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Jake Paul cites ‘delusional optimism’ ahead of Anthony Joshua fight

Anthony Joshua towered over Jake Paul. The moment underscored the massive size difference between the two men.

It was their first face off, and it had all the looks of a monumental mismatch waiting to happen, with the 6-foot-6 Joshua and the 6-1 Paul set to fight in an eight-round heavyweight bout Dec. 19 in Miami.

But during a press conference held at the same place they’ll fight – the Kaseya Center in Miami – Paul on Nov. 21 cited “delusional optimism’’ as he prepares for an eight-round heavyweight bout against the former two-time heavyweight champion from Great Britain.

“All of these things I’ve gotten to where I’m at today (are) because of delusional optimism,’’ Paul said. “And so it’s delusion until it’s not, because look at where we’re sitting today.

“No one ever thought that this would be possible, that we would be here when I first started boxing, and no one thinks I’m going to win. So join the list and be ready to be shocked.’’

Joshua expressed respect for Paul, who made his pro debut in January 2020 and is now 12-1 with seven knockouts. But Joshua, who is 28-4 with 25 knockouts, surely knows he will be the biggest challenge yet in Paul’s boxing career.

“If I’m going to be honest, I’m going to break his face, I’m going to break his body up, I’m going to stomp all over him,’’ Joshua said.

Paul indicated he would welcome punishment from Joshua.

“I want him to cut me up,’’ Paul said. “I want him to break my face, but guess what? He’s going to have to kill me to stop me and I’m ready to die. Seriously. Ready to die in the ring to win this fight.’’

The weight issue

Joshua must weigh no more than 245 pounds at weigh-in, according to the fight rules as announced by Most Valuable Promotions, which is partnering with Netflix.

That’s about 100 pounds more than Gervonta Davis was expected to weigh in for his fight against Paul. The fight was canceled amid legal issues stemming from a lawsuit filed against Davis.

Joshua, asked how much he expected to weigh by the time of the fight without a rehydration clause in place, said he’s focused on 245 pounds.

 “Anything else is a bonus after that,’’ said Joshua, who has weighed in at 250 pounds or more for his last five fights.

Paul, who was required to weigh in at no more than 195 pounds for his fight against Davis, said he expects to weigh between 215 and 225 pounds for the fight against Joshua.

“Man, I was cutting down for Gervonta, so it’s been a little tough getting back up and some strength for this,’’ Paul said.

But Paul also rejected the notion that his being smaller than Joshua will put him at a disadvantage.

“Look, he’s one of the best heavyweights ever,’’ Paul said of Joshua. “But I believe that fighting a smaller man is oftentimes harder as a heavyweight because of the speed difference and because of the foot speed, because of the angles, because the head being off of the center.

“And so all of that power is great and he’s knocked people out. I just have to avoid that one shot for eight rounds and I believe that I can do that.”

This post appeared first on USA TODAY

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Nuggets lose Aaron Gordon but win big NBA Cup game vs. Rockets

The Denver Nuggets managed to overcome the loss of Aaron Gordon in the first half and beat the Houston Rockets on the road at the Toyota Center on Friday in an NBA Cup game. 

Nuggets star Nikola Jokić nearly produced a triple-double with 34 points, 10 rebounds and nine assists. Jamal Murray contributed to the victory with 26 points and 10 assists for Denver.

The Rockets held a three-point lead at halftime after a strong scoring performance from Reed Sheppard in the first half. The 2024 first-round pick scored 20 points. Sheppard was limited in the second half to just seven points, though.

Amen Thompson had 22 points and seven rebounds in the loss.

The two Western Conference teams have been tabbed by NBA experts as the teams most likely to challenge the Oklahoma City Thunder for the Western Conference crown this season.

Here’s how Friday’s NBA Cup game between the Denver Nuggets and Houston Rockets played out:

Nuggets-Rockets highlights

Final: Nuggets 112, Rockets 109

Jabari Smith Jr. scored a 3-pointer with 5.5 seconds left on the clock to cut into the Nuggets’ lead and make it a 1-point game at 110-109.

Smith fouled out of the game moments later on the Nuggets’ next possession. Jokić was sent to the foul line, where he managed to put the game away for the Nuggets.

3Q: Nuggets 80, Rockets 78

The Nuggets managed to keep pace with the Rockets, outscoring them 34-29 in the third quarter. Nikola Jokić has 28 points, nine rebounds and six assists in 27 minutes of action through three quarters of play. Jamal Murray has 12 points and eight assists.

Reed Sheppard scored just four points in the third quarter after 20 in the first half. Jabari Smith Jr. has 12 points and seven rebounds for the Rockets.

Aaron Gordon out for game

The Nuggets announced that Aaron Gordon suffered a right hamstring strain in the first half and he has been ruled out for the second half.

Halftime: Rockets 49, Nuggets 46

The Rockets outscored the Nuggets 37-21 in the second quarter to take the lead at halftime.

