⚖️Apple Faces $1.2 Billion Lawsuit

☀️Good morning. It's Monday, Dec. 9, and we're covering, BYD Nears 2024 Sales Target, Outpace Ford And Honda In Global Sales, Apple Faces $1.2 Billion Lawsuit For Failing To Implement CSAM Detection In iCloud, Abu Mohammed Al-Golani: From Al Qaeda Leader To Rebel Commander In Syria, 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 $3.6 Trillion, a 2.08% decrease in the last 24 hours.

• The total crypto market volume over the last 24 hours is $169.06B, which is a 9.55% increase.

• The total volume in Defi is currently $16.44B, 9.73% of the total crypto market 24-hours.

• The volume of all stablecoins is now $156.79B, which is 92.74% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 54.32%, an increase of 0.55% over the day.

Amazon Shareholders Propose 5% Bitcoin Allocation To Combat Inflation

Amazon shareholders, through a proposal submitted by the National Center for Public Policy Research (NCPPR), are urging the company to allocate at least 5% of its assets into Bitcoin (BTC) to combat inflation and enhance shareholder value. The proposal highlights Bitcoin’s strong performance, outperforming traditional assets like bonds, and points to the success of companies like MicroStrategy, Tesla, and Block, which have benefitted from holding Bitcoin. Amazon’s current asset mix, primarily consisting of cash and bonds, is seen as insufficient to protect shareholder value. The NCPPR argues that diversifying with Bitcoin, despite its volatility, could offer long-term gains. (Read Deeper)

BUSINESS & FINANCE

BYD Nears 2024 Sales Target, Outpace Ford And Honda In Global Sales

Chinese EV leader BYD is on track to surpass its 2024 sales target of 4 million vehicles, with 3.76 million delivered in the first 11 months, including 506,804 in November. This positions BYD to outsell global rivals Ford and Honda, driven by strong demand in its home market, where it commands a 16.2% share as of October, up from 12.5% last year.

Why It Matters: BYD's rapid expansion includes boosting production capacity by 200,000 units and hiring 200,000 workers between August and October, bringing its workforce close to 1 million. This aggressive scaling has allowed the company to thrive despite a price war in China's EV market. BYD could sell over 6 million vehicles in the next 12 months, rivaling global leaders like GM and Stellantis. Foreign automakers, including GM, face declining sales and financial losses in China. (Read Deeper)

China's Leadership Gears Up For Key Economic Meeting Amid Slowing Growth

China’s top leaders, including President Xi Jinping, are set to meet from December 11-12 for the annual Central Economic Work Conference to discuss strategies for boosting economic growth. The conference will focus on setting a GDP growth target for 2025, expected to be around 5%, and discussing fiscal policies to support local governments. While China is on track to meet its 2024 growth target of 5%, it faces challenges such as a housing downturn, weak domestic consumption, and trade tensions, particularly with the U.S.

Takeaway: The government has introduced stimulus measures, including interest rate cuts and liquidity support, but inflation remains low, and wholesale prices continue to fall. Beijing may expand its fiscal deficit and roll out additional stimulus, especially in response to potential tariff increases under President-elect Donald Trump. Experts suggest that boosting domestic consumption, rather than relying on exports, will be key to sustaining growth in the long term. (Read Deeper)

TECHNOLOGY & SCIENCE

Apple Faces $1.2 Billion Lawsuit For Failing To Implement CSAM Detection In iCloud

Apple is facing a $1.2 billion lawsuit filed by victims of child sexual abuse material (CSAM) for not following through on plans to scan iCloud for abusive content. The lawsuit, filed in Northern California on Saturday, claims that after Apple announced plans in 2021 to implement a tool designed to detect CSAM and notify the National Center for Missing and Exploited Children, the company abandoned the project, leaving harmful material to circulate unchecked.

Why It Matters: In 2021, Apple unveiled its intentions to create a CSAM detection system that would automatically flag images showing abuse. However, the company faced immediate backlash over privacy concerns, leading to the suspension of the tool. Critics argue that this failure has resulted in further harm to victims, as abusive content continues to spread on Apple devices. The lawsuit, which represents up to 2,680 victims, claims that Apple’s decision to halt the CSAM detection system left children vulnerable to exploitation. (Read Deeper)

US Appeals Court Upholds TikTok Law Requiring ByteDance Divestiture

A U.S. federal appeals court has upheld a law mandating ByteDance, the Chinese parent company of TikTok, to divest its U.S. operations by January 19, 2024, or face a nationwide ban. The decision highlights bipartisan and presidential support to counter national security risks posed by the app, which has 170 million American users. The Justice Department argues that ByteDance's ownership allows China to exploit personal data and manipulate U.S. public discourse.

