CNBC.com's Pippa Stevens brings you the day's top business news headlines. 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 dives into today's Apple product launch.
Longtime cryptocurrency bull Mike Novogratz stressed Tuesday that bitcoin and dogecoin, while both have staged strong rallies this year, are very different in design and in their risk profiles.
Bitcoin was launched in 2009 and it's grown in fits and starts into the world's biggest digital currency. On the other hand, dogecoin was started as a joke in 2013, but it's skyrocketed this year as a so-called meme trade on social media hype, including favorable comments from billionaire Tesla CEO Elon Musk and other celebrities.
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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 store of value that's lasted for 12 years and is growing in adoption, where dogecoin literally has two guys that own 30% of the entire supply." There also are "tens of billions of dollars" of capital expenditures and operating expenses put into the bitcoin ecosystem every year that just aren't there for dogecoin, he added.
Apple said on Tuesday that 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 are what powers the company's iPhones. Apple says it is the most powerful tablet on the market.
It also includes an improved USB-C connector that will allow the iPad to connect to higher-resolution monitors and download images from a camera more quickly.
The 12.9-inch iPad Pro features an improved screen using an array of LEDs that is brighter and has better color resolution than previous displays using a technology called Mini-LED.
Netflix shares fell as much as 11% in after-hours trading after reporting a large miss in subscriber numbers in its first-quarter earnings report. The company also said it only expects to add about 1 million subscribers in the current quarter.
"We believe paid membership growth slowed due to the big Covid-19 pull forward in 2020 and a lighter content slate in the first half of this year, due to Covid-19 production delays," Netflix said in its letter to shareholders.
Netflix has continued to hold itself against a bevy 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 doesn't believe competition played a factor in the weak subscriber numbers.