;"></div> The Nothing Phone (2a) comes with a redesigned camera module, with the cameras placed horizontally and the LED flash placed above the camera module. The smartphone comes with a transparent plastic back, showcasing some of the interiors of the device. While you may want to use the device without a case to flaunt the design, it is a dust and fingerprint magnet and you may be forced to slap on a case. The company has reduced the number of lights on the Glyph interface to just three for the Nothing Phone (2a) but they look good and add a unique touch to the device. The Glyph interface lights up for notifications, calls and even to show the battery level while being charged. <div type="image" title="Right" msid="112111191" hostid="261" sizebytes="74214" caption="&amp;lt;p&amp;gt;Power button&amp;lt;/p&amp;gt;"></div> The smartphone features a matte black plastic frame with the power button placed on the right side. <div type="image" title="Left" msid="112111200" hostid="261" sizebytes="66714" caption="&amp;lt;p&amp;gt;Volume rockers on the left&amp;lt;/p&amp;gt;"></div> You get two individual volume rockers on the left side. <div type="image" title="Top" msid="112111212" hostid="261" sizebytes="55984" caption="&amp;lt;p&amp;gt;Microphone at the top&amp;lt;/p&amp;gt;"></div> At the top, you get a microphone. <div type="image" title="Bottom" msid="112111219" hostid="261" sizebytes="49696" caption="&amp;lt;p&amp;gt;Ports at the bottom&amp;lt;/p&amp;gt;"></div> At the bottom, the device features a SIM tray, a microphone, a USB Type-C port and a speaker grille. Coming to the display, the smartphone features a 6.7-inch Full HD+ OLED display with a 120Hz refresh rate and up to 1300 nits peak brightness. <div type="image" title="Display" msid="112111228" hostid="261" sizebytes="79354" caption="&amp;lt;p&amp;gt;Nothing Phone (2a) display&amp;lt;/p&amp;gt;"></div> The display is quite bright and easy to read outdoors, offering good sunlight visibility. The colours are accurate and you will not face any issues, whether you are gaming, watching movies or just browsing social media. It is equipped with Corning Gorilla Glass 5 to offer protection to the display. <h2>Software and performance</h2>The Nothing Phone (2a) runs on Android 14 out of the box with the company’s Nothing OS 2.5 on top. The device will get three years of Android updates and four years of security updates, which is fine for a mid-range smartphone. If you have used a Nothing phone before, the software remains the same. You get a near-stock Android experience, along with improvements and added customisation options. Nothing is popular for its quirky widgets and that is also the case with the Phone (2a). You get a good collection of widgets with the device and it does not come with any bloatware so you don’t have to worry about having to uninstall a ton of apps. In terms of performance, the Nothing Phone (2a) is powered by the MediaTek Dimensity 7200 Pro chipset coupled with up to 12GB LPDDR4X of RAM and 256GB of UFS 2.2 internal storage. The Dimensity 7200 Pro offers good performance and battery efficiency. The chipset, which is coupled with ample RAM and storage can handle multitasking efficiently, without any stuttering. I played popular titles such as Asphalt 9 and Call of Duty: Mobile on the device and did not notice any stuttering. If you are a casual gamer, you can get the device without any worries. If you plan on using the device for extended gaming sessions, it does heat a little but is manageable. The Nothing Phone (2a) is powered by a 5,000mAh battery with 45W fast charging support. The device is power efficient and easily offers over a day’s of battery life, with regular usage, streaming and light gaming. <h2>Camera</h2>Coming to the camera department, the Nothing Phone (2a) features a dual camera setup at the back consisting of a 50MP primary camera with OIS and a secondary 50MP ultra-wide-angle camera. <div type="image" title="Rear camera" msid="112111250" hostid="261" sizebytes="33010" caption="&amp;lt;p&amp;gt;Nothing Phone (2a) rear camera&amp;lt;/p&amp;gt;"></div> The device can capture good photos in daylight conditions, with good colour reproduction and proper saturation. The device can capture a good amount of detail. In low light conditions, the images captured are decent but there is some noise. The colours are good and there is minimal noise. The device can capture good portraits in daylight conditions, with proper edge detection and subject focus. While there is no telephoto camera offered with the phone, you can capture decent shots using the 2x zoom option. On the front, the device features a 32MP selfie camera. The selfie camera works well and is great for capturing selfies and video calls. <h2>Verdict</h2>The Nothing Phone (2a) is a well-designed smartphone that stands apart in the crowd while offering decent features. The device comes with a clean UI, good software support and offers decent performance. The device does have its share of issues such as a back that attracts fingerprints and lack of a charger in the box. Overall, the Nothing Phone (2a) is a good option worth considering in the under ₹30,000 segment. Disclaimer: The content on this website is for informational purposes only and should not be construed as a purchasing guide or recommendation. We advise readers to do additional research, including hands-on usage of the device at a retail outlet, before making a decision. