🤖Meta AI Rolls Out In Six New Countries

☀️Good morning. It's Thursday, Oct. 10, and we're covering, Congo Seeks To Reduce China's Grip On Mining Sector, X Changes Creator Payout Model To Prioritize Engagement Over Ad Revenue, Ratan Tata, Visionary Leader Who Globalized Tata Group, Passes Away At 86, 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 $2.13 Trillion, a 1.61% decrease in the last 24 hours.

• The total crypto market volume over the last 24 hours is $66.02B, which makes a 1.61% decrease.

• The total volume in Defi is currently $3.68B, 5.57% of the total crypto market 24-hours.

• The volume of all stablecoins is now $60.44B, which is 91.55% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 56.60%, a decrease of 0.14% over the day.

Bitcoin Dips Below $61K, Ether Slips 3% Amid PlusToken-Linked Crypto Movements

Bitcoin (BTC) fell below $61,000, and Ether (ETH) dropped 3% on Wednesday, showing weakness compared to rising U.S. stocks. BTC started around $62,000 but slid to $60,400, down 2.4% over the past 24 hours, while ETH fell 3.2%. The price drops are likely linked to reports of seized crypto from the PlusToken Ponzi scheme, including BTC and ETH, being moved to exchanges, raising concerns of a potential sell-off. (Read Deeper)

BUSINESS & FINANCE

Congo Seeks To Reduce China's Grip On Mining Sector

The Democratic Republic of Congo (DRC) is seeking to reduce China's dominance over its mining industry by attracting new and diversified investors. Mines Minister Kizito Pakabomba announced plans to streamline customs and tax processes and improve railway infrastructure to enhance mineral exports. The government is also partnering with the UAE and planning a railway upgrade to transport minerals from Kolwezi to Angola's Atlantic coast, closer to US and European markets.

Why It Matters: This pivot comes as Congo, a major player in global metal markets, holds immense influence over critical minerals such as copper and cobalt—both essential for the global energy transition. In 2023, Congo surpassed Peru to become the world’s second-largest producer of copper and remains the leading source of cobalt, which is vital for electric vehicle batteries. (Read Deeper)

Amazon Tests Robot Warehouses At Whole Foods

Amazon is testing a new store format that includes automated mini warehouses at Whole Foods supermarkets to attract more shoppers and compete with rivals in the grocery market. The initiative involves building a micro-fulfillment center attached to a Whole Foods location in Plymouth Meeting, Pennsylvania. This center will enable shoppers to order items from Amazon's website and its online grocery service, Amazon Fresh, while shopping at Whole Foods and pick them up during checkout.

Takeaway: The automated warehouses will use robots to gather various items, including brands not typically found at Whole Foods, like Pepsi and Kellogg’s. This approach aims to streamline the shopping experience and reduce the need for customers to make multiple trips to different grocery stores, as many Americans currently shop at two different stores weekly for cost savings and product variety. (Read Deeper)

TECHNOLOGY & SCIENCE

X Changes Creator Payout Model To Prioritize Engagement Over Ad Revenue

X, formerly known as Twitter, has revamped its creator payout system, moving away from ad revenue sharing to payments based on user engagement. Previously, creators were compensated from ads displayed in their replies. Now, they will earn based on interactions with their content from X Premium users. This shift encourages creators to post content that drives engagement, such as replies, potentially leading to an increase in “engagement bait” posts. This move comes as X grapples with advertiser boycotts and declining ad revenue, prompting changes to keep creators engaged on the platform.

Why It Matters: The change could lead to creators posting more controversial or provocative content to spark debates and reactions, which could alter the type of discourse on X, especially with the upcoming U.S. elections. Concerns about increased misinformation, such as AI-generated deepfakes, have also been raised, as creators may try to attract attention and boost earnings in this new engagement-focused system. (Read Deeper)

Meta AI Expands To Six New Countries, Including Brazil And The UK

Meta has expanded its AI chatbot, Meta AI, to six new countries: Brazil, the U.K., the Philippines, Bolivia, Guatemala, and Paraguay. The company plans further rollouts to regions in the Middle East and Southeast Asia, bringing Meta AI’s availability to 43 countries and supporting over a dozen languages, including Arabic and Thai. Meta AI new features, such as celebrity voices, lip-synced translations, and generative AI-powered tools to create and edit photos using natural language prompts.