Reed Sheppard scored 20 points in the first half for Houston. Nikola Jokić was held to just three points in the second quarter for the Nuggets.

1Q: Nuggets 25, Rockets 12

Nikola Jokić had seven points and seven rebounds for the Nuggets in the opening quarter. Peyton Watson and Jamal Murray each scored five points. Kevin Durant had six of the Rockets’ 12 points.

Nuggets lead Rockets early

The Nuggets built up a 16-8 lead with 3:50 left in the first quarter. Jamal Murray has five points for Denver.

Rockets starting lineup vs. Nuggets

Alperen Şengün, Jabari Smith Jr., Steven Adams, Amen Thompson and Kevin Durant made up the starting lineup for the Rockets.

Nuggets starting lineup vs. Rockets

Jamal Murray, Cam Johnson, Peyton Watson, Aaron Gordon and Nikola Jokić started for the Nuggets.

What time is Nuggets vs. Rockets NBA Cup game today?

The Houston Rockers will host the Denver Nuggets in NBA Cup action at the Toyota Center at 9:30 p.m. ET on Friday, Nov. 21.

How to watch Nuggets vs. Rockets in NBA Cup: TV, live streaming

The Friday, Nov. 21 NBA Cup game between the Denver Nuggets and Houston Rockets will be live streamed nationally on Amazon Prime Video.

  • Date: Nov. 21, 2025
  • Time: 9:30 p.m. ET (8:30 p.m. local)
  • Location: Toyota Center (Houston)
  • TV: None
  • Streaming: Amazon Prime Video

Nikola Jokic’s hot start

The Denver Nuggets star is on an early pace to set new career highs and perhaps win his third NBA Most Valuable Player award:

  • Jokić last nine games stats: 34.0 PPG | 12.6 RPG | 11.3 APG | .724 2PT% | .476 3PT%
  • Jokić 2025-26 season stats: 29.1 PPG | 13.2 RPG | 11.1 APG — leads NBA in rebounds & assists

Alperen Sengun fueling Rockets

While Kevin Durant (25.5) tends to draw the most attention from opposing players and fans, teammate Alperen Şengün has been stuffing the stat sheets so far this season:

  • Şengün 2025-26 season stats: 23.4 PPG | 10.4 RPG | 8.7 APG | 45.3% FG% | .409 3PT%
  • Elite company: Şengün is the only player besides Jokić averaging 23+ PTS, 10+ REB, 7+ AST

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This post appeared first on USA TODAY

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First Nation-Owned Minago Project Pushes Manitoba into Critical Minerals Spotlight

A First Nation-owned mining project in Northern Manitoba is drawing national attention after new assessments suggest it could become a major North American source of magnesium.

Norway House took full ownership of the Minago nickel property in November 2024, and has since rebranded it as a critical minerals project after discovering large quantities of magnesium and platinum-group metals.

“Instead of a nickel project, we found out that we had a treasure chest of all sorts of critical minerals and very obscure minerals that really makes the project much more valuable, and unbelievably more attractive to produce,” Jim Rondeau, the community’s major projects director and a former Manitoba cabinet minister, told CBC.

In focus is a 60 meter band of dolomite rock containing what Rondeau described as a significant concentration of pure magnesium. In his view, the site could “rival the Ring of Fire in Ontario.”

“We could be producing all of the magnesium for Canada and the US for generations,” he added.

Magnesium, which is listed as a critical mineral in Canada, is prized for its use in aluminum alloys for automobiles, machinery and advanced manufacturing. It also has roles in aerospace and clean energy applications.

Norway House estimates production could begin by 2027, but reaching that point will require an investment of roughly C$1.3 billion. Based on a 2011 assessment, Rondeau said the mine has the potential to produce more than C$20 billion a year, and he believes that number could climb dramatically with the newly identified platinum-group metals.

Still, he emphasized the project cannot move ahead without support. Norway House has asked the federal government for about C$110 million and the province for roughly C$60 million to cover infrastructure and skills training.

To date, provincial support has been limited. Manitoba has provided C$50,000 from its mineral development fund for magnesium testing, along with ongoing non-financial assistance on permitting and quarry licensing.

Magnesium production is heavily centered in China, which currently supplies approximately 85 percent of the world’s demand. This concentration exposes North American manufacturers to price volatility and geopolitical risk.

West High Yield secures Record Ridge approval

While Manitoba’s Minago project is currently capturing national attention, BC has quietly emerged as another potential frontier for magnesium-mining activity in North America.

In October, West High Yield Resources (TSXV:WHY,OTC Pink:WHYRF) received final approval from BC’s Ministry of Mining and Critical Minerals to develop and operate its Record Ridge industrial minerals mine near Rossland.

The provincial Mines Act Permit allows construction and operations after extensive environmental assessments and consultations with Indigenous and local communities.

The project will focus on magnesium, but the site also contains silica, nickel and iron.

