😲AI: Content Kleptocracy

Good morning. It's Tuesday, Oct. 22, and we're covering, Nigeria Blocks Shell Asset Sale While Approving Exxon-Seplat Deal, Meta To Deploy Facial Recognition To Combat Fake Celebrity Scams, Antony Blinken Visits Israel For A Ceasefire Talks, and much more. First time reading? Sign up to get this newsletter: Sign up here. 

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MARKETS

Cryptocurrency Prices by Market Cap

• The global cryptocurrency market cap today is $2.34 Trillion, a 1.61% decrease in the last 24 hours.

• The total crypto market volume over the last 24 hours is $83.08B, which makes an 18.76% increase.

• The total volume in Defi is currently $4.52B, 5.44% of the total crypto market 24 hours.

• The volume of all stablecoins is now $76.42B, which is 91.98% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 57.12%, an increase of 0.03% over the day.

SEC Approves Options Trading For Multiple Bitcoin ETFs

The SEC has approved options trading for several Bitcoin ETFs, expanding crypto-related investment products for U.S. investors. Cboe Exchange can now offer options on the Fidelity Wise Origin Bitcoin Fund and ARK 21Shares Bitcoin ETF, while NYSE American received approval for options on the Grayscale Bitcoin Trust ETF, Grayscale Bitcoin Mini Trust, and Bitwise Bitcoin ETF. Both exchanges will implement conservative position limits of 25,000 contracts for these options, reflecting a cautious approach. (Read Deeper)

BUSINESS & FINANCE

Nigeria Blocks Shell Asset Sale While Approving Exxon-Seplat Deal

Nigeria has blocked the sale of Shell's onshore and shallow-water oil operations, but approved a similar deal involving Exxon Mobil and Seplat Energy, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). Shell's planned $2.4 billion asset sale to the Renaissance consortium was rejected after failing regulatory scrutiny, while Exxon's $1.28 billion deal with Seplat received ministerial approval.

Takeaway: The rejection is a setback for Shell, which aims to shift its investments toward deepwater projects. Meanwhile, Exxon’s deal will allow Seplat to acquire a 40% stake in oil mining leases and associated infrastructure, marking a significant development in Nigeria’s oil sector. Environmental concerns have also played a role, as Shell faces legal challenges over environmental damage linked to its operations. (Read Deeper)

Qualcomm Unveils Snapdragon 8 Elite Chip For Smartphones

Qualcomm has launched its latest smartphone processor, the Snapdragon 8 Elite, which incorporates advanced AI capabilities aimed at revitalizing the smartphone market after years of declining sales. The chip features new onboard AI functions, enabling real-time lighting adjustments during video calls and object recognition without internet access. Expected to power smartphones from brands like Samsung, Xiaomi, and OnePlus, the Snapdragon 8 Elite represents a shift towards integrating AI directly into devices.

Takeaway: The Snapdragon 8 Elite is designed for energy efficiency, claiming to save 44% more energy for the CPU and 40% for the GPU compared to its predecessor. Notable features include the ability to erase unwanted objects from videos and expand photo backgrounds using onboard AI. (Reader Deeper)

TECHNOLOGY & SCIENCE

Meta To Deploy Facial Recognition To Combat Fake Celebrity Scams

Meta, the parent company of Facebook, is introducing facial recognition technology to combat "celeb-bait ads," where scammers use images of celebrities to lure users into clicking on fraudulent ads. These ads often lead to websites designed to steal personal information or money. Meta's new system will compare images in suspicious ads to photos from celebrities' Facebook or Instagram accounts, blocking the ads if a match is confirmed.

Why It Matters: Meta has long relied on artificial intelligence to enforce its content policies and manage the massive volume of reports it receives daily. This new facial recognition feature is another step toward refining its ability to combat deceptive ads. However, the company has faced challenges in the past with automated systems, occasionally blocking legitimate accounts or content by mistake. (Read Deeper)

News Corp Outlets Sue Perplexity Over Alleged Copyright Infringement

News Corp's Dow Jones and the New York Post have filed a lawsuit against AI startup Perplexity, accusing it of copyright violations. The lawsuit claims Perplexity’s AI system scrapes and replicates large amounts of original content, including news articles and analysis, without permission. News Corp alleges that Perplexity encourages users to bypass the sources, hurting publishers' revenue. The lawsuit seeks $150,000 per infringement, along with profits made from the infringed content. News Corp’s CEO Robert Thomson stated that the company is challenging what they call a "content kleptocracy" in AI.

