Good morning, Quartz readers!
HERE’S WHAT YOU NEED TO KNOW
Santa might have to load his sleigh somewhere else. The port strike is creating anxiety around the annual holiday-season warehouse shelf-stacking.
Elizabeth Warren sent a warning shot at Citigroup. She said the megabank needs more rigorous regulation because it has become “too big to manage.”
Don’t get too excited at that open house. Goldman Sachs says mortgage rates might be as low as they’ll be for a while.
Tesla doubled its Cybertruck sales in just a few months. Unfortunately, the information was revealed because the vehicle’s rear-view cameras had a recall.
Nvidia is about to level-up. CEO Jensen Huang says there’s “insane” demand for the company’s next-generation AI chip.
Rich people are gold-digging this November
A lot of people are feeling anxiety around the election. And while some people turn those queasy feelings into political action like volunteering and sloganeering, the wealthy are looking for gold.
A survey conducted among U.S. millionaires finds that 42% are interested in so-called “golden visas” that allow them to buy their way into citizenship abroad. One consultant said that they’re seeing record demand for the documents.
Where are all the rich people going to go this November? Quartz’s Madeline Fitzgerald digs into their destinations as well as their motivations for seeking a way out the country.
A token effort takes shape at Visa
One of the biggest tools of the financial decentralization movement has been absorbed into one of mainstream finance’s most central players. Visa has introduced its blockchain-like tokenization effort, the Visa Tokenized Asset Platform.
The payments giant wants to use the technology to speed up transactions between its customers and their customers. It’s not just for cash, either, the company is looking to include a wide array of digital currencies as well.
What happens when one of finance’s oldest dogs learns a new trick? Quartz’s Vinamrata Chaturvedi explains exactly what Visa is up to.
MORE FROM QUARTZ
🫧 Miami might have one of the world’s biggest real estate bubbles
💉 The major of Rio de Janeiro wants to use generic Ozempic to get rid of the city’s fat people
📦 These are all the biggest retail goods stuck offshore during the port strike
🦾 OpenAI has a $10 billion treasure chest thanks to its massive fund-raise
😵💫 Analysts say OpenAI will need all that money when the AI market crashes
🧑🤝🧑 Amazon wants to hire 250,000 for the holiday shopping/shipping season
🐘 Elon Musk has been funneling millions to Republicans for years
SURPRISING DISCOVERIES
Starbucks is expanding its coffee business — from the ground up. The chain is buying up plantations to secure its supplies amid climate change.
The convenience market is getting cornered. Small-scale neighborhood retail is experiencing a major comeback. (paywall)
A lot of people just found out Kris Kristofferson could sing, too. Streams of the late actor’s music catalog surged 2300% after his death.
License plate readers are reading a whole lot more than that. The tools are building massive databases of everything from bumper stickers to yard signs.
Fat Bear Week is beginning in bloodshed. The annual ursine weight watch got a late start after one of the pre-hibernation body-bulking competitors mauled a rival.
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Our best wishes on a safe start to the day. Send any news, comments, golden visas, and coffee farm brochures to talk@qz.com. Today’s Daily Brief was brought to you by Melvin Backman and Audrey McNamara.