The company’s long-term goal is to establish Canada’s first magnesium-refining plant.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

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MP Materials, US Department of Defense Strike Saudi Rare Earths Refinery Deal

MP Materials (NYSE:MP) and the US Department of Defense have entered into a joint venture with Saudi Arabia’s Maaden to build a rare earths refinery in the Kingdom, marking the first major project under a new US-Saudi critical minerals cooperation framework signed in Washington this week.

The binding agreement gives both the US and MP a collective 49 percent stake in the refinery.

Maaden will hold not less than 51 percent, and the refinery will be built in Saudi Arabia, where it will process feedstock from both local deposits and international sources. Once operational, it will produce separated light and heavy rare earth oxides for customers in the US, Saudi Arabia and allied countries.

Rare earths are essential for the production of weapons systems, electric vehicles, renewable energy technologies and high-performance electronics. Secure supply has become increasingly important due to China’s sector dominance.

James Litinsky, MP’s founder and CEO, said the company views the partnership as an extension of its strategic role in Washington’s efforts to diversify global supply chains. “We are honored that the U.S. government asked MP to partner on a project of this magnitude and importance for America and its allies,” he said.

Maaden CEO Bob Wilt said the project fits squarely within the Kingdom’s national mining and industrial strategy.

“This JV is a significant step forward in the development of this important global sector, underpinned by the support of Saudi Arabia’s Ministry of Energy and the Ministry of Industry and Mineral Resources,” Wilt noted.

The joint venture was negotiated under a critical minerals framework signed by senior US and Saudi officials this week. The document is intended to formalize cooperation on rare earths, battery metals and other strategic inputs.

For Washington, the initiative reflects an effort to reshape supply chains away from geopolitical competitors. For Riyadh, it supports a long-term plan to leverage energy resources and expand its footprint in high-tech materials markets.

Financially, the deal is structured to be light in capital for MP.

The Department of Defense will fund the entire US contribution to the venture on a non-recourse basis, allowing MP to deploy technical expertise in separation and refining without taking on debt tied to the refinery’s construction.

The Saudi venture also connects to MP’s growing public-private alignment with the US defense sector.

In July, the company and the Department of Defense announced a multibillion-dollar partnership to accelerate the buildout of a domestic rare earth magnet supply chain. Under the partnership, MP is also constructing a second magnet manufacturing facility known as the 10X Facility, which is expected to begin commissioning in 2028.

When completed, MP’s total US magnet output will reach roughly 10,000 metric tons annually.

Beyond government partnerships, MP has also moved into large-scale commercial magnet supply. Also in July, Apple (NASDAQ:AAPL) and MP announced a US$500 million long-term agreement that will supply Apple with magnets manufactured in the US using 100 percent recycled rare earths feedstock.

Under the arrangement, MP will expand its Fort Worth, Texas, Independence factory to produce components for hundreds of millions of Apple devices starting in 2027. Apple and MP spent nearly five years jointly developing recycling techniques to meet the company’s performance and design requirements.

MP will add a dedicated recycling line at Mountain Pass to support commercial scale as magnet production ramps.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

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Crypto Market Update: Bitcoin Price Logs Weakest Month Since 2022

Here’s a quick recap of the crypto landscape for Friday (November 21) as of 9:00 a.m. UTC.

Get the latest insights on Bitcoin, Ether and altcoins, along with a round-up of key cryptocurrency market news.

Bitcoin and Ether price update

Bitcoin (BTC) was priced at US$83,590.70, down by 10.4 percent over 24 hours. Its lowest price of the day was US$81,868.75 and its highest was US$91,971.75.

Bitcoin price performance, November 21, 2025.

Chart via TradingView.

Bitcoin’s slide continues as it heads for its worst month since the 2022 crypto crash.

The largest cryptocurrency fell and touched US$81,000 on Friday before recovering to around US$84,166, extending a monthly decline of about 23 percent that marks its heaviest drop since June 2022.

Despite pro-crypto messaging from the Trump administration and a year of strong institutional adoption, Bitcoin has now fallen more than 30 percent from its early-October record high.

The downturn accelerated following the massive October 10 liquidation event that erased US$19 billion in leveraged positions and wiped roughly US$1.5 trillion from the combined value of all cryptocurrencies.

Institutional flows reflect the same caution. US-listed Bitcoin ETFs have recorded a record US$3.79 billion in outflows this month, surpassing February’s previous high, with BlackRock’s IBIT alone seeing more than US$2 billion in redemptions.

In total, about US$1.2 trillion has been wiped from crypto markets over the past six weeks, according to CoinGecko data.

Ether (ETH) was at US$2,736.63, down 11.2 percent over 24 hours. Its lowest price on Friday was US$2,675.70 and its highest was US$3,033.20.

