🌊 China Big Dogs US on Chips

No, we are not renaming our other newsletter We The 67…

But thank you for all of you who made this recommendation. On a more important note, here’s some fun history. 124 years ago today, the first Nobel Prizes were awarded. Alfred Nobel — the inventor of dynamite and a therefore, err, fitting judge for the peace prize — decided to create the awards in 1888 due to a French newspaper prematurely publishing his obituary: “The Merchant of Death is Dead.” If that’s not a wake-up call to start a peace prize, we’re not sure what is…

–Max and Max

KEY STORY

Trump Approves Chip Exports to China

After President Trump announced that Nvidia would be allowed to sell its advanced H200 chips to China, China said it would restrict purchases of them

• The Biden Administration blocked H200 exports to China over their potential for military use. The H200 chip is nearly six times as fast as Nvidia's H20 chip

• This week, Trump said he told Xi Jinping that the US would let Nvidia send H200 chips to vetted Chinese customers, with the US government taking a 25% cut. Immediately after, though, outlets reported that Beijing plans to limit access to the H200s as it works to improve domestic chip manufacturing

Dig Deeper 

• Trump’s decision was a win for Nvidia, which estimated it could ship between $2B and $5B worth of chips to China per quarter, but it’s faced bipartisan criticism from lawmakers in the US, who have argued it will help China's AI industry catch up to the US’

• A group of US senators introduced legislation last week that would block chip exports, including the H200, to China for 30 months

KEY STORY

Australia Launches Social Media Ban

Australia became the first country to ban social media for children under 16

• A study commissioned by the Australian government found that many young social media users encountered harmful material, ranging from violent images to content encouraging self-harm, prompting the legislation

• The restrictions began on Wednesday, requiring 10 major platforms to prevent minors from accessing their services or face penalties reaching $33M. The affected platforms include Facebook, Instagram, TikTok, X, YouTube, Snapchat, Threads, Reddit, Kick, and Twitch

• Social media companies are responsible for enforcing the restrictions through age verification technologies. The platforms can use government IDs, facial or voice recognition, or analyze online behavior to estimate users' ages

• Neither children nor parents face penalties for violating the ban

Dig Deeper 

• Other countries are considering social media bans, with Denmark revealing intentions to prohibit social media for those under 15, while Norway, France, and Spain explore similar options

• Technology companies condemned the legislation, warning it could push young users toward more dangerous, unmoderated online spaces

KEY STORY

Honduras Pardon Drama Continues

Honduran leaders are trying to arrest the president whom Trump just pardoned

• Two weeks ago, Trump pardoned former president Juan Orlando Hernández, who was sentenced to 25 years in the US on drug trafficking-related charges. Days later, Trump pushed for Hernández’s conservative party to win the presidential election

• After more than a week, a winner of that election still have not been declared. Meanwhile this week, the incumbent left-wing government asked Interpol to execute an arrest warrant against Hernández for fraud and money laundering, although he remains free in the US

Dig Deeper 

• All three top candidates have raised concerns about the election. One accused "corrupt people" of manipulating the vote count; another called for the vote to be annulled and accused Trump of election interference. Trump has also accused electoral officials of trying to change the outcome

• The vote has become a proxy for the US’ clash with Venezuela: Trump is backing a right-wing candidate and claims that the country will become a Communist narco-state if the left-wing party wins

QUOTE OF THE DAY

KEY STORY

SpaceX Announces IPO Plans

SpaceX announced plans for an initial public offering (IPO) that would value the company at roughly $1.5T, per Bloomberg

• SpaceX – currently one of the most valuable private companies – is targeting a mid-to-late 2026 IPO, per Bloomberg. It’s seeking a $1.5T+ valuation, which would make it the most valuable IPO in history and more valuable than Tesla or Walmart currently is

• SpaceX's rising valuation stems from its fast-growing Starlink satellite internet business. The company projects its 2026 revenue will reach between $22B and $24B, primarily from Starlink

Dig Deeper 

• The company is also conducting a separate stock sale that values SpaceX at $800B – double its most recent valuation of $400B and ahead of OpenAI

• The company intends to invest IPO proceeds in building data centers in space and continuing development of Starship, its rocket designed for lunar and Mars travel

RUNDOWN
Some Quick Stories for the Office

📈 US job openings rose slightly in October to 7.67M, the highest level in five months, according to Bureau of Labor Statistics data released on Tuesday.

