Former Binance CEO CZ Sentenced To Four Months In Prison 😱

Good morning. It's Wednesday, May. 1, and we're covering Amazon's Profits Triple, Beating Wall Street Estimates, US Newspapers Sue OpenAI for Copyright Infringement Over AI Training, Police Raid at Columbia University, 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 $2.22 Trillion, a 4.65% increase in the last 24 hours.

• The total crypto market volume over the last 24 hours is $90.36B, which makes a 33.10% increase.

• The total volume in Defi is currently $6.96B, 7.70% of the total crypto market 24-hours.

• The volume of all stablecoins is now $84.91B, which is 93.97% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 53.33%, a decrease of 0.10% over the day.

• The cryptocurrency market is in turmoil as Bitcoin, the flagship digital currency, experienced its most significant monthly decline since August 2023. ( Read More )

BUSINESS & FINANCE

Amazon's Profits Triple, Beating Wall Street Estimates

Amazon exceeded Wall Street expectations in the first quarter, reporting a more than tripling of profits driven by robust growth in advertising and cloud computing. The company's shares rose in extended trading following the announcement of better-than-expected revenue and earnings. Earnings per share of 98 cents, surpassing analyst expectations of 83 cents. Revenue totaling $143.3 billion, slightly above the $142.5 billion forecasted by analysts.

Why it matters: Amazon anticipates continued profitability in the second quarter, the company projects operating income between $10 billion and $14 billion, up from $7.7 billion in the previous year. Revenue for the quarter is expected to range from $144 billion to $149 billion, representing a growth rate of 7% to 11%. ( Read Deeper )

Telegraph Newspapers Back Up for Sale After Failed Takeover

The Daily and Sunday Telegraph newspapers are once again on the market following the collapse of a bid backed by Abu Dhabi to acquire them. Initially, the ownership of the papers was slated to be transferred to the Gulf-backed RedBird IMI consortium. However, in January, the government intervened, leading to the breakdown of the deal. Legislation has since been proposed to prohibit foreign states from owning UK newspapers and news magazines.

Why it matters: RedBird has announced the cessation of its takeover plans and has put the media firm up for sale. The investment firm stated that its original intentions were no longer feasible and emphasized its commitment to securing the best value for the titles, which include the Spectator magazine. ( Read Deeper )

TECHNOLOGY & SCIENCE

US Newspapers Sue OpenAI for Copyright Infringement Over AI Training

A consortium of newspapers, including the New York Daily News and Chicago Tribune, filed a lawsuit against Microsoft and OpenAI in a New York federal court, alleging the unauthorized use of reporters' work to train their generative artificial intelligence systems. The lawsuit, brought by eight newspapers owned by investment firm Alden Global Capital's MediaNews Group, accuses the companies of unlawfully copying millions of articles to train AI products, such as Microsoft's Copilot and OpenAI's ChatGPT.

Takeaway: The lawsuit alleges that Microsoft and OpenAI's systems reproduce copyrighted content from the newspapers verbatim upon request. Furthermore, it claims that ChatGPT generates fake articles attributed to the newspapers, damaging their reputations. Examples cited include a fabricated Denver Post article promoting smoking as an asthma remedy and a fictitious Chicago Tribune recommendation for a baby lounger later linked to child fatalities. ( Read Deeper )

Former Binance CEO Changpeng Zhao Sentenced To Four Months In Prison

Ex Binance CEO Changpeng Zhao, popularly known as CZ, being sentenced to four months in federal prison for anti-money laundering violations, has ignited a flurry of reactions across the internet. With a staggering net worth exceeding $40 billion, CZ is set to become the wealthiest individual ever to serve time in a U.S. federal prison.

Takeaway: During the sentencing hearing, CZ issued an apology, expressing his willingness to take responsibility for his actions. Prosecutors had sought a harsher punishment of 36 months, citing allegations of deliberate violations of U.S. laws by targeting American users. However, the judge's decision to impose a four-month sentence aligned more closely with federal sentencing guidelines for first-time nonviolent offenders. ( Read Deeper )

AROUND DE WORLD & POLITICS

Police Raid at Columbia University Leads to Arrest of Pro-Palestinian Protesters

New York City police conducted a late-night raid at Columbia University, resulting in the arrest of dozens of pro-Palestinian demonstrators and the dismantling of a protest encampment that had been set up on the campus for nearly two weeks. The raid, which took place on Tuesday, saw a swift response from law enforcement as they moved in to clear the premises and restore order. The crackdown came shortly after Columbia University President Minouche Shafik released a letter requesting police presence on campus until at least May 17 to prevent the re-establishment of encampments.

Takeaway: The protest at Columbia University had been part of a larger wave of student rallies across the U.S., expressing solidarity with Palestinians and condemning Israel's military actions in Gaza. The protesters had put forth demands for divestment from companies supporting Israel, greater financial transparency from the university, and amnesty for disciplined students and faculty involved in the demonstrations. ( Read Deeper )

China's Newest Aircraft Carrier Begins Sea Trials

China's latest and most advanced aircraft carrier, the Fujian, embarked on its inaugural sea trials from Shanghai on Wednesday, marking a great milestone in its journey to join the world's largest naval fleet. Departing from the Jiangnan Shipyard, where it has undergone construction for over six years, the Fujian's sea trials are slated to occur in the East China Sea, approximately 130 kilometers from its port of origin, according to the Shanghai Maritime Safety Administration.

Why it matters: The primary objective of these sea trials is to evaluate the reliability and stability of the aircraft carrier's propulsion and electrical systems, as stated in an announcement by the state-run Xinhua news agency. ( Read Deeper )

ENTERTAINMENT & SPORTS

Vinicius Rescues Real Madrid with Brace in Draw Against Bayern

In a thrilling Champions League semi-final clash, Real Madrid's forward Vinicius Junior emerged as the hero, scoring a crucial brace, including a late equalizing penalty, to secure a 2-2 draw against Bayern Munich on Tuesday. The result leaves the Spanish side in a favorable position ahead of the return leg at the Santiago Bernabeu. Vinicius initially gave Real Madrid the lead after 24 minutes of the first leg, but Bayern fought back strongly in the second half, with Leroy Sane netting a stunning goal and Harry Kane converting a penalty to put the German side ahead. ( Read Deeper )

Kendrick Lamar Drops Fiery Diss Track "Euphoria" Targeting Drake

Kendrick Lamar has unleashed a blistering diss track aimed squarely at Drake. Titled "Euphoria," Lamar's latest release pulls no punches as he takes aim at Drake's past, his music, and even his personal life. he feud between Lamar and Drake has been simmering for over a decade, with tensions reaching new heights earlier this year. Drake's shots at Lamar on previous tracks prompted the Compton rapper to respond with "Euphoria," marking the latest escalation in their ongoing rivalry. ( Read Deeper )

PODCAST(WHAT WE ARE LISTENING TO)

• Khan Academy first rocked the education world with online video. Now Khan Academy CEO and founder Sal Khan has gone all-in on AI. ( Listen )

EXTRA BREVITI

• Tesla Shares Dip 6% after Musk's Decision to Cut 500 Jobs from Supercharger Team ( Read More )

• Sudan faces with a looming famine, and desperate residents in some regions of the country are resorting to eating soil and leaves in a bid to stave off hunger. ( Read More )

• FG approves a 25%-35% salary increase for civil servants in Nigeria. ( Read More )