Nvidia's Market Cap Could Reach $50 Trillion 📈

Good morning. It's Wednesday, Jul. 17, and we're covering, Suzuki Plans To Cut Vehicle Weight Of Key Model by 15%, Anthropic Launched Its Claude Android App, the Nigerian Court Has Postponed Binance Money Laundering Trialand 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 $2.4 Trillion, a 2.39% increase in the last 24 hours.

• The total crypto market volume over the last 24 hours is $94.63B, which makes a 9.41% increase.

• The total volume in Defi is currently $5.35B,5.65% of the total crypto market 24-hours.

• The volume of all stablecoins is now $86.89B, which is 91.82% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 53.91%, an increase of 0.16%over the day.

Spot Ethereum ETFs May See Modest Inflows Compared to Bitcoin

Spot Ethereum (ETH) exchange-traded funds (ETFs) in the U.S. could experience net inflows at just 30%-35% of the levels seen by spot Bitcoin (BTC) ETFs, according to a research report by Citi. This projection translates to a range of $4.7 billion to $5.4 billion in net inflows over six months. ( Read Deeper )

BUSINESS & FINANCE

Suzuki Plans To Cut Vehicle Weight Of Key Model by 15%

Suzuki Motor announced plans to reduce the weight of its small Alto hatchback by 15% over the next decade. This initiative aims to lower the vehicle's energy usage, which will potentially be applied to other models. The Alto weighing 680 kg is expected to shed 100 kg. Additionally, Suzuki is developing software and advanced driver-assist technologies to alleviate traffic congestion, particularly in key markets like India.

Why It Matters: Tatsuya Matsushita, Suzuki's executive in charge of automotive technology, explained that reducing the vehicle's weight will enable smaller motors and batteries, enhancing range and performance. This size reduction could also lower the price of Suzuki's models. ( Read Deeper )

Early Investor Predicts Nvidia's Market Cap Could Reach $50 Trillion

Nvidia's rapid ascent in the market has been remarkable, with its market capitalization growing from $1.1 trillion to $3.1 trillion in just a year. James Anderson, a tech investor known for his early support of Amazon and Tesla, believes Nvidia's potential is even greater. He suggests that if artificial intelligence continues to develop favorably and Nvidia maintains its lead, the company's market cap could reach double-digit trillions. Anderson calculated that if Nvidia's data center revenue continues to grow at its current rate of 60%, the company's market capitalization could reach $49 trillion within a decade.

Why It Matters: While Anderson's projections are optimistic, he has a history of accurate predictions, having invested heavily in Amazon and Tesla early on. However, other financial experts are more cautious. Aswath Damodaran, a finance professor at NYU, argues that Nvidia's current momentum is driven by early AI optimism and may not be sustainable in the long term. He points out that the AI chip market alone is not worth $1 trillion, and Nvidia would need to tap into multiple AI markets to sustain its value. ( Read Deeper )

TECHNOLOGY & SCIENCE

Anthropic Launched Its Claude Android App

Anthropic has expanded its AI chatbot’s reach with the launch of the Claude Android app on Tuesday. This move is part of Anthropic’s strategy to attract more users by offering Claude across multiple platforms, positioning it as a strong alternative to ChatGPT. The Claude Android app mirrors the functionality of its iOS counterpart, which was released in May. Users will have free access to Anthropic’s top AI model, Claude 3.5 Sonnet. Additionally, the app offers upgraded plans through Anthropic’s Pro and Team subscriptions.

Why It Matters: The app also enables enterprise customers to access their Claude accounts on mobile, extending its utility for business users. Key features include syncing conversations across devices, real-time image analysis via photo or file uploads, and real-time language translation, which Anthropic hopes will be a compelling feature for users. ( Read Deeper )

Craig Wright, Who Claimed To Be The Inventor Of Bitcoin Referred To UK Prosecutors

Craig Wright, an Australian who claimed to be the inventor of Bitcoin, has been referred to British prosecutors for alleged perjury. British High Court Judge James Mellor decided on Tuesday to refer the case against Wright to the Crown Prosecution Service (CPS), which will assess whether Wright should be prosecuted for "wholescale perjury and forgery of documents" and determine if a warrant for his arrest and possible extradition is needed. Wright has remained mostly silent since the High Court ruled he had lied "extensively and repeatedly" in his evidence attempting to prove he was Bitcoin's creator, Satoshi Nakamoto.

