China Pledges $51 Billion In Africa 🌍️

Good morning. It's Thursday, Aug. 05, and we're covering, BYD Faces Challenges In the Japanese Market Amid Global Expansion, Safe Superintelligence, Raises $1 Billion For AI Safety Development, China Pledges $51 Billion In New Funding For Africa, 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 Trillion, a 0.85% increase in the last 24 hours.

• The total crypto market volume over the last 24 hours is $64.85B, which makes a 4.61% decrease.

• The total volume in Defi is currently $3.48B, 5.37% of the total crypto market 24-hours.

• The volume of all stablecoins is now $60.31B, which is 90.00% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 56.35%, an increase of 0.15% over the day.

BUSINESS & FINANCE

BYD Faces Challenges In Japanese Market Amid Global Expansion

BYD, China's largest electric vehicle (EV) maker, is encountering difficulties in its expansion into Japan, a market traditionally tough for foreign automakers. Although BYD has grown rapidly in China and expanded globally, Japan’s auto market, one of the largest in the world, remains a challenge due to sluggish demand for EVs and government subsidy changes that have disadvantaged foreign manufacturers like BYD. BYD has sold over 2,500 vehicles in Japan and plans to install quick chargers at 100 locations by next year to improve its eligibility for subsidies and grow its presence in the Japanese market.

Takeaway: To boost sales, BYD has rolled out charging stations and implemented aggressive marketing campaigns in Japan, including discounts, TV ads starring a local actress, and customer incentives like 0% loans and cashback on home chargers. However, these strategies have led to higher-than-expected marketing costs. Japanese consumers are often skeptical of Chinese products, with some preferring traditional brands like Toyota, Mercedes-Benz, and Hyundai. (Read Deeper)

xAI Unveils Colossus: The World’s Largest Nvidia GPU Supercomputer

Elon Musk’s AI startup, xAI, has launched Colossus, the world’s largest Nvidia GPU supercomputer, designed to power its large language model (LLM) Grok. Built-in just 122 days, the supercomputer features 100,000 Nvidia Hopper H100 processors at a data center in Memphis, Tennessee, with plans to double its capacity soon. Colossus will train Grok-3, which Musk estimates that Grok-3, the next iteration of the model, will be ready by December and could become the world’s most powerful AI.

Takeaway: xAI has quickly gained ground in the increasingly competitive AI landscape, positioning itself as a direct challenger to OpenAI. Musk is seeking to reclaim his influence in the AI sector, aiming for xAI to develop artificial general intelligence (AGI) and compete with leading firms like OpenAI, Google, and Microsoft. Musk has already committed to spending between $3 billion and $4 billion on Nvidia hardware for Tesla this year alone. The Memphis supercomputer is reportedly benefiting from Tesla’s stockpile of AI chips, providing a head start for xAI. (Read Deeper)

TECHNOLOGY & SCIENCE

Safe Superintelligence, Raises $1 Billion For AI Safety Development

Safe Superintelligence (SSI), a new AI startup co-founded by former OpenAI chief scientist Ilya Sutskever, has raised $1 billion to focus on developing safe artificial intelligence systems that surpass human capabilities. The startup, founded in June 2024, is dedicated to ensuring AI safety and preventing harm. SSI has attracted investment from major venture capital firms like Andreessen Horowitz, Sequoia Capital, and DST Global, and is currently valued at $5 billion.

Takeaway: SSI differs from OpenAI in several ways, notably its for-profit structure and unique approach to scaling AI technology. SSI seeks to hire individuals with extraordinary capabilities and a strong commitment to their mission rather than those driven by hype or credentials. (Read Deeper)

Space Force Guardian To Command Rescue Mission For Stranded Astronauts Aboard ISS

A Space Force officer, Colonel Nick Hague, will command a mission to bring home two astronauts stranded on the International Space Station (ISS). This marks the first time a Space Force Guardian will lead such a high-profile space operation. Hague and cosmonaut Aleksandr Gorbunov will launch in late September to rescue astronauts Barry Wilmore and Sunita Williams, who have been stuck on the ISS due to mechanical issues with the Boeing Starliner spacecraft.

