🔍️ChatGPT Search Rolls Out

☀️Good morning. It's Tuesday, Dec. 17, and we're covering, SoftBank Commits $100 Billion To US Investments, Focused On AI, OpenAI Rolls Out ChatGPT Search To All Users, Adds New Features, Trump Fails To Dismiss New York Hush Money Conviction On Immunity Grounds, 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 $3.74 Trillion, a 1.51% increase in the last 24 hours.

• The total crypto market volume over the last 24 hours is $205.01B, which makes a 28.06% increase.

• The total volume in Defi is currently $14.7B, 7.17% of the total crypto market 24-hours.

• The volume of all stablecoins is now $189.71B, which is 92.53% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 56.50%, an increase of 0.38% over the day.

Bitcoin Surges Above $107K, MicroStrategy Doubles Down On Investment

Bitcoin reached a new all-time high of over $107,000, fueled by growing optimism and reports that President-elect Trump might establish a bitcoin strategic reserve. MicroStrategy, a company with a large bitcoin treasury, purchased an additional $1.5 billion worth of bitcoin, increasing its total holdings to 439,000 bitcoins. This bet on bitcoin has significantly boosted MicroStrategy’s stock, which has risen over 527% this year. The company is set to join the Nasdaq 100 index, but analysts suggest joining the S&P 500 may be more challenging due to profitability concerns. (Read Deeper)

BUSINESS & FINANCE

SoftBank Commits $100 Billion To US Investments, Focused On AI

SoftBank Group CEO Masayoshi Son announced a $100 billion investment in the United States over the next four years during an event with President-elect Donald Trump at Mar-a-Lago. The plan focuses on creating 100,000 jobs in artificial intelligence, data centers, semiconductors, and energy infrastructure. Son expressed confidence in Trump’s economic policies, citing increased optimism following his election.

Takeaway: SoftBank’s cash reserves totaled $25 billion as of September, The company may leverage its recent successes, including the IPO of Arm Holdings, valued at $160 billion. The commitment highlights SoftBank’s focus on AI and Trump’s efforts to attract foreign investment by promoting tax cuts and deregulation. (Read Deeper)

Alibaba Wants To Sell Its Department Store Chain Intime For $1 Billion

Alibaba announced on Tuesday that it will sell its department store unit, Intime, to a consortium led by textiles firm Youngor Fashion and some of Intime’s management for 7.4 billion yuan ($1.02 billion). This sale is part of Alibaba's broader shift in focus from retail to its core e-commerce and cloud operations. The company owns a 99% stake in Intime and expects to incur a loss of about 9.3 billion yuan on its initial investment.

Takeaway: Intime, which owns more than 100 stores in China, has struggled in the wake of a decline in consumer spending after the Covid-19 pandemic. Alibaba had valued Intime at around $4 billion in 2017 when it acquired the chain. The sale is part of the company's restructuring efforts as it adjusts its business strategy. (Read Deeper)

TECHNOLOGY & SCIENCE

OpenAI Rolls Out ChatGPT Search To All Users, Adds New Features

OpenAI has rolls out its AI-powered web search tool, ChatGPT Search, to all ChatGPT users, including nonpaying ones. The tool allows users to retrieve summarized web content with links to sources and embedded media, such as photos and videos. It can be activated automatically by ChatGPT or manually via a "Search the web" button. ChatGPT Search, launched in October, builds on the earlier SearchGPT prototype and aims to provide users with up-to-date information on topics like sports, news, and stock updates.

Takeaway: Key updates include faster performance, integration as a default search engine in web browsers, improved mobile experiences with better-organized business information, and compatibility with Advanced Voice Mode for real-time conversational use on mobile and desktop. While publishers have raised concerns about AI-powered search reducing website traffic, OpenAI has made adjustments based on feedback to improve article relevance and summaries. (Read Deeper)

TikTok Takes Urgent Appeal To US Supreme Court To Prevent Ban

TikTok has appealed to the U.S. Supreme Court to temporarily block a law that would force its parent company, ByteDance, to divest the app or face a ban by January 19, 2025. TikTok argues that the law infringes on free speech rights under the First Amendment and could result in the loss of millions of U.S. users. The Justice Department claims TikTok poses a national security threat due to its access to user data.

