Nike Names Elliott Hill As New CEO 🥂

Good morning. It's Friday, Sept. 20, and we're covering, Nike Names Veteran Elliott Hill As New CEO, Replacing John Donahoe, X, And Starlink Face 5 million Reals Daily Fines In Brazil For Alleged Ban Evasion, Indian Ammunition Diverted To Ukraine Sparks Russian Concerns, 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 3.18% increase in the last 24 hours.

• The total crypto market volume over the last 24 hours is $88.35B, which makes a 4.73% decrease.

• The total volume in Defi is currently $5.49B, 6.22% of the total crypto market 24-hours.

• The volume of all stablecoins is now $80.85B, which is 91.50% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 56.98%, a decrease of 0.17% over the day.

Bitcoin Nears $64K As Altcoins Lead Rally After Federal Reserve Rate Cut

Bitcoin is nearing a crucial resistance level at $64,000 as the broader cryptocurrency market rallies, fueled by the U.S. Federal Reserve’s recent 50 basis point rate cut. The largest cryptocurrency by market cap surged nearly 6% over the past 24 hours, hitting a monthly high of $64,059 on Friday before retracing slightly to just above $63,786. Ethereum, the second-largest cryptocurrency by market cap, also saw significant gains, rising over 7% after bouncing off its 200-week simple moving average. (Read Deeper)

BUSINESS & FINANCE

Nike Names Veteran Elliott Hill As New CEO, Replacing John Donahoe

Elliott Hill, a former senior executive at Nike, has been named the new president and CEO, succeeding John Donahoe, effective October 14. Hill, who spent 32 years at Nike, previously led the company's consumer marketplace and the Jordan brand before retiring in 2020. His appointment comes amid declining sales and increased competition, with Nike shares rising 8% following the announcement. With Hill at the helm, industry experts and investors alike are hopeful that Nike can regain momentum and reaffirm its place as a global leader in sportswear.

Why It Matters: Elliott Hill started his Nike career in a sales role in Dallas and worked his way up through the company’s ranks. Analysts view Hill's extensive experience and familiarity with the brand as a positive move for the company, which faces challenges such as repairing relationships with retail partners and innovating in a competitive market. Hill will earn a base salary of $1.5 million. ( Read Deeper )

Palantir Secures $100 Million Contract To Expand AI Targeting Tools For U.S. Military

Palantir Technologies has secured a $100 million contract to expand access to its AI targeting tools, specifically the Maven Smart System, across all branches of the U.S. military, including the Army, Air Force, Marine Corps, Navy, and Space Force. This contract aims to provide tens of thousands more service members with the ability to visualize battlefield data simultaneously on digital screens using U.S. intelligence data and advanced AI algorithms.

Takeaway: Originally launched in 2017, the Maven system has been utilized for identifying targets in military operations, including support for U.S. actions in the Middle East and assistance to Ukraine. While the Defense Department stresses that human operators ultimately make decisions, there are concerns about potential over-reliance on AI. The contract, which spans five years, includes software, hardware, and user licenses, and is part of a broader Pentagon initiative to better integrate military sensors and weapon systems. (Read Deeper)

TECHNOLOGY & SCIENCE

X And Starlink Face 5 million Reals Daily Fines In Brazil For Alleged Ban Evasion

Elon Musk's social media platform X (formerly Twitter) and his satellite internet service Starlink face daily fines of 5 million reals (approximately $920,000) in Brazil for allegedly evading a nationwide ban. Brazil’s Supreme Court had ordered X’s suspension for failing to comply with laws requiring the removal of harmful content and suspension of certain accounts. X reportedly used dynamic IP addresses through Cloudflare to bypass the ban, allowing users to access the platform despite the suspension. The fines began on September 19 and will continue until X complies fully with the court’s orders.

Takeaway: Chief Justice Alexandre de Moraes, who has been targeted by Musk for criticism, issued the suspension order. Musk has publicly attacked de Moraes, comparing him to villains like Darth Vader and Voldemort and calling for his impeachment. X has begun complying with the court’s orders, blocking accounts spreading misinformation and attacks on Brazil’s democratic institutions. (Read Deeper)

Amazon Launches Amelia, An AI Assistant For Sellers

Amazon has launched Project Amelia, an AI assistant designed for sellers to help manage and grow their businesses. Currently in beta for U.S. sellers, the assistant, built on AWS’s Amazon Bedrock, provides insights into sales data and customer traffic, allowing sellers to ask questions like “How is my business doing?” Future updates will enable Amelia to help resolve issues and offer personalized guidance, connecting sellers with Amazon’s support team if needed.