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/hp-omen-transcend-14-review/articleshow/108980896.cms">HP Omen Transcend 14 review – a feature-packed, lightweight gaming laptop with excellent display</a> <a href="https://www.businessinsider.in/tech/mobile/news/vivo-v30-pro-review/articleshow/108944431.cms">Vivo V30 Pro review: premium cameras in the mid-range segment</a> <a href="https://www.businessinsider.in/tech/mobile/news/oneplus-12-review/articleshow/108723955.cms">OnePlus 12 review: A feature-packed device with promising battery back-up</a>

Nothing Phone (2a) review – mid-range smartphone with an eye-catching design

I'm not saying that I am the next <a target="_blank" href="https://markets.businessinsider.com/news/stocks/jim-cramer-sees-any-weakness-in-nvidia-stock-as-chance-to-buy-it-1031303709">Jim Cramer</a>, but I had a point when I wrote just a few weeks ago that former President <a target="_blank" href="https://markets.businessinsider.com/news/stocks/trump-media-stock-crash-djt-truth-social-donald-trump-retail-2024-4">Donald Trump's social-media company</a> was <a target="_blank" href="https://www.businessinsider.com/trump-media-stock-price-crash-spac-djt-truth-social-2024-4?mrfhud=true">probably not going to be an awesome stock pick</a>. Was this <a target="_blank" href="https://www.businessinsider.com/barry-diller-trump-media-truth-social-scam-comments-2024-4">completely foreseeable</a> and <a target="_blank" href="https://markets.businessinsider.com/news/stocks/why-trump-media-stock-could-be-the-most-obvious-short-idea-in-the-market-1033240349">deeply obvious</a>? Absolutely.<keyword id="7020134" type="General" weightage="20" keywordseo="trump-media" source="Orion">Trump Media</keyword> &amp; Technology Group, which owns the conservative Twitter clone Truth Social, went public via SPAC in late March. (For those not familiar, a SPAC, or special-purpose acquisition company, is a shell company that goes public with the intention of buying an actual company later. In the Trump case, the shell company Digital World Acquisition purchased TMTG.) When the merger was completed, <a target="_blank" href="https://www.businessinsider.com/meme-stocks-mania-donald-trump-tmtg-truth-social-hasbro-paramount-2024-3">the stock — which trades under the ticker DJT — popped</a> to over $70 a share. TMTG's market cap topped $9 billion, and the former president's net worth, on paper, <a target="_blank" href="https://www.businessinsider.com/trump-wealth-tmtg-dwac-billionaires-stock-court-judgment-rich-list-2024-3">jumped to $7 billion</a>.And then, <keyword id="5173883" type="General" weightage="20" keywordseo="djt" source="Orion">DJT</keyword> popped again, but this time in the bad, bubble-bursting way. Its price <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-shares-donald-trump-media-plunged-18-financial-liabilities-tmtg-2024-4">fell</a>, and <a target="_blank" href="https://markets.businessinsider.com/news/stocks/trump-media-stock-price-djt-market-cap-5b-truth-social-2024-4">then it fell again</a>, and <a target="_blank" href="https://markets.businessinsider.com/news/stocks/trump-media-stock-price-drop-truth-social-meme-cash-windfall-2024-4?utm_medium=ingest&amp;utm_source=markets">then it fell some more</a>. The stock staged a bit of a rally at the end of last week, but it's still well off of its March highs. As of the end of trading on Friday, TMTG was trading at $36.38 down 54% from its peak and 41% since I wrote about it three weeks ago. Correspondingly, the former president's related wealth gains <a target="_blank" href="https://www.businessinsider.com/trump-media-stock-freefall-lost-ex-president-billions-2024-4">have come back down to earth</a>. People on Truth Social <a target="_blank" href="https://markets.businessinsider.com/news/stocks/trump-media-stock-crash-djt-truth-social-donald-trump-retail-2024-4">feel pretty bad</a> about it. Short sellers, if I had to guess, <a target="_blank" href="https://www.businessinsider.com/trump-media-short-interest-meme-stock-gamestop-2024-3">feel pretty good</a>, even if <a target="_blank" href="https://markets.businessinsider.com/news/stocks/trump-media-djt-stock-short-selling-protection-truth-social-shares-2024-4">Trump's company is trying to prevent them</a> from betting against it. Anyone investing in TMTG is in for a bumpy ride.While Trump is a political figure, Trump Media's stock price is not really a political story. Sure, there are some fervent followers who believe that buying the stock is akin to supporting the Republican