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Hi there, this is your daily ☕️ Finpresso.
In today's newsletter: 🏭 Texas Democrat wins governor vowing to halt data centers 🪙 Sherrod Brown beats crypto-backed rival in Ohio 💻 AMD data center sales nearly double on AI demand 🛒 Earnings report reveals Shopify Q3 revenue miss 💶 Rising euro zone prices push ECB toward hikes Plus: 🌍 9 macro stories, 🏢 12 corporate stories, and 📑 6 research & reports.
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📊 Before The Bell
 | Change over the last 24 hours · as of Nov 4, 2026, 6:08 AM ET |
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𝘐𝘯 𝘮𝘢𝘬𝘪𝘯𝘨 𝘢𝘯 𝘪𝘯𝘷𝘦𝘴𝘵𝘮𝘦𝘯𝘵 𝘥𝘦𝘤𝘪𝘴𝘪𝘰𝘯, 𝘪𝘯𝘷𝘦𝘴𝘵𝘰𝘳𝘴 𝘮𝘶𝘴𝘵 𝘳𝘦𝘭𝘺 𝘰𝘯 𝘵𝘩𝘦𝘪𝘳 𝘰𝘸𝘯 𝘦𝘹𝘢𝘮𝘪𝘯𝘢𝘵𝘪𝘰𝘯 𝘰𝘧 𝘵𝘩𝘦 𝘪𝘴𝘴𝘶𝘦𝘳 𝘢𝘯𝘥 𝘵𝘩𝘦 𝘵𝘦𝘳𝘮𝘴 𝘰𝘧 𝘵𝘩𝘦 𝘰𝘧𝘧𝘦𝘳𝘪𝘯𝘨, 𝘪𝘯𝘤𝘭𝘶𝘥𝘪𝘯𝘨 𝘵𝘩𝘦 𝘮𝘦𝘳𝘪𝘵𝘴 𝘢𝘯𝘥 𝘳𝘪𝘴𝘬𝘴 𝘪𝘯𝘷𝘰𝘭𝘷𝘦𝘥. 𝘋𝘐𝘛 𝘈𝘨𝘛𝘦𝘤𝘩 𝘩𝘢𝘴 𝘧𝘪𝘭𝘦𝘥 𝘢 𝘍𝘰𝘳𝘮 𝘊 𝘸𝘪𝘵𝘩 𝘵𝘩𝘦 𝘚𝘦𝘤𝘶𝘳𝘪𝘵𝘪𝘦𝘴 𝘢𝘯𝘥 𝘌𝘹𝘤𝘩𝘢𝘯𝘨𝘦 𝘊𝘰𝘮𝘮𝘪𝘴𝘴𝘪𝘰𝘯 𝘪𝘯 𝘤𝘰𝘯𝘯𝘦𝘤𝘵𝘪𝘰𝘯 𝘸𝘪𝘵𝘩 𝘪𝘵𝘴 𝘰𝘧𝘧𝘦𝘳𝘪𝘯𝘨, 𝘢 𝘤𝘰𝘱𝘺 𝘰𝘧 𝘸𝘩𝘪𝘤𝘩 𝘮𝘢𝘺 𝘣𝘦 𝘰𝘣𝘵𝘢𝘪𝘯𝘦𝘥 𝘩𝘦𝘳𝘦: https://bit.ly/4bzuWCi
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🏭 Texas Democrat wins governor vowing to halt data centers
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- Gina Hinojosa won the Texas governorship, becoming the state's first Democratic governor since 1990 after campaigning on a pledge to pause data center construction, a result Big Tech had closely watched given Texas holds over 25% of planned US capacity through 2030.
- Hinojosa plans a moratorium on new data center builds, plus tighter water and power rules and an end to tax breaks; incumbent Greg Abbott, who once wanted Texas as the "epicenter of AI development," conceded late yesterday.
- Raymond James flagged the race as pivotal for "the next leg of the AI trade," warning a Democratic win could signal broader AI restrictions, while Bank of America called it one of the highest-impact elections for the entire utility sector.
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🪙 Sherrod Brown beats crypto-backed rival in Ohio
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- Democrat Sherrod Brown won back an Ohio Senate seat yesterday, beating Republican incumbent Jon Husted and dealing a defeat to the crypto industry super PAC Fairshake, which had spent heavily to keep him out of Washington.
- Fairshake committed $30 million against Brown this year, after spending $12 million in 2024 to help oust him; Brown, a longtime crypto skeptic, previously chaired the Senate Banking Committee and pushed for crackdowns on illicit crypto use.
- If Democrats retake the Senate, Brown could chair the Agriculture Committee, which oversees digital assets and prediction markets, and sources told The Block he would be unlikely to advance any crypto legislation from that post.
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💻 AMD data center sales nearly double on AI demand
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- AMD's data center revenue nearly doubled from a year earlier in the third quarter, lifting the chipmaker past Wall Street forecasts and sending its shares up 7% in extended trading on Tuesday.
