Google AI Overviews In Six New Countries 🔍️

Good morning. It's Friday, Aug. 16, and we're covering, Big Investors Exit Nvidia Stock Ahead Of Key Earnings Report, Google Expands AI-Powered Search Features To Six New Countries, Indian Doctors Call For Nationwide Shutdown, 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 $2.07 Trillion, a 0.07% decrease over the last 24 hours.

• The total crypto market volume over the last 24 hours is $73.21B, which makes a 2.31% increase.

• The total volume in Defi is currently $3.8B, 5.19% of the total crypto market 24-hours.

• The volume of all stablecoins is now $68.49B, which is 93.55% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 55.84%, an increase of 0.11% over the day.

Goldman Sachs and Hedge Funds Move into Bitcoin ETFs

Goldman Sachs made a move in the second quarter by purchasing $418 million worth of bitcoin ETFs. This includes a substantial $238 million stake in BlackRock’s iShares Bitcoin Trust, alongside investments in funds from Grayscale, Invesco, and Fidelity. (Read Deeper)

BUSINESS & FINANCE

Big Investors Exit Nvidia Stock Ahead Of Key Earnings Report

Nvidia shares experienced a slight increase on August 15 as investors analyzed recent SEC filings, which revealed changes in holdings by major investment funds. Nvidia, down 4.4% for the quarter after a strong first-half gain of 150%, is closely watched as a key indicator of market sentiment, especially ahead of its upcoming second-quarter earnings report. The market is now focused on Nvidia's upcoming earnings report, set for release on August 28. Analysts predict a 137% increase in bottom-line profits to 64 cents per share, with revenues expected to more than double to $28.55 billion.

Takeaway: Notably, several prominent investors, including David Tepper's Appaloosa Management and Stanley Druckenmiller's Duquesne Family Office, significantly reduced their stakes in Nvidia last quarter. In contrast, large funds like State Street, Vanguard, and BlackRock increased their Nvidia holdings, signaling continued confidence in the stock's potential. (Read Deeper)

Warren Buffett's Berkshire Hathaway Sells Off $989 Million Stake Of Snowflake

Warren Buffett's investment firm, Berkshire Hathaway, has sold its entire $989 million stake in Snowflake, a leading AI and cloud data company. The decision, revealed in a recent SEC filing, is part of a broader shift towards more conservative investments like cash and U.S. Treasuries amid economic uncertainty. Snowflake's stock has declined from its early-year highs, and concerns over its revenue growth and margins may have influenced Buffett's move. Berkshire Hathaway also reduced its holdings in Apple while significantly increasing its investment in U.S. Treasury bills.

Why It Matters: Snowflake, which went public in September 2020 with a market cap exceeding $33 billion, has been seen by many investors as a gateway to gaining exposure to the AI sector, particularly as opportunities in this space remain limited among publicly traded companies. After starting the year strong, with its share price rising to over $235 in February, Snowflake's stock has since declined to around $127. (Read Deeper)

TECHNOLOGY & SCIENCE

Google Expands AI-Powered Search Features To Six New Countries

Google is expanding its AI-powered search summaries, known as AI Overviews, to six new countries: Brazil, India, Indonesia, Japan, Mexico, and the United Kingdom. The feature, which provides quick summaries at the top of search results, was initially launched in the U.S. but faced criticism for inaccuracies. Google has since made improvements and added more links to drive traffic to relevant websites.

Takeaway: Despite the initial setbacks, Google reports that users with access to the AI Overviews are more satisfied and tend to search for longer, more detailed queries. Google introduced updates to improve the feature's accuracy, including restrictions on which queries would trigger AI answers and reducing reliance on user-generated content from platforms like Reddit. (Read Deeper)

Lawmakers Urge Mark Zuckerberg To Address Illicit Drug Ads On Meta Platforms

A bipartisan group of U.S. lawmakers has sent a letter to Meta CEO Mark Zuckerberg expressing concern over the presence of illicit drug advertisements on Facebook and Instagram. The letter follows reports by The Wall Street Journal and the Tech Transparency Project, which revealed that ads on Meta's platforms were directing users to third-party sites where they could purchase illegal drugs, including prescription pills and cocaine. The letter, signed by 19 House members, also raised concerns about Meta's use of personal data to personalize content and advertisements, which the lawmakers argue has been a point of contention in efforts to establish data privacy and security protections.