presidential candidate. More broadly, though, TMTG's fall from grace is more of a business story with a hint of cultural weight that let it achieve some meme-stock-like status.The thing about TMTG is that it is not a good business. Its total revenue was $4.1 million in 2023, which is a little more <a target="_blank" href="https://www.businessinsider.com/what-it-costs-to-open-a-chick-fil-a-2016-1">than what a single McDonald's franchise</a> makes in a year, and it lost $58 million the same year. When the stock was near its highs, it was trading at something like 2,000 times the company's annual revenue. That is a lot. Nvidia, the high-flying vanguard of the artificial-intelligence revolution and one of the hottest stocks this year, is trading at about 35 times its revenue.Besides required financial information, Trump's media outfit won't disclose central data points that would give a better picture of how well it is — or, likely, isn't — doing. <a target="_blank" href="https://www.businessinsider.com/trump-media-truth-social-users-disclose-financials-djt-2024-4">As my colleague Peter Kafka has pointed out</a>, TMTG refuses to tell investors how many people are signing up for Truth Social, whether they're sticking with the platform, or what's happening in ad sales. In regulatory filings, the company says it "believes that adhering to traditional key performance indicators, such as signups, average revenue per user, ad impressions and pricing, or active user accounts including monthly and daily active users, could potentially divert its focus from strategic evaluation with respect to the progress and growth of its business." In other words, it doesn't think publicly disclosing how things are going will be good for its business prospects, which, I mean, tracks to the extent that the truth is probably bad. (To be clear, other publicly traded social-media companies, such as Reddit and Meta, do not keep a lot of this kind of information under wraps.)For all the gloominess now, Trump's media company says it has bigger and brighter days ahead. On Tuesday, TMTG <a target="_blank" href="https://markets.businessinsider.com/news/stocks/truth-social-to-launch-streaming-platform-1033252830">announced</a> that it planned to launch a streaming-TV platform where creators who can't find an audience for "unjust" reasons "won't be cancelled." The same day, its stock price fell by 14%, though the next day it bounced.TMTG isn't going under tomorrow. Its CEO, <a target="_blank" href="https://markets.businessinsider.com/news/stocks/5-things-you-might-not-know-about-devin-nunes-ceo-of-trump-media-technology-group-1031036814">Devin Nunes</a> — yes, <a target="_blank" href="https://www.businessinsider.com/judge-dismisses-devin-nunes-cow-lawsuit-against-twitter-parody-accounts-2020-6">that Devin Nunes</a>, the former US representative from California — has said it has millions of dollars in the bank thanks to the boost from going public. He's also trying to push back against short sellers in an attempt to keep those betting against the company at bay.All in all, for shareholders, this is not a fun roller-coaster ride. The stock is on a steady downward trajectory, and things aren't looking good. The <a target="_blank" href="https://www.businessinsider.com/donald-trump-tmtg-meme-stock-crash-truth-social-election-wealth-2024-4">company has filed plans to issue more shares</a>, which would raise even more cash for operations but dilute the value for current shareholders. Trump himself, who owns more than half of the company's shares, is subject to a lockup period that prevents him from selling those shares for six months. This is pretty standard practice for SPACs to prevent pump-and-dumps. The board could speed that up and let him and other insiders sell earlier, which would give the former president a quick cash injection but almost certainly depress the stock's price more. Why hold on to the stock when even its namesake is giving it up? So DJT will likely circle the drain even faster once major shareholders are allowed to sell, and it's not really clear how the company plans to turn that around. Trump, for his part, has some bigger fish to fry, like competing in an election and <a target="_blank" href="https://www.businessinsider.com/donald-trump-court-trial-falling-asleep-stay-awake-i-relate-2024-4">hanging out in court</a>.That TMTG's stock price has fallen isn't surprising. It's not a successful business, and it's not clear how many people are ever going to want to hang out on Truth Social, let alone how many businesses would want to advertise there. The speed of the stock's plunge, however, is a bit of a shock. It wasn't a given that the gravity of reality would be such a strong, immediate force. But for now, the Trump Media &amp; Technology Group illusion seems to be coming undone.<a target="_blank" href="https://www.businessinsider.com/author/emily-stewart">Emily Stewart</a> is a senior correspondent at Business Insider, writing about business and the economy.

