🤔Elon Musk: “Fiat Currency Is hopeless”

🌄Good morning. It's Monday, Jul. 7, and we're covering, Samsung Forecasts 39% Profit Drop As AI Chip Delays Drag On, TikTok Building US-Only App Ahead Of Expected Sale, Texas Floods Kill 78, Children Among The Dead As Trump Prepares Visit, 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 $3.36 Trillion, a 1.03% increase in the last 24 hours.

• The total crypto market volume over the last 24 hours is $89.76B, which makes a 40.29% increase.

• The total volume in Defi is currently $31.58B, 35.18% of the total crypto market 24-hours.

• The volume of all stablecoins is now $85.54B, which is 95.30% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 64.44%, a decrease of 0.18% over the day.

Elon Musk Says New ‘America Party’ Will Embrace Bitcoin, Calls Fiat ‘Hopeless’

Elon Musk has declared that his upcoming political group, the America Party, will embrace bitcoin (BTC), calling fiat currency “hopeless” in a post on X. The Tesla and SpaceX CEO—long a supporter of crypto—said the party will adopt a pro-tech, anti-regulation platform, grounded in free speech and centrist policies. The party emerged from Musk’s split with President Donald Trump, who recently slammed Musk as a “train wreck” over policy differences—especially on the so-called Big Beautiful Bill, which Musk dubbed the “debt slavery bill.” (Read Deeper)

BUSINESS & FINANCE

Samsung Forecasts 39% Profit Drop As AI Chip Delays Drag On

Samsung Electronics is expected to post a 39% drop in Q2 operating profit, down to ₩6.3 trillion ($4.62B)—its worst in six quarters. The slump is largely tied to delays in delivering AI memory chips to Nvidia, leaving it trailing behind SK Hynix and Micron in the high-stakes race for dominance in HBM chips powering AI data centers. While SK Hynix is already supplying Nvidia, Samsung is still waiting on certification for its HBM3E 12-high chips. Worse, U.S. trade restrictions are choking Samsung’s China sales—historically a key growth market.

Why It Matters: HBM chip delays risk long-term competitiveness in data center markets. AI boom is real, but Samsung is missing out. Trade tensions add new pressure across its business lines, including smartphones and semis.

Trump Threatens New Tariffs On BRICS-Aligned Nations

President Donald Trump has vowed to slap new 10% tariffs on any nation supporting the “anti-American” policies of the BRICS economic bloc, escalating trade tensions just days before a key July 9 tariff negotiation deadline. Trump promised tariff letters would be sent starting Monday, targeting up to 100 countries. The move follows a joint BRICS statement criticizing unilateral tariffs—seen as a jab at U.S. trade policy.

Takeaways: While some nations like India are still negotiating deals, Trump’s warning injects fresh instability into global trade talks. The White House insists the tariffs will “maximize leverage” and won’t fuel inflation, despite warnings from economists and businesses like Walmart about rising costs. (Read Deeper)

TECHNOLOGY & SCIENCE

TikTok Building US-Only App Ahead Of Expected Sale

TikTok is developing a separate version of its app for U.S. users as it prepares for a potential sale to American investors, The Information reports. The move comes ahead of a September 17 deadline set by President Trump for parent company ByteDance to divest TikTok's U.S. operations. The new app could hit U.S. app stores by September 5, with users eventually required to switch over by March 2026. Trump says a deal is "pretty much" in place, but negotiations with China are expected to resume this week.

Takeaways: The TikTok sale is part of broader U.S. efforts to curb Chinese tech influence. Trump extended the divestment deadline to Sept. 17 — after threatening a U.S. ban. U.S. investors are expected to take control of the new app if a deal goes through. (Read Deeper)

Nissan In Talks To Let Foxconn Build EVs AOppama Plant

Nissan is reportedly in discussions with Taiwan’s Foxconn to allow the electronics giant to manufacture electric vehicles at Nissan’s Oppama plant in Japan, potentially saving the facility from closure. The move comes amid CEO Ivan Espinosa’s global restructuring strategy, which includes shuttering 7 of Nissan’s 17 factories and cutting about 15% of its workforce. The Oppama plant, located in Yokosuka and employing 3,900 workers, was previously flagged for closure.

