💰️Apollo To Invest $5 Billion In Intel

Good morning. It's Monday, Sept. 23, and we're covering, Apollo To Invest $5 Billion In Intel Amid Chipmaker's Struggles, TSMC And Samsung Exploring Chip Factories In UAE, Trump Says He Won't Run Again If He Loses In November 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 $2.23 Trillion, a 1.39% increase in the last 24 hours.

• The total crypto market volume over the last 24 hours is $66.65B, which makes a 48.70% increase.

• The total volume in Defi is currently $3.63B, 5.44% of the total crypto market 24-hours.

• The volume of all stablecoins is now $60.63B, which is 90.97% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 56.39%, an increase of 0.10% over the day.

Bitcoin Set For 400% Gains Against Gold

Bitcoin could see gains exceeding 400% against gold in the coming months, This forecast is based on a technical analysis pattern called inverse head-and-shoulders (IH&S), indicating a bullish reversal in Bitcoin's price. Currently, Bitcoin’s market capitalization has surged 350,000% since its inception, and recent indicators suggest a renewed rally. (Read Deeper)

BUSINESS & FINANCE

Apollo To Invest $5 Billion In Intel Amid Chipmaker's Struggles

Apollo Global Management has reportedly offered to invest up to $5 billion in Intel, as the struggling chipmaker faces a 60% drop in its stock value this year. The discussions are in early stages, and while Intel executives are considering the offer, no final decision has been made. This proposal follows Apollo's recent $11 billion investment in Intel's Irish manufacturing facility. Additionally, Qualcomm has expressed interest in acquiring Intel, with talks led by its CEO, Cristiano Amon. Both deals could significantly impact Intel's future in the semiconductor industry.

Why It Matters: Intel, once the world’s most valuable chipmaker, has been exploring options to regain its footing in a competitive industry. While executives at Intel are said to be weighing Apollo's offer, the discussions remain in the early stages, and no final decisions have been made. Qualcomm has also expressed interest in Intel, with its CEO, Cristiano Amon, personally involved in negotiations for a potential acquisition. Qualcomm has previously explored purchasing parts of Intel's chip design business. (Read Deeper)

Coles And Woolworths Sued For Misleading Discount Practices

Coles Group and Woolworths Group, Australia’s largest supermarket chains, are facing a lawsuit from the Australian Competition and Consumer Commission (ACCC) over allegations of misleading discounting practices. The regulator claims the companies inflated prices on popular items, like Coca-Cola and Tim Tams, only to later reduce them to prices similar to or slightly above the original. ACCC Chair Gina Cass-Gottlieb emphasized the importance of accurate pricing for consumers, especially amid rising cost-of-living pressures.

Takeaway: The lawsuit comes as both retailers are already under scrutiny due to high inflation and political pressure. Woolworths reported a 5.6% increase in food sales last fiscal year, while Coles' supermarket sales grew by 6.2%. Following the news, shares of both companies fell by at least 3.8%. The ACCC's investigation found that Woolworths misrepresented prices on 266 products, while Coles did so on 245 items over several months. (Read Deeper)

TECHNOLOGY & SCIENCE

TSMC And Samsung Exploring Chip Factories In UAE

TSMC and Samsung are in early talks to build major semiconductor factories in the United Arab Emirates (UAE) to meet the increasing demand for AI computing. Both companies have sent representatives to the UAE to explore potential projects, but no firm plans have been confirmed. If pursued, the projects could cost over $100 billion and face significant challenges due to a lack of infrastructure and skilled labor in the region.

Why Its Matters: The UAE has been positioning itself as a hub for AI, with companies like OpenAI and G42 expanding their presence there. However, the US has raised concerns about the UAE’s involvement in sensitive technologies, particularly regarding ties with China. Despite these challenges, the UAE remains focused on diversifying its economy beyond petrochemicals, with AI and semiconductor industries seen as growth areas. (Read Deeper)

Matt Mullenweg Slams WP Engine As Cancer To WordPress

Matt Mullenweg, CEO of Automattic and co-creator of WordPress, has criticized WP Engine, a major managed WordPress hosting provider, calling it a "cancer to WordPress." Speaking at WordCamp US 2024, Mullenweg accused WP Engine of profiteering from the open-source WordPress project without adequately contributing to its development. He pointed out a stark difference between Automattic's weekly contribution of 3,900 hours to WordPress and WP Engine's contribution of only 40 hours, despite both companies having similar revenues of around $500 million.