Trump's stock bust came even quicker than I expected

<ul class="summary-list"><li>The US election showed shades of the meme stock mania of early 2021.</li><li>Elon Musk and Mark Cuban featured both times, traders bet big, and young men played key roles.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/elon-musk">Elon Musk</a> and Mark Cuban trumpet their picks and excite their followers on social media. Amateur traders scramble to place speculative bets. Disaffected young men post memes to rally support for their revolution against the elites.That may sound like a description of the frenzied days leading up to the <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-election-win-analysis-harris-immigration-abortion-economy-musk-2024-11">US presidential election</a> this week. It could also describe the meme stock craze of early 2021.The two events have striking similarities. Both featured celebrity billionaires championing their favorites. Musk <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/gamestop-stock-price-elon-musk-gamestonk-tweet-extends-trading-rally-2021-1">tweeted</a> "GameStonk!!" at the height of the short squeeze on GameStop stock in January 2021, then <a target="_blank" class="" href="https://markets.businessinsider.com/currencies/news/dogecoin-price-elon-musk-twitter-cryptocurrency-market-trading-reddit-doge-2021-2">posted</a> "Dogecoin is the people's crypto" a few days later, causing both assets to spike in price. In September of this year, the Tesla CEO <a target="_blank" class="" href="https://www.businessinsider.com/musk-donated-million-ron-desantis-changed-tack-bet-on-trump-2024-10">posted</a> on X: "Unless Trump is elected, America will fall to tyranny."Similarly, in February 2021, Cuban <a target="_blank" class="" href="https://www.businessinsider.com/mark-cuban-thanks-wallstreetbets-advises-hold-gamestop-stock-robinhood-reddit-2021-2">thanked</a> members of Reddit's WallStreetBets forum for "changing the game" and "taking on Wall Street." Two months later, the "Shark Tank" star tweeted that dogecoin was the "one coin that people actually use for transactions."Cuban <a target="_blank" class="" href="https://www.businessinsider.com/mark-cuban-kamala-harris-donald-trump-economic-plans-2024-8">threw his weight behind</a> Kamala Harris going into the election, praising the Democratic candidate and criticizing Trump in several since-deleted X posts."It's certainly got hallmarks of the kind of vibes-based, personality-based cultish side," Neil Wilson, the chief market analyst at Finalto, told Business Insider about the election conversation this year.<h2 id="7d9e95dc-2060-4569-ac60-cb58c6e78915">Trading frenzy</h2>Retail traders bet big on both occasions. They <a target="_blank" class="" href="https://www.businessinsider.com/reddit-traders-memes-crypto-stock-market-wall-street-strikes-back-2021-12">piled</a> into beaten-down stocks, SPACs, crypto, and other high-risk assets in early 2021. Similarly, they <a target="_blank" class="" href="https://www.businessinsider.com/kalshi-polymarket-top-apple-app-store-downloads-election-betting-surge-2024-11">plowed</a> millions of dollars into Polymarket and other prediction-betting markets before the polls closed and Trump secured victory.Stars emerged both times. Keith "Roaring Kitty" Gill became the face of the GameStop craze for <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/keith-gill-gamestop-stock-bet-79-million-one-day-gain-2024-6">ostensibly making</a> tens of millions of dollars on the video game retailer's stock. A French trader known as Théo <a target="_blank" class="" href="https://www.businessinsider.com/polymarket-whale-banked-85-million-profit-trump-president-election-win-2024-11">racked up</a> similar profits betting on Trump via Polymarket.Young men played an outsize role in both sagas. In 2021, they flocked to the WSB subreddit and other social media to share their stock picks, exchange funny memes, and share screenshots of their wins and losses. Their <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/robinhood-trader-made-1300-percent-return-tesla-stock-rally-2020-2">motives</a> ranged from wanting to get rich quickly, to having a laugh, to fighting back against the Wall Street elite they saw as bullying the businesses of their childhood.