Amnesty International Urges Nigerian Govt To Respect Protesters' Rights

Good morning. It's Thursday, Aug. 1, and we're covering, Meta's Strong Q2 Performance Driven By Global Ad Sales, EU Approves HPE's $14 Billion Acquisition Of Juniper Networks, Venture Capitalists Back Kamala Harris In the 2024 Election 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 $2.31 Trillion, a 2.77% decrease in the last 24 hours.

• The total crypto market volume over the last 24 hours is $78.33B, which makes a 22.76% increase.

• The total volume in Defi is currently $3.94B, 5.03% of the total crypto market 24-hours.

• The volume of all stablecoins is now $72.2B, which is 92.18% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 55.03%, an increase of 0.22% over the day.

BUSINESS & FINANCE

Meta's Strong Q2 Performance Driven By Global Ad Sales

Meta Platforms, the parent company of Facebook and Instagram, reported a 22% increase in Q2 revenue to $39.1 billion, surpassing expectations and driving a positive sales forecast for Q3. The company anticipates Q3 revenue between $38.5 billion and $41 billion, higher than analysts' estimates. This strong performance is attributed to robust digital ad spending and improvements in AI technology. The company’s Q2 results have alleviated investor concerns about spending on AI and the metaverse. Shares of Meta rose 6.8% after the announcement.

Why It Matters: Meta CEO Mark Zuckerberg noted that these AI tools would continue to drive growth, while new generative AI features would take longer to monetize. Meta’s operating margin rose from 29% to 38%, despite a 7% increase in costs. Meta's results contrast with other tech giants like Microsoft and Google parent Alphabet, which have faced challenges with AI investments. Meta has been investing heavily in data centers to capitalize on AI advancements and plans to increase its capital expenditure in 2024 to between $37 billion and $40 billion. (Read Deeper)

23andMe CEO Anne Wojcicki Proposes To Take Company Private

Anne Wojcicki, CEO of 23andMe, has submitted a proposal to take the genetic testing company private. She plans to acquire all outstanding shares at 40 cents per share, reflecting an 11% premium over the stock price in April. The company's stock has plummeted over 95% since going public in 2021 due to challenges in generating recurring revenue from its DNA testing products.

Why It Matters: Wojcicki believes that operating as a private entity would eliminate public market pressures and associated costs, allowing the company to focus on its mission. In November, 23andMe received a deficiency letter from Nasdaq for failing to maintain a share price above $1. The company's board has formed a Special Committee to review Wojcicki's proposal. (Read Deeper)

TECHNOLOGY & SCIENCE

EU Approves HPE's $14 Billion Acquisition Of Juniper Networks

The European Commission has approved Hewlett Packard Enterprise's (HPE) $14 billion acquisition of Juniper Networks, stating that the deal does not pose competition concerns in the European Economic Area. Announced in January, the merger aims to combine HPE's and Juniper's strengths in networking and IT infrastructure to drive AI innovation. While the U.K. is still investigating the acquisition, Brazil's regulators approved it in May.

Takeaway: The companies plan to use the merger to accelerate AI-driven innovation, capitalizing on the increasing importance of cloud infrastructure in AI development. The approval from the European Commission moves HPE closer to finalizing its acquisition of Juniper Network. (Read Deeper)

Nissan And Honda To Collaborate On Next-Gen Software And EV Technologies

Nissan and Honda have agreed to jointly research next-generation software technologies and deepen their strategic partnership, focusing on batteries, e-axles, and vehicle systems. They also signed a memorandum of understanding with Mitsubishi Motors to explore collaboration on vehicle electrification. The goal is to enhance their electric vehicle offerings and standardize EV components, including battery cell modules and e-axles.

Why It Matters: Nissan and Honda plan to standardize EV battery cell modules and e-axles to use in future vehicles, which could increase compatibility and reduce costs. This collaboration comes as both companies seek to improve their competitive position in the growing EV market, particularly in China. (Read Deeper)

AROUND DE WORLD & POLITICS

Venture Capitalists Back Kamala Harris In 2024 Election

More than 100 venture capitalists, including Mark Cuban, have endorsed Democratic presidential candidate Kamala Harris. This support contrasts with some tech billionaires backing Republican Donald Trump. Silicon Valley, traditionally liberal, has seen Republicans gain support, especially after Trump selected former venture capitalist JD Vance as his running mate. President Biden's withdrawal from the race has re-energized some tech industry members.

Takeaway: The endorsing venture capitalists emphasized their commitment to entrepreneurship, technological progress, and democracy. Prominent signatories include Reid Hoffman, Chris Sacca, Katie Stanton, Eva Ho, and Rebecca Kaden. Aaron Levie of Box noted disillusionment with the Democratic Party under Biden but expressed optimism with Harris's candidacy. Mark Pincus of Zynga remains undecided, awaiting Harris's pro-innovation stance. (Read Deeper)

Amnesty International has urged Nigerian authorities to respect human rights and the right to peaceful protest amid nationwide demonstrations over food shortages and the cost of living crisis, which began on Thursday. Isa Sanusi, Amnesty International’s Country Director, emphasized the need for security agencies to facilitate, not hinder, peaceful protests as enshrined in the Nigerian constitution and international human rights treaties. He warned against using the protests to suppress human rights, particularly the freedoms of expression and assembly.

Why It Matters: The protests, planned for August 1-10, 2024, have seen extensive use of social media for organization and mobilization. Despite some labeling the protests as potential for violence, Sanusi reiterated that the right to peaceful protest must be upheld. With Nigeria experiencing severe economic challenges, including a 36% inflation rate on food, he called on authorities to address the root causes of the protests instead of suppressing dissent. (Read Deeper)

ENTERTAINMENT & SPORTS

Football Roundup: Villa’s Carlos Sent Off, Maresca Secures First Win

Aston Villa lost 2-0 to RB Leipzig in a friendly match. Brazilian defender Diego Carlos was sent off after receiving two yellow cards in the first half. Leipzig’s goals were scored by Lois Openda and Andre Silva. Chelsea secured a 3-0 victory over Club America, marking Enzo Maresca's first win as Chelsea's manager. Goals came from Christopher Nkunku and Noni Madueke (both penalties) and Marc Guiu. Enzo Fernandez, who had apologized for singing a derogatory song, played the second half. (Read Deeper)

Onyeka Onwenu’s Final Burial Wishes Revealed

Onyeka Onwenu, the veteran singer who passed away on July 30, 2024, at the 80th birthday party of Emzor Pharmaceuticals CEO Stella Okolie, had previously shared her burial wishes in a 2021 opinion piece. Onwenu expressed a desire for a modest and private farewell. She requested that her burial be conducted quickly and quietly, with celebrations limited to prayers and a meal afterward. She preferred not to have excessive mourning or lavish displays. (Read Deeper)

PODCAST(WHAT WE ARE LISTENING TO)

• The Future of Small Business: AI & Real-Time Solutions. (Listen)

EXTRA BREVITI

• Founder behind social media app IRL charged with fraud. ( Read More )

• Protesters shout down minister at Eagles Square. ( Read More )

• Iran holds a funeral for assassinated Hamas leader Ismail Haniyeh. (Read More)