- JPMorgan Chase and Wells Fargo kicked off bank earnings season with mixed results. JPMorgan added 2%, beating expectations, posting earnings of $4.37 per share and $43.32b in revenue, despite a 2% drop in profit. Wells Fargo shares rose 3% despite lower third-quarter earnings, reporting $1.42 per share and $20.37b in revenue, slightly below estimates.
- Tesla unveiled the Cybercab, a steering wheel-free, two-seater concept car targeting production by 2027. Shares fell over 5% as investors were disappointed by the lack of near-term focus.
- AMD unveiled the Instinct MI325X AI chip to challenge Nvidia’s dominance in data center GPUs. The AI chip market, dominated by Nvidia, is projected to reach $500 billion by 2028.