<h2 id="c1b692d8-9e77-48f8-82d0-4c4d6b810ca3">Winning men</h2>Men under 30 <a target="_blank" class="" href="https://www.businessinsider.com/trump-2024-election-win-5-stats-to-explain-result-2024-11">rallied behind Trump en masse</a> this year, framing his campaign as a common-sense revolution against an oppressive establishment, lying media, and unfair system. Along with memes, they used AI-generated artwork to paint Trump and those around him as superheroes and patriotic titans. Trump and Musk <a target="_blank" class="" href="https://www.businessinsider.com/trump-targets-young-men-theo-von-logan-paul-adin-ross-2024-8">galvanized young men</a> with X posts, speaking to "manosphere" stars such as Joe Rogan, and <a target="_blank" class="" href="https://www.businessinsider.com/trump-joe-rogan-interview-podcast-young-male-voters-2024-10">promoting</a> traditional masculine ideals. The upshot was a stark shift among men under 30 in favor of Republicans compared to previous elections."It is hard not to attribute momentum gains in Trump support among younger male voters to Musk's or Rogan's endorsements," Mark Malek, chief investment officer at Siebert, told BI. He likened the trend to Musk's touting of dogecoin, which boosted the dog-themed crypto. Wall Street traders watched the swings in election betting markets to assess the state of the presidential race and inform their investments, Malek added.<h2 id="5e5ff9c8-86ff-4d6a-bc55-54b2a03ceb6a">Memes with meaning</h2>Naeem Aslam, chief investment officer at Zaye Capital Markets, told BI he saw "strong similarities" between the two events but with some twists this time."In 2021, WallStreetBets (WSB) aimed at the money bigwigs, rallying against hedge funds. But now, the target list has grown. It's not just Wall Street in the crosshairs. Washington, the media, and what many call the 'establishment' are all fair game," he said."The meme-driven buzz from 2021 has returned, but now it's mixed with a strong ideological element making today's speculative scene wider and longer-lasting."Trump Media &amp; Technology Group, the parent company of Truth Social which counts the president-elect as its majority shareholder, unites several of these ideas. It became a proxy for Trump's chances at returning to the White House and has <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/trump-trade-us-presidential-election-dollar-treasuries-stocks-crypto-djt-2024-11">swung dramatically</a> in recent days.Tesla stock also <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-trump-win-elon-musk-election-tsla-2024-11">surged</a> 15% on Wednesday after Trump won, even as other clean-energy stocks tanked in anticipation of a less green administration. Malek said it was clear that "some sort of premium has been placed on the stock as a result of Musk's very public involvement in Trump's campaign.""Tesla is by no means a meme stock, but its recent move certainly has notes of one," he added.There are clear parallels between the meme stock mania of early 2021 and the social-media chatter and betting-platform activity going into the election. But it's worth acknowledging the difference in scale and stakes between the two episodes."One is selecting someone to run a country and make decisions that will affect millions of people's lives, the other is about a relatively small group of people hoping to make a quick buck," Dan Coatsworth, an investment analyst at AJ Bell, told BI.