Altcoin price update

  • XRP (XRP) was priced at US$1.94, down by 12.2 percent over 24 hours. Its lowest price of the period was US$1.86 and its highest was US$2.13.
  • Solana (SOL) was trading at US$128, down by 13 percent over 24 hours. Its lowest price of the day was US$123.30 and its highest was US$141.97.

Fear and Greed Index snapshot

As of Friday, CMC’s Crypto Fear & Greed Index has plunged to 11, firmly in “extreme fear” and its lowest level since late 2022.

Reports of large-scale whale liquidations have added to the uncertainty, amplifying pressure across an already fragile market. Further, traders brace for potential Federal Reserve inaction on rate cuts. CME’s FedWatch now shows only 37.6 percent expecting a 25-basis-point cut in December, while more than 62 percent anticipate no change, a reversal from near-even odds just a week ago.

Prediction market Polymarket reflects the same trend, pricing a 63 percent chance of no move after sentiment flipped late Tuesday.

CMC Crypto Fear and Greed Index, Bitcoin price and Bitcoin volume.

Chart via CoinMarketCap.

Today’s crypto news to know

Bitcoin logs weakest month since 2022

Bitcoin is heading for its steepest monthly decline since the wave of corporate failures that hit the crypto sector in 2022, with the token sliding below US$82,000 on Friday.

Its November losses have now reached roughly 25 percent, reversing much of the momentum that carried prices to record highs in early October.

Overall, data from CoinGecko shows the total crypto market value dipping back under US$3 trillion as Ether and mid-cap tokens recorded similar double-digit declines.

Analysts link the downturn to cascading liquidations that began on October 10, when nearly US$19 billion in leveraged bets were wiped out in a single session. Selling pressure intensified again this week with a two-day liquidation tally topping US$2 billion, according to CoinGlass.

Long-dormant whale activity has added to uncertainty after a wallet holding Bitcoin since 2011 unloaded more than US$1.3 billion in late October.

S&P stocks shed US$2.7 trillion

A sharp pullback across US equities sparked another wave of risk-off trading in crypto, sending Bitcoin to its weakest level in seven months.

The S&P 500’s nearly 4 percent decline on Thursday erased more than US$2.7 trillion in market value, according to Bloomberg calculations, overshadowing an earlier bounce driven by enthusiasm around AI-linked earnings.

Crypto assets fell in tandem, with Bitcoin briefly revisiting the US$85,000 range and total liquidations surpassing US$800 million for the day.

Coinbase rolls out Ether-backed loans

Coinbase has launched a new lending feature that allows eligible US users to borrow up to US$1 million in USDC by using Ether as collateral.

The product is integrated with the Morpho protocol on Base, though users interact with it entirely through Coinbase’s interface. Borrowers keep exposure to ETH’s price movements while accessing liquidity without having to sell their holdings.

The company says the service is available across most US states, with the exception of New York due to regulatory requirements.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

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Tech Weekly: NVIDIA Earnings Impress, Bezos Launches AI Startup

We also break down next week’s catalysts to watch to help you prepare for the week ahead.

In this article:

    This week’s tech sector performance

    This week, the stock market displayed a mixed performance amid ongoing uncertainty about artificial intelligence (AI) company valuations and policy decisions from the US Federal Reserve.

    On Monday (November 17), both the S&P 500 (INDEXSP:.INX) and the Nasdaq Composite (INDEXNASDAQ:.IXIC) fell below their 50 day moving averages for the first time since late April, a significant technical breakdown. The Dow Jones Industrial Average (INDEXDJX:.DJI) also closed below this important threshold for the first time since October 10.

    Tuesday (November 18) saw continued volatility and some attempted stabilization attempts, but market participants remained cautious. Heavyweight tech and chip stocks were down ahead of NVIDIA’s (NASDAQ:NVDA) earnings call on Wednesday (November 19), but a global relief rally followed the firm’s upbeat earnings report and raised Q4 guidance. However, enthusiasm was short-lived, with markets pulling back on midday Thursday (November 20) after September US jobs numbers temporarily dashed hopes of a December interest rate cut from the Fed.

    Comments made at the Bloomberg New Economy Forum further contributed to market caution, with Goldman Sachs (NYSE:GS) President John Waldron warning that markets could still face further declines.

    In contrast, former Barclays (NYSE:BCS) CEO Bob Diamond offered a more optimistic view, calling the recent selloff a “healthy correction” rather than the start of a bear market.

    Later on Thursday and into Friday (November 21), the odds of a December rate cut rose again as Fed officials, including San Francisco Fed President Mary Daly and New York Fed President John Williams, signaled concerns about slowing economic growth and a cooling labor market. Markets surged on the back of the news to end the trading day sharply higher after a volatile week that saw all three major indexes post losses.

    This renewed optimism quelled some selling pressure going into the weekend, although investor caution around AI valuations and Fed policy remains prevalent.

