🤑Elon Musk Bid $97.4B For OpenAI

☀️Good morning. It's Tuesday, Feb. 11, and we're covering, Elon Musk And Investors Launch $97 Billion Bid For OpenAI In Potential Hostile Takeover, China's BYD Sparks New Price War, Offering Smart EVs Under $10,000, Hamas Postpones Hostage Release, Citing Israeli Violations of Ceasefire Agreement, 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 $3.24 Trillion, a 2.09% increase in the last 24 hours.

• The total crypto market volume over the last 24 hours is $97.97B, which makes a 4.37% decrease.

• The total volume in Defi is currently $7.49B, 7.64% of the total crypto market 24-hours.

• The volume of all stablecoins is now $90.28B, which is 92.15% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 60.13%, a decrease of 0.60%over the day.

Institutional Investors Continue Crypto Buying Spree Amid Market Declines

Institutional investors have continued buying the crypto dip for the fifth consecutive week, according to CoinShares, with $1.3 billion in total inflows into cryptocurrency investment products. Notably, Ethereum led the pack, attracting nearly $800 million after a 20% price drop, surpassing Bitcoin inflows for the first time this year. Bitcoin remains dominant, making up over 60% of the total crypto market cap as it's increasingly seen as a store of value. (Read Deeper)

BUSINESS & FINANCE

Elon Musk And Investors Launch $97 Billion Bid For OpenAI In Potential Hostile Takeover

Elon Musk and a group of high-profile investors have made a $97.4 billion bid to acquire OpenAI, signaling a possible hostile takeover. The consortium includes Baron Capital Group, Atreides Management, Valor Management, Vy Capital, and 8VC—all firms with strong ties to Musk's ventures, including Tesla and SpaceX. OpenAI CEO Sam Altman dismissed the offer with a humorous response on X, saying, “No thank you, but we will buy Twitter for $9.74 billion if you want.”

Takeaway: The move has sparked speculation that Musk may be attempting to disrupt OpenAI’s transition from a nonprofit to a for-profit model or inflate its valuation. Musk, a co-founder of OpenAI, left the organization after strategic disagreements and has since criticized its direction. The bid's seriousness remains unclear, but industry watchers are closely following what could be a major shake-up in the AI sector. (Read Deeper)

SoftBank Explores Debt-Heavy Financing For Ambitious $500 Billion AI Project

SoftBank Group Corp., led by Masayoshi Son, is exploring debt-heavy financing strategies to support its $500 billion Stargate Project, a massive AI initiative in collaboration with OpenAI, Oracle, and Abu Dhabi’s MGX. The project aims to develop extensive data centers and power infrastructure across the U.S. However, challenges include rising competition from Chinese startup DeepSeek’s low-cost AI solutions and uncertainties around the project's cash flow potential.

Takeaway: SoftBank is considering project financing, typically used for large-scale infrastructure, which would involve only a 10% equity contribution and rely heavily on debt. The immediate investment goal is $100 billion, with Texas selected for the first data center site. Son is seeking additional partners and international backing to realize the project’s ambitious goals. SoftBank's financial strain is evident, with a projected $1 billion quarterly loss and declining valuations of key investments like ByteDance. (Read Deeper)

TECHNOLOGY & SCIENCE

China's BYD Sparks New Price War, Offering Smart EVs Under $10,000

BYD, a leading Chinese electric vehicle (EV) manufacturer, has introduced advanced autonomous driving features in models priced as low as $9,555, significantly undercutting competitors like Tesla. The company’s proprietary "God's Eye" driver-assistance system will now be available across 21 models, including the budget-friendly Seagull. Previously, such technology was reserved for vehicles priced at $30,000 or more. The announcement caused BYD shares to surge by 16%, with analysts warning that competitors such as Xpeng may face challenges keeping up with BYD’s affordable yet technologically advanced offerings.

Why It Matters: This move is expected to spark a new price war in China’s highly competitive automotive market, which BYD has already disrupted through aggressive discounting strategies. BYD founder Wang Chuanfu predicts that smart driving will become a standard feature in vehicles, likening its importance to seatbelts and airbags. The company has also integrated AI models from DeepSeek into its smart car architecture to accelerate technological advancements. (Read Deeper)

Lyft Plans 2026 Launch Of Mobileye-Powered Robotaxis In Dallas

Lyft is set to launch its first Mobileye-powered robotaxis in Dallas by 2026 through a partnership with Japanese conglomerate Marubeni. The pilot program aims to scale to thousands of vehicles in other cities, with Dallas users hailing the robotaxis via the Lyft app. This initiative is part of Lyft's effort to keep pace with Uber, which has secured multiple AV partners, including Waymo and Nuro, with plans for launches in Austin and Atlanta.