Takeaway: TikTok plans to appeal to the Supreme Court, asserting the ruling violates First Amendment rights. Free speech advocates, including the ACLU, have also criticized the decision. The ruling sets a precedent for banning foreign-owned apps deemed security threats. The law, unless overturned, could disrupt TikTok's vast user base and advertising ecosystem, benefiting rivals like Meta and Google. (Read Deeper)

AROUND DE WORLD & POLITICS

Abu Mohammed Al-Golani: From Al Qaeda Leader To Rebel Commander In Syria

Abu Mohammed al-Golani, now using his real name Ahmed al-Sharaa, rose from leading al Qaeda's Syrian franchise, the Nusra Front, to becoming the most prominent figure among the rebels who overthrew Bashar al-Assad's regime after 13 years of civil war. Having severed ties with al Qaeda in 2016, Golani rebranded his faction as Hayat Tahrir al-Sham (HTS) and shifted focus towards governing and diplomacy.

Why It Matters: Al-Golani led HTS in creating the "Salvation Government" in Idlib province, demonstrating administrative capabilities. Known for his early jihadist role, Golani has transformed into a public figure, promoting unity and promising protections for Syria's minorities, including Christians and Alawites, as he seeks to allay fears of Islamist extremism. His leadership raises questions about the future of Syria under rebel control and whether HTS can shed its militant past to gain legitimacy. (Read Deeper)

Opposition Candidate John Mahama Wins Ghana's Presidential Election

Ghana's Vice-President Mahamudu Bawumia has conceded defeat in the presidential election and congratulated opposition candidate John Mahama on his victory. Despite Bawumia's concession, official results have not yet been announced due to delays caused by disturbances at election centers. Mahama's supporters have celebrated the win, hoping for improvements in job opportunities and lower costs for goods and services.

Takeaway: The election came amid Ghana's severe economic crisis, marked by rising prices and high youth unemployment. Mahama, who served as president from 2012 to 2017, has promised to revitalize the economy and address the country's challenges. While some violence and destruction of electoral offices occurred, the election was largely peaceful. Mahama's National Democratic Congress (NDC) claimed a decisive victory, with internal results showing he won 56% of the vote. (Read Deeper)

ENTERTAINMENT & SPORTS

JAY-Z Denies Rape Allegations In Lawsuit, Calls It A "Blackmail" Attempt

JAY-Z has strongly denied accusations made in a newly filed lawsuit that claims he raped a 13-year-old girl in 2000 at an MTV Video Music Awards afterparty, alongside Sean "Diddy" Combs. The lawsuit, initially filed in October against Combs, was refiled to include JAY-Z as a co-defendant. JAY-Z, in response, dismissed the allegations as a "blackmail" attempt and accused the attorney behind the lawsuit, Tony Buzbee, of extortion. He called for criminal charges to be filed instead of a civil suit, questioning Buzbee’s motives and criticizing his character. (Read Deeper)

Chelsea Stage Dramatic Comeback Against Spurs, Arsenal Held to Draw

Chelsea made a strong statement in the Premier League title race with a dramatic 4-3 comeback win over Tottenham Hotspur, reducing the gap to leaders Liverpool to four points. Tottenham had a 2-0 lead early on, but Chelsea rallied in the second half with goals from Jadon Sancho, Cole Palmer (two penalties), and Enzo Fernandez. Chelsea now sit in second place, two points behind Liverpool. Arsenal, on the other hand, were held to a 1-1 draw at Fulham. Despite dominating the game, Arsenal couldn’t secure the win, with Bukayo Saka’s late goal ruled offside by VAR. The result stopped their four-match winning streak and left them in third place, two points behind Chelsea. (Read Deeper)

PODCAST(WHAT WE ARE LISTENING TO)

• While AI agents dominated the conversation in 2024, Konstantine Buhler of Sequoia Capital says "swarms" or networks of AI agents will be the theme come 2025. (Listen)

EXTRA BREVITI

• X has quickly removed its new image generator, Aurora, which briefly appeared on the platform over the weekend. (Read More)

• Super Micro Computer (SMCI) experienced a significant surge in its stock price after the Nasdaq stock exchange granted the company an extension to submit crucial filings. (Read More)

• Apple is reportedly in talks with Sony to add support for PlayStation VR2 controllers to its Vision Pro mixed reality device. (Read More)