Why It Matters: Oppama’s 3,900 jobs may be spared if Foxconn steps in. The Apple supplier is expanding aggressively into EVs. Marks another sign of convergence between tech and auto manufacturing. (Read Deeper)

AROUND DE WORLD & POLITICS

Texas Floods Kill 78, Children Among The Dead As Trump Prepares Visit

At least 78 people, including 28 children, have died in catastrophic floods sweeping across central Texas, with dozens still missing and fears of more flooding ahead. The Guadalupe River overflowed after a storm dumped up to 15 inches of rain on July 4, devastating Kerr County and inundating Camp Mystic, a historic girls' summer camp where 11 campers and staff remain unaccounted for. President Donald Trump will visit the region Friday, calling the event a “100-year catastrophe.

Takeaways: This is one of the deadliest weather disasters in recent U.S. history. Dozens of children are dead or missing, raising scrutiny over summer camp safety and evacuation protocols. Trump faces criticism for gutted weather forecasting agencies, as warnings may have come too late. (Read Deeper)

Trump Blasts Musk’s New 'America Party' As A ‘Train Wreck’

Former allies turn rivals: President Donald Trump slammed Elon Musk on Sunday over the billionaire’s launch of a new third party, the America Party, calling it “ridiculous” and “a train wreck.” Musk, who once led Trump’s Department of Government Efficiency (DOGE), has been openly feuding with the president over policy—including Trump’s latest tax and spending bill, which cut EV subsidies and dropped any proposed electric vehicle mandate. Musk’s party aims to disrupt the traditional two-party system, but critics—and even some centrists—say it may fracture anti-Trump coalitions or split Republican voters ahead of 2026.

Why It Matters: The Trump–Musk alliance is officially dead—with political implications for tech, climate, and 2026. Musk’s America Party is the most serious third-party effort by a high-profile billionaire since Ross Perot. Trump’s new bill slashes EV incentives—hitting Tesla, Rivian, and Ford's future plans. Fragmentation on the right could help Democrats if Musk siphons conservative votes. ( Read Deeper)

ENTERTAINMENT & SPORTS

Bayern Munich Confirm Musiala Suffers Fractured Fibula, Faces Surgery

Bayern Munich have confirmed that star midfielder Jamal Musiala, 22, has suffered a fractured fibula in his left leg following a dislocated ankle sustained during their Club World Cup quarter-final clash against PSG. Musiala sustained the injury in a heavy collision with PSG goalkeeper Gianluigi Donnarumma. The scene was visibly distressing, with players shaken as Musiala was stretchered off. (Read Deeper)

‘Jurassic World Rebirth’ Snags $318M Global Debut As ‘Lilo & Stitch’ Nears $1B

Universal’s Jurassic World Rebirth stomped into theaters with a $318 million global debut — including $147 million domestically and $171 million from 82 international markets. The Gareth Edwards-directed reboot features Scarlett Johansson and Mahershala Ali in a new storyline centered around dino-DNA and miracle medicine. Meanwhile, Disney’s Lilo & Stitch live-action remake is edging toward the $1 billion milestone, now sitting at $972.7 million worldwide. It’s officially the year’s top-grossing Hollywood title, overtaking Minecraft: The Movie. (Read Deeper)

PODCAST(WHAT WE ARE LISTENING TO)

• How my college roommate bought a $3.4M Business For $200K. (Listen)

EXTRA BREVITI

• Thailand Offers Major Concessions to Avoid 36% US Tariffs. (Read More)

• Huawei Denies Claims Its AI Model Copied Alibaba’s Qwen. (Read More)

• Reuters X Account Restored in India After Brief Suspension Over Legal Request. (Read More)