Why the election felt like the 2021 meme stock rally — but way bigger

<ul class="summary-list"><li>European stocks are pricing in a Trump win, Barclays said.</li><li>Exporters have underperformed the broader European market by 15% since spring.</li></ul>With the US election less than two weeks away, European stocks have already been pricing in a Donald Trump victory, according to Barclays.The firm noted that a basket of European exporters — or those companies most vulnerable to tariffs — has underperformed the benchmark European Stoxx 600 by 15% since early spring.Barclays says this is reflective of investors preemptively bracing for Trump's tariff policy, which has been a cornerstone of his presidential-election platform, under the expectation he will win.<div type="image" title="Barclays chart showing how stocks exposed to tariffs have underperformed the broader index" height="1670" width="2136" msid="114514786" hostid="261" sizebytes="87238"></div>"Tariff concerns have been a drag on EU equities' relative performance year-to-date," Barclays analysts led by Emmanuel Cau wrote on Wednesday. "In the event of a full-blown trade war, we could see up to a high single-digit drag on EPS growth with Germany, Italy, Cap Goods, Autos, Beverages, Tech, Chemicals most at risk."Barclays did note that some European firms have relocated production to the US since 2018, which could somewhat limit the impact of Trump's trade policy on the whole market. But it's still worried about the possible side effects."The second-order impact through lower growth and higher inflation (i.e. stagflation) could be more severe, in particular in the case of retaliation and a trade war," Barclays wrote.The US will also feel the impact. The firm forecasts Trump tariffs will be a 3.2% drag on S&amp;P 500 earnings-per-share next year, with the most negative impact affecting materials, discretionary, industrials, technology, and healthcare. Beyond that, retaliatory measures would generate an additional 1.5% hit to forward EPS.The note suggested a possible rebound for Europe's markets if Kamala Harris wins. Her policy would also boost clean and renewables in the region, which have also underperformed on the chances of a Trump win.

One global market is already pricing in a Trump victory

<ul class="summary-list"><li>Trading firm Susquehanna is dipping its toe into sports gambling.</li><li>The space has exploded in the US as dozens of states have legalized <keyword id="20103900" type="General" weightage="20" keywordseo="online-gambling" source="keywords">online gambling</keyword>.</li></ul>Quants and gambling have been intertwined from the start. Math professor and first-generation quant trader Ed Thorp first rose to fame because he laid out the blueprint for counting cards in blackjack in his 1962 book "Beat the Dealer." A typical night for the late founder of <keyword id="21613450" type="General" weightage="20" keywordseo="Renaissance-Technologies" source="keywords" meta.keywordsubtype="org" meta.entityname="Renaissance Technologies" meta.hostid="261" meta.entityid="Renaissance Technologies">Renaissance Technologies</keyword>, Jim Simons, when he was an undergrad at MIT included long-running poker games with his classmates. A <a target="_blank" href="https://www.scientificamerican.com/article/quants-book/">now-infamous poker charity tournament in 2006</a> had some of the biggest names in hedge funds competing, including Citadel's Ken Griffin, AQR's Cliff Asness, and PDT's Peter Muller, who came out on top. But they all knew the real money was in the markets, not poker pots. While some quant types have made their fortunes gambling — such as Bill Benter, <a href="https://www.bloomberg.com/news/features/2018-05-03/the-gambler-who-cracked-the-horse-racing-code" target="_blank">the man who "cracked" horse racing</a> — the most ambitious chased basis points, not parlays. Until now. Trading giant Susquehanna <a target="_blank" href="https://www.ft.com/content/88ba9e42-09c2-480a-8b21-43051707f84d">has built out a 15-person unit focused on </a>sports gambling in Dublin and plans to expand into the US. The number of "well-informed, deep-pocketed users" is growing on Novig, a <keyword id="22230743" type="General" weightage="100" keywordseo="sports-betting" source="keywords">sports betting</keyword> exchange, the startup's founder Kelechi Ukah told Business Insider. With sports gambling exploding in popularity in the US thanks to dozens of states allowing online betting, these traders —known to use copious amounts of data and sophisticated programs to trade securities in markets around the world — are diving in in search of serious profits in a nascent space. The increased presence of top-level quant firms is going to cut into the wins of the average gambler even more, said Jacek Dmochowski, a professor at the City College of New York who has studied the "optimal" way to gamble on sports. Sports gambling in the US is no longer a business done under the table with a shady bookie or on a Las Vegas bachelor party trip. Every night, millions are betting on college and professional games, some to the point of no return — <a target="_blank" href="https://www.nbcnews.com/business/consumer/online-sports-gambling-bankrupting-households-reducing-savings-rcna167235">a