🏎️McLaren Unveils W1 For $2.1 Million

Good morning. It's Monday, Oct. 7, and we're covering, McLaren Unveils A $2.1 Million Hybrid Hypercar, Nintendo Shares Surge After Saudi Fund Signals Interest In Bigger Stake, Israel Marks Oct. 7 Anniversary Of Ongoing Conflict, 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 $2.21 Trillion, a 2.77% increase in the last 24 hours.

• The total crypto market volume over the last 24 hours is $55.04B, which makes a 53.54% increase.

• The total volume in Defi is currently $3.1B, 5.63% of the total crypto market 24-hours.

• The volume of all stablecoins is now $48.7B, which is 88.48% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 56.79%, a decrease of 0.07% over the day.

Bitcoin Approaches $64K As 'Memecoin Supercycle' Gains Traction

Bitcoin (BTC) approached $64,000 during early Asian trading on Monday, fueled by a 3% rise that also boosted other major cryptocurrencies like Ethereum (ETH) and Dogecoin (DOGE). This surge comes ahead of important U.S. economic data, including the Federal Reserve's FOMC minutes and key inflation figures. (Read Deeper)

BUSINESS & FINANCE

McLaren Unveils A $2.1 Million Hybrid Hyper Car

McLaren has unveiled its latest hybrid hyper car, the W1, priced at $2.1 million and limited to just 399 units. The W1 combines a 4.0-liter twin-turbo V8 engine with an electric motor, producing a total of 1,258 horsepower and 988 lb-ft of torque. The car accelerates from 0-60 mph in 2.7 seconds and reaches 186 mph in just 12.7 seconds. Featuring Formula One technology, a carbon fiber chassis, and advanced aerodynamics, the W1 is designed for top-tier performance.

Takeaway: The W1 features an F1-inspired flat-plane crank engine that revs up to 9,200 RPM, offering both exceptional performance and a thrilling sound for enthusiasts. The electric motor, weighing just 44 lbs., is integrated into the transmission for a direct connection to the rear-wheel-drive system. McLaren has opted for hydraulic steering and braking, catering to drivers seeking a more engaging experience. Read Deeper)

Chinese Chip Stocks Surge By $13 Billion On Hopes Of Beijing Stimulus

Chinese chip stocks surged by $13 billion, led by Semiconductor Manufacturing International Corp. (SMIC), amid speculation that Beijing will introduce new policies or financial support for the semiconductor industry. SMIC, which has faced U.S. sanctions for its alleged ties to China's military, saw its shares rise as much as 28%, marking a four-year high and a $10.7 billion market value increase. Smaller chipmakers, Hua Hong Semiconductor Ltd. and Shanghai Fudan Microelectronics Group Co., also contributed over $2 billion to the sector's gains.

Takeaway: This rally reflects growing investor optimism following recent policy promises aimed at revitalizing China’s slowing economy. With semiconductors playing a crucial role in AI and electric vehicles, and amid ongoing tensions with the U.S. over tech dominance. Beijing is reportedly preparing to spend over $142 billion in semiconductor investments, including $27 billion for the Big Fund, a state initiative supporting local chip companies such as SMIC and Huawei. (Read Deeper)

TECHNOLOGY & SCIENCE

Nintendo Shares Surge After Saudi Fund Signals Interest In Bigger Stake

Saudi Arabia's Public Investment Fund (PIF) is considering increasing its stake in Nintendo and other Japanese gaming companies, according to a senior executive. The PIF, already one of Nintendo's largest shareholders with an 8.6% stake, aims to diversify Saudi Arabia's economy by becoming a global player in the gaming industry. This is part of a broader $38 billion strategy to position the kingdom as a gaming hub. Nintendo's shares surged nearly 4%, with other gaming stocks like Nexon and Capcom also seeing gains.

Why It Matter: The PIF has been actively working to attract gaming and tech companies to the Middle East, with ambitions to create homegrown content and expand into sectors like animation and theme parks. The fund is also backing a theme park outside Riyadh, featuring characters from popular Japanese manga and animation franchises like Dragon Ball. (Read Deeper)

Earth Is Our Spaceship: How Space Technologies Can Help Us Live More Sustainably

Earth, much like the International Space Station (ISS), is a closed-loop system, relying on finite resources and careful management to sustain life. Just as astronauts aboard the ISS must conserve food, water, and air, humanity must learn to live within the planet's limits to avoid environmental catastrophe. Space habitats, such as the ISS, rely on strict resource recycling and efficient use of energy. If astronauts consume too much or fail to recycle, they could run out of vital resources like air, water, and food.

