Hello Folks,

Tuesday talkies released 👨‍💻

👉 An Apple Car is in the works

👉 Saudi Aramco’s Q3 results

👉 Cryptocurrencies experience net fund inflows

Off we go 🚀 

Is Apple Entering the EV space?

According to multiple reports, Apple is working on a secret project known as “Project Titan" and was expected to build a fully autonomous driving car.

The rumors about an Apple Car first began in 2014 when Apple reportedly recruited several top automobile engineers for this project, which is currently helmed by the creator and head of the Apple Watch.

Now, media houses are stating that the Apple Car will be a semi-autonomous vehicle similar to what Tesla offers right now.

It’s quite difficult to decode when the Apple Car will be launched, given the level of secrecy associated with the project. But the EV business could easily add another multi-billion-dollar revenue stream for the tech giant.

The global electric vehicle is forecast to reach $950 trillion by 2030. In case Apple accounts for 1% of this market, it would be able to add $9.5 billion in sales.

With around $90 billion in annual free cash flow and $61 billion in cash, Apple has enough resources to fund and fuel its EV plans.

Saudi Aramco Profits Decline

The state-owned oil giant Saudi Aramco reported a 23% decline in net income in Q3. Its bottom line stood at $32.6 billion on the back of lower crude oil prices and volumes.

While analysts forecast the energy heavyweight to report a net income of $31.8 million, it was much lower than the year-ago figure of $42.4 billion.

Saudi Aramco’s free cash flow stood at $20.3 billion, compared to $45 billion in Q3 of 2022. It paid out $29.4 billion in dividends to shareholders, indicating a payout ratio of more than 100%.

Crypto Inflows Surpass $260 Million

According to data from CoinShares, digital asset investment products saw net inflows of $261 million in the last week. It was the 6th consecutive week of inflows, which is the largest streak since December 2021.

Bitcoin expectedly snapped up $229 million of total net inflows as investors are waiting for a spot BTC ETF to be approved soon.

Moreover, weaker economic data might also be fueling interest in Bitcoin, which can be viewed as a hedge against inflation.

Headlines You Can’t Miss!

Nintendo hikes profit forecast for 2024

WeWork files for bankruptcy

IMF raises China GDP forecast

Demand weakness might finally end for chip manufacturers

Fake ledger app scams customer funds on Microsoft store

Chart of the Day

In the first nine months of 2023, central banks have purchased a record 800 metric tons of gold, an increase of 14% year over year. The surge in purchases can be attributed to several factors as countries are looking to:

• Diversify their reserves and reduce exposure to the USD

• Use gold as a hedge against inflation

China’s central bank has snapped up 181 tons of gold in 2023, which now accounts for 4% of its reserves. Consumers in China have taken a shine to gold as the yellow metal is viewed as a store of value and an alternate asset class due to:

👉 China’s real estate crisis

👉 Falling yields and a

👉 Depreciating yuan

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell assets or make financial decisions. Please be careful and do your own research.