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Good morning. It's Thursday, Jul. 25, and we're covering, Ford Motors Stock Tumbles After Q2 Profit Miss, Meta Removes 63,000 Instagram Accounts In Nigeria, Joe Biden Prioritizes Democracy Over Reelection, 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 $2.32 Trillion, a 3.34% decrease in the last 24 hours.

• The total crypto market volume over the last 24 hours is $82.63B, which makes a 0.56% decrease.

• The total volume in Defi is currently $4.64B, 5.62% of the total crypto market 24-hours.

• The volume of all stablecoins is now $75.84B, which is 91.79% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 54.79%, an increase of 0.51% over the day.

Bitcoin, Ethereum, And Altcoins Decline Amid ETF Outflows And Liquidations

Bitcoin (BTC), Ethereum (ETH), and various altcoins have started the day with notable declines. Bitcoin, which had been trading around $66,000 earlier, surged past $67,000 yesterday before dropping to $63,800. Ethereum (ETH) saw a significant 7.6% decline, falling to $3,100 despite the recent launch of Ethereum spot ETFs. Other altcoins also experienced losses: Solana (SOL) fell 1.7%, Dogecoin (DOGE) dropped 5.5%, (Read Deeper)

BUSINESS & FINANCE

Ford Motors Stock Tumbles After Q2 Profit Miss

Ford's stock experienced a decline after missing its second-quarter profit estimates and maintaining its full-year profit guidance, contrasting with General Motors' performance. Ford reported revenue of $47.8 billion, exceeding expectations but posted an adjusted EPS of $0.47, falling short of the $0.67 estimate. Despite maintaining its full-year adjusted EBIT forecast of $10 billion to $12 billion, Ford raised its adjusted free cash flow forecast to between $7.5 billion and $8.5 billion. Truck sales were a mixed bag, with a 4.5% increase to 308,920 units, though F-Series pickup sales fell by 6% due to delays in rolling out the new F-150.

Takeaway: The automaker's stock fell over 11% in after-hours trading. Ford's CFO, John Lawler, noted that higher warranty costs impacted gains, particularly in the Ford Pro unit. Ford Pro emerged as a strong performer, outpacing Ford Blue in profitability, whereas Model E continued to incur losses, expected to reach $5.5 billion in 2024. Despite these losses, Ford's EV sales surged by 61.4% in Q2, driven by models like the Mustang Mach-E, Ford Lightning pickup, and E-Transit EV van. Hybrid sales also saw a substantial increase of 55.6%. (Read Deeper)

SK Hynix Posts Highest Quarterly Profit In 6 Years

SK Hynix, a leading memory chipmaker and supplier to Nvidia, reported its highest quarterly profit in six years, driven by strong demand for AI memory products like high-bandwidth memory (HBM). The company's operating profit for the second quarter reached 5.47 trillion Korean won (approximately $4 billion), significantly rebounding from a loss a year ago. Revenue for the period was 16.42 trillion won (about $11.86 billion), marking a 124.7% year-over-year increase and the highest quarterly revenue in the firm's history.

Takeaway: The surge in profit and revenue is attributed to rising prices of memory products and strong demand from AI servers and AI-enabled devices. SK Hynix plans to continue its leadership in the HBM market by mass-producing 12-layer HBM3E products, set to begin shipping by the fourth quarter. The company also anticipates higher capital expenditures to meet the growing demand for both conventional DRAM and HBM, with tight supply expected to persist. (Read Deeper)

TECHNOLOGY & SCIENCE

Meta Removes 63,000 Instagram Accounts In Nigeria

Meta Platforms has removed approximately 63,000 Instagram accounts in Nigeria involved in sextortion scams targeting mostly adult men in the U.S. These scams, often run by Nigerian fraudsters known as "Yahoo boys," involve threatening victims with the release of compromising photos unless they pay. Meta also removed 7,200 Facebook accounts, pages, and groups related to scamming and dismantled a smaller network of 2,500 accounts linked to around 20 individuals.