Takeaway: The lawmakers criticized Meta for not taking swift action to remove these ads, despite facing an investigation by U.S. federal prosecutors for facilitating the sale of illicit drugs. They noted that the ads were easily accessible, not hidden on the dark web, and that Meta's internal processes failed to detect them. The lawmakers have asked Zuckerberg to respond to a list of 15 questions by September 6, seeking more information on how Meta plans to address the issue. (Read Deeper)

AROUND DE WORLD & POLITICS

Indian Doctors Call For Nationwide Shutdown After A Murder Of Medic

A 31-year-old trainee doctor was brutally raped and murdered in Kolkata, prompting widespread outrage across India. The Indian Medical Association (IMA) has called for a nationwide shutdown of hospital services for 24 hours, starting Saturday, in protest. The incident has drawn comparisons to the 2012 Delhi gang rape, sparking protests and demands for stricter laws to protect women.

Takeaway: The crime has not only shaken the medical community but has also galvanized political parties and public figures. Prime Minister Narendra Modi's Bharatiya Janata Party (BJP), currently in opposition in West Bengal, has organized protests in Kolkata, adding to the growing calls for justice. A police volunteer at the hospital has been arrested in connection with the crime. The tragedy has highlighted the ongoing safety concerns for medical professionals, especially women, in India. (Read Deeper)

Chinese Firm Disputes Nigerian Government’s Narrative Over Seized Presidential Jets

Zhongshan Fucheng Industrial Investment Co. Limited has disputed the Nigerian government's claims regarding the temporary seizure of Nigeria's presidential jets by a Paris court. The seizure stems from a long-standing legal dispute over a free-trade zone project in Ogun State, for which Zhongshan was awarded over $60 million. The Nigerian government argues that the seizure of the jets, considered sovereign assets, is unjust and has initiated legal and diplomatic efforts to reverse it. Zhongshan, however, maintains that the court's decision is justified and remains open to negotiation.

Takeaway: The disagreement began with a 2007 contract between Ogun State and Zhongshan to manage a free-trade zone. Arbitration over the contract, which concluded in 2019, resulted in an award of over $60 million against the Federal Government of Nigeria. The Nigerian presidency claims this amount was unjustly awarded, arguing that Zhongshan’s contributions were limited to constructing a perimeter fence. (Read Deeper)

ENTERTAINMENT & SPORTS

New Rules, Fresh Faces: Premier League 2024-25 Kicks Off

The Premier League is back for the 2024-25 season, bringing a host of changes and new faces to English football. The action begins this weekend with Manchester United hosting Fulham on Friday evening, followed by a packed schedule over the next four days. Manchester City, aiming to extend their dominance, will face Chelsea on Sunday, while newly promoted Ipswich Town will take on Liverpool on Saturday. Arsenal will be looking to challenge City for the title, and Manchester United is eager to bounce back from their worst season since 1990. (Read Deeper)

2024 Emmys Supporting Actor Comedy Predictions

The 2024 Emmy race for Supporting Actor in a Comedy Series is heating up, with several contenders making strong cases for recognition. Variety's Awards Circuit, led by senior awards editor Clayton Davis, offers a snapshot of the current standings in this category. The predictions reflect the latest buzz and developments but are subject to change as the awards season progresses. (Read Deeper)

PODCAST(WHAT WE ARE LISTENING TO)

• Tenev detailed how Robinhood was founded with a mission to make investing accessible to everyone. (Listen)

EXTRA BREVITI

• Hurricane Ernesto has strengthened into a Category 2 storm, setting its sights on Bermuda while also raising concerns for the U.S. Eastern Seaboard. (Read More)

• GTBank's recent website outage has been attributed to a delay in the renewal of its domain name, rather than a security breach. (Read More)

• Rivian has introduced a new, smaller camp kitchen priced at $1,400, five years after initially showcasing the concept.(Read More)