Takeaway: The announcement follows Lyft's 2022 partnership with Mobileye, Intel’s autonomous driving subsidiary, which already powers systems in cars from Audi, Ford, and Volkswagen. Lyft has not confirmed which automaker it will partner with for the Dallas rollout but is reportedly in talks with all major autonomous vehicle manufacturers. Lyft also plans a separate robotaxi rollout in Atlanta using May Mobility’s technology by 2025. (Read Deeper)

AROUND DE WORLD & POLITICS

Hamas Postpones Hostage Release, Citing Israeli Violations of Ceasefire Agreement

Hamas announced a delay in the planned release of Israeli hostages, accusing Israel of violating the terms of their ceasefire agreement. The armed group’s spokesperson, Abu Obeida, claimed that Israel had failed to meet its commitments, including allowing displaced Palestinians to return to northern Gaza and ensuring agreed-upon humanitarian aid deliveries. Since the ceasefire began, 21 hostages have been released in exchange for 566 Palestinian prisoners.

Takeaway: Israel’s Defense Minister, Israel Katz, called the announcement a "complete violation" of the deal and ordered the military to be on high alert. US President Donald Trump urged the release of all hostages by Saturday, warning of severe consequences if Hamas fails to comply. The postponement has sparked protests in Tel Aviv, with citizens calling for more pressure on Hamas and criticizing the Israeli government. (Read Deeper)

Trump Raises Steel And Aluminum Tariffs to 25%, Escalating Trade Tensions

President Donald Trump raised tariffs on steel and aluminum imports to a flat 25%, removing all previous country exceptions and quotas. The tariffs, effective March 4, aim to protect struggling U.S. metal industries and national security. They apply to imports from major trading partners like Canada, Brazil, Mexico, and South Korea. The tariffs have sparked criticism from Canada and the European Commission, who called them unjustified.

Takeaway: Trump's move includes new requirements for steel and aluminum to be processed entirely in North America to counter imports from minimally processed Chinese and Russian metals. The tariffs also extend to downstream products such as structural steel and aluminum extrusions. While Trump hinted at considering an exemption for Australia, he dismissed concerns about retaliatory measures from other nations. (Read Deeper)

ENTERTAINMENT & SPORTS

Tiger Woods Withdraws From Genesis Invitational Following Mother's Passing

Tiger Woods has withdrawn from the Genesis Invitational, citing the emotional toll of his mother Katilda's recent death at age 80. Woods announced that despite efforts to prepare, he is "just not ready" to compete. Initially set to mark his return to competitive golf, the tournament, relocated from Los Angeles to Torrey Pines due to wildfires, will proceed without him. Woods described his mother as his "biggest fan" and credited her for his career successes. The 49-year-old golfer has faced injury challenges in recent years, including a serious car accident in 2021. (Read Deeper)

The 10 Best Super Bowl Halftime Shows Of All Time

While the Super Bowl is a major sporting event, the 12-minute halftime show often steals the spotlight, captivating audiences with unforgettable performances by music's biggest stars. From stunning theatrics to iconic guest appearances, these performances have become cultural milestones. Beyoncé tops the list for her electrifying 2013 show featuring a Destiny’s Child reunion. Other standout moments include Prince’s legendary Purple Rain performance in 2007, Michael Jackson’s groundbreaking 1993 show. (Read Deeper)

PODCAST(WHAT WE ARE LISTENING TO)

• In a recent discussion on the Bankless podcast, macroeconomic analyst Lyn Alden provided insights into the potential economic landscape of 2025, focusing on the implications of former President Donald Trump's policies, tariff strategies, and the future of the U.S. dollar. (Listen)

EXTRA BREVITI

• Google Maps renamed the Gulf of Mexico to the "Gulf of America" for U.S. users following an executive order issued by former President Donald Trump. (Read More)

• Corruption Survey Reveals Worst Scores for Many Nations in Over a Decade; South Sudan Drops to the Bottom. (Read More)

• Hong Kong will file a formal complaint with the World Trade Organization (WTO) regarding new U.S. tariffs. (Read More)

• Apple and Google have removed 20 apps from their app stores after cybersecurity researchers at Kaspersky discovered they were distributing a data-stealing malware called SparkCat. (Read More)