📣 Musk's immigration posts dominate X

This is the Techonomy Barista, where we turn tech jargon into economic foresight. 🔮

On today’s platter:

1. Musk’s posts on X dominate with immigration and voter fraud topics.

2. Magnificent 7 faces slowdown.

3. Anthropic can now use your computer to perform tasks.

4. Global growth at risk due to ‘protectionism.’

5. Google to launch browser version of Anthropic’s ‘computer use’ to complete tasks.

Markets Snapshot

Economic Calendar

1. Musk's immigration posts dominate X with 6x more engagement than Tesla content 📱

Key takeaways:

• Analysis of 53,000 posts shows immigration is Musk's most popular policy topic in 2024.

• Musk posts about 60 times daily on X, up from 12 posts per day in 2022.

• Immigration posts receive 6x more reposts than Tesla-related content.

• About 1,300 posts in 2024 focused on immigration and voter fraud.

• 70% of Musk's immigration posts are short replies or emoji reactions.

• Musk has pledged $75 million to pro-Trump spending groups.

• X’s fact-checking system rarely flags Musk's immigration posts.

Musk’s posts on immigration and voter fraud filled the feeds of X users.

These two topics are his most frequent…

…and his most engaged-with posts.

What this could mean for the US presidential election:

• Social media influence could shape election narratives, with Musk's 200 million followers receiving regular content about immigration and voter fraud that aligns with Trump's campaign messaging.

• Platform manipulation may affect voter sentiment, as Musk's engineered system pushes his posts into users' feeds, creating an echo chamber of specific political viewpoints.

• Early groundwork being laid to challenge election results, similar to 2020, but now with added backing from one of the world's most influential tech figures. 🔄

• Musk's strategic engagement through simple replies and emojis helps spread unverified claims while maintaining plausible deniability - think of it as digital whispers that turn into roars! 📢

• The $75 million campaign funding combined with X's reach creates a powerful amplification system for specific political messages, making it harder for voters to distinguish between viral content and verified facts. 🗣️

2. Tech giants face slowdown as profit growth drops to 19% for top 5 market cap companies 📉

Slowdown in earnings growth for the Magnificent 7.

Key takeaways:

• Top 5 tech companies by market cap expected to show 19% earnings growth, their slowest in six quarters.

• Major tech stocks underperformed since July, falling 2% while broader market gained 3.1%.

• Companies face increased scrutiny over high AI infrastructure spending ($56 billion in Q3).

• Tech valuations remain high (Apple at 32x future earnings vs 20x historical average).

• Wall Street analysts remain bullish with 65-90% buy ratings across major tech firms.

Magnificent 7 stocks trail other sectors since July with a 2% drop

Valuations of Apple and Microsoft significantly above historical levels

What this could mean for you:

• Your tech investments might need diversification beyond the usual big names.

• New iPhone and Microsoft AI features might not justify immediate upgrades.

What this could mean for the Tech industry:

• The days of tech companies printing money faster than a caffeinated programmer writes code are slowing down. 🐌

• These companies are spending on AI like it's Black Friday every day, but the profits are playing hard to get - kind of like trying to download a large file on dial-up internet. 🐢

3. Anthropic's AI learns to use computers like humans do 🖥️ 

Key takeaways:

• Anthropic launches ‘computer use’ beta for Claude 3.5 Sonnet, allowing devs to use computers the way people do.

• Computer use lets AI control interfaces through screenshots, cursor movements, button clicks and typing text.

• New Claude 3.5 Sonnet shows major gains in coding, reaching 49% on SWE-bench, beating OpenAI’s GPT-4o.

• Claude 3.5 Haiku coming later this month, matches or beats Claude 3 Opus.

• Early testing shows 14.9% score on OSWorld for screenshot tasks, beating competitors.

Claude 3.5 Sonnet: Industry-leading software engineering skills

What this could mean for you and the AI industry:

• This is a promising next step in agentic workflow where AI could handle repetitive computer tasks like form filling and research.

• Better coding support and automation of routine tasks.

• New safety measures in place to prevent misuse and protect data.

• The race to teach AI to use computers is on - it's like watching toddlers learn to use an iPad, but with more debugging. 👶

4. Global growth at risk as protectionism looms, IMF warns 🌍

Protectionism refers to government policies aimed at restricting international trade to benefit domestic industries.

The global economic consequences of Trump’s policies.

Key takeaways:

• Trump's proposed 20% tariffs could lower US GDP by 1.4% while raising prices 0.9%.

• Global economy could grow 3.2% in 2024 and 2025.

• US households could face up to $7,600 in additional costs from new trade measures.

• Global public debt projected to exceed $100 trillion by end of 2024 and markets may be underestimating the impact of this.

How it could impact you:

• Your shopping cart might get pricier if tariffs kick in - time to stock up on those imported goodies before they become luxury items! 🛒

• Investment portfolios may face volatility, especially in markets sensitive to trade flows.

• Mortgage rates and loan costs could rise if government borrowing drives up interest rates.

• That European vacation might need a bigger budget - or maybe it's time for a "staycation" instead! ✈️

What this could mean for international trade in the global economy:

• The rising tide of protectionism could turn the global marketplace into an economic game of hot potato, with everyone trying to avoid getting burned 🔥.

• While some industries might benefit from reduced competition, the overall impact could create a domino effect of higher prices, reduced innovation, and slower economic growth.

5. Google races to launch AI browser assistant as competition heats up 🤖

Key takeaways:

• Google is developing "Project Jarvis," an AI that can control web browsers to complete tasks, just like Anthropic’s ‘computer use’ feature.

• Launch planned alongside Gemini model release in December.

• Currently only works with Chrome browser, unlike Anthropic's broader computer control.

• System takes screenshots to interpret and act on screen content.

• Initial release will be limited to early testers, focusing on consumer tasks.

What this could mean for you and the AI industry:

• The race for AI supremacy is getting spicy - Google's playing catch-up like a student who slept through the first half of class. 📚

• Your browser could become a personal assistant, handling routine tasks like returns and travel booking.

• Initial focus is on personal tasks, not office work like Anthropic's solution.

• You'll need to decide if you're comfortable sharing passwords and payment info with AI.

Other reads:

AI

OpenAI denies plans to release its next big AI model by December.

The AI agents cometh.

Runway changed filmmaking forever by letting control AI characters.

OpenAI scientist Naom Brown at TED AI: ‘20x of thinking worth 100,000x of data.’ 

Tech

Struggling startup Humane drops AI Pin price by $200.

Reddit becoming the new Google.

Apple wins $250 from Masimo in patent trial.

Startup

Waymo closes $5.6 billion funding round from Alphabet, others.

China's self-driving startup WeRide's shares surge in Nasdaq debut.

Seven European countries match US in startup-friendly laws.

Business

Boeing plans to launch effort to raise over $15 billion in capital as early as Monday.

TSMC suspended shipments to China firm after chip found on Huawei processor.

Altman-backed energy stock surges amid AI-driven nuclear power renaissance.

US Politics

Trump’s NYC rally shrouded by incendiary rhetoric.

Here’s what to watch in the final week of the presidential campaign.

Biden says Elon Musk was an 'illegal worker' when he began U.S. career.

Top Economies (non-US)

Global economy chiefs fret over a Trump return as US election draws closer.

Japan's government in flux after election gives no party majority.

China's private tutoring firms emerge from the shadows after crackdown.

India and Germany attempt to bolster ties as Scholz lands in New Delhi.

Fascinating

You need 200-600 images to train AI for copying an artist’s style.

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