Why It Matters: The assistant will be able to help resolve issues. For example, sellers could inquire about discrepancies in their inventory reports and receive personalized guidance or be connected with Amazon's support team for further assistance. Amazon is also utilizing generative AI to enhance product recommendations and descriptions, further improving the overall experience for both sellers and customers. (Read Deeper)

AROUND DE WORLD & POLITICS

Indian Ammunition Diverted To Ukraine Sparks Russian Concerns

European customers have diverted Indian-made ammunition to Ukraine, drawing protests from Russia. Although India’s arms export regulations prohibit such unauthorized transfers, the trade has continued for over a year. Countries like Italy and the Czech Republic have been facilitating the shipment of Indian artillery shells to support Ukraine’s defense against Russia. Although the Kremlin raised concerns with Indian officials, India has not intervened, citing compliance with its export regulations.

Takeaway: India, historically aligned with Russia and a major arms importer, sees the war as an opportunity to expand its exports. Despite Moscow's objections, Delhi aims to boost defense exports, which surpassed $2.5 billion last year. The transfer allows India to show the West it is not fully siding with Russia, even as it maintains strong ties with Moscow. (Read Deeper)

Israel Strikes Over 100 Hezbollah Rocket Launchers In Southern Lebanon

Israel conducted a series of airstrikes in southern Lebanon, targeting over 100 Hezbollah rocket launchers and other military infrastructure in response to escalating cross-border attacks. The Israeli Defense Forces (IDF) stated the strikes aimed to prevent rocket fire into Israel. Hezbollah has retaliated with missile and drone attacks, and its leader, Hassan Nasrallah, condemned the Israeli actions, calling them a violation of Lebanon's sovereignty. Nasrallah indicated that Hezbollah is not seeking further escalation but will continue its actions unless there is a ceasefire in Gaza.

Takeaway: The situation remains fluid, with the potential for further escalation on both sides. For now, the strikes signal Israel’s determination to prevent Hezbollah from launching further attacks, even as diplomatic efforts continue to defuse the crisis. The international community has called for restraint amid fears of a broader regional conflict. U.S. Secretary of State Antony Blinken urged all parties to avoid actions that could worsen the situation. (Read Deeper)

ENTERTAINMENT & SPORTS

Former Arsenal Player Jay Emmanuel-Thomas Arrested In $800,000 Cannabis Smuggling Case

Former Arsenal soccer player Jay Emmanuel-Thomas has been arrested in connection with the seizure of nearly $800,000 worth of cannabis at Stansted Airport in the UK. The UK’s National Crime Agency (NCA) arrested the 33-year-old in Scotland, suspecting him of orchestrating the attempted importation of cannabis. His arrest is linked to an earlier case involving two women who were caught with around 132 pounds of cannabis in their luggage after arriving from Thailand. (Read Deeper)

Diddy Pays Off $48.5 Million Mansion Ahead Of Arrest On Sex Trafficking Charges

Sean "Diddy" Combs is in jail awaiting trial on serious charges including sex trafficking, racketeering, and illegal transportation for prostitution. As part of his bond hearing, details about his luxurious Miami lifestyle emerged, particularly regarding his $48.5 million mansion on Star Island. This property, featuring seven bedrooms, multiple pools, and a spa, was offered as collateral in his proposed $50 million bond package. Combs had paid off the $18.8 million mortgage on the mansion in anticipation of the charges. Diddy's Miami mansion, valued at $48.5 million, was used as the primary backing for his bond, alongside his mother’s Miami property. (Read Deeper)

PODCAST(WHAT WE ARE LISTENING TO)

• Imagine waking up one day to find nearly everything you've worked for is gone.🤔  Listen)

EXTRA BREVITI

• Qualcomm, the prominent chipmaker known for supplying smartphone components, has announced it will lay off 226 employees in San Diego later this year. (Read More)

• Balaji Srinivasan, a serial entrepreneur has long advocated that technology could replace the functions of government, at a conference in Amsterdam, he pitched the idea of “startup nations” (Read More)

• Alibaba Launches Over 100 New Open-Source AI Models, Unveils Text-to-Video Tool. (Read Deeper)

• Huawei's $2,800 Phone Launch Disappoints Amid Supply Concerns. (Read More)