🔥 Israel Military Begins Ground Raids In Southern Lebanon

Good morning. It's Tuesday, Oct. 1, and we're covering, Pfizer’s Sale Off Part Of Haleon Stake For $3.2 Billion, Google To Invest $1 Billion In Thailand To Create AI Infrastructure, Israel Military Begins Ground Raids In Southern Lebanon, 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

• Today's global cryptocurrency market cap is $2.25 Trillion, a 0.77% decrease in the last 24 hours.

• The total crypto market volume over the last 24 hours is $81.14B, which makes a 32.28% increase.

• The total volume in Defi is currently $4.16B, 5.68% of the total crypto market 24 hours.

• The volume of all stablecoins is now $74.52B, 91.84% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 55.88%, a decrease of 0.20% over the day.

Bitcoin Ends September With Strong Gains Despite Recent Dip

Bitcoin saw a 3.7% decline over the past 24 hours, falling to around $63,679. It ends September with nearly a 7% return, making it the strongest September for Bitcoin since 2013. Other major cryptocurrencies like XRP, ADA, DOT, and LINK dropped over 5%, while Ethereum and Solana experienced smaller losses. (Read Deeper)

BUSINESS & FINANCE

Pfizer’s Sale Off Part Of Haleon Stake For $3.2 Billion

Pfizer Inc. has successfully raised approximately £2.4 billion ($3.2 billion) through the sale of shares in Haleon Plc, marking a further reduction of its stake in the UK-based consumer health company. Initially set to sell 540 million shares, Pfizer increased the offering to 640 million due to high demand, pricing the shares at £3.80 each, which reflects a 3.3% discount from Monday's closing price. Haleon, formed from the merger of GSK Plc and Pfizer's consumer health divisions, produces a variety of products, including Panadol and Centrum.

Takeaway: Haleon agreed to repurchase around £230 million worth of its shares from Pfizer at the offering price. This sale contributes to a total of over $50 billion raised from share offerings by European companies this year, representing a 2.3% increase compared to the same period in 2023. Pfizer had previously started to reduce its ownership in Haleon in March, selling shares worth more than £2.8 billion. (Read Deeper)

Cerebras Systems Revenue Surge Ahead Of U.S. IPO Filing

AI chip company Cerebras Systems has reported an increase in revenue for 2023, with a more than threefold jump to $78.74 million, compared to $24.62 million in 2022. The company revealed these numbers in its filing for a U.S. initial public offering (IPO) but did not disclose the terms or size of the offering. Cerebras designs AI processors and systems, benefiting from the growing demand for AI applications like ChatGPT. Despite its impressive revenue growth, Cerebras posted a net loss of $127.16 million for the same period, down from $177.72 million in losses the previous year.

Takeaway: Cerebras is backed by prominent investors, including the Abu Dhabi Growth Fund and Coatue Management. As the U.S. IPO market experiences a resurgence in 2024 following two slower years, Cerebras plans to list on the Nasdaq Global Market under the symbol "CBRS." Citigroup, Barclays, UBS Investment, Wells Fargo Securities, and Mizuho are among the underwriters for the offering. (Read Deeper)

TECHNOLOGY & SCIENCE

Google To Invest $1 Billion In Thailand To Create AI Infrastructure

Google is investing $1 billion in Thailand to build a new data center in Chonburi and expand the country’s cloud infrastructure, focusing on artificial intelligence (AI). The data center will support Google Cloud services, AI innovations, and popular tools like Google Search and Maps. This investment is part of Google’s strategy to strengthen its presence in Asia, where Thailand’s digital economy is projected to reach $50 billion by 2025.

Why It Matters: Google also aims to help businesses and citizens in Thailand upskill in AI technology. The move comes as Google faces increasing competition from rivals like Microsoft and OpenAI in AI and cloud computing. (Read Deeper)

X's Valuation Drops Below 25% Of Elon Musk's Purchase Price

X, formerly known as Twitter, has seen its valuation plummet to less than 25% of the $44 billion Elon Musk paid for the platform. A recent report from Fidelity’s Blue Chip Growth Fund reveals that its stake in X, initially valued at $19.66 million, is now worth only $5.5 million, bringing the total valuation of X to approximately $9.4 billion. Fidelity is not the only entity with a stake in X. An August filing revealed that investors including Bill Ackman and Sean "Diddy" Combs also own portions of the company.

