CNBC.com’s Pippa Stevens brings you the most important business news headlines of the day. On today’s show, Kate Rooney breaks down the meme-inspired cryptocurrency dogecoin on what supporters claim is ‘Doge Day’. Plus, the ‘After Hours’ team delves into today’s Apple product launch.
Novogratz: Dogecoin, bitcoin are both rallying, but these cryptocurrencies are quite different
Mike Novogratz, a longtime cryptocurrency bull, stressed on Tuesday that bitcoin and dogecoin, while both have staged strong rallies this year, are very different in design and in their risk profiles.
Launched in 2009, Bitcoin has grown in fits and starts to become the world’s largest digital currency. On the other hand, dogecoin started as a joke in 2013, but it has skyrocketed this year as a so-called meme trading social media hype, including favorable comments from billionaire Tesla CEO Elon Musk and other celebrities.
Novogratz, founder and CEO of Galaxy Digital, a crypto-focused financial services company, told CNBC’s’ Squawk Box ‘that bitcoin is’ a well-thought-out, well-distributed value store that will last 12 years and be increasingly used. , where dogecoin literally has two guys who own 30% of the entire supply. There are also “tens of billions of dollars” of capital expenditures and operating costs that go into the bitcoin ecosystem every year that just aren’t there for dogecoin, he added.
Here’s everything Apple just announced: new iPads Pro, colorful iMacs, AirTag, and more
Apple said Tuesday it will release new high-end iPads Pro that use the company’s M1 chip, which is also used in its Mac computers. Previously, iPads used A-series chips, which power the company’s iPhones. Apple says it is the most powerful tablet on the market.
It also includes an improved USB-C connector that allows the iPad to connect to higher-resolution monitors and download images from a camera faster.
The 12.9-inch iPad Pro has an improved screen with an array of LEDs that are brighter and have better color resolution than previous displays with a technology called Mini-LED.
Netflix reports a dramatic slowdown in the number of subscribers
Netflix shares were down a whopping 11% in non-business hours trading after reporting a large missed subscriber numbers in the first quarter earnings report. The company also said it expects to add about 1 million subscribers in the current quarter.
“We believe that growth in paid membership has slowed due to the major withdrawal of Covid-19 in 2020 and a lighter table of contents in the first half of this year due to delays in production of Covid-19”, Netflix said in its letter to shareholders.
Netflix continues to stand up to a host of competitors, including Disney’s Disney + and Hulu, AT & T’s HBO Max, Apple TV +, Amazon Prime, and Comcast NBCUniversal’s Peacock. The company said in its report that it does not believe competition played a role in the weak subscriber base.