Apple Unveils New iPad Mini With Apple Intelligence Support 🧠

☀️Good morning. It's Wednesday, Oct. 16, and we're covering, Boeing Plans To Raise $25 Billion To Strengthen Balance Sheet, New York Times Sends Cease-and-Desist Perplexity Over Copyright Infringement, US Gives Israel 30 Days To Improve Gaza Aid Or Risk Military Support, 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 $2.3 Trillion, a 0.68% increase in the last 24 hours.

• The total crypto market volume over the last 24 hours is $107.43B, which makes a 19.20% increase.

• The total volume in Defi is currently $5.89B, 5.89% of the total crypto market 24-hours.

• The volume of all stablecoins is now $98.61B, which is 91.79% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 57.49%, an increase of 0.66% over the day.

Bitcoin Surges To $68K Before Rapid Drop Amid Market Volatility

Bitcoin surged to nearly $68,000 on Tuesday before quickly dropping to $65,000 in a volatile trading session. The sudden spike and drop led to over $127 million in leveraged bets being liquidated. With China’s latest stimulus measures may have prompted investors to move funds into Bitcoin. Despite the volatility, Bitcoin remains up 8% over the past week. (Read Deeper)

BUSINESS & FINANCE

Boeing Plans To Raise $25 Billion To Strengthen Balance Sheet

Boeing announced plans to raise $25 billion through equity or debt over the next three years to strengthen its balance sheet amid ongoing financial challenges. The company also secures a $10 billion credit agreement with banks to boost short-term liquidity. Boeing's stock has dropped nearly 42% this year, and the company faces a machinist strike, costing it over $1 billion monthly. New CEO Kelly Ortberg has announced plans to lay off 17,000 employees and address mounting losses in the company’s defense and commercial airplane units.

Takeaway: Credit rating agencies have expressed concerns about Boeing’s financial health, with warnings that the company could lose its investment-grade rating. S&P Global Ratings recently estimated that the ongoing machinist strike is costing Boeing more than $1 billion per month, further straining its financial resources. Boeing also disclosed preliminary financial results, revealing $5 billion in charges across its defense and commercial airplane units. (Read Deeper)

Global Chip Stocks Plummet By $420 Billion After ASML Warning

The global chip market lost over $420 billion in value after ASML Holding NV, a key supplier of chipmaking equipment, issued a cautious sales outlook. ASML's shares fell sharply, and major chipmakers like Nvidia, Taiwan Semiconductor Manufacturing Co., and Tokyo Electron also experienced significant declines. ASML revised its 2025 sales forecast downward due to sluggish demand in sectors outside AI and reduced spending by companies like Intel.

Takeaway: ASML, a Netherlands-based company known for its advanced chipmaking machines, saw its shares plunge by the most since 1998 in European trading. The company revised its 2025 revenue outlook, lowering the top end of its net sales projection to €35 billion ($38 billion), down from €40 billion. While some analysts were surprised by the scale of the cut, others see ASML's struggles as company-specific, with ongoing strong demand for AI chips and potential recovery from China's economic stimulus. (Read Deeper)

TECHNOLOGY & SCIENCE

New York Times Sends Cease-and-Desist Perplexity Over Copyright Infringement

The New York Times has issued a cease-and-desist notice to the AI startup Perplexity, backed by Jeff Bezos, accusing it of using its content without permission. The Times claims that Perplexity's AI-generated summaries and use of its journalism violate copyright laws. This legal action follows a similar lawsuit the Times filed against OpenAI, and other publishers like Forbes and Condé Nast have also raised concerns about Perplexity's practices.

Takeaway: Perplexity, launched two years ago, is attempting to compete with Google by providing AI-generated search results. Perplexity is willing to collaborate with publishers and plans to respond to the legal notice by the end of October. The startup is growing rapidly, processing millions of searches, and is preparing to introduce ads, offering a portion of the revenue to content creators. The situation highlights tensions between AI companies and media outlets over the use of journalistic content. (Read Deeper)

Apple Unveils New iPad Mini With Apple Intelligence Support

Apple has launched a new version of the iPad mini, which features the powerful A17 Pro chip and compatibility with Apple Intelligence, the company's generative AI platform. This update is the first significant refresh of the 8.3-inch iPad mini since 2021. The A17 Pro chip boasts a six-core CPU and a five-core GPU, offering notable performance enhancements over the previous A16 Bionic chip. The device maintains a 12-megapixel rear camera with Smart HDR 4 capabilities and retains Touch ID functionality.