Takeaway: The Supreme Court's decision could set a precedent for how the U.S. handles foreign-owned apps, with TikTok warning that a ban would impact its operations and users in the U.S. significantly. The social media giant, which has around 170 million users in the U.S., filed an emergency request for an injunction following a lower court ruling that upheld the law, passed by Congress in April. (Read Deeper)

AROUND DE WORLD & POLITICS

Trump Fails To Dismiss New York Hush Money Conviction On Immunity Grounds

President-elect Donald Trump lost his bid to have his criminal conviction for falsifying business records dismissed in a New York court. Trump’s lawyers argued that presidential immunity should shield him from prosecution, citing a U.S. Supreme Court ruling on presidential immunity for official acts. However, Judge Juan Merchan rejected this claim, stating that even if the evidence was related to Trump's official duties, it did not affect presidential authority.

Takeaway: Trump was convicted in May for his role in a $130,000 hush money payment to Stormy Daniels in 2016. Trump’s legal team requested a delay in sentencing, pending appeals. His spokesperson criticized the decision, calling it a violation of legal precedent and claiming it was part of a "witch hunt" to obstruct his presidency. (Read Deeper)

Canada Faces Rising Deficits As Finance Minister Resigns Amid Fiscal Turmoil

Prime Minister Justin Trudeau’s government faces growing fiscal challenges, including a larger-than-expected deficit and political uncertainty following Finance Minister Chrystia Freeland’s resignation. The deficit for the last fiscal year reached C$62 billion, surpassing the projected C$40.1 billion, driven by unexpected Indigenous liabilities and COVID-19-related business loan allowances.

Takeaway: Freeland’s resignation came hours before she was to deliver Canada’s fall economic update, where she criticized Trudeau’s fiscal policies as unprepared for a potential Donald Trump presidency. The update projects a C$48.3 billion deficit for 2024-25 and outlines increased spending on border security, extended tax breaks for business investment, and tariffs on Chinese imports. (Read Deeper)

ENTERTAINMENT & SPORTS

Julian And Sean Lennon Reunite At The Dakota: A Rare And Sentimental Moment

Julian and Sean Ono Lennon, sons of the late John Lennon, recently reunited for a rare evening together at The Dakota, the iconic New York City apartment building where their father and Yoko Ono once lived. Julian shared heartfelt photos on Instagram, capturing moments of their time spent dining and chatting. The Dakota holds deep sentimental value for the family, as it was both a home and studio space for John Lennon until his tragic death there in 1980. While Julian did not live at The Dakota, Sean grew up in the building and formed a close bond with neighbor Roberta Flack. (Read Deeper)

Barcelona Confirm Lamine Yamal Suffers Ligament Tear

Barcelona's Lamine Yamal has suffered a grade one ligament tear in his ankle, sustained during the team's loss to Leganés on Sunday. The injury will sideline the teenage sensation for their upcoming crucial match against Atlético Madrid and potentially for the Supercopa de España in January. The setback is a blow to Barcelona as the LaLiga title race tightens. (Read Deeper)

PODCAST(WHAT WE ARE LISTENING TO)

• In a recent episode of the "Modern Wisdom" podcast, venture capitalist Marc Andreessen shared his perspectives on the transformative impact of technology, the role of influential figures like Elon Musk, and the challenges and opportunities facing the United States in a changing world order. (Listen)

EXTRA BREVITI

• A tragic shooting at Abundant Life Christian School in Madison, Wisconsin, left two dead and six others injured, including two students with life-threatening injuries. ( Read More )

• Jay-Z's Marcy Venture Partners Merges with Pendulum Holdings’ Investment Arm to Form MarcyPen Capital Partners. (Read More)

• Cohere, an AI startup with a $5.5 billion valuation, is quietly collaborating with Palantir to deploy its AI models to various clients. ( Read More )