Google Unveils New Pixel AI Phones📲

Good morning. It's Wednesday, Aug. 14, and we're covering, Intel Sells Stake In Arm Holdings Amid Cost-Cutting Efforts, Google Unveils New Pixel Phones With AI-Powered Features, Japan's Prime Minister Fumio Kishida To Step Down, 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 $2.14 Trillion, a 1.93% increase in the last 24 hours.

• The total crypto market volume over the last 24 hours is $64.32B, which makes a 22.71% decrease.

• The total volume in Defi is currently $3.25B, 5.05% of the total crypto market 24-hours.

• The volume of all stable coins is now $60.14B, which is 93.50% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 56.18%, an increase of 0.24% over the day.

BUSINESS & FINANCE

Intel Sells Stake In Arm Holdings Amid Cost-Cutting Efforts

Intel sold its 1.18 million share stake in British chip designer Arm Holdings during the second quarter of 2024, raising approximately $146.7 million. The sale is part of Intel's broader strategy to cut costs and refocus on AI chip development and contract manufacturing, as it tries to regain its competitive edge in the semiconductor industry. The company has also announced plans to cut over 15% of its workforce and suspend its dividend due to declining demand for traditional data center chips. Despite these efforts, Intel's stock has fallen significantly this year.

Takeaway: Intel is redirecting its focus towards developing advanced AI chips and expanding its contract manufacturing services, an area where it has fallen behind industry leader Taiwan Semiconductor Manufacturing Company (TSMC). The sale of its stake in Arm Holdings appears aligned with Gelsinger's strategy to increase liquidity and operational efficiency. Intel reported having $11.29 billion in cash and cash equivalents, with total current liabilities amounting to around $32 billion. (Read Deeper)

Pernod Ricard Buy 1.27 Million Shares In Jumia

Pernod Ricard, the global spirits giant known for brands like Jameson, has increased its stake in Jumia, the African e-commerce firm, by purchasing 1.27 million shares in a secondary offering. This move raises Pernod Ricard’s ownership in Jumia from 6.4% to 7.5%. The shares were bought at approximately $4.68 each, totaling about $6 million. Pernod Ricard, a long-standing investor in Jumia, previously held an 8.2% stake before its position was diluted by additional shares issued by Jumia between 2020 and 2021.

Takeaway: This investment comes amid a period of financial restructuring for Jumia, which has been dealing with stock price volatility and operational challenges. The company recently narrowed its losses and reported a 252% rise in its share price in July 2024, reaching a market capitalization of $1.3 billion. Jumia has also seen increased order volumes and active users despite recent cost-cutting measures and a reduced advertising budget.(Read Deeper)

TECHNOLOGY & SCIENCE

Google Unveils New Pixel Phones With AI-Powered Features

Google has launched its latest Pixel smartphones with a strong focus on artificial intelligence (AI) integration. The new devices include features like a Pixel-only function to search information within screenshots and the ability to access Google’s chatbot, Gemini, as an overlay on other apps for quick answers and content generation. The launch, which occurred earlier than usual, marks Google's effort to stay competitive with rivals like Apple in incorporating AI into consumer products. Alongside the Pixel phones, Google also unveiled the Pixel Watch 3 and Pixel Buds Pro 2, with the watch featuring a new “Loss of Pulse” function that can detect if a user’s heart has stopped and automatically contact emergency services.

Takeaway: Google faces challenges in the global smartphone market, where it holds less than 1% of market share as of the second quarter of 2024. In contrast, industry leaders Samsung and Apple command 18.9% and 15.8% of the market, The event also marked the announcement of a new content partnership between Google and fitness giant Peloton. Subscribers to Google’s Fitbit Premium service will gain access to Peloton’s extensive library of training classes. (Read Deeper)

xAI's Grok launch AI Image Generation On X

Elon Musk-owned xAI has launched a new image generation feature for its Grok AI model on the X social network, targeting Premium and Premium+ users. This latest addition allows users to create images directly on the platform, utilizing FLUX.1 technology developed by Black Forest Labs. Early users have noticed that Grok's image generation lacks restrictions, particularly concerning the creation of images featuring political figures. With the U.S. presidential election approaching, this absence of safeguards may prompt the company to implement limitations to prevent misuse.

