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August 5, 2024, 11:40 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% …
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 …
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 …
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
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 …
Berber Jin / Wall Street Journal:
Investor letter: Josh Kushner says Thrive Capital raised a $1B early-stage fund and a $4B late-stage fund, its largest-ever pair, after backing OpenAI in 2023  —  The fundraising reflects optimism over artificial intelligence despite the startup sector's broader struggles
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 …
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
Allie Garfinkle / Fortune:
Savvy Wealth, a digital wealth management service for financial advisors and clients, raised a $26.5M Series A led by Canvas, taking its total funding to $33M+  —  Ritik Malhotra really could have stopped.  —  In 2021, Malhotra was at Brex, having sold his previous company to the fintech unicorn.
More: FinSMEs and Finextra

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From Mediagazer

Jake Kanter / Deadline:
Sources: new Doctor Who episodes are likely to remain off TV until at least 2028; the BBC says it will use a competitive process to find producers for Season 16

Sara Fischer / Axios:
Disney study: the Toy Story franchise has driven $16B in total revenue for the company over 30 years; nearly half of the revenue was generated domestically

Sarah Rumpf / Mediaite:
The Washington Post faces a proposed class action lawsuit that claims the company covertly used surveillance pricing to charge loyal subscribers higher rates

More News

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 misinformation more
Bart Meijer / Reuters:
The European Commission says TikTok agreed to permanently withdraw and not replace TikTok Lite's “Task and Reward Programme” in the EU to comply with the DSA

Earlier Picks

Zach Dorfman / Politico:
A look at Operation Intering, an FBI-led sabotage campaign in the 1980s to secretly ship millions worth of faulty chips to the Soviet Bloc
David Shepardson / Reuters:
Sources: US Commerce Department plans to propose barring Chinese software in autonomous vehicles and some Chinese wireless communications hardware in US cars
Nicholas Carlini:
A Google DeepMind research scientist details some LLM use cases and argues LLMs are not overhyped and should be judged on what they can do, not what they can't
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