Bluesky Welcome 2 Million New Users 👯 🤼

Good morning. It's Wednesday, Sept. 04, and we're covering, Nvidia Record $279 Billion Market Value Loss, Starlink To Block X In Brazil Because Of Legal Clash With Supreme Court, Russian Missile Strike On Poltava Kills Over 50, Injures More Than 200, 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 $1.98 Trillion, a 4.34% decrease in the last 24 hours.

• The total crypto market volume over the last 24 hours is $67.86B, which makes a 21.27% increase.

• The total volume in Defi is currently $3.31B, 4.88% of the total crypto market 24-hours.

• The volume of all stablecoins is now $62.96B, which is 92.79% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 56.18%, an decrease of 0.12% over the day.

BUSINESS & FINANCE

Nvidia Record $279 Billion Market Value Loss Amid Wall Street AI Selloff

Nvidia's shares plummeted 9.5%, wiping out $279 billion in market value—the largest single-day loss ever for a U.S. company. This drop followed a broader market selloff amid investor concerns over whether artificial intelligence (AI) investments will deliver the expected returns. Nvidia's recent earnings forecast failed to meet the lofty expectations that had driven a massive rally in its stock.

Why It Matters: The semiconductor sector also got hit, with the PHLX chip index dropping 7.75%, while other tech giants like Intel, Microsoft, and Alphabet also experienced declines. Despite this setback, Nvidia remains up 118% year-to-date. Investors are growing cautious about AI's future impact and economic signals, with a focus on upcoming labor market data and the Federal Reserve's next policy moves. (Read Deeper)

Canva Implements Steep Price Increases For Teams Product

Canva is raising prices for its Teams product, citing enhancements in generative AI tools as a key reason. In the U.S., the cost for a five-person Teams plan is increasing from $119.99 per year to $500 per year, while in Australia, the monthly fee for up to five users has risen from AUD 39.99 to AUD 13.50 per user. The new rate for individual users is $100 per year or $10 per month per person, with a minimum of three users required.

Takeaway: These changes, affecting existing and new customers, do not impact Canvas Pro or Enterprise tiers. The price hikes, which come as Canva prepares for an IPO, have sparked user dissatisfaction, especially because they were communicated through email rather than a public announcement. (Read Deeper)

TECHNOLOGY & SCIENCE

Starlink To Block X In Brazil Because Of Legal Clash With Supreme Court

Elon Musk's satellite internet service, Starlink, announced it will block social network X in Brazil to comply with the country's supreme court orders, allowing it to maintain its operations. The court suspended X (also owned by Musk) after it defied regulations regarding content moderation and legal representation, resulting in fines and asset freezes. Musk has publicly criticized the court and Brazil’s government, threatening retaliation if the seized assets aren't returned.

Takeaway: Starlink, which has about 250,000 customers in Brazil, expressed frustration over the court’s decision but agreed to comply by blocking X to keep its satellite internet services running. In a public statement, Starlink confirmed that it is pursuing legal avenues to challenge the asset freeze and described de Moraes’ actions as unconstitutional. (Read Deeper)

Bluesky Welcome 2 Million New Users In Days Following X's Shutdown In Brazil

Bluesky, the decentralized social networking platform, has seen a massive surge in users following the shutdown of Elon Musk's X (formerly Twitter) in Brazil. In just four days, Bluesky gained over 2 million new users, up from 500,000 the week before. The platform quickly became the top app in Brazil, surpassing Meta's Threads. Bluesky's decentralized model offers a less controlled environment, making it attractive to users seeking greater freedom of expression.

Why It Matters: Bluesky's appeal lies in its resemblance to Twitter and its decentralized nature, offering users more control over their experience. The app's sudden growth has strained its servers, but engineers are working to maintain stability. Bluesky's popularity has expanded beyond Brazil, with significant growth in countries like the U.S., Portugal, and the U.K. (Read Deeper)

AROUND DE WORLD & POLITICS

Russian Missile Strike On Poltava Kills Over 50, Injures More Than 200

A Russian missile strike on the Poltava Military Institute and a nearby hospital in Ukraine on Tuesday resulted in more than 50 deaths and over 200 injuries. The attack, one of the deadliest since Russia's full-scale invasion began, caused significant damage, including the collapse of parts of the military academy's building. Ukrainian President Volodymyr Zelenskyy has called for an investigation into the strike, which he described as a "shocking tragedy" for Ukraine.

Takeaway: The missile strike occurred as Ukrainian forces were engaged in operations near Russia’s Kursk border region and as President Vladimir Putin was visiting Mongolia. The strike also damaged ten apartment buildings, leading to local distress. Ukrainian officials have announced three days of mourning and urged residents to donate blood to assist the wounded. (Read Deeper)

US Charges Hamas Leaders For October 7 Attack

The US has indicted several senior Hamas figures, including Yahya Sinwar, in connection with the deadly attack on Israel on October 7, 2023. The charges, which include murder of US citizens and conspiracy to finance terrorism, cover a range of alleged crimes by Hamas, culminating in the massacre that killed over 1,200 people. President Biden and Attorney General Merrick Garland condemned the attack and promised justice for the victims. The charges reflect ongoing tensions, with over 40,000 deaths reported in Gaza since the attack.

Takeaway: The indictment includes former Hamas leader Ismail Haniyeh and other top members, some of whom are reported dead or in hiding. The charges carry severe penalties, including life imprisonment or the death penalty. The US Department of Justice has kept these charges confidential until now, hoping to arrest some of the accused. (Read Deeper)

ENTERTAINMENT & SPORTS

Leicester City Wins Appeal Against Premier League Financial Rules Decision

Leicester City has successfully overturned a ruling by an independent Commission regarding an alleged breach of the Premier League’s Profitability and Sustainability Rules (PSRs). Initially referred to the Commission in March 2024 for a supposed violation related to the financial assessment period ending 30 June 2023, Leicester City challenged the Commission's jurisdiction. The Appeal Board, comprising two former Court of Appeal judges and another esteemed lawyer, found flaws in the Premier League’s rule drafting and determined that Leicester City did not breach the PSRs. (Read Deeper)

Giannis Antetokounmpo And Mariah Riddlesprigger Tie The Knot

NBA star Giannis Antetokounmpo and his longtime partner Mariah Riddlesprigger have quietly married in a private ceremony at the Costa Navarino resort in Greece. The couple's three-day celebration included a Nigerian-themed party and a White Party, featuring a blend of Greek Orthodox and Catholic traditions. The wedding was highly secretive, with strict privacy measures and confidentiality agreements for all involved. Notable guests included Bucks teammate Khris Middleton, LeBron James, Serena Williams, Greek Prime Minister Kyriakos Mitsotakis, and other prominent figures. (Read Deeper)

PODCAST(WHAT WE ARE LISTENING TO)

• Improving an investing operating system with Vitaliy Katsenelson, a well-known investor and author, would likely involve incorporating his insights and methodologies into various aspects of investment analysis and decision-making. ( Listen)

EXTRA BREVITI

• Alice Guo, the former mayor of Bamban, Philippines, was apprehended in Indonesia following a weeks-long international manhunt. (Read More)

• Nigeria has increased fuel prices by 40%, pushing the pump price to around ₦897 per litre from ₦610.. (Read More)

• Five Nigerian banks are set to invest N248.21 billion in technology upgrades, yet a portion of these funds is not being allocated to cybersecurity. (Read More)