    3 tech stocks moving markets this week

    1. NVIDIA (NASDAQ:NVDA)

    NVIDIA reported stronger-than-expected Q3 earnings with revenue of US$57 billion, beating expectations of US$55 billion, and earnings per share of US$1.30 versus the predicted US$1.25. The company also offered an optimistic Q4 revenue forecast of US$65 billion, surpassing analysts’ expectations of US$62 billion.

    However, he also noted that the sustainability of this growth depends on continued investor confidence.

    He warned that, similar to past tech bubbles like the dot-com era, AI companies today may be overvalued, with expectations currently outpacing reality. Murillo cautioned that while AI is making breakthroughs, its practical applications are still limited, and there is risk that an AI bubble could burst, impacting even large tech giants.

    Despite recent share price declines amid debates of an AI bubble, CEO Jensen Huang reassured investors, stating, “There’s been a lot of talk about an AI bubble. From our vantage point, we see something very different.”

    After a midweek gain of over 5 percent due to its earnings report, NVIDIA posted a weekly loss of 3.79 percent.

    2. Alphabet (NASDAQ:GOOGL)

    Alphabet rallied in early trading on Monday after Berkshire Hathaway (NYSE:BRK.A,NYSE:BRK,B) disclosed a US$4.3 billion stake in the company and reduced its stake in Apple (NASDAQ:AAPL). Alphabet then released Gemini 3 on Tuesday. The updated AI model has enhanced reasoning, coding and multimedia, alongside Antigravity, a Gemini-powered coding platform, and Nano Banana Pro, its latest detailed image-generation model.

    The week’s momentum was further fueled by reports that Google is on the verge of securing a US$1 billion annual deal with Apple to power the next-generation Siri, underscoring its dominant AI position across rival platforms.

    The company ended the week 4.86 percent higher.

    3. Apple (NASDAQ:AAPL)

    Apple was the steady pillar of tech resilience this week.

    With no obvious catalyst driving its price action this week, the company has maintained gains and investor interest following the strong earnings and product launches from earlier weeks.

    Consistency speaks to Apple’s enduring market strength and the confidence investors have in its long-term growth trajectory as it integrates AI across its product and services ecosystem.

    The company posted a modest advance of 0.99 percent for the week.

    NVIDIA, Alphabet and Apple performance, November 17 to 21, 2025.

    Chart via Google Finance.

    Top tech news of the week

              Tech ETF performance

              Tech exchange-traded funds (ETFs) track baskets of major tech stocks, meaning their performance helps investors gauge the overall performance of the niches they cover.

              This week, the iShares Semiconductor ETF (NASDAQ:SOXX) declined by 5.28 percent, while the Invesco PHLX Semiconductor ETF (NASDAQ:SOXQ) saw a weekly loss of 5.14 percent.

              The VanEck Semiconductor ETF (NASDAQ:SMH) decreased by 4.63 percent.

              Tech news to watch next week

              With fewer major tech earnings reports expected next week, market focus will likely shift to key economic data releases. Dell Technologies (NYSE:DELL) will deliver its Q3 results on November 25.

              Analysts predict earnings of around US$2.48 per share, representing approximately 15 percent year-on-year growth. Revenue estimates hover around US$27.29 billion, suggesting nearly 12 percent annual growth.

              Important economic reports include the US Consumer Confidence Index on November 25 and the Personal Consumption Expenditures price index on November 26.

              US markets will close on November 27 for Thanksgiving and have a shortened session on November 28. November 28 will also bring Canada’s Q3 GDP release.

              Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

              This post appeared first on investingnews.com

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              Editor’s Picks: Gold and Silver Prices Stay Steady, Barrick Faces Breakup Rumors

              The gold price remained fairly steady this week after last week’s brief uptick, largely trading between US$4,000 and US$4,100 per ounce.

              As is often the case, its sister metal silver was more volatile, jumping briefly above the US$52 per ounce level midway through the period.

              The precious metals faced some pressure on Thursday (November 20) after the release of September US jobs data. The Department of Labor report, which was delayed due to the government shutdown, came in stronger than expected, with nonfarm payrolls increasing by 119,000 for the month — more than double the gain of 50,000 estimated by analysts.

              The jobs numbers have dampened expectations that the US Federal Reserve will cut interest rates at its December meeting, as have minutes from the central bank’s latest meeting.

              ‘This (data) essentially confirms what the Fed discussed in October — a slowing yet stable jobs market. A December rate cut now appears increasingly unlikely’ — Peter Grant, Zaner Metals

              The minutes highlight the divide among Fed officials, who were not all in favor of October’s rate reduction. They also state that while ‘several participants’ believe lowering rates could be appropriate next month, ‘many’ want to leave rates unchanged.

              Fed Chair Jerome Powell said previously that a December cut isn’t a ‘foregone conclusion.’

              Aside from that, the minutes indicate broad approval for the end of quantitative tightening (QT) on December 1. Adrian Day of Adrian Day Asset Management highlighted the end of QT in our recent interview, saying that he sees a potential transition to quantitative easing ahead.

