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WEEKLY NEWSLETTER

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What you’ll read?

• Big Tech Sell-Off

• Big Banks Boost Dividends After Fed Stress Test Success

• Wiz and Google End $23 Billion Deal Talks

• Mark Zuckerberg Pushes Meta’s Open-Source AI

• Universal Income Insights: Altman's Ambitious Study Unveiled

• Will Smith Signs with New Independent Record Label 'Slang'

• Biden to Announce Supreme Court Reform Plans

  and more…

Read Time: 3 Minutes 45 Seconds

BUSINESS

Big Tech Sell-Off

Stocks took a significant hit as the Nasdaq experienced its worst day since 2022, plummeting over 3.5%. This dramatic decline was sparked by a substantial sell-off in big tech stocks, particularly Tesla and Alphabet. Tesla's shares dropped sharply after disappointing earnings reports, while Alphabet faced a similar fate due to concerns about its cloud business growth. This tech-driven downturn sent shockwaves through the market, leading to a broad-based decline as investors reacted to the unexpected setbacks in the tech sector.

Trump Champions Crypto

In a bold appeal at the Nashville Bitcoin Conference, former President Donald Trump called for the United States to become the "crypto capital of the planet." Trump emphasized the importance of embracing digital currencies to maintain the country's technological edge and economic leadership. His remarks resonated with the conference attendees, reflecting a growing sentiment among some policymakers and business leaders that the U.S. should adopt a more proactive stance towards cryptocurrency innovation and regulation.

TECH

Today in AI & Tech

Wiz and Google End $23 Billion Deal Talks

Google and cybersecurity startup Wiz have called off their $23 billion acquisition discussions. The collapse of the deal underscores the complexity and challenges in the tech M&A space. Both companies have yet to disclose specific reasons for the breakdown. This marks a significant shift in the cybersecurity landscape, impacting future industry consolidations.

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Nvidia's New China Chip Skirts U.S. Rules

Nvidia has developed a new chip specifically for the Chinese market that cleverly avoids U.S. export restrictions. The chip's unique server design ensures compliance while catering to high demand in China. This move highlights Nvidia's strategic agility in navigating international trade regulations.

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Search Engines Must Pay to Index Reddit Content

Reddit is enforcing a policy where search engines must compensate to index its content. This change aims to boost Reddit's revenue by leveraging its vast user-generated content. The decision follows similar moves by other platforms, emphasizing the growing importance of content monetization.

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Mark Zuckerberg Pushes Meta’s Open-Source AI

Meta's CEO, Mark Zuckerberg, advocates for open-source AI development to foster innovation and transparency. This initiative aims to democratize AI tools, making them accessible to a broader range of developers and researchers. Meta's approach contrasts with other tech giants focusing on proprietary AI solutions.

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Google Reverses Decision to End Ad Trackers in Chrome

Google has reversed its decision to eliminate third-party ad trackers in Chrome. The change reflects pushback from advertisers and publishers who rely on these trackers for targeted advertising. This move signals Google's balancing act between user privacy and the digital advertising ecosystem.

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Economy

Universal Income Insights: Altman's Ambitious Study Unveiled

Sam Altman's ambitious $52 million basic income study, one of the largest ever, delves into the potential benefits and challenges of providing a guaranteed income to all citizens. The study, spanning two years and involving 5,000 participants across two US states, aimed to assess whether a universal basic income (UBI) could provide a viable solution to economic inequality and instability.

The results reveal promising outcomes, such as improved mental health, increased financial security, and reduced stress levels among participants. However, the study also underscores significant concerns, particularly around the sustainability of funding such a program on a national scale. While the findings suggest that UBI can alleviate some immediate economic pressures, the debate continues on how to implement and sustain it effectively in the long term.

In essence, Altman's study opens up crucial conversations about the future of economic policy and the potential for UBI to transform society. The positive impacts observed call for further exploration and consideration, as policymakers grapple with the feasibility of such a transformative economic initiative.

Other

Universal Sinks 30% After Subscription Growth Misses Estimates

Universal Music Group's stock plummeted 30% following disappointing subscription growth figures. The missed estimates have raised concerns about the company's future profitability and market strategy. This significant drop highlights the challenges facing the music streaming industry amidst fierce competition.

Will Smith Signs with New Independent Record Label 'Slang'

Will Smith has partnered with 'Slang', a new independent record label, marking his return to the music industry. This move signifies Smith's desire for creative freedom and innovation. The collaboration aims to bring fresh talent and unique projects to the forefront of the music scene.

'Deadpool & Wolverine' Projected to Break R-Rating Box Office Record

The "Deadpool & Wolverine" film is projected to set a new opening weekend box office record for R-rated movies. This anticipation underscores the film's massive appeal, driven by the star power of Ryan Reynolds and Hugh Jackman. The success is expected to redefine box office expectations for mature audience films.

Biden to Announce Supreme Court Reform Plans

President Joe Biden is set to unveil his Supreme Court reform plans on Monday. The announcement, aimed at addressing the court's current structure and processes, is expected to spark significant political debate. This move could have profound implications for the judicial landscape in the United States.

Over 160,000 Join Kamala Harris's Zoom Call

More than 160,000 people participated in a Zoom call hosted by Vice President Kamala Harris, focusing on issues affecting white women. The massive turnout highlights the Vice President's influence and the importance of the discussed topics. This event underscores the growing role of digital platforms in political engagement.

It's a Wrap!

Thank you for joining us in this journey through the latest updates and insights. Your engagement and support mean the world to us. We hope you found this newsletter both informative and inspiring. Stay tuned for more exciting news and stories in our next edition.

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Garry