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Here’s what you need to know today

• The big US banks have had a better-than-expected third quarter. Goldman Sachs, JPMorgan, Citigroup and Wells Fargo all reported strong results, helped by a rebound in dealmaking, booming equity markets and an improving regulatory backdrop. (FT)
  
  

• But not everyone’s celebrating. Jamie Dimon warned that some assets are entering “bubble territory,” and Citi’s CFO Mark Mason said parts of the market are “frothy and overvalued.” (FT) That concern is being echoed by fund managers too. In Bank of America’s latest survey, 54% said tech stocks look expensive and 60% think global equities overall are overpriced. (Quartz)
  
  

• Global sales of fully electric and plug-in hybrid vehicles rose 26% in September from a year ago to a record 2.1m units. China accounted for about two-thirds of global sales with about 1.3m units, while North America also hit a record as U.S. buyers moved to secure incentives before they expired. (Reuters)
  
  

• The impact of falling U.S. government support for electric vehicles was brought into sharp focus Tuesday, as General Motors said it will lose $1.6bn from pulling back its production plans. (Quartz)
  
  

• Google is betting big on India’s role in the AI race, announcing a $15bn investment to build its largest data centre outside the U.S. The facility will expand computing power and support AI development in one of the world’s biggest technology markets. (BBC)
  
  

• Meanwhile, Intel unveiled a new AI chip for data centres, due to launch next year, in a renewed push to break into the AI chip market. The new chip, called Crescent Island, is the struggling U.S. chipmaker's latest attempt to capitalise on the frenzy in AI spending that has generated billions in revenue for AMD and Nvidia. (Reuters)
  
  

• Walmart is partnering with OpenAI to allow shoppers to complete purchases using ChatGPT’s new "Instant Checkout" feature. The AI bot will be able to browse Walmart's offerings and complete purchases from within the app. (WSJ)
  
  

• Netflix is taking its first step into the world of video podcasting. The streamer has partnered with Spotify to launch a lineup of shows covering sport, culture and true crime. They’ll debut on Netflix early next year, and the deal prevents the shows from airing in their entirety on YouTube, Netflix’s biggest competitor. (NY Times)
  
  

• Australia’s top cyber spy has urged businesses to move away from password-only logins, calling employees the “weakest link” in defending against hackers. Australian Signals Directorate director-general Abigail Bradshaw has issued the warning following news that data from six million Qantas customers was posted on the dark web. (Capital Brief)
  
  

• Australia currently holds less than one month’s worth of jet fuel, petrol and diesel in reserve, making it the only country failing to meet its international emergency stockpile obligations. Analysts warn that a major supply disruption could quickly affect freight, supermarkets and pharmacy deliveries. (AFR)

What the…?

Former UK prime minister Rishi Sunak has taken on paid advisory roles with Microsoft and AI start-up Anthropic, pledging to donate all earnings to The Richmond Project, a charity he founded to improve numeracy in the UK.

Sunak has been told he must not lobby ministers on behalf of the companies by the Advisory Committee on Business Appointments, an independent watchdog which oversees the activities of former government figures.

Sunak’s role at Microsoft involves offering strategic insights on geopolitical trends, while at Anthropic he will act as part of an internal think tank on artificial intelligence. (Guardian)

Investing is a lifelong journey

Here’s what you can learn today

Side Hustles

Community Question: I'm thinking about starting a side hustle. What are the financial considerations I should keep in mind?

We put this question to Dylan Pargiter-Green, financial adviser and director at Bold Wealth.

Time is money! This is something a lot of clients will bring up, whether it be an additional revenue stream to build toward a financial goal or monetising an existing hobby or passion.

We like to think about our human capital, like we do our investment capital. Your time and capacity to earn money is your most valuable asset. A side hustle can be a great way to earn a few extra dollars, but you need to ask whether the money you make from the additional time spent hustling is equal to or greater than the additional value you could generate through working your main gig.

If you’re early in your career or still studying, working on different projects that give you new skills and might earn you an extra pint or two at the pub that night is a great call. You might discover a niche that you love and can build a career in.

If you’re a lawyer on a 6-figure salary, it’s unlikely that selling your grandmothers’ relish at the local farmers market is going to be a good investment of your time (Sorry Gran). It’s very wholesome though.

Making money isn’t the only thing we do with our time. Spending time with family and friends, enjoying a pint at the pub or training for the marathon you’ve always wanted to do aren’t things that are likely to earn you money as a side hustle, but they’re incredibly valuable to our social and mental wellbeing. Think about the trade-off, earn what you need, save well, and do the things that make you happy.

Finally, the best side hustle is the one you don’t have to actively participate in to pay you a passive income. The best advice I can give someone here is to start investing early, build a capital war chest and reap the benefits once it’s built and humming.

Want to speak to Dylan or another of our hand-picked financial advisers? Fill out the form on our website and we’ll put you in touch.

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