              Bullet briefing — Barrick faces turmoil, MP does Saudi refinery deal

              Barrick Mining faces more turmoil

              Turmoil continued for gold and copper producer Barrick Mining (TSX:ABX,NYSE:B) this week after a series of company developments made headlines.

              First, Reuters reported that Barrick’s board is considering splitting the company into two different entities: one focused on North America, and the other on Africa and Asia.

              Four sources familiar with the firm’s thinking told the news outlet that Barrick’s African assets could also be sold outright, as could the Pakistan-based Reko Diq mine — essentially undoing Barrick’s 2019 merger with Africa-focused Randgold Resources.

              Barrick didn’t respond to requests for comment, but later in the week news hit that activist investor firm Elliott Investment Management has taken a ‘large stake’ in Barrick.

              Sources told the Financial Times that Elliott is now among Barrick’s 10 top investors, meaning its stake is worth at least US$700 million. Elliott hasn’t shared information about what it would like Barrick to do, but is reportedly ‘encouraged’ by the idea of breaking the company in two.

              Barrick has faced numerous headwinds recently, including the seizure of a key gold mine in Mali and the departure of CEO Mark Bristow. Bristow, who took the helm at Barrick after it joined forces with Randgold, abruptly stepped down in September after facing criticism.

              Although shares of Barrick are up close to 130 percent year-to-date, the company has underperformed compared to its peers in the gold space.

              Bristow is not the only person to leave Barrick lately — the last piece of news about the company this week is that two senior managers and a top executive have departed. CEO Mark Hill announced the changes in a memo seen by Bloomberg, saying the company is looking to evolve its operating model so that it’s in line with strategic priorities.

              MP’s latest rare earths deal

              Rare earths miner MP Materials (NYSE:MP) and the US Department of Defense are teaming up on a strategic joint venture with Saudi Arabian Mining Company (Maaden).

              The deal, which will see the three entities collaborate on a Saudi Arabian rare earths refinery, comes after the US and Saudi Arabia signed a strategic framework on securing critical supply chains. The refinery will process rare earths feedstock from Saudi Arabia and elsewhere, and will be able to produce both light and heavy rare earths.

              Under the Trump administration, the US has ramped up efforts to break China’s rare earths dominance, boosting relationship with MP Materials in the process — in July, the defense department agreed to buy US$400 million worth of preferred stock in the company, a move that MP called a ‘transformational public-private partnership.’

              Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.

              This post appeared first on investingnews.com

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              What AI bubble? Nvidia’s strong earnings signal there’s more room to grow

              U.S. stock markets were poised for lift off Thursday, after a strong earnings report from computer chip giant Nvidia signaled that there is still plenty of room to run in the artificial intelligence boom that has powered markets higher for much of the year.

              Prior to the opening bell, bets on the S&P 500 were up about 1%, while the tech-heavy Nasdaq climbed 1.5%.

              Late Wednesday, Nvidia said sales of its trademark Blackwell AI chips ‘are off the charts,’ while another set of key computer processing units is ‘sold out,” founder and CEO Jensen Huang said in a statement.

              On a call with investors following the report, Huang dismissed concerns about an AI bubble.

              “There’s been a lot of talk about an AI bubble. From our vantage point, we see something very different,” Huang said.

              Dan Ives, managing director at Wedbush Securities finanical group, echoed that sentiment.

              “This was a golden quarter for Nvidia with demand massive and well above Street whisper numbers,’ Ives said in an email. ‘These numbers validate the AI Revolution is still early days and send the bears back into hibernation mode.’

              Shares of the world’s most valuable company were up more than 4% in after-hours trading.

              Nvidia’s chips have been the catalysts for a massive build-out of data centers that have supplied a backbone to the U.S. economy amid slowdowns elsewhere. More money is flowing into building data centers than all other manufacturing facility types combined, according to the research group S&P Global.

              Until recently, that spending has also powered major stock indexes to record highs.

              Lately, however, stocks have shown signs of wobbling lately. The declines in share prices — led by tech companies — have sparked debates about whether AI-driven gains are beginning to slow.

              This raises a bigger question: how the broader economy will perform if it no longer benefits from all the wealth the AI boom is creating.

              Nvidia’s latest earnings are likely to allay these fears, for now at least.

              Huang said last month that his company had $500 billion in orders for its chips, for 2025 and 2026 combined.

              “This is how much business is on the books. Half a trillion dollars’ worth so far,” Huang said at a conference in Washington, D.C.

              Alongside broader concerns about the state of the U.S. economy, stock market momentum has been tripped up by worries about circular dealing among AI’s biggest players. This means the same money is being passed back and forth between several companies — even as each company’s individual value climbs.

              Nvidia is a fixture in the kinds of deals that are raising concerns. It recently announced a commitment alongside Microsoft to fund AI software provider Anthropic with $10 billion.