study from UCLA</a> found that states that legalized gambling have seen a 28% increase in bankruptcies compared to those that didn't. Through the second quarter of this year, online gambling site <keyword id="23047077" type="General" weightage="20" keywordseo="FanDuel" source="keywords" meta.keywordsubtype="org" meta.entityname="FanDuel" meta.hostid="261" meta.entityid="FanDuel">FanDuel</keyword> averaged 3.3 million bettors each month. Flutter Entertainment, the owner of Irish gambling company Paddy Power and US-based DraftKings, made more than $7 billion in revenue across its different units in the first half of the year. Executives at MGM spoke on their earnings call at the end of July about timing product releases for the start of football season. While the limits for many of these online platforms are relatively small compared to the trades the world's smartest quants are typically putting on, the space is growing rapidly. "Sportsbooks will have to basically alter their lines in response" to large wagers from <keyword id="23774657" type="General" weightage="20" keywordseo="trading-firms" source="keywords">trading firms</keyword>, Dmochowski said. "That's going to make it harder for the betting public to make a profit." <h2>Easy wins are already vanishing</h2>The trading firms that are slow to move have already missed out on low-hanging fruit. "It's a very similar dynamic to the electronicification of securities marketplaces in the 70s and 80s," said Ukah, the cofounder of Novig and a one-time Jane Street intern. Just as stock trading evolved from a phone call with a broker who would charge a commission to discount to online brokerages like eTrade to algorithmic trading shops, sports betting has gone from a personal relationship with a bookie to platforms like FanDuel. "The final stage is the algorithmic execution phase," he said. Already, the smartest Novig users are sanding away the easiest returns. Novig, which pulls in odds from different sportsbooks, has seen arbitrages between different sportsbooks' odds disappear after a few seconds now. Two years ago, it was several minutees, Ukah said. "Everyone is much tighter," Ukah said. Dmochowski predicts an "algorithm arms race" between traders and sportsbooks to find "the optimal price." There's demand from Novig users for the exchange to release software that would allow traders to program a bot to trade for them. Ukah said there's no timeline at the moment to release this, but said the portion of the gambling market growing the quickest is from institutions. "It's an uncorrelated, high-volatility asset class," Ukah said. In other words, exactly what trading shops are looking for. Correction: October 29, 2024 — An earlier version of this story misspelled the surname of a famed horse-racing gambler. It's Benter, not Bentley.

Sports betting is the next frontier for Wall Street's smartest quants to conquer 

<ul class="summary-list"><li>Trump's victory over Harris raises questions about Republican control of the House.</li><li>Wall Street strategists are closely monitoring financial markets and potential policy impacts.</li></ul>It's fair to say that much of <a target="_blank" class="" href="https://www.businessinsider.com/stock-market-post-election-results-bullish-trump-trade-peter-tuchman-2024-11">Wall Street didn't get enough sleep</a> on election night after being caught off guard by the speed at which results began coming in.Dominic Pappalardo, the chief multi-asset strategist at Morningstar Wealth, was home watching <a target="_blank" class="" href="https://markets.businessinsider.com/news/currencies/polymarket-prediction-betting-markets-vindicated-by-trumps-strong-showing-1033958821">prediction markets</a> and how percentages were skewing state by state. He was also keeping an eye on financial markets to see if they were making directional moves.Over in London, Richard Kelly, the head of global strategy at TD Securities, was on his firm's trading floor, busy answering endless client questions on 'What about this' and 'What about that'-type scenarios."As much as we all tried to think ahead of what the different policies would be, there are always a lot more questions that come up on the day, and they all have to be much more concrete," Kelly said. "So it's just been a whirlwind."Former President <a target="_blank" class="" href="https://www.businessinsider.com/election-results-trump-harris-presidential-election-2024-11">Donald Trump's victory</a> over Vice President Kamala Harris has been called for Tuesday's election, but Wall Street is still waiting on one more key answer: <a target="_blank" class="" href="https://www.businessinsider.com/congress-balance-of-power-results-competitive-republicans-democrats-2024-11">Will Republicans take the House</a>, too? It seems increasingly likely. Yet, the result would be based on a handful of seats."Technically, we don't need to know until the first half of December legally, and these things are so close in terms of the margin of error," Kelly said. "There's some of these races where literally hundreds of ballots is the differential of Republican versus Democrat. So it's not going to be today."The small tilt in the House makes a big difference because a handful of seats are enough to create some friction on Trump policies, Kelly noted.