Takeaway: Mullenweg's critique extended to WP Engine's private equity owner, Silver Lake, which he accused of prioritizing profit over open-source ideals. He urged the WordPress community to reconsider supporting WP Engine and to "vote with their wallet" by choosing alternative hosting providers such as Hostinger, Bluehost Cloud, or Pressable. This confrontation marks another instance of Mullenweg's criticism of companies he perceives as exploiting the open-source nature of WordPress without adequately giving back to the community. (Read Deeper)

AROUND DE WORLD & POLITICS

Trump Says He Won't Run Again If He Loses In November Election

Former President Donald Trump stated that he would not run for president again if he loses in the upcoming November election. During an interview, Trump expressed hope for success but ruled out future bids. As the oldest presidential nominee in U.S. history, Trump has balanced campaign events with appearances in four criminal cases. He also addressed rumors about potential cabinet appointments, including Tulsi Gabbard and Robert F. Kennedy Jr., denying any promises made to them.

Takeaway: Donald Trump, now the oldest presidential nominee in U.S. history following President Joe Biden’s decision to step down from the 2024 race, has faced intense scrutiny over his age and mental fitness. Age has become a prominent issue in this election cycle as voters weigh the capabilities of the candidates. Despite the legal and personal challenges, Trump remains committed to his campaign, framing the election as crucial for the future of the country. (Read Deeper)

Sri Lanka's New President: Anura Kumara Dissanayake

Anura Kumara Dissanayake, is a politician and former leader of the Janatha Vimukti Peramuna (JVP), has been elected as Sri Lanka's president following the country's first election since its economic collapse in 2022. At 55, he won against opposition leader Sajith Premadasa, positioning himself as a candidate for change amid public discontent over systemic corruption and economic hardship. With approximately 76% voter turnout, Dissanayake's election signifies a pivotal moment for Sri Lanka as the country seeks to emerge from its recent crisis

Takeaway: His campaign focused on anti-corruption measures, welfare, and tax reductions, appealing to voters struggling with austerity measures. He plans to dissolve parliament soon after taking office and has pledged to investigate the 2019 Easter Sunday bombings. As he steps into leadership, Dissanayake faces the challenge of stabilizing the economy while managing public expectations for change. (Read Deeper)

ENTERTAINMENT & SPORTS

Erling Haaland Scores 100th Goal For Manchester City In 2-2 Draw With Arsenal

Erling Haaland scored his 100th goal for Manchester City in a 2-2 draw against Arsenal in the Premier League. The Norwegian striker reached this milestone in just his 105th appearance for the club. Haaland's goal opened the scoring in the 9th minute, bringing his total for the season to 10 across all competitions. Arsenal responded with two goals before halftime, but Manchester City salvaged a point with a late equalizer from John Stones.(Read Deeper)

John Mulaney And Olivia Munn Welcome Second Child Via Surrogate

John Mulaney and Olivia Munn have welcomed their second child, a baby girl named Méi June Mulaney, born on September 14, 2024, via gestational surrogate. Munn shared her emotional journey on social media, reflecting on her experience after undergoing a hysterectomy due to breast cancer, which made her unable to carry the child herself. She expressed deep gratitude to their surrogate for making their dream of growing their family come true. (Read Deeper)

PODCAST(WHAT WE ARE LISTENING TO)

• What you don't know about the stock market. (Listen)

EXTRA BREVITI

• Qualcomm has recently approached Intel regarding a potential takeover, a move that could result in one of the largest technology mergers in history. ( Read More )

• Israeli troops have raided and shut down Al Jazeera's bureau in Ramallah, located in the Israeli-occupied West Bank. (Read More)

• Samsung Display Co. has announced plans to invest $1.8 billion in a new OLED manufacturing facility in northern Vietnam. ( Read More )