🤔From A Non-Profit To A For-profit

Good morning. It's Thursday, Sept. 26, and we're covering, OpenAI To restructure From A Non-Profit To A For-profit, Grant Equity To CEO Sam Altman, Meta Unveils $299 Quest 3S VR Headset And Orion AR Glasses Prototype, US And Allies Call For 21-Day Ceasefire On Israel-Lebanon Border, 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 $2.25 Trillion, a 0.30% increase in the last 24 hours.

• The total crypto market volume over the last 24 hours is $64.68B, which makes a 14.50% decrease.

• The total volume in Defi is currently $3.99B, 6.17% of the total crypto market 24-hours.

• The volume of all stablecoins is now $59.06B, which is 91.31% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 56.13%, a d3crease of 0.19% over the day.

Bitcoin ETFs Attract Strong Demand Amid Global Monetary Easing

Bitcoin ETFs saw strong demand from U.S. investors, with inflows surpassing $100 million for the second day in a row amid global monetary easing. Bitcoin traded above $63,000, experiencing a slight daily decline but a weekly gain of 2%. Ethereum, trading above $2,500, also saw positive ETF inflows and an 8% weekly increase. (Read Deeper)

BUSINESS & FINANCE

OpenAI To restructure From A Non-Profit To A For-profit, Grant Equity To CEO Sam Altman

OpenAI is planning a major restructuring to shift its core business from being controlled by a non-profit board to becoming a for-profit benefit corporation. This move, aimed at attracting more investors, could increase the company’s valuation to $150 billion and will grant CEO Sam Altman equity for the first time. The non-profit will still exist and own a minority stake in the company. The exact amount of equity that Altman will receive remains unclear, but his acceptance of an ownership stake marks a departure from his previous stance, where he chose not to hold equity to avoid conflicts of interest on the board.

Why It Matters: Founded in 2015 as a non-profit focused on AI research, OpenAI created a for-profit subsidiary in 2019 to raise capital for its projects, including its collaboration with Microsoft. The company’s early mission was to ensure the creation of "safe AGI"—artificial general intelligence that benefits humanity. However, its unique structure, which gave full control of the for-profit entity to the non-profit, has raised questions about how OpenAI manages risks associated with AI, especially after the disbanding of its superalignment team, which focused on long-term AI risks. (Read Deeper)

China Issues Rare Cash Handouts To Boost Economy Ahead Of National Holiday

China has announced one-off cash handouts and social security benefits for residents facing financial hardship, as part of a series of measures to boost consumer spending and improve public sentiment ahead of the National Day holiday. The government aims to stimulate consumption and alleviate economic anxiety amid slowing growth and rising unemployment. Shanghai will also distribute over 500 million yuan in vouchers to encourage spending on dining and entertainment.

Takeaway: The cash subsidies will be distributed before the 75th anniversary of the founding of the People's Republic of China, and are intended to showcase the government's commitment to supporting those in need. Economists believe the handouts are part of a more direct and proactive fiscal policy, aiming to stimulate consumption. China's government typically provides financial aid to the poor ahead of traditional festivals like the Lunar New Year. (Read Deeper)

TECHNOLOGY & SCIENCE

Meta Unveils $299 Quest 3S VR Headset And Orion AR Glasses Prototype

Meta has unveiled the $299 Quest 3S, a cheaper virtual reality headset, alongside showcasing a prototype of its Orion AR glasses at the company's Connect event. The Quest 3S, set to be released on October 15, is a more affordable alternative to the Quest 3, which was priced at $499. Meta is positioning the headset as a multitasking device that can handle various apps simultaneously. Meta also demonstrated its Orion AR glasses, a prototype aimed at eventually producing lightweight consumer AR glasses that overlay digital graphics onto real-world environments.

Takeaway: Meta’s VR and AR investments are part of Zuckerberg’s long-term vision to prevent rivals like Apple from dominating future hardware platforms. Although Apple's high-priced Vision Pro headset has not gained significant traction, Meta continues to push for widespread adoption with more affordable and accessible products. Despite spending more than $65 billion on its Reality Labs division, Meta has yet to spark a mainstream cultural shift around virtual and augmented reality. (Read Deeper)

OpenAI CTO Mira Murati Announces Her Departure From OpenAI

Mira Murati, OpenAI's Chief Technology Officer, announced her departure from the company after more than six years. In a statement shared on X (formerly Twitter), Murati expressed gratitude for her time at OpenAI, citing a desire for personal exploration. Murati joined OpenAI in 2018, became CTO in 2022, and played a key role in developing notable products like ChatGPT, DALL-E, and Codex. Murati has not yet disclosed her next steps but hinted at new projects on the horizon, stating that the time was right for her to step away and pursue personal exploration.

