Eyowo's Rise and Fall 😥 Rivian Unveils Surprise Electric Hatchback, the R3🚘️

Good morning. It's Friday, Mar. 8, and we're covering, Eyowo's Rise and Fall, Tesla's Bitcoin Investment Nets $230M, Salesforce Introduces AI Solutions For Healthcare Workers, 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 $2.54 Trillion, a 2.57% in the last 24 hours.

• The total crypto market volume over the last 24 hours is $128.24B, which makes a 24.81% decrease.

• The total volume in Defi is currently $12.11B, 9.55% of the total crypto market 24-hours.

• The volume of all stablecoins is now $116.84B, which is 91.11% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 51.69%, a decrease of 0.49% over the day.

Tesla's Bitcoin Investment Nets $230M Profit Since ETF Introduction, SpaceX Gains $165M

Analysis of digital wallets associated with both Tesla and SpaceX, another venture led by Musk, unveiled a combined Bitcoin value exceeding $1 billion. Tesla's Bitcoin assets, valued at $760 million according to data from Arkham Intelligence, have surged by over $230 million in just three months. ( Read Deeper )

BUSINESS & FINANCE

Eyowo's Rise and Fall: Navigating the Complexities of Nigeria's Fintech

Eyowo's journey began as a promising endeavor under the umbrella of Softcom, a renowned Nigerian startup known for its vibrant work culture and successful enterprise solutions. The transition from a B2B company to a consumer-facing fintech platform marked a significant shift in focus, with Eyowo aiming to revolutionize digital banking in Nigeria.

Takeaway: The story highlights the complexities and challenges fintech startups operating in Nigeria's dynamic financial ecosystem face. From regulatory compliance to strategic decision-making. ( Read Deeper )

JPMorgan Analysts Say Expecting Bitcoin to Match Gold in Portfolios Unrealistic

JPMorgan analysts have highlighted that while Bitcoin has surpassed gold within investors' portfolios in volatility-adjusted terms, expecting Bitcoin to match gold in notional amounts within portfolios would be unrealistic. The report also discussed the potential inflows into spot Bitcoin exchange-traded funds (ETFs), estimating that they could reach approximately $62 billion within the next 2-3 years.

Takeaway: Both Bitcoin and gold are often considered potential stores of value and hedges against economic uncertainty. Investors allocate assets across different classes to mitigate risk, and the comparison between Bitcoin and gold sheds light on their respective roles in diversifying portfolios. ( Read Deeper )

AI2 Incubator Secures $200M Compute Boost for AI Startups

AI2 Incubator, a spinoff of the Allen Institute for AI established in 2022, has announced a substantial $200 million allocation of compute resources to support startups enrolled in its program. This windfall of computing power is aimed at accelerating the early development of AI-driven ventures.

Why It Matters: Many early-stage AI startups face challenges in accessing sufficient computing resources, which can hinder their growth and competitiveness. AI2 Incubator's initiative levels the playing field by providing startups with access to state-of-the-art computing infrastructure, regardless of their size or funding status. ( Read Deeper )

TECHNOLOGY & SCIENCE

Salesforce Introduces AI Solutions For Healthcare Workers

Salesforce unveiled new data and artificial intelligence solutions aimed to ease the administrative burden faced by healthcare workers, particularly physicians, in managing patient information and tasks. The first tool, Einstein Copilot: Health Actions, empowers doctors to streamline tasks such as appointment booking, summarizing patient information, and sending referrals by using AI-driven conversational language prompts.

Takeaways: Physician burnout is a pressing issue in healthcare, with administrative tasks contributing significantly to the problem. By automating manual administrative processes, Salesforce's AI solutions aim to reduce the burden on healthcare workers, allowing them to focus more on patient care and reducing the risk of burnout. ( Read Deeper )

Rivian Unveils Surprise Electric Hatchback, the R3, at Event

Rivian, the electric vehicle startup, made waves in the automotive world with a surprise announcement of its latest offering, the R3 electric hatchback. The unveiling took place at an event primarily focused on the company's new R2 SUV, the vehicle is expected to feature a slightly shorter wheelbase compared to the R2, offering a sporty, colorful R3X variant.

Why it matters: The introduction of the R3 demonstrates Rivian's efforts to diversify its product portfolio beyond its flagship electric SUVs and trucks.

AROUND DE WORLD & POLITICS

President Biden Announces Plans for Temporary Port to Deliver Aid to Gaza

President Joe Biden announced during his State of the Union speech plans to construct a temporary port on the territory's Mediterranean coast. The port's primary objective will be to facilitate the delivery of essential humanitarian aid to Gaza. The port construction initiative comes in response to alarming reports of widespread famine and urgent calls for assistance from international humanitarian organizations.

Why it matters: Gaza has been facing a dire humanitarian situation exacerbated by prolonged conflict, political instability, and economic hardship. The provision of essential aid, including food, water, and medical supplies, is crucial to addressing immediate needs and preventing further suffering among the population. ( Read Deeper )

Sweden Officially Joins NATO, Becoming Alliance's 32nd Member

Sweden has officially become the 32nd member of the North Atlantic Treaty Organization (NATO). The move marks a departure from Sweden's longstanding policy of neutrality and reflects growing concerns over regional security dynamics, particularly in the wake of Russia's invasion of Ukraine.

Takeaways: By joining NATO, Sweden aligns itself more closely with Western allies and strengthens the alliance's strategic position in the Baltic Sea region. Prime Minister Kristersson reiterated Sweden's commitment to NATO's principles of freedom, democracy, and the rule of law. ( Read Deeper )

ENTERTAINMENT & SPORTS

Tems Delivers Angelic Performance of ‘Not an Angel’ at Billboard Women in Music 2024

Nigerian singer-songwriter and producer, Tems, captivated audiences at the Billboard Women in Music event with her ethereal performance of "Not an Angel" on March 6th. Adorned in a white bedazzled hooded dress, she exuded an angelic presence on stage at the YouTube Theater in Inglewood, California. The billowing smoke beneath her added a dramatic flair, resembling a flowing train as she delivered a mesmerizing rendition of her single. ( Read Deeper )

Francis Ngannou Confident Ahead of Heavyweight Showdown Against Anthony Joshua in Riyadh

Francis Ngannou, the former UFC heavyweight champion turned professional boxer, exudes confidence as he gears up for his upcoming bout against British heavyweight Anthony Joshua in Riyadh's Kingdom Arena on Friday. In his pre-fight press conference, Ngannou reflected on his debut boxing match against Tyson Fury, where he displayed formidable skills despite narrowly losing via split decision. He expressed confidence in his training and preparation, emphasizing his determination to capitalize on every opportunity in the ring. ( Read Deeper )

PODCAST(WHAT WE ARE LISTENING TO)

• Can Google save itself? Abolish HR, AI takes over Customer Support, Reddit IPO teardown ( Listen )

EXTRA BREVITI

• Apple is making big App Store changes in Europe over new rules. ( Read )

• State of the Union guest charged for disrupting Biden's speech. ( Read More )

• Alibaba's Lingxi Games says management to step down to make way for younger execs. ( Read More )