Amazon Invests $2.75 Billion in AI Startup Anthropic 💰️

Good morning. It's Thursday, Mar. 28, and we're covering, Insurers Brace for Massive Losses After Baltimore Bridge Tragedy, TikTok's ByteDance Pulls the Plug on LetsChat Messaging App in Africa, 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

• Today's global cryptocurrency market cap is $2.64 Trillion, a 0.33% in the last 24 hours.

• The total crypto market volume over the last 24 hours is $120.58B, which makes a 13.22% increase.

• The total volume in Defi is currently $12.65B, 10.49% of the total crypto market 24-hours.

• The volume of all stablecoins is now $108.23B, which is 89.76% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 52.23%, an increase of 0.15% over the day.

BUSINESS & FINANCE

Amazon Invests $2.75 Billion in AI Startup Anthropic in Record Venture Deal

Amazon has announced a massive $2.75 billion investment in Anthropic, a leading San Francisco-based startup specializing in generative AI. This investment, which builds upon Amazon's initial $1.25 billion backing of Anthropic in September, marks the tech giant's largest venture investment to date. Anthropic has garnered widespread recognition for its foundation model and advanced chatbot, Claude, which competes head-to-head with industry giants like OpenAI and ChatGPT. The infusion of capital will fuel Anthropic's ongoing research and development efforts, empowering the startup to refine its state-of-the-art AI models further and push the boundaries of innovation.

Takeaway: The investment in Anthropic represents a monumental step forward in Amazon's quest to maintain its leadership position in the AI landscape and shape the future of technology for years to come. ( Read Deeper )

Insurers Brace for Massive Losses After Baltimore Bridge Tragedy

In the wake of the devastating collapse of Baltimore's Francis Scott Key Bridge, insurers are bracing themselves for potential losses of up to $4 billion, making it one of the largest shipping insurance losses on record. The tragedy occurred when a collision with a Singapore-flagged container ship destroyed the landmark bridge, leading to the closure of one of the busiest U.S. ports and leaving six people still missing. As insurers and analysts assess the aftermath of the incident, concerns are mounting over the extent of the financial impact across various insurance lines. estimates that insured losses could range between $2 billion and $4 billion, surpassing the record set by the Costa Concordia luxury cruise liner disaster in 2012.

Takeaway: With insurers potentially facing billions of dollars in claims, the incident serves as a stark reminder of the critical role insurance plays in mitigating the financial impact of unforeseen events. ( Read Deeper )

TECHNOLOGY & SCIENCE

TikTok's ByteDance Pulls the Plug on LetsChat Messaging App in Africa

ByteDance, the parent company of TikTok, has decided to shut down LetsChat, its instant messaging platform, in Africa. The move comes after LetsChat failed to gain traction against competitors like WhatsApp and Telegram in the region. The discontinuation of LetsChat's operations was officially announced on Saturday, March 23, 2024, through a statement on its website. This decision follows the removal of the app from various app stores on February 26, 2024. ByteDance had invested considerable resources into LetsChat's success in Africa over the past three years.

Takeaway: ByteDance enlisted the support of popular Nigerian social media influencers to promote LetsChat, but despite these efforts, the app struggled to maintain user engagement. user metrics indicated a decline in LetsChat's popularity over time. Monthly users on the platform plateaued in December 2021, and downloads decreased by 30% year-on-year in 2022. ( Read Deeper )

StealthMole Secures $7M Series A Funding to Bolster AI-Powered Dark Web

StealthMole, an AI-driven dark web intelligence startup specializing in cybersecurity threat monitoring and cybercrime detection, has announced a successful $7 million Series A funding round. The Singapore-based company, with an additional research and development office in South Korea, intends to utilize the fresh capital to expand its research centers, enhance commercial applications of its technology in the B2B sector, and support geographical expansion efforts.

Why it matters: The startup boasts an impressive repository of data, drawing from over 255 billion meticulously analyzed data points sourced from the dark web, deep web, and various clandestine platforms. By leveraging this extensive dataset, which includes leaked databases, cybercriminal forums, and encrypted communication channels like Telegram. ( Read Deeper )

AROUND DE WORLD & POLITICS

Freighter Pilot Sought Assistance Before Baltimore Bridge Catastrophe

In the aftermath of the devastating collapse of the Francis Scott Key Bridge in Baltimore Harbor, new details have emerged shedding light on the moments leading up to the tragic incident. According to federal safety officials, the pilot of the cargo freighter involved in the collision had radioed for tugboat assistance and reported a power loss mere minutes before the catastrophe unfolded. This revelation, gleaned from the ship's "black box" data recorder, provides critical insights into the events preceding the collapse, which has left a trail of destruction and claimed multiple lives.

Takeaway: Investigators from the NTSB have commenced interviews with the crew of the Dali and begun analyzing data from the ship's Voyage Data Recorder. Early findings suggest that a power outage may have preceded the collision, though further investigation is required to confirm this hypothesis. ( Read Deeper )

Mysterious Airstrip Construction Raises Questions on Yemeni Island

Satellite images have revealed the construction of a new airstrip on Abd al-Kuri Island in Yemen, sparking intrigue and speculation about its purpose and the parties involved. The construction, observed through satellite imagery analyzed by The Associated Press, appears to show workers grading a runway on the island, accompanied by the arrangement of piles of dirt spelling out "I LOVE UAE" nearby. While no country has publicly claimed responsibility for the project, the association with the United Arab Emirates (UAE) has drawn attention and raised questions.

Why it matters: The timing of the development adds another layer of complexity, occurring amidst ongoing conflicts and power struggles in Yemen. The involvement of external actors in Yemen's internal affairs has been a contentious issue, with various regional powers vying for influence and control. ( Read Deeper )

ENTERTAINMENT & SPORTS

Chelsea Secures Women's Champions League Semifinal

Chelsea's women's team secured their place in the semifinals of the Women's Champions League for the second consecutive season after a comfortable aggregate victory over Ajax. The English side, led by manager Emma Hayes, had a commanding 3-0 lead from the first leg and merely needed to finish the job at Stamford Bridge. ( Read Deeper )

Marvel Hits Pause on 'Blade' Due to Writers Strike

Marvel Studios has halted preproduction on its upcoming vampire thriller "Blade," starring Mahershala Ali, as a result of the ongoing writers’ strike. The movie, which was slated to begin filming next month in Atlanta, becomes the first major film affected by the strike. "Blade" had recently brought on board Nic Pizzolatto, creator of "True Detective," to work on the script. However, due to time constraints, the studio has decided to pause production until the strike is resolved. ( Read Deeper )

PODCAST(WHAT WE ARE LISTENING TO)

Taking time off from your business can be challenging, especially if you're concerned about maintaining operations and preventing everything from breaking down in your absence. ( Listen )

EXTRA BREVITI

• An early investor in Google has been accused of insider trading. Insider trading is a serious offense that involves trading securities based on material, non-public information. ( Read More )

• Guaranty Trust Bank (GTBank) has lost its commercial bank status in Uganda after being downgraded by the Bank of Uganda (BoU). ( Read More )

• MTN, one of the leading telecommunications companies in Nigeria, is considering implementing a tariff hike. ( Read More )