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August 5, 2024, 12:15 PM
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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, New York Times, Watcher Guru, Coinspeaker, CryptoSlate, New York Times, The Block, Wall Street Journal, CNBC, New York Times, Bloomberg, Bloomberg, Bloomberg, NewsBTC, BusinessLIVE, Decrypt, CCN.com, Financial Times, and Reuters
X: @justinsuntron, @jonwu_, @peruvian_bull, @smtuffy, @tolstoybb, @thestalwart, @thestalwart, @levie, @loopifyyy, @deitaone, @birdyword, @thestalwart, @iwriteok, @thestalwart, @naiivememe, @intocryptoverse, and @buccocapital
Forums: r/worldnews, r/business, and r/neoliberal
| 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 … | 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
| 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.
More: CNN, The Guardian, Decrypt, Business Today, Engadget, The Verge, Wall Street Journal, South China Morning Post, Axios, Reuters, New York Post, Quartz, WinBuzzer, Android Headlines, Financial Times, Neowin, The Hollywood Reporter, CNBC, CoinGape, Deadline, and Daily Sabah. Forums: Slashdot
| 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: The Information, FinSMEs, Forbes, Maginative, The Decoder, Reuters, Tech Startups, TechCrunch, Financial Times, Groq, Axios, NewsBytes, and VC News Daily
| 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
More: Cybersecurity Dive
| 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, Wall Street Journal, PCMag, Ars Technica, Reuters, New York Times, Constellation Research, ITPro, and TechRadar
Forums: Hacker News and r/technews
| 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
More: PYMNTS.com, The Information, and Thrive Capital
X: @akothari, @eglyman, @patrick_oshag, @patrickc, @joshuakushner, and @joshm
| Mihai Matei / SamMobile: |
Sources: Samsung plans to bring some Galaxy AI features to select mid-range smartphones as well, including the Galaxy A35 and Galaxy A55 which launched in 2024 — We have some exciting information to share, especially for Galaxy A phone users hoping to get their hands on some Galaxy AI action.| 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
More: New York Times and Werd I/O
X: @sogrady, @teddyschleifer, @mhbergen, @mhbergen, and @wolfejosh
| 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, Quartz, The Register, PCMag, CCN.com, PC Gamer, Lex Fridman, TweakTown, Bloomberg, Proactive, Mashable, Notebookcheck, The Independent, Interesting Engineering, Business Today, Wall Street Journal, Cointelegraph, Blue's News, and Business Insider
X: @lexfridman, @lexfridman, and @lexfridman
Forums: r/singularity and Slashdot
| 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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Zoho:
5 common accounting mistakes — This is a guest post by Yaali Bizappln Solutions. A lot of businesses manage their customers and finances on separate platforms. This disconnect often leads to missed invoices …
5 common accounting mistakes — This is a guest post by Yaali Bizappln Solutions. A lot of businesses manage their customers and finances on separate platforms. This disconnect often leads to missed invoices …
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