Good Morning. This is the Investor Lookout with the daily digest to make you a smarter investor. (Keep an eye on the Lookout Watch to see how we’re doing!)

Here’s what we got today:

• 🤖 Nvidia AI Dominance Forces Intel Out of the Dow

• 🔮 The Oracle's Cash Mountain Grows as Berkshire Reaches Record $325B in Cash

Nvidia AI Dominance Forces Intel Out of the Dow

'Intel Inside' is turning into 'Intel Outside' of the Dow Jones. Starting Friday, November 8, AI giant Nvidia ($NVDA) will take Intel's ($INTC) place in the Dow Jones Industrial Average index. Paint maker Sherwin-Williams ($SHW) will also replace the chemical powerhouse Dow ($DOW). Nvidia shares went up 3%, and Sherwin-Williams climbed 5% after the news on Friday. Intel went under 100 billion market cap for the first time in 30 years, while Nvidia's AI positioning helped them reach a valuation of $3.32 trillion. This ends Intel's 25 years in the index and reflects the company's recent struggles.

• Intel shares fell 54% this year, making it Dow's worst performer

• Nvidia's stock has doubled in 2024, driven by AI chip demand

The Oracle's Cash Mountain Grows as Berkshire Reaches Record $325B in Cash

With $325 billion in cash, Warren Buffet is well positioned to afford a one-bedroom apartment in San Francisco...maybe. Berkshire Hathaway ($BRK) continues its portfolio selloff, with Warren Buffet ditching another 100 million Apple ($AAPL) shares in Q3 2024. This brings the company's total stake in Apple down to $69.9 billion, a two-thirds reduction from its $178 billion peak in 2023. BRK reached a total of $325 billion in cash, kept in short-term Treasury bills, as it reached the eighth consecutive quarter where it was a net seller of stocks.

• Operating profits are down 6% to $10.1 billion

• Berkshire shares are up 25% YTD, outpacing S&P 500

Markets

Iran supreme leader says ‘crushing response’ awaits US, Israel. Iran's Ayatollah Ali Khamenei escalated tensions by warning of retaliation following Israel's recent missile strike. The statement comes after Israel's October 26 attack involving over 100 fighter jets targeting Iranian military infrastructure. [Read]

The US is pumping more oil than ever, and it's complicating things for other crude-exporting countries. The US crude oil production hit a new all-time monthly high in August. This puts a dent in OPEC+ plans to start increasing output in December. [Read]

Hedge funds search for trades in dead-heat US election. Wall Street strategists are developing "asymmetric trades" involving bitcoin or the yuan, assets that could provide greater profits if Trump wins and minimal losses in case of a Harris victory. [Read]

Business

OpenAI's former head of 'AGI readiness' says that soon AI will be able to do anything on a computer that a human can. OpenAI's former head of AGI (Artificial General Intelligence) readiness, Miles Brundage, forecasts AI systems will soon replicate all human-computer interactions. [Read]

DJT stock’s sudden crash wipes out $2.4 billion from Donald Trump’s wealth in just 3 days. Trump Media and Technology Group ($DJT) fell by 41% over the last trading days, wiping $2.4 billion out of Donald Trump's net worth. [Read]

Boeing slashes DEI department in latest staff shake-up. Boeing ($BA) dismantled its diversity, equity, and inclusion department on Thursday, as reported by Bloomberg. Sara Bowen, Boeing's vice president of DEI, announced her resignation the same day. [Read]

5 stocks to buy if Harris wins the election—and 5 to sell. Fortune

A Luxury Giant, a Reclusive Heir and the Case of the Missing $13 Billion. WSJ

German Banks Start to Cut US Office Loan Exposure. Bloomberg

Gold is hovering near all-time highs. Here's how to play the craze. Yahoo Finance

Can Polymarket offer reliable predictions? Fortune

The rise of GodGPT. BI

Harris defends CHIPS Act after Mike Johnson suggests GOP would repeal law. CNBC

New PCE reading not ideal but Fed won't upend rate cut expectations. Yahoo Finance

Japan political turmoil a risk for BOJ December hike. Investing.com

Boeing marked up soap dispensers by 8,000% amid overcharges for Air Force. Fortune

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.