Takeaway: CEO Sam Altman thanked her for her contributions in a post, and OpenAI declined to comment further. Murati’s departure comes just before OpenAI’s annual developer conference, DevDay. During her tenure, she earned a reputation for making bold statements about AI's future and its potential impact on industries. (Read Deeper)

AROUND DE WORLD & POLITICS

US And Allies Call For 21-Day Ceasefire On Israel-Lebanon Border

The U.S., France, and other allies have called for a 21-day ceasefire along the Israel-Lebanon border after intense discussions at the United Nations. The ceasefire would apply to the "Blue Line" border, aiming to provide a window for diplomatic negotiations between Israel and Lebanon. The U.S., Australia, the UAE, Saudi Arabia, and the European Union support this initiative.

Takeaway: U.S. President Joe Biden and his administration have been engaging with both Israel and Lebanon for months, seeking to de-escalate hostilities. Israeli Prime Minister Benjamin Netanyahu is expected to address the U.N. General Assembly this week, while Lebanese Prime Minister Najib Mikati cautiously welcomed the ceasefire proposal. The violence has displaced hundreds of thousands in Lebanon. (Read Deeper)

Putin Proposes New Nuclear Weapons Rules

Russian President Vladimir Putin has proposed changes to Russia’s nuclear weapons policy, expanding the scenarios in which nuclear arms could be used. In key remarks, Putin suggested that an attack from a non-nuclear state, if supported by a nuclear-armed country, could be treated as a joint attack, implying potential nuclear retaliation. This could impact the ongoing war in Ukraine, where Kyiv receives military aid from nuclear-armed Western countries, including the U.S.

Why It Matters: Putin's proposal comes amid Ukraine's request to use Western missiles to target Russian military sites. He also warned that Russia might consider using nuclear weapons if conventional strikes pose a critical threat to its sovereignty. Ukrainian officials condemned the proposal as nuclear blackmail, while China's President Xi Jinping reportedly advised Putin against using nuclear weapons. The international community has expressed concern, as Putin’s rhetoric raises fears of a more aggressive stance on nuclear use in the conflict. (Read Deeper)

ENTERTAINMENT & SPORTS

Angelina Jolie Urges Global Action For Sudanese Refugees

Angelina Jolie recently visited refugees in Adré, Chad, who were displaced by the ongoing conflict in Sudan that began in 2023. The Oscar-winning actress, known for her humanitarian work, urged the United Nations to enhance its support for the Sudanese crisis as millions of people face displacement, acute hunger, and violence. Jolie commended local volunteer efforts in Chad, describing them as a lifeline for refugees, but stressed the need for more international support and funding. (Read Deeper)

Kylian Mbappé Ruled Out Of Madrid Derby With Thigh Injury

Real Madrid will face Atlético Madrid in the upcoming Madrid derby without their star forward, Kylian Mbappé, who has been ruled out due to a hamstring injury. Mbappé sustained the injury in a 3-2 win over Alavés and is expected to be sidelined for around three weeks. This also means he will miss a Champions League match against Lille and a La Liga game against Villarreal. Real Madrid manager Carlo Ancelotti may adjust his lineup, potentially opting for a four-midfielder system, as other key players like David Alaba and Brahim Diaz are also out. (Read Deeper)

PODCAST(WHAT WE ARE LISTENING TO)

• How I Gained 5M Users in Just 7 Months: Here’s how OpusClip, an AI-powered video clipping tool, gained 5 million users in just seven months. (Listen)

EXTRA BREVITI

• Iwao Hakamata, the world’s longest-serving death row inmate, has been acquitted after more than five decades of wrongful imprisonment. (Read More)

• New York City Mayor Eric Adams has been indicted on federal criminal charges, marking a dramatic development in a case that has shaken the city's government. (Read More)

• Lyle and Erik Menendez Criticize Netflix's Monsters Series, Calling It 'A Blatant Lie' (Read More)