              Nvidia CEO Jensen Huang during the Live Keynote Pregame of the Nvidia GPU Technology Conference in Washington on Oct. 28.Jim Watson / AFP – Getty Images file

              This kind of big collaboration news would typically boost the stock prices of all the companies involved. But neither Nvidia’s nor Microsoft’s stock got a boost from the Anthropic announcement.

              Analysts with Deutsche Bank said this is a sign of the ongoing investor wariness about deals like this.

              “It goes to show how sentiment has turned more negative in the last few weeks, with the circular AI deals being treated with increasing caution as the conversation around a potential bubble has gathered pace,” they wrote in a note published Wednesday.

              The Nvidia headquarters, in Santa Clara, Calif., on May 21, 2024.Justin Sullivan / Getty Images file

              The question now is whether the latest market hiccups represent a temporary pullback, or the onset of a more permanent state of affairs.

              For the experts who are cautiously optimistic that the market will continue to climb, Nvidia’s massive haul serves to validate their rosy outlook.

              “We think the investment boom has room to run,” Goldman Sachs researchers wrote in a note published Wednesday, adding that the economy writ large has remained resilient, something that should provide ongoing support to stock returns.

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              U.S. added 119,000 jobs in September, but there are signs of a weakening labor market

              The United States added 119,000 jobs in September, a stronger-than-expected figure and a sign that the economy was adding jobs at a healthy clip before government shutdown.

              But the details of the report from the Bureau of Labor Statistics paint a more mixed picture, that of a labor market that has recently begun to look wobblier amid high-profile layoff announcements from a host of blue-chip companies.

              September’s employment gains were concentrated in health care, food and drinking establishments, and social assistance. Manufacturing shed 6,000 jobs, continuing a trend in a sector the Trump administration has touted as a key target of its economic policies. Transportation and warehousing also lost 25,300 jobs.

              The unemployment rate climbed from 4.3% to 4.4% in September, though the pickup was due in part to an increase in the labor force, which the BLS said gained 450,000 new potential workers.

              The pace of wage growth slowed.

              Thursday’s report was originally supposed to be released Oct. 3, but it was shelved because of the government shutdown. Jobs data collected for October will be released Dec. 16 as part of the full report covering November, the BLS said Wednesday.

              The absence of official economic reports over the past six weeks has made it difficult to accurately assess the current state of the jobs market.

              But data from private and alternative sources has painted a worrisome portrait amid signs of softening consumption among many households and stubborn price increases.

              Over the past few weeks, Amazon, General Motors, IBM, Microsoft, Paramount, Target and UPS have announced plans to eliminate tens of thousands of jobs. Their ranks were joined Thursday by Verizon, which announced the start of layoffs affecting 13,000, according to an internal memo.

              About 39,000 workers received layoff notices in October, according to data tracked by the Cleveland Federal Reserve — a number last seen in May and before that only during times of crisis.

              A separate report released this month by the research firm Challenger, Gray & Christmas counted 153,000 job cuts announced in October, though some analysts give less weight to its data over methodology questions.

              Whatever the exact total, those who do find themselves without work are now experiencing an average unemployment spell of 24.5 weeks — nearly six months. That’s the worst reading since November 2017.

              Tiffany Price, South Florida general manager for Job News USA, a job listings service, said many companies face budget cuts and have effectively frozen hiring. And what companies are still hiring are offering lower compensation rates that more experienced workers may have trouble accepting.

              The number of employers who attended a recent Job News jobs fair at Amerant Bank Arena in Broward County, Florida, was nearly half the figure of a year ago, while attendance among workers held steady at about 2,000 potential applicants, Price said.

              Still, many organizations report difficulties finding qualified workers, she said. On both the employer and the employee sides, a “post and pray” job application strategy has taken hold that leads to worse outcomes for both, she said. More successful outcomes on both fronts have come from local relationships and face-to-face outreach.

              A bright spot has been local government, Price said — something that is reflected in the national data, which shows employment in local government roles has continuously expanded since the Covid-19 pandemic recovery set in.

              “It’s a weird market,” she said.

              Questions about the health of the labor market now dominate discussions about whether the Federal Reserve should continue to cut interest rates. On Monday, Fed Governor Christopher Waller said a December cut was needed to stem further job-market deterioration.

              “My focus is on the labor market, and after months of weakening, it is unlikely that the September jobs report later this week or any other data in the next few weeks would change my view that another cut is in order,” he said.

              In his speech last month announcing a 0.25% rate cut, Federal Reserve Chair Jerome Powell was more circumspect, saying it appeared that the jobs market was weakening only gradually and signaling he was not ready to guarantee a December rate cut was inevitable.

              The Fed’s divisions were laid bare in meeting notes released Wednesday from the October rate-setting meeting that showed a sharp split among policymakers about the risk that lower rates would spur already-elevated inflation by making it easier for consumers and businesses to borrow money.