Takeaway: X generated about $2.5 billion in advertising revenue, significantly down from 2022, with ads making up 70% to 75% of its total revenue. The company has also closed its San Francisco headquarters, relocating to Texas, and employees remaining in California face a move to a smaller office. Musk has attempted to raise employee morale with promises of stock grants, though skepticism persists due to unfulfilled previous commitments. (Read Deeper)

AROUND DE WORLD & POLITICS

Israel Military Begins Ground Raids In Southern Lebanon

Israel has escalated its military operations against Hezbollah by launching "limited, localized, and targeted ground raids" in southern Lebanon. The Israel Defense Forces (IDF) stated that these operations aim to dismantle Hezbollah's infrastructure which poses an immediate threat to Israeli communities in the north. Defence Minister Yoav Gallant indicated the army is prepared for further action, using all available forces. In response, Hezbollah's deputy leader stated the group is ready for any Israeli operations.

Takeaway: The IDF confirmed troop movements across the border following a buildup of military resources, while the Lebanese army reportedly withdrew some troops from the southern border area. The ongoing conflict has resulted in casualties, with reports of over 1,000 Lebanese deaths and a million people displaced in recent weeks. (Read Deeper)

Lebanon's PM Committed To Implementing 2006 Resolution On Hezbollah's Presence

Lebanon's caretaker Prime Minister Najib Mikati announced the government's readiness to fully implement UN Security Council Resolution 1701, which aims to end Hezbollah's armed presence south of the Litani River. This commitment comes as Israel has intensified attacks on Hezbollah in recent weeks. Mikati stated that Lebanon is prepared to deploy its army to the area once a ceasefire is established, after which the parliament will convene to elect a new president, ending nearly two years of vacancy in that position.

Why It Matters: The ongoing violence has resulted in over 1,000 Lebanese deaths and significant displacement, with around one million people fleeing their homes. Resolution 1701, established after the 2006 war between Israel and Hezbollah, calls for only the Lebanese army and UN peacekeepers to be armed in the region. (Read Deeper)

ENTERTAINMENT & SPORTS

LeBron And Bronny James Make Historic Debut As Teammates With The Lakers

LeBron James and his son Bronny James made their public debut as teammates with the Los Angeles Lakers during media day on Monday, marking a significant moment in basketball history. LeBron expressed his pride and joy, stating, "Just pure joy, man," as he reflected on the culmination of a dream he has had since Bronny emerged as a basketball prospect. Both wore Lakers gear, with LeBron in his No. 23 jersey and Bronny in No. 9, which featured "James Jr." on the back. (Read Deeper)

New Documentary Explores Abraham Lincoln’s Sexuality

The new documentary Lover of Men sparks renewed discussions about Abraham Lincoln's sexuality, suggesting he may have had intimate relationships with men throughout his life. The film, directed by Shaun Peterson, utilizes historical letters, expert opinions, and reenactments to propose that Lincoln engaged in passionate love affairs with several men, including Billy Greene, Joshua Speed, Elmer Ellsworth, and David Derickson. (Read Deeper)

PODCAST(WHAT WE ARE LISTENING TO)

• Bill Gates' perspective on artificial intelligence reflects a balanced view of its potential, acknowledging both the risks and rewards associated with its development. (Listen)

EXTRA BREVITI

• Israeli Prime Minister Benjamin Netanyahu is experiencing a remarkable political turnaround following the deadly Hamas attack on October 7, 2022. (Read More)

• On October 1, 2024, President Bola Tinubu delivered a speech marking Nigeria's 64th Independence Anniversary. ( Read More )

• Anduril Industries is expanding its capabilities in space defense by partnering with satellite bus manufacturer Apex Space. (Read More)