Why It Matters: Carbon capture, another technology born from space exploration, holds promise for mitigating climate change on Earth. Just as astronauts aboard the ISS filter carbon dioxide from the air, researchers are exploring how this technology could be scaled up to remove CO2 from Earth's atmosphere, helping to limit global warming. The technologies developed for life in space have clear applications on Earth. While space travel itself is not without environmental impact each rocket launch can emit up to 300 tons of carbon dioxide. (Read Deeper)

AROUND DE WORLD & POLITICS

Israel Marks Oct. 7 Anniversary Of Ongoing Conflict

On October 7, 2024, Israel marked the first anniversary of the Hamas attack that killed around 1,200 people and took 250 hostages, sparking an ongoing war. Commemorative events were held amidst heightened security due to fears of renewed Palestinian attacks. Israel's military response has devastated Gaza, killing nearly 42,000 people and displacing most of its population. Meanwhile, the conflict has escalated in Lebanon, where Israeli forces are clashing with Hezbollah. The war, now threatening to involve Iran, has raised concerns of a wider regional conflict.

Takeaway: As the conflict shows no sign of abating, the war has left a profound impact on the Israeli population, many of whom have lost faith in their leadership following one of the country's worst security failures. On the other side, Gaza remains under siege, while fears of a wider Middle East war loom as tensions with Hezbollah and Iran escalate. (Read Deeper)

New Hurricane Milton Threatens Florida as It Recovers From Devastating Helene

Florida is bracing for Hurricane Milton, a Category 1 storm, just days after the devastation caused by Hurricane Helene. Milton, currently off the coast of Mexico, is expected to bring life-threatening conditions to Florida's Gulf Coast. Governor Ron DeSantis has declared a state of emergency in 35 counties as the region prepares for more heavy rain, strong winds, and possible flooding. Helene, the deadliest mainland storm since Katrina in 2005, killed at least 225 people across the southeast, leaving a path of destruction that could take years to clean up.

Why It Matter: The region has already been hard-hit by Hurricane Helene, which made landfall on September 26 as a Category 4 storm in Horseshoe Beach, Florida. The storm caused severe flash flooding, destroyed buildings, and knocked out power to millions of homes across multiple states. Milton’s maximum sustained winds are currently at 80 mph (130 km/h), and the storm is expected to bring 5 to 8 inches of rain across the Florida Peninsula and the Keys. (Read Deeper)

ENTERTAINMENT & SPORTS

Jussie Smollett Speaks Out On $3 Million Legal Fight Over 2019 Hoax Case

Smollett continues to maintain his innocence, saying he’s spent nearly $3 million fighting to clear his name and avoid having a felony on his record for something he claims he didn’t do. He expressed frustration over the situation and said that while it would have been easier to admit guilt if he were truly responsible, he insists on fighting for the truth. Smollett also reflected on his 2019 interview with Good Morning America, which he regrets doing, and shared that he recently entered rehab for substance abuse. (Read deeper)

Dani Carvajal Confirms Serious Knee Injury, Likely To Miss Rest Of Season

Real Madrid's Dani Carvajal has confirmed that he has suffered a serious cruciate ligament injury, following a collision with Villarreal’s Yermey Pino during their recent La Liga match. Carvajal, who was stretchered off the field, announced on Instagram that the injury will require surgery and is expected to keep him sidelined for several months, likely ruling him out for the remainder of the 2024/25 season. (Read Deeper)

PODCAST(WHAT WE ARE LISTENING TO)

• The Cursor team is positioning itself at the forefront of the intersection between artificial intelligence and software development, envisioning a future where programming is revolutionized by AI.(Listen)

EXTRA BREVITI

• Rio Tinto is currently in discussions to acquire lithium producer Arcadium Lithium, this potential acquisition comes as lithium prices have experienced a significant decline. (Read More)

• Elon Musk joined Donald Trump at a rally in Butler, Pennsylvania, where he endorsed the former president and aligned himself with Trump’s "MAGA" movement. (Read More)

• Squarespace has introduced a new AI-driven website builder, Design Intelligence, which aims to help users create high-quality, customizable websites using generative AI tools.(Read More)