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August 5, 2024, 11:00 AM
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| Tanaya Macheel / CNBC: |
Bitcoin dropped below ~$50,000, its lowest level since February 2024 and down 17% since August 3, and ether dropped 15% to ~$2,300, as global markets plummet — Cryptocurrencies tumbled amid a global market sell-off spurred by recession fears. — The price of bitcoin sank more than 14% …
More: Reuters, CoinShares Research Blog, Decrypt, DL News, The Block, The Block, New York Times, Coinspeaker, Decrypt, CryptoSlate, New York Times, BusinessLIVE, Wall Street Journal, Bloomberg, CNBC, New York Times, Bloomberg, Bloomberg, NewsBTC, CCN.com, Financial Times, and Reuters
X: @justinsuntron, @jonwu_, @smtuffy, @peruvian_bull, @tolstoybb, @thestalwart, @thestalwart, @levie, @loopifyyy, @deitaone, @birdyword, @thestalwart, @iwriteok, @thestalwart, @naiivememe, @intocryptoverse, and @buccocapital
Forums: r/worldnews and r/neoliberal
| Financial Times: |
Investor letter: Elliott Management says megacap tech stocks, particularly Nvidia, were in “bubble land”, and AI is “overhyped” and “not ready for prime time” — Hedge fund tells clients many supposed applications of the technology are ‘never going to actually work’
More: Proactive, Finbold, Mobile World Live, Electronics Weekly, Semafor, and Investing.com
| Aditya Soni / Reuters: |
Apple, Nvidia, Alphabet, Amazon, Meta, and Microsoft stocks led a tech stock sell-off amid US recession fears; AAPL drops 5%, NVDA drops 7%+, and MSFT drops 3%+ — Apple (AAPL.O) and Nvidia (NVDA.O) led a sell-off in technology stocks on Monday as U.S. recession fears and Berkshire Hathaway's … | Bloomberg: |
CrowdStrike says Delta CEO Ed Bastian failed to respond to an assistance offer from CEO George Kurtz; CrowdStrike hopes Delta will “agree to work cooperatively” — The allegation, in a letter Sunday from attorneys for the technology firm, builds upon CrowdStrike's claim last week …
More: The Verge, Windows Central, PCMag, Wall Street Journal, Financial Times, Reuters, New York Times, ITPro, TechRadar, and Constellation Research
Forums: Hacker News and r/technews
| Evan Gorelick / Bloomberg: |
Analysis: the vast majority of damages from July's CrowdStrike global IT outage will go uninsured; CrowdStrike reported nearly 24K enterprise customers in Q1 — - Insured losses estimated between $300 million and $1.5 billion — The days-long outage took a $5.4 billion toll on Fortune 500| Cade Metz / New York Times: |
Elon Musk revives his OpenAI lawsuit, filing a complaint in California to allege that OpenAI, Sam Altman, and Greg Brockman breached OpenAI's founding contract — The Tesla chief executive has renewed claims that the A.I. start-up put profits and commercial interests ahead of the public good.| Anne VanderMey / Bloomberg: |
AI chip startup Groq raised a $640M Series D led by BlackRock at a $2.8B valuation, up from $1B after raising $300M in 2021, and adds an Intel executive as COO — Cisco and Samsung invested in the $640 million deal — Artificial intelligence startup Groq Inc. has raised $640 million in new funding …
More: FinSMEs, Forbes, Reuters, TechCrunch, The Decoder, Tech Startups, NewsBytes, Financial Times, Groq, Axios, and VC News Daily
| Rachael Levy / Reuters: |
Elon Musk says Neuralink has implanted its device in a second trial patient, who had a spinal cord injury, and 400 of the implant's 1,024 electrodes are working — Neuralink has successfully implanted in a second patient its device designed to give paralyzed patients the ability …
More: Lex Fridman on YouTube, Engadget, The Register, PCMag, PC Gamer, TweakTown, Bloomberg, Lex Fridman, Proactive, Mashable, Notebookcheck, Business Today, The Independent, Interesting Engineering, Wall Street Journal, Cointelegraph, Blue's News, Business Insider, and Fortune
X: @lexfridman, @lexfridman, and @lexfridman
Forums: r/singularity and Slashdot
| Michael Moritz / Financial Times: |
Silicon Valley's Trump supporters are making the same mistake as all powerful people who back authoritarians: they can't control him, and he won't keep promises — The financiers who support him have made the same error as all powerful people who back authoritarians — The writer is senior adviser, Sequoia Heritage
X: @teddyschleifer, @mhbergen, @mhbergen, and @wolfejosh
| Berber Jin / Wall Street Journal: |
Investor letter: Josh Kushner says Thrive Capital raised $1B early-stage and $4B late-stage funds, its largest-ever pair of funds, after backing OpenAI in 2023 — The fundraising reflects optimism over artificial intelligence despite the startup sector's broader struggles| Alex Wickham / Bloomberg: |
The UK says “there's no justification” for Elon Musk saying that “civil war is inevitable”, and calls on social media companies to moderate more misinformation — UK Prime Minister Keir Starmer's administration hit out at the suggestion by the billionaire Elon Musk …
More: Politico, The Independent, and HuffPost
| Bloomberg: |
An interview with Mark Zuckerberg on laughing at the memes about him, rebranding Facebook as Meta, learning from the mobile era, Llama, his hobbies, and more — Now in his 40s, Meta's CEO says he's more comfortable in the spotlight but just as focused on breaking his company's reliance on Apple.
More: KnowTechie
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