Why It Matters: Hague and Gorbunov will now command the mission to bring Wilmore and Williams back to Earth in February 2025. Their selection was based on their experience and ability to handle the unique challenges of the mission. NASA had to carefully balance the crew's expertise, ensuring the team included a cosmonaut capable of operating Russia's critical ISS systems. For Hague, this will be his third spaceflight. His first mission, while in the Air Force in 2018, ended in an emergency abort due to a rocket malfunction. (Read Deeper)

AROUND DE WORLD & POLITICS

China Pledges $51 Billion In New Funding For Africa

China has pledged $51 billion in new funding for Africa, focusing on infrastructure, green technology, and job creation, as announced by President Xi Jinping at the Forum on China-Africa Cooperation Summit. This financial support includes 30 infrastructure projects, 30 clean energy initiatives, and a promise to create 1 million jobs across the continent. The funding will be distributed through credit lines, investments, and other forms of aid.

Why It Matters: The three-year program announced at the summit aims to strengthen China-Africa ties through initiatives that span multiple sectors, including logistics and financial cooperation, which Xi said would aid in the development of the African Continental Free Trade Area. China did not reaffirm its 2021 promise to buy $300 billion worth of African goods due to regulatory challenges. (Read Deeper)

Tragic School Shooting In Georgia Claims Lives Of Two Students And Two Teachers

A devastating shooting at Apalachee High School in Winder, Georgia, on Wednesday morning, resulted in the deaths of two students and two teachers. The Georgia Bureau of Investigation (GBI) identified the victims as Richard Aspinwall, 39, and Christina Irimie, 53, who were teachers, and students Mason Schermerhorn and Christian Angulo, both 14. Nine others, including eight students and one teacher, were injured. The suspect, 14-year-old Colt Gray, was apprehended quickly and will face murder charges as an adult.

Takeaway: The shooting was carried out using an AR-platform-style weapon. Emergency responses were triggered by new panic buttons on teachers’ IDs. The FBI had previously investigated Gray in May 2023 based on threats of a school shooting but found no grounds for arrest at that time. The incident has prompted calls for stricter gun control measures from President Joe Biden and Vice President Kamala Harris. (Read Deeper)

ENTERTAINMENT & SPORTS

Ballon d'Or Finalists Announced: Messi And Ronaldo Omitted For First Time Since 2003

For the first time since 2003, neither Lionel Messi nor Cristiano Ronaldo is included in the Ballon d'Or finalists. The list of 30 men's finalists features notable players such as Vinicius Junior, Rodri, Jude Bellingham, Kylian Mbappé, and Harry Kane. This marks only the third time in 17 years that the prestigious award will be claimed by a player outside the Messi-Ronaldo duo, who have dominated the award since 2008. Karim Benzema won last year, and Luka Modrić took the prize in 2018. (Read Deeper)

Former Miss Teen USA Caite Upton Responds After J.D. Vance Resurrects Viral Pageant

Former Miss South Carolina Teen USA Caite Upton has responded to J.D. Vance, who recently used a viral 2007 pageant clip of her to mock Vice President Kamala Harris. Upton, who faced online harassment and mental health struggles after the video went viral, condemned Vance's use of the footage and called for an end to online bullying. Vance, running for vice president alongside Donald Trump, defended the post as a joke despite criticism. (Read Deeper)

PODCAST(WHAT WE ARE LISTENING TO)

• Can fast-fashion giant Shein go public while fending off accusations of bad labor practices, the US government, and a back-and-forth war with newcomer Temu?(Listen)

EXTRA BREVITI

• Volvo has abandoned its previous goal of exclusively producing electric vehicles (EVs) by 2030. (Read More)

• The Biden administration has warned Nippon Steel that its $14.9 billion acquisition of U.S. Steel poses a national security risk. (Read More)

• Boeing's Starliner spacecraft is set to attempt its return to Earth without a crew on Friday, NASA announced. (Read More)