              “Most participants noted that, against a backdrop of elevated inflation readings and a very gradual cooling of labor market conditions, further” interest-rate cuts “could add to the risk of higher inflation becoming entrenched,” the notes said.

              So far, many economic analysts have been reluctant to call it a full-blown jobs crisis, pointing to data from state-level claims for unemployment that remain subdued and recent reports from the payrolls processor ADP showing a slight rebound in new hires.

              “Fears of a renewed labour market downturn, amid reports of mass layoffs at several large firms, are not reflected in still-muted jobless claims or the pick-up in hiring in the ADP private payrolls report,” Thomas Ryan, North America economist for Capital Economics research group, wrote in a note published last week.

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              Bargain hunters drive Walmart sales and outlook higher

              Shoppers are still flocking to Walmart.

              The company raised its full-year earnings and sales outlook Thursday, heading into the crucial holiday shopping season.

              Walmart also offered fresh signs that it is shedding its original identity as a strictly down-market brick-and-mortar operation by growing its e-commerce business and increasing its market share of higher-income shoppers.

              Walmart’s shares closed more than 6% higher Thursday, even as the broader market suffered a dramatic sell-off. The stock is up more than 18% this year.

              The biggest retailer and grocer in the United States acknowledged the added financial pressures on lower-income households but said middle-income families are holding up. Walmart saw more sales growth in its grocery and health and wellness product categories than in general merchandise.

              ‘As pocketbooks have been stretched, you’re seeing more consumer dollars go to necessities versus discretionary items,’ Chief Financial Officer John David Rainey said on a call with analysts Thursday morning.

              The company reported that same-store sales for Walmart U.S. rose 4.5% in the quarter that ended Oct. 31, exceeding analysts’ expectations.

              “The team delivered another strong quarter across the business. eCommerce was a bright spot again this quarter. We’re gaining market share, improving delivery speed, and managing inventory well,” outgoing CEO Doug McMillon said in a statement.

              Walmart reported 27% growth in e-commerce sales globally.

              Walmart also announced that it will move from trading on the New York Stock Exchange to the tech-heavy Nasdaq next month. It’s the latest sign of America’s largest private employer working to position itself as tech-forward in order to compete with Amazon.

              The discounter’s third-quarter earnings come amid growing questions about whether Americans contending with tariffs, corporate layoffs and accelerating inflation are still confidently spending on retail.

              As a bellwether for the U.S. economy and consumer confidence, Walmart’s strong earnings and guidance indicate that consumers are still shopping — at least at the lower end of the retail price point.

              The company announced last week that McMillon will step down in January. McMillon, 59, started at Walmart as an associate in the 1980s and has helmed the company since 2014.

              Under his leadership, Walmart improved pay and benefits for many employees, renovated hundreds of stores and boosted its e-commerce and delivery programs, especially during the Covid pandemic.

              John Furner, CEO of Walmart U.S., will take over the top job Feb. 1. Since 2019, Furner has led Walmart’s American operations — by far the largest slice of the company, with around 1.6 million of Walmart’s approximately 2.1 million total associates worldwide.

              Walmart is leading the retail race against longtime rival Target, which Wednesday reported a drop in third-quarter sales and cut its full-year profit guidance.

              Target’s sales have faltered over the last few years, with some consumers expressing frustration over what they said were disorganized stores and rollbacks of the company’s diversity, equity and inclusion initiatives.

              In October, Target said it would cut about 1,800 corporate jobs.

              Target is hoping for a fresh start in the new year. Incoming CEO Michael Fiddelke will take over Feb. 1, the same day Furner becomes CEO of Walmart.

              The struggling retailer said Wednesday that it plans to increase its investment in stores and technology next year by 25%.

              Since January, U.S. businesses have had to contend with ever-changing tariffs under the Trump administration. Walmart has navigated the uncertainty by raising prices on some items, while swallowing some tariff costs on others. In the three months that ended Oct. 31, prices at Walmart U.S. rose around 1% overall, with higher prices on electronics, toys and seasonal items in particular due to tariff pressures.

              In the grocery section, Walmart expects egg prices to drop but anticipates the record-breaking beef prices will stay high, in part from cattle herds shrinking over the last few decades.

              Prices for other grocery staples are also up, though the Trump administration’s rollback of tariffs on many food items last week could offer some relief.

              Despite the rising prices, Walmart is offering its annual Thanksgiving menu deal for 10 at less than $4 per person. It’s less expensive than last year’s package, but it also contains fewer items.

              The company is also expanding its use of artificial intelligence, teaming up with OpenAI to allow customers to buy from Walmart within ChatGPT. Walmart has not detailed the terms of the partnership or shared when the new option could be available.

              This week, Target announced its own collaboration with OpenAI.

              Walmart has lagged behind rival Amazon in AI-driven e-commerce — Amazon debuted its Rufus shopping assistant in February 2024, more than a year before Walmart launched its counterpart, Sparky.

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