<h2 id="e4827f7a-5ee5-4a62-aa3b-da6a8ce8b3ef">Stocks</h2>Sector rotations among stocks are slightly muddy because the overall <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/us-election-trump-stock-rally-rise-sp500-outlook-regulation-mergers-2024-11">market is up so much that everything rallied</a> with the broad market, Pappalardo said. But one noteworthy sector is financials, which performed better than the overall market into Wednesday's early trading hours. It's unsurprising since the Republicans campaigned on policies favorable to banks and financial stocks, including decreased regulation. The steepening yield curve is also positive for banks as it boosts their profit margins since they borrow on the front-end yield and lend at the back-end yield, he added.Technology is another sector the market is viewing favorably: Tech companies have been creating a lot of profit, so Trump's promised corporate tax cuts will be quite beneficial, Pappalardo said.Meanwhile, the utilities sector lagged the broader market the most as we moved into Wednesday's early trading hours. Investors moving away from defensives toward cyclicals is likely a sign that investors believe the economy is positioned for growth, Pappalardo noted.While the rallies are positive for stocks, looking ahead, Pappalardo expects things to return to normality. In other words, investors will focus on traditional fundamentals like corporate earnings and interest rate policy.<h2 id="5e50dfbb-c80b-4dee-8272-69eff4f2145f">Bonds</h2>Wednesday was a long day for Gennadiy Goldberg, the head of US rates strategy at TD Securities. He stayed up past midnight watching the yield move before passing the baton off to his colleagues in London."Once the polls started to close, the market already started to move," Goldberg said. "It took the market very little time to start penciling in higher odds of the Trump victory."The swift and strong Republican win pushed the 10-year yield up from around 4.3% to around 4.45%.The <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/what-is-a-bond#:~:text=Bonds%20are%20loans%20that%20investors,the%20principal%20investment%20at%20maturity.">bond market</a> was expressing signs of nervousness. This sector of the market is worried about who's going to pay the bill for potentially higher budget deficits. The result is a pricing-in of higher debt premiums, Goldberg said.Additionally, aggressive immigration and tariff policies could be inflationary. And if it looks like inflation pressures are either reaccelerating or just stubbornly high, it could leave the Fed nervous about cutting rates further, Goldberg said.Kelly added that the 10-year could still move higher to 4.75%, and that's where he thinks the market could get more comfortable buying.<h2 id="b628f761-842f-464c-a039-7d296873c4e9">Currencies</h2>Jayati Bharadwaj, a global FX strategist at TD Securities, was at home in front of multiple screens until about 1 a.m. as she watched <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/what-is-forex">currencies move</a> amid the strong Trump lead. Initially, she expected the results to take a few days to become clear, but she was surprised by how quickly the outcome became evident. Currency markets also reacted swiftly against the backdrop of a strengthening dollar."The Chinese renminbi, the Mexican peso, and the euro were hit particularly hard because once markets saw the election results being called, they had to start pricing in the threat of tariffs," Bharadwaj said.She expects the euro to trade even weaker relative to the dollar once Trump takes office. Right now, it's trading at $1.07; expect it to move to $1.05, she said. If the Republicans take the House, then the euro could drop below $1.05, she added.Kelly added that China has been under the microscope since Trump talked about 60% tariffs on its imports. Other countries could face 10% tariffs across the board. So, if you're highly leveraged to trade, like Europe or the UK, it could be very negative for the euro and pound. He noted that it could also be negative on the currencies of Canada and Mexico, depending on how USMCA members will be impacted.On the flip side, the yen could weaken less than other currencies relative to the US dollar. The Bank of Japan may return to rate hikes over the next few months after it had paused, Kelly said. This means watch out for further unwinding in the yen carry trade. Therefore, the next question investors have to ask is: how many long equity positions have been funded at very low Japanese rates, Kelly said.For this reason, Bharadwaj cautions traders about jumping back into any carry trades because there will be a lot of currency volatility.<h2 id="2b454727-3f51-473d-b815-35fcf1e90886">Gold</h2>One surprise is that <a target="_blank" class="" href="https://markets.businessinsider.com/commodities/gold-price">gold hasn't weakened</a> as much as expected, Kelly said. As the dollar strengthened, he anticipated a more significant pullback. Given the uncertainty and volatility that took place the day after the elections, it might be too soon as investors digest results. However, he anticipates further weakening in gold, which is down 2% from Election Day.

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