Why It Matters: Sextortion involves threats to expose real or fabricated compromising photos if the victim does not pay. Meta representatives noted that this was not the first disruption of such networks but disclosed the current operation to raise awareness. The company has been under scrutiny in recent years as governments, including U.S. legislators, press Meta to address concerns about its services' impact on children. (Read Deeper)

Apple Maps Launches The Web Version Of Apple Maps

Apple has taken a step to expand its reach in the digital maps domain by launching Apple Maps on the web via a public beta. This move positions Apple Maps as a direct competitor to Google Maps, which has long been a dominant force in the web-based maps arena. Announced on Wednesday, the web version of Apple Maps is now accessible in English and compatible with Safari and Chrome on Mac and iPad, as well as Chrome and Edge on Windows PCs.

Why It Matters: Apple Maps on the Web offers a range of functionalities similar to its mobile counterpart. Users can get driving and walking directions, order food from the Maps place card, and browse curated guides and reviews. The launch of the web version of Apple Maps comes 12 years after the service was first introduced on the iPhone. (Read Deeper)

AROUND DE WORLD & POLITICS

Joe Biden Prioritizes Democracy Over Reelection

President Joe Biden announced in an Oval Office address that he will not seek reelection, emphasizing the importance of prioritizing democracy over personal ambition. He endorsed Vice President Kamala Harris for the Democratic nomination, highlighting the need to pass the leadership torch to a new generation. Biden cited doubts about his ability to defeat Republican nominee Donald Trump and reflected on his long political journey. He plans to focus on key issues such as lowering costs for families, defending personal freedoms, and supporting international allies during his remaining term.

Why It Matters: The president, recovering from COVID-19 symptoms at his home in Rehoboth Beach, Delaware, tested negative for the virus and assured reporters he is feeling "well." Biden's decision to step down from the Democratic ticket allows him to focus on the responsibilities of the presidency while supporting Harris on the campaign trail. (Read Deeper)

Israeli Prime Minister Benjamin Netanyahu Vows ‘Total Victory’ In Gaza

Israeli Prime Minister Benjamin Netanyahu delivered a forceful speech to Congress, pledging "total victory" against Hamas and Netanyahu emphasized the shared U.S.-Israel interest in combating Hamas, expressing disdain for American war protesters, labeling them as "useful idiots." He dismissed the idea of a cease-fire, focusing instead on destroying Hamas's military capabilities and rescuing hostages.

Takeaway: Despite tensions, Netanyahu praised both President Joe Biden and former President Donald Trump, signaling ongoing U.S. support. His speech, attended by some American hostages' families, sparked mixed reactions, with some condemning his stance and others praising his call for united action against common threats. (Read Deeper)

ENTERTAINMENT & SPORTS

Nigerian Netflix Subscribers Face Second Price Hike In 4 Months Amid Economic Struggles

Netflix, the US-based video streaming giant, has announced another increase in subscription prices for its Nigerian market, marking the second hike in just four months. This recent adjustment comes after a previous rise on April 1, 2024, reflecting the company's strategy to periodically review subscription fees across various regions. According to the latest update on Netflix's website, the Premium subscription plan now costs ₦7,000 ($4.40) per month, up from the previous ₦5,000 ($3.14), representing a 40% increase. The Standard plan, favored by many Nigerian subscribers for its high-definition (HD) video quality and multi-screen viewing options, has also seen a rise, now priced at ₦5,500 ($3.46), a 37.5% increase from ₦4,000 ($2.51). (Read Deeper)

Enzo Maresca Defends Style After Chelsea Draw With Wrexham

In his first game as Chelsea manager, Enzo Maresca defended his team's playing style following a 2-2 draw against Wrexham, acknowledging that the team will likely concede goals this season due to his strategy of playing out from the back. Midfielder Lesley Ugochukwu scored an 82nd-minute equalizer in Santa Clara, California, nullifying two second-half goals from the League One side. Christopher Nkunku had initially put Chelsea ahead with a sharp finish in the 35th minute, marking the team's opening friendly on their pre-season tour of the United States. (Read Deeper)

PODCAST(WHAT WE ARE LISTENING TO)

• In an era where artificial intelligence is transforming industries and creating new opportunities, leveraging AI can be a game-changer for aspiring entrepreneurs. ( Listen )

EXTRA BREVITI

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