- Total revenue rose 45% from a year earlier, with the data center unit now accounting for a majority of AMD's business, up from under half a year ago, as CEO Lisa Su said growth in data center processors should "accelerate further."
- AMD credits a resurgence in its server CPUs driven by agentic AI apps like Meta's Muse, which run for hours on their own; the report lands days after Intel posted 78% data center growth but saw its stock drop 29% on Friday over weak guidance.
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🛒 Earnings report reveals Shopify Q3 revenue miss
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- Shopify shares dropped 7% yesterday after third-quarter revenue of $3.74 billion fell just short of estimates, its first revenue miss since 2022.
- The disappointment ran deeper in its core recurring business, with subscription revenue of $836 million undershooting the $850.2 million forecast and raising questions about growth in that segment.
- Not every number missed: adjusted earnings of $0.49 a share narrowly beat estimates, though the company highlighted 32% revenue growth and merchandise sold through the platform also came in below forecasts.
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💶 Rising euro zone prices push ECB toward hikes
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- Euro zone inflation climbed to a three-year high of 4% in October, up from 3.8% in September, strengthening the case for the European Central Bank to raise interest rates at its December meeting.
- Surging energy costs drove the jump, with energy inflation rising to 20.8% as Europe, a net energy importer, absorbs price increases that have mounted since the start of the Iran war; every euro zone economy remains above the ECB's 2% target.
- Markets nudged the odds of a December hike just past 72%, but analysts warn turmoil in France's bond market is constraining the ECB; an easing there could allow more aggressive tightening and lift the euro, already up 0.6% against the dollar, further.
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The Mineral Everyone Forgets Until Their Driveway Freezes Over
Most people couldn't tell you what scandium is for, but everyone knows what happens when roads go unsalted. North America keeps running short, and Atlas Salt (TSXV: SALT) is building a shovel-ready mine in Newfoundland, three days by ship from Boston, with C$188 million in projected yearly free cash flow.
🌍 Macro News
- U.S. job openings rose 333,000 to 7.52 million, beating expectations. LINK
- Treasury yields fell as investors sought safety amid election-driven stock-futures selloff. LINK
- Gold and silver climbed as dollar weakened after midterms, markets retreated. LINK
- SEC classifies Canton Coin as commodity, declining enforcement over automated issuance. LINK
- China told banks to pause new stock listings to stem market slide. LINK
- EU and Canada agreed to link real-time payment systems under broader pact. LINK
- US regulators clear exchanges to offer perpetual futures tied to individual stocks. LINK
- Democrats take Senate control with 51 seats after Iowa victory. LINK
- Trump says US is close to trade deal with Canada, coming soon. LINK
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🏢 Corporate News
- Revolut share sale values fintech at $115 billion, up 53% in a year. LINK
- Canva cuts jobs and reshuffles roles affecting 22% of its workforce. LINK
- Fal raised $1.3 billion, doubling valuation to $16 billion in funding. LINK
- Supermicro beat estimates, forecasting sales above expectations for current quarter. LINK
- Block shares rose after stronger earnings and higher full-year profit outlook. LINK
- Razorpay wins Sebi approval for IPO, targeting roughly $5-billion valuation. LINK
- CVS weighs separating retail pharmacies from insurance and pharmacy-benefit businesses. LINK
- Novo raised outlook after strong results and better-than-expected Wegovy pill sales. LINK
- CrowdStrike buys AI security startups for $495 million, launches agent kill switch. LINK
- Google extended buyouts across five countries to curb costs amid AI spending. LINK
- Fiserv explores selling non-core assets, including a debit network. LINK
- Arista revenue jumped 58.5% to record $3.66 billion on AI and data-center demand. LINK
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📈 Stocks
| ▲ Biggest winners | | Fabrinet rose 15% after fiscal Q1 revenue rose 51% to $1.47 billion, beating guidance. LINK | | Fiserv rose 12% after the company raised its Project Elevate savings target to $1 billion and announced plans for a $500 million fourth-quarter share buyback. LINK | | Lattice Semiconductor Corporati rose 11% after record Q3 revenue of $291 million and strong Q4 guidance powered by AI demand. LINK |
| ▼ Biggest losers | | Dynatrace fell 15% after cutting full-year revenue guidance. LINK | | Gartner fell 13% after missing Q3 revenue estimates and cutting full-year guidance. LINK | | Zebra Technologies fell 9% after warning that 2027 profit margins could be thinner. LINK |
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📑 Research & Reports
- 10 stocks set to soar in 2026: lists the names MarketBeat expects to outperform, with the thesis for each, in a free report. Get the free list
- Seven in ten leaders report rising risks, with AI the top threat. LINK
- Goldman expects slower S&P earnings growth but another positive market year. LINK
- ECB wage tracker signals faster euro-area pay growth in 2027. LINK
- Tighter bank lending may curb Bitcoin appetite without rate hikes. LINK
- US companies spent $176.8 billion on AI services, up 5.4-fold year over year. LINK
- SpaceX could reach 13-gigawatt data-center capacity by 2027, outpacing established rivals. LINK
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📅 Market Calendar
 | Earnings · Economic events |
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