📼 US lawmakers are seeking to restrict Defense Secretary Pete Hegseth's travel budget until the Pentagon releases unedited video of the September 2 "double-tap" strike on a boat in the Caribbean.

🧑🏻‍⚖️ A Manhattan federal judge granted the Justice Department's motion to unseal grand jury records from the Ghislaine Maxwell investigation, citing a new law requiring the release of all Epstein-related files by December 19.

🇺🇦 Trump envoys gave Ukrainian President Volodymyr Zelensky days to respond to a peace proposal requiring Ukraine to accept territorial losses in exchange for unspecified US security guarantees.

🥈 Silver broke above $60 per troy ounce for the first time on Tuesday, rising 102% in 2025 and outpacing gold's 59% gain.

What does Roca Nation think?

🏆 Yesterday’s Question: What’s a snub that enraged you? Could be an Oscar snub, a college football playoff snub, or something else.

🍔 Today’s Question: If you could only eat at three fast food places for the rest of your life, which three are you picking?

Reply to this email with your response!

POPCORN
Some Quick Stories for Happy Hour

📦 Jailhouse Surf & Turf: A drone dropped a gourmet contraband package containing steak, crab legs, Old Bay seasoning, marijuana, and cigarettes into a South Carolina prison yard three weeks before Christmas.

📱 Game Boy Genius: An 11-year-old from Wales has become the youngest male video game developer in Guinness World Records after creating a five-level game in four hours.

🏄🏻‍♀️ Wax On, Waste Off: A new line of eco-friendly surfboards made from 3D-printed biodegradable plant materials is gaining traction among surfers concerned about ocean pollution.

💰 Brick by Brick: A Swiss charity event attempted a Guinness World Record by assembling a massive mural from 300,000 Lego bricks to raise money for people with rare genetic diseases.

📢 AI Raiders: A hit video game using AI-generated voice lines is nominated for top honors at next year's BAFTA Game Awards, sparking debate over artificial intelligence in game development.

ROCA WRAP
First Lady Evita

Eva Perón

The actress who became a nation's icon died at 33, with millions mourning in the streets.

Born illegitimate in 1919 in a village on the Argentine Pampas, María Eva Duarte escaped poverty at 15 by moving to Buenos Aires. She bleached her black hair blonde, pursued radio and film work, and by 1943 had become one of the country's highest-paid radio actresses. Her life changed completely when she met Colonel Juan Perón at a 1944 charity gala for earthquake victims. They married the following year, and when he won the presidency in 1946, the former actress became the First Lady.

Eva Perón wasn't content with ceremonial duties. She effectively ran the ministries of labor and health, speaking for workers' rights with a fury that surprised even her husband. When Argentina's elite charity organization refused to appoint her as president due to her background as an actress, she established her own foundation. Within years, it distributed 400,000 pairs of shoes and 500,000 sewing machines annually, built entire communities, and employed 14,000 workers. She worked 20-hour days despite her husband's requests to slow down. She championed women's suffrage, and after the law passed in 1947, she founded the Female Peronist Party, which grew to 500,000 members by 1951.

In 1947, Eva embarked on a European tour that drew mixed reactions. Spain's Franco welcomed her warmly, but the visit to a fascist leader sparked international criticism. In Switzerland, protesters threw stones that smashed her car windshield and tomatoes that splattered her dress. When Britain's King George VI refused to receive her, she canceled that leg entirely. Her 1947 Time magazine cover was the first to mention she'd been born out of wedlock – Argentina promptly banned the magazine for months.

By June 1952, Eva weighed just 79 pounds. On June 4, she appeared at her husband's re-election parade wearing an oversized fur coat concealing a plaster and wire frame that allowed her to stand. She took triple doses of pain medication before the event. She died July 26 at age 33. The government told the public she was 30, matching her falsified birth certificate. Three million people lined the Buenos Aires streets for her funeral. Eight died in the crush to see her body, and 2,000 more were treated for injuries. All flower shops in the city ran out of stock within a day.

For a woman who arrived in Buenos Aires with nothing, Eva Perón's departure left an entire nation unable to function without her.

EDITOR’S NOTE
Final Thoughts

Max T slept last night in Bethlehem, PA, after a day in the remarkable ex-steel town. It’s really amazing how well it’s fared despite losing what was once one of the 10 biggest companies in the US — the steelmaker that made the steel that became the Golden Gate bridge, NYC’s skyline, and most of our ships in WW2. Bethlehem has pulled off a remarkable revitalization, and it’s beautiful to see. On to Three Mile Island now!

–Max and Max