Takeaway: The new iPad mini supports various features of Apple Intelligence, including improved writing tools and an upgraded Siri experience. Additional functionalities, like the Image Playground for graphic generation and ChatGPT integration, are expected in future updates. Notably, the iPad mini is the only model in the iPad lineup to feature a mobile chip, while the base iPad and iPad Pro utilize the M4 chip. The new iPad mini starts at $499 for 128GB of storage and $649 for the cellular version, with preorders available now and shipping set to begin on October 23. (Read Deeper)

AROUND DE WORLD & POLITICS

US Gives Israel 30 Days To Improve Gaza Aid Or Risk Military Support

The U.S. has issued a warning to Israel, giving the country 30 days to improve humanitarian aid access in Gaza or risk cuts to military support. The letter, signed by U.S. Secretary of State Antony Blinken and Defense Secretary Lloyd Austin, expresses deep concern about the worsening humanitarian crisis, especially in the overcrowded al-Mawasi area, where 1.7 million Palestinians are at high risk of lethal contagion. Israel, while reviewing the letter, has stated that it targets Hamas operatives and does not intentionally block aid deliveries.

Why It Matters: The U.S. criticized Israel for impeding nearly 90% of humanitarian movements between northern and southern Gaza in recent months and called for immediate action to allow aid supplies to flow into the territory. Failure to comply could result in consequences for U.S. military aid, referencing U.S. laws that prohibit assistance to countries obstructing humanitarian aid. The letter also urges Israel to allow at least 350 trucks a day to enter Gaza and ensure the safe movement of civilians. (Read Deeper)

Canada-India Diplomatic Dispute Over Assassination Allegations

The diplomatic dispute between India and Canada has escalated after Canada accused Indian government agents of being involved in the 2023 assassination of Sikh activist Hardeep Singh Nijjar. This has led both nations to expel each other's diplomats, straining relations further. Nijjar, a leader of the Khalistan movement seeking a separate Sikh state, was shot in British Columbia, and Canada claims it has clear evidence implicating Indian officials in the plot. India has rejected the allegations, citing political motives from Canada's Prime Minister Justin Trudeau, who faces elections next year.

Takeaway: Experts suggest that this standoff could severely impact India-Canada relations, potentially derailing economic partnerships and India’s global ambitions. India’s concerns over the Sikh separatist movement in Canada have been a long-standing issue. The U.S. has also urged India to cooperate with Canada’s investigation and previously accused Indian officials of plotting another assassination of a Sikh leader in New York. (Read Deeper)

ENTERTAINMENT & SPORTS

Thomas Tuchel Set To Become New England Manager

Thomas Tuchel is set to become the new England football manager after reportedly agreeing to take over the team. The 51-year-old German coach, who has managed top clubs like Chelsea, Paris Saint-Germain, and Bayern Munich, was also linked to Manchester United but chose to lead the Three Lions. An official announcement is expected soon. Tuchel, who won the Champions League with Chelsea in 2022, will be England's first German-born manager, succeeding interim boss Lee Carsley, who took over after Gareth Southgate's departure following EURO 2024. (Read Deeper)

Cassie Reportedly Considering Music Comeback Following Diddy’s Arrest

Cassie Ventura is reportedly planning a comeback to music following the arrest of her ex, Sean "Diddy" Combs, who is facing charges related to sex crimes. Cassie's career, which was stalled during her tumultuous 11-year relationship with Diddy, could see a revival as she considers releasing new music, including unreleased projects. The singer, known for her 2006 hit "Me & U," registered new songs earlier this year, suggesting she's preparing for a return to the music scene. Her career was largely affected by her relationship with Diddy, during which she accused him of sexual and physical abuse. (Read Deeper)

PODCAST(WHAT WE ARE LISTENING TO)

• Did the creator of Bitcoin just get unmasked? (Listen)

EXTRA BREVITI

• The United Nations has reaffirmed its commitment to keep peacekeepers stationed in southern Lebanon, despite increasing pressure from Israel to withdraw them from the volatile region. (Read More)

• Meta will face lawsuits from over 30 U.S. states accusing it of promoting social media addiction among teenagers. (Read More)

• An Israeli airstrike struck Beirut’s southern suburbs early Wednesday morning, as tensions in the Middle East continue to rise. (Read More)