😳 Elon Musk Forced To Attend Court Today

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Hey Waivly Crew! 🌊 In today’s edition, we’ve got a variety of topics to explore.

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Here’s what’s on the horizon today:

• Elon Musk ordered to attend Philadelphia court hearing

• Google generates 25% of new code using AI

• Riot Platforms Q3 earnings surpass estimates

• MicroStrategy to raise $42 billion to buy more Bitcoin

Let’s dive in!

STORIES MAKING A SPLASH

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Elon Musk ordered to attend Philadelphia court hearing

Elon Musk is scheduled to attend an emergency court hearing in Philadelphia on Thursday morning regarding District Attorney Larry Krasner's request to halt Musk’s $1 million prizes for registered voters in Pennsylvania. A judge ordered the hearing after Krasner's lawsuit against Musk and his political action committee gained traction.

Krasner's attorneys revealed the lawsuit triggered a wave of social media backlash from Musk's followers, including antisemitic attacks directed at Krasner. Musk had previously shared a post supporting the notion that the giveaway was legal, accusing Krasner of wanting to involve a “leftist judge” before Election Day.

In light of threats against Krasner, his lawyers requested enhanced security for the hearing and emphasized the need for all parties, including Musk, to attend. The judge moved the hearing forward to ensure a timely resolution.

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Google generates 25% of new code using AI

Google CEO Sundar Pichai shared that AI now generates over 25% of new code for Google’s products, according to a company earnings call transcribed by Ars Technica. This shift highlights AI’s transformative impact on software development, with human engineers still overseeing the code but benefiting from greater productivity and speed.

The trend extends beyond Google. Stack Overflow reports that over 75% of developers are either using or planning to use AI coding tools, while GitHub found that 92% of U.S. developers are already employing AI in coding, reflecting a growing industry reliance on AI.

Yet, as AI handles more coding, concerns arise about human expertise erosion. If AI produces code only other AI understands, it could complicate debugging, creating a cycle of AI-dependent code. For now, though, AI’s coding role only continues to expand.

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WEB3 SPECIAL

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Riot Platforms Q3 earnings surpass estimates

Riot Platforms saw a 65% rise in revenue this quarter, reaching $84.8 million, thanks to an impressive 159% year-on-year growth in hashrate to 28 EH/s. The increased hashrate allowed Riot to mine 1,104 Bitcoin, maintaining last year’s production levels despite the recent halving impact.

However, Riot posted a net loss of $154 million, driven by reduced power credits, higher operational costs, and halving effects. Mining costs averaged $35,376 per Bitcoin, reflecting the firm’s energy efficiency, with power expenses at an industry-low 3.1 cents/kWh.

Riot remains optimistic, holding $1.3 billion in cash and 10,427 Bitcoin. CEO Jason Les emphasized continued expansion plans in Texas and Kentucky, aiming to achieve a self-mining hashrate of 100 EH/s in the near future.

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MicroStrategy to raise $42 billion to buy more Bitcoin

MicroStrategy, the largest corporate holder of Bitcoin, reported a 5.1% increase in its BTC Yield and introduced a bold "21/21 Plan" to raise $42 billion over the next three years, evenly split between equity and fixed-income securities to support Bitcoin acquisitions.

As of September 30, MicroStrategy held approximately 252,220 Bitcoins worth around $16 billion. The company raised $2.1 billion this quarter, increasing its Bitcoin holdings by 11%. However, revenues of $116.1 million fell short of estimates, mainly due to declines in product licenses and support.

Looking ahead, MicroStrategy has adjusted its BTC Yield target for 2025-2027 to 6%-10% amid market uncertainties. The firm also announced an at-the-market equity offering of up to $21 billion to acquire more Bitcoin and enhance shareholder value.

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THE WAVES

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🌟 See today's Waivly+ exclusive story by clicking here!

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