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Today is Tuesday, October 1, 2024.

The Early Bird Index today is 74.05.

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Shiba Inu's Pre-'Uptober' Fall 🐾

The price of the cryptocurrency (and popular meme coin) Shiba Inu ended September on a sour note with an 8% decline on Monday.

Details: Shiba Inu’s decline is part of a broader cryptocurrency market downturn because of recent changes in interest rates.

Also: There might also be a negative reaction to the Shibarium blockchain (which powers Shiba Inu) introducing a new metaverse project called Shib the Metaverse.

Price: Investors are also selling Shiba Inu to collect recent profits. Shiba Inu is up 24% in the last 7 days and up 30% in the last 30 days.

Bigger Picture: The selloff in Shiba Inu comes before the start of ‘Uptober,’ the nickname given to October because crypto usually does well during this month.

Early Bird’s Nest Egg Gains: Uptober is a significant phenomenon in the crypto world, particularly for Bitcoin.

• According to Coinglass data, October has been the most bullish month for Bitcoin over the past 13 years, with an average growth of 22.9%.

• Several factors could potentially drive crypto prices in October 2024, including monetary policy developments, economic data releases, and the upcoming U.S. Presidential election.

Final Thoughts: Shiba Inu’s price has also been volatile all year.

The 32,481% Boom: First Disruption to $martphones in 15 Years

Mode saw 32,481% revenue growth from 2019 to 2022, ranking them the #1 overall software company, on this year's Deloitte 500 fastest-growing companies list. Mode is on a mission to disrupt the entire industry with their “EarnPhone”, a budget smartphone that’s helped consumers earn and save $325M for activities like listening to music, playing games, and… even charging their devices?!

Mode has over $60M in revenue - this is your chance to invest in a $1T+ market opportunity!

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Notables

Notable Earnings Today: Nike (NYSE: NKE), Lamb Weston (NYSE: LW), Paychex (Nasdaq: PAYX), Cal-Maine Foods (Nasdaq: CALM), McCormick (NYSE: MKC), Acuity Brands (NYSE: AYI), Resources Connection (Nasdaq: RGP), United Natural Foods (NYSE: UNFI).

Notable IPOs Today: N/A.

Notable Equity Crowdfunding Campaigns Ending Today: N/A.

Notable Economic Events Today: S&P Global US Manufacturing PMI (9:45 a.m. ET), JOLTs Job Openings (10:00 a.m. ET), ISM Manufacturing PMI / Prices (10:00 a.m. ET), ISM Manufacturing Employment (10:00 a.m. ET), Atlanta Fed GDPNow (2:00 p.m. ET), API Weekly Crude Oil Stock (4:30 p.m. ET).

Nvidia Rival Cerebras Files for IPO

An artificial intelligence chip startup that competes against Nvidia (Nasdaq: NVDA) is heading to the public markets.

Details: Cerebras Systems said Monday that it will list on the Nasdaq under the symbol "CBRS."

Background: The startup, which was founded in 2015 and raised over $700 million, produces chips and is considered a rival to Nvidia.

Deeper Look: AI chip stocks started the year strong, but some investors left during the summer, causing a selloff.

Final Thoughts: Cerebras is not profitable at this time.

Pepsi Could Buy Tortilla Chip Maker

The Wall Street Journal reported Monday that PepsiCo (Nasdaq: PEP) could soon buy tortilla chip maker Siete Foods for over $1 billion.

Final Thoughts: PepsiCo is down 1.65% this year.

Trends to Watch

Going Small: Powell indicates further, smaller rate cuts, insists the Fed is ‘not on any preset course’ (CNBC)

Can You Hear Me Now: Verizon customers report widespread outages, with mobile phones limited to SOS mode (CBS News)

Voluntary Approach: Lionsgate Offering Employees Voluntary Severance Amid “Disrupted Business Environment” (Deadline)

Driving Profits Down: Stellantis, Owner of Chrysler and Jeep, Slashes Profit Forecast (New York Times)

Gassy: Ethereum gas fees rose 498% in two weeks as network activity surged (Cointelegraph)

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_{The contents of Early Bird are intended for informational and entertainment purposes only. They do not constitute trade or investment recommendations and they are not financial or legal advice. Readers are encouraged to consult licensed professionals for personalized guidance regarding their financial or legal situations.}