Takeaway: In the London court case, Wright tried to establish that he held intellectual property rights to Bitcoin, including ownership of the Bitcoin white paper and initial software versions. However, Judge Mellor found that Wright forged documents "on a grand scale" to support his claims, describing it as a "most serious abuse" of the court process. ( Read Deeper )

AROUND DE WORLD & POLITICS

Nigerian Court Has Postponed Binance Money Laundering Trial

A Nigerian court has postponed a money laundering trial involving cryptocurrency exchange Binance and two of its executives to October 11. The court’s holiday starts next week. Binance and executives Tigran Gambaryan and Nadeem Anjarwalla face charges of laundering over $35 million and operating without a license. They also face tax evasion charges and have pleaded not guilty. Gambaryan, a U.S. citizen and Binance's head of financial crimes compliance appeared in court in a wheelchair due to health issues.

Takeaway: Last month, two U.S. lawmakers urged the United States embassy in Nigeria to seek the release of Gambaryan on humanitarian grounds due to his poor health. Gambaryan has been in detention since February. Binance is contesting the charges and has not commented on the case. The Nigerian government has blamed Binance for contributing to the country's currency issues. ( Read Deeper )

Trump's Former Rivals Unite In Support At Republican Convention

At the Republican convention in Milwaukee, Donald Trump’s former rivals for the 2024 nomination, including Nikki Haley, Ron DeSantis, and Vivek Ramaswamy, endorsed him and emphasized party unity. Trump, watching from a box above the convention floor, smiled as each speaker voiced their support. Despite mixed reactions to Haley’s arrival due to her past criticism of Trump, she urged for unity and received cheers. DeSantis received enthusiastic support, addressing key conservative issues and urging the crowd to back Trump.

Why It Matters: The convention focused on familiar Republican themes, such as border security and crime, and highlighted a commitment to defeating President Biden in the upcoming election. ( Read Deeper )

ENTERTAINMENT & SPORTS

Kylian Mbappe’s Real Madrid Unveiling in Front of 80,000 Fans

A crowd of 80,000 gathered at the Bernabeu for Kylian Mbappe's unveiling as Real Madrid's latest galactico, reminiscent of Cristiano Ronaldo's arrival. With France legend Zinedine Zidane as a special guest, the event's tickets sold out quickly, some being resold despite initially being free for club members. Mbappe, donning the number nine jersey, addressed the crowd in perfect Spanish, expressing his joy and commitment to meeting the club's high standards. He shared his lifelong dream of playing for Real Madrid and noted his family's happiness, particularly his emotional mother. ( Read Deeper )

Drake's Toronto Home 'The Embassy' Hit By Floods

Canadian rapper Drake's Toronto mansion, known as "The Embassy," has been impacted by severe flooding following record rainfall. Three major storms have recently hit the city, causing widespread power outages and stranding motorists. Drake shared a video on Instagram showing part of his luxurious home submerged in flood waters. Despite the damage, he maintained his sense of humor, joking that the rushing waters "better be espresso martini." ( Read Deeper )

PODCAST(WHAT WE ARE LISTENING TO)

• Artificial intelligence (AI) is rapidly transforming the landscape of sales and marketing, ( Listen )

EXTRA BREVITI

• Chinese billionaire Guo Wengui has been convicted in the United States for orchestrating a $1 billion fraud scheme. ( Read More )

• Sexless marriages are more common than many might think, yet they remain a largely taboo topic. ( Read More )

• Senator J.D. Vance has firmly positioned himself as a vocal critic of Big Tech while simultaneously advocating for the growth and adoption of cryptocurrency. (Read More )