Takeaway: xAI has made Grok 2 mini available in beta, while Grok 2 is anticipated to be released soon. The new version is expected to offer improvements in code generation, writing, and news summarization, though concrete details are still limited. (Read Deeper)

AROUND DE WORLD & POLITICS

Japan's Prime Minister Fumio Kishida To Step Down

Japanese Prime Minister Fumio Kishida announced that he will not run in the upcoming Liberal Democratic Party (LDP) presidential election, effectively signaling his intention to step down as prime minister. His decision ends his three-year term and paves the way for new leadership within the party. Kishida cited the need for the LDP to regain public trust and emphasized that a new face in leadership is essential for the country. He also expressed a commitment to support his successor. The upcoming LDP election is expected to be highly uncertain, with several potential candidates, including Defense Minister Shigeru Ishiba, former Foreign Minister Yoshimasa Hayashi, Digital Minister Taro Kono, and Economic Security Minister Sanae Takaichi, potentially vying for the leadership.

Why It Matters: Kishida's decision comes amid challenges such as Japan's ongoing deflationary pressures and a political funding scandal within the LDP that led to the arrests of ministers and the dissolution of the party's largest faction. Despite his efforts, public support for his cabinet has dwindled, with recent polls indicating low approval ratings. The next prime minister is likely to face challenges, particularly in addressing economic issues such as inflation and wage growth. (Read Deeper)

Federal Government Of Nigeria Blocks N83bn Protest Funds

The Nigerian Federal Government has blocked N83 billion in funds related to recent nationwide protests. This includes $50 million in cryptocurrency, $38 million of which was intercepted in four wallets and N4 billion contributed by political figures. The information was revealed by National Security Adviser Nuhu Ribadu at a Council of State meeting convened by President Bola Tinubu.

Takeaway: Ribadu reported that a European individual was identified as the primary instigator behind the foreign flags displayed during the protests and will soon be declared wanted. Local conspirators in Abuja, Kaduna, and Kano have been arrested. The protests, which resulted in property damage and at least 17 deaths, also saw demonstrators waving Russian flags, raising concerns about foreign interference and treason. (Read Deeper)

ENTERTAINMENT & SPORTS

Man Utd Sign De Ligt And Mazraoui From Bayern Munich

Manchester United have secured the transfers of Matthijs de Ligt and Noussair Mazraoui from Bayern Munich in a deal potentially worth nearly £60 million. De Ligt, a 25-year-old centre-back, has signed a five-year contract with an option for an additional year, while Mazraoui, a 26-year-old defender, has committed to a four-year deal with a similar extension option. (Read Deeper)

What To Know As Taylor Swift's Eras Tour Returns To London

Taylor Swift’s highly anticipated Eras Tour is set to return to London on Thursday, marking her first performances since a thwarted attack was reported at her Vienna shows. The concerts, taking place at Wembley Stadium, are expected to draw tens of thousands of fans. The Metropolitan Police have reassured the public that there are no current threats affecting the London concerts. (Read Deeper)

PODCAST(WHAT WE ARE LISTENING TO)

• Renaissance Technologies, often hailed as the best-performing investment firm of all time, is renowned for its exceptional track record. Despite its unparalleled success, however, no one at Renaissance Technologies would describe themselves as a traditional "investor.". (Listen)

EXTRA BREVITI

• Chinese autonomous vehicle startup WeRide has received regulatory approval to operate robotaxis with passengers in California. (Read More)

• Algerian boxer Imane Khelif has filed a lawsuit against J.K. Rowling and Elon Musk, accusing them of cyberbullying following her recent Olympic victory. (Read More)

• Hamas has announced that it will not participate in the upcoming cease-fire negotiations with Israel. (Read More)