Takeaway: Meta AI is available across several platforms, including Facebook, Instagram, WhatsApp, Messenger, and the Meta.ai website. The chatbot has already attracted a global user base of nearly 500 million, and Zuckerberg stated that it is on track to become the most widely used virtual assistant by the end of 2024. India remains Meta AI’s largest market, largely due to WhatsApp’s extensive user base in the country. (Read Deeper)

AROUND DE WORLD & POLITICS

Ratan Tata, Visionary Leader Who Globalized Tata Group, Passes Away At 86

Ratan Tata, the former chairman of Tata Group, passed away at 86. He is widely credited with transforming Tata Group into a global business powerhouse through major acquisitions such as Tetley, Corus, and Jaguar-Land Rover. Under his leadership, Tata Motors developed India's first indigenously designed car, the Indica, and launched the Nano, the world’s cheapest car. Known for his philanthropic work and modest lifestyle, Tata was also an active investor in Indian startups.

Takeaway: Born in 1937, Tata earned a degree in architecture from Cornell University before returning to India to work for the family business. In 1991, he succeeded his uncle J.R.D. Tata as chairman, a transition that coincided with India’s economic liberalization. He modernized the group by implementing reforms, including setting retirement ages for senior management and pushing for younger leadership. (Read Deeper)

Understanding Hurricane Milton: A Rare And Powerful Storm

Hurricane Milton has rapidly intensified into a rare and powerful storm, reaching Category 5 status with winds of 180 mph and extremely low barometric pressure. This rapid escalation, driven by warm Gulf waters of around 87°F—nearly 2°F above normal—has raised concerns among experts, as Milton follows an unusual east-northeast trajectory towards Florida, which has not experienced a direct hit from a major hurricane in over a century.

Takeaway: The combination of favorable conditions, including warm waters and a small storm size, has made Milton particularly dangerous. Researchers noted that this storm's path is infrequent for the Gulf, with the last comparable storm occurring in 1848. The current increase in the frequency and intensity of hurricanes is attributed partly to climate change, leading to concerns about more severe storms impacting the U.S. (Read Deeper)

ENTERTAINMENT & SPORTS

Pep Guardiola In Abu Dhabi Over Contract Uncertainty

Manchester City manager Pep Guardiola is currently in Abu Dhabi during the international break, raising speculation about his future with the club. His contract, signed in autumn 2022, expires at the end of the current season, leaving his long-term plans uncertain. While the club is eager to persuade him to stay, Guardiola remains tight-lipped about his intentions. His visit to Abu Dhabi has generated excitement among fans, particularly as the city is home to Manchester City's owners and has been the backdrop for previous contract discussions. (Read Deeper)

Taylor Swift Donates $5 Million To Support Hurricane Victims

Taylor Swift has donated $5 million to Feeding America to assist victims of Hurricanes Helene and Milton, which is expected to make landfall in Florida. The donation aims to provide food, clean water, and essential supplies to affected communities. Claire Babineaux-Fontenot, CEO of Feeding America, expressed gratitude for Swift's support, highlighting its potential to help families rebuild after the storms. (Read Deeper)

PODCAST(WHAT WE ARE LISTENING TO)

• Matthew Mežinskis shares insights from his 6 years of research on base money trends, inflation vs. deflation, and the growth of Bitcoin. (Listen)

EXTRA BREVITI

• The 2024 Nobel Prize in Physics has been awarded to John Hopfield and Geoffrey Hinton for their discoveries in machine learning.(Read More)

• OpenAI has revealed that it has thwarted numerous attempts by malicious actors to exploit its ChatGPT platform to influence democratic elections globally. (Read More)

• Israel military says it eliminated 2 Hezbollah commanders in southern Lebanon. (Read More)

• How Meta Has Become an AI Powerhouse. (Read More)