Takeaway: Perplexity’s AI system reportedly allows users to “Skip the Links” and avoid visiting original articles by providing direct answers, which News Corp argues reduces traffic to news sites. “What Perplexity does not tout is that its core business model involves engaging in massive freeriding on Plaintiffs’ protected content,” the lawsuit states, asserting that this practice directly competes for the same news consumers, threatening publishers' ad revenues and subscription models. (Read Deeper)

AROUND DE WORLD & POLITICS

Antony Blinken Visits Israel For A Ceasefire Talks

U.S. Secretary of State Antony Blinken has arrived in Israel to revive ceasefire talks and discuss the future of Gaza following the death of Hamas leader Yahya Sinwar. This is Blinken's eleventh visit to the region since the war between Hamas and Israel began on October 7. His trip, which also includes stops in Jordan and Qatar, comes amid rising tensions as Israel escalates military operations in Gaza and Lebanon against Hezbollah.

Takeaway: Blinken will focus on ending the conflict, post-war reconstruction, and addressing the humanitarian crisis in Gaza. However, experts suggest a ceasefire breakthrough is unlikely before the U.S. presidential election in early November. Despite U.S. pressure, Israeli Prime Minister Benjamin Netanyahu has indicated military operations will continue, complicating ceasefire negotiations. (Read Deeper)

Putin Hosts BRICS Summit Amid Ongoing Ukraine Conflict

President Vladimir Putin is hosting the BRICS summit in Kazan, Russia, aiming to highlight the growing influence of non-Western nations. However, partners from China, India, Brazil, and the Arab world are pressing for a resolution to the war in Ukraine. The BRICS group now comprises 45% of the global population and 35% of its economy, with China being the dominant economic force. Despite acknowledging discussions around a ceasefire, Putin reiterated that Russia would not relinquish control over four eastern Ukrainian regions.

Takeaway: Putin will emphasize the growing influence of BRICS countries and their potential to challenge Western dominance. He claimed that the collaboration within BRICS could help establish a "new world order," even as he denied that the group was anti-Western. Key leaders at the summit include China's Xi Jinping, India's Narendra Modi, and Iran's Masoud Pezeshkian. Although Brazilian President Luiz Inacio Lula da Silva planned to attend, he canceled due to an injury. (Read Deeper)

ENTERTAINMENT & SPORTS

Wizkid Breaks Spotify Record With Hit Single Piece Of My Heart

Nigerian music superstar Wizkid has broken a Spotify record with his new single "Piece of My Heart," which garnered 1.01 million streams on its first release day. Featuring American singer-songwriter Brent Faiyaz, the track surpassed the previous first-day streaming records held by Wizkid's collaboration with Asake, "MMS," and "IDK" with Zlatan. This achievement marks "Piece of My Heart" as the first African song to exceed one million streams on the platform daily. (Read Deeper)

Neymar Makes Long-Awaited Comeback In Dramatic Al-Hilal Game

Neymar made his highly anticipated return to the field after over a year of rehabilitation from a knee injury sustained during a World Cup qualifier against Uruguay. He played for Al-Hilal in their Asian Champions League match against Al-Ain, coming on as a substitute in the 77th minute. His return coincided with Al-Hilal taking a 5-3 lead, but the team faced challenges, including a red card for Ali Al-Bulayhi and Al-Ain narrowing the score in added time. This match marked the end of Neymar’s 369-day absence from competitive football. (Read Deeper)

PODCAST(WHAT WE ARE LISTENING TO)

• Money management systems are essential for individuals and businesses to effectively track, control, and optimize their financial resources. (Listen)

EXTRA BREVITI

• Stripe, the fintech giant, has announced its acquisition of Bridge, a crypto startup specializing in stablecoin infrastructure, though the deal's value was not officially disclosed. (Read More)

• xAI has officially launched an API for its generative AI model, Grok, which powers various features on platform X. (Read More)

• South Korea has summoned the Russian ambassador, urging the immediate withdrawal of North Korean soldiers allegedly being trained to fight in Ukraine. (Read More)

• Rapper T.I. is dealing with a federal tax lien of over $2.5 million, just as he and his wife, Tameka "Tiny" Cottle, celebrate a court win against toy giant MGA Entertainment. (Read Deeper)