| Thanks for reading The Briefing, our nightly column where we break down the day's news. If you like what you see, I encourage you to subscribe to our reporting here. The Information is hosting an event on the impact of AI on the IPO market in San Francisco on November 14th, with speakers from NYSE, Citi and J.P. Morgan. How is the IPO market shaping up for tech and what will AI's impact be? More details & request an invite here. Greetings! This is telling: Tesla's closing price today of $350 was the first time it has closed at that level since the first week of April 2022, when Elon Musk first revealed he was building a position in Twitter (now X). A two-and-a-half-year slump in Tesla's stock price is over; it was sparked by his excursion into making over the social media app in his image and prolonged by worries over electric vehicle sales and skepticism about his recent presentation on self-driving cars. All those worries have been washed away by investor excitement over what Musk could achieve as a close adviser to the incoming president, Donald Trump. At first glance, this enthusiasm seems counterintuitive. As our EV expert, Steve LeVine, wrote today, Trump has repeatedly vowed to kill various laws and regulations enacted by Joe Biden's administration that aimed to build up the EV industry. There is artificial intelligence, however. AI is central to Musk's approach to self-driving cars and is also vital to his Optimus robot plans, Steve points out. While states are the primary regulator determining whether and when to allow self-driving cars onto roads, Musk could persuade Trump to step in with federal regulations favorable to Tesla. Some suspension of disbelief is required, of course, for investors to believe things will work this smoothly. But that's true generally of the period we're in now—investors are buying first, thinking second. Witness bitcoin's price, which this evening was approaching $90,000, up 32% in a week. Yes, Trump has made clear he is pro-crypto. He will likely appoint someone friendlier to crypto to run the Securities and Exchange Commission, ensuring it backs off the crypto crackdown pursued by Biden's SEC Chair Gary Gensler. Does that justify bitcoin's recent rally? It has now more than doubled since the start of the year! Who can tell? The only thing we'd guess is that the smart money was on buying either bitcoin or Tesla stock before the election, not now. MicroStrategy is one bitcoin investor that isn't concerned with timing the market. The enterprise software firm turned bitcoin holding company revealed today that over the past 10 days it had spent $2 billion buying bitcoin, at an average price of $74,463 per bitcoin. That lifted its total investment to $11.9 billion. Despite its high-priced purchases of the past few days, its average purchase price over all its holdings is just $42,692 per bitcoin compared with $39,266 as of Sept. 30. Wall Street isn't worried: MicroStrategy's stock price soared 26% today, which means its stock is up 52% in a week. That's more than bitcoin's rally itself. It seems MicroStrategy stock can be better than buying bitcoin! • Shailesh Prakash, a Google executive who helped manage the search giant's relationship with news publishers, is departing, the Wall Street Journal reported. Prakash's role had included managing Google News and also communicating with publishers about Google's increasing emphasis on AI in search. • Amazon is developing smart glasses for delivery workers, Reuters reported. The glasses would include an embedded screen that would give workers navigation instructions while they're driving and when they arrive at customers' homes, according to the report. • Forerunner Ventures announced a new $500 million fund on Monday focused on making early-stage investments in consumer startups. AI Agenda by Stephanie Palazzolo separates hype from reality and explains how AI is transforming industries. The 4x/week newsletter details the innovation and disruption happening in AI, from the AI startup funding frenzy to the major technological breakthroughs that will set the agenda for decades to come. Sign up today. | 
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