Ola Electric Surges In India’s Largest IPO In Two Years 💰️

Good morning. It's Friday, Aug. 9, and we're covering, Ola Electric Surges In India’s Largest IPO In Two Years, X Halts Use Of EU User Data For AI Training, Trump Announces Impromptu News Conference, 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 $2.54 Trillion, a 5.63% increase in the last 24 hours.

• The total crypto market volume over the last 24 hours is $93.43B, which makes a 3.23% decrease.

• The total volume in Defi is currently $4.12B, 4.41% of the total crypto market 24-hours.

• The volume of all stablecoins is now $85.79B, which is 91.82% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 56.57%, an increase of 0.50% over the day.

Investors Show Renewed Interest In Bitcoin Amid Market Fluctuations

Bitcoin prices have experienced volatility in recent weeks. On August 5, the cryptocurrency saw a significant drop, falling to $49,221. However, by August 8, Bitcoin prices had rebounded, exceeding $62,000. This recovery suggests that while the market has faced challenges, there are signs of stabilization. (Read Deeper)

BUSINESS & FINANCE

Ola Electric Surges In India’s Largest IPO In Two Years

Ola Electric, India’s largest electric two-wheeler manufacturer, made a strong debut on the stock market, with shares surging by up to 20% on Friday, marking the country’s biggest listing in two years. The Bengaluru-based company, backed by investors like SoftBank and Temasek, saw its shares rise to 91.18 rupees ($1.1) from the upper IPO price band of 76 rupees, giving it a market capitalization of nearly $4.6 billion. Despite its dominant 46% market share in India's electric two-wheeler segment, Ola Electric is not yet profitable.

Why It Matters: Ola Electric is focusing on vertical integration, including developing its own battery cell technology and expanding manufacturing capacity. The Indian electric vehicle market is projected to grow steadily, with market penetration rates for electric two-wheelers expected to increase gradually over the coming years, though there is debate over the pace of adoption. The company reported revenues of $626.3 million but also recorded an EBITDA loss of $162.8 million and a net loss of $200.5 million. (Read Deeper)

Delta Airlines Lashes Out At CrowdStrike Over $500 Million Outage Losses

Delta Airlines has blamed cybersecurity firm CrowdStrike for a major network outage that caused the airline to cancel thousands of flights and incur losses of at least $500 million. The outage, which affected 1.3 million customers, was triggered by a corrupted software update from CrowdStrike on July 19. While other airlines recovered quickly, Delta experienced disruptions for nearly a week, leading to flight cancellations. Delta has threatened legal action against CrowdStrike and Microsoft, while both companies deny responsibility. Delta also faces a class-action lawsuit from passengers affected by the cancellations.

Takeaway: Delta has threatened legal action against both CrowdStrike and Microsoft, accusing them of failing to adequately support the airline during the crisis. Meanwhile, CrowdStrike has vowed to defend itself "aggressively" if Delta pursues litigation. The cybersecurity firm also faces a lawsuit from its shareholders, who allege that CrowdStrike made "false and misleading" statements regarding its software testing. (Read Deeper)

TECHNOLOGY & SCIENCE

X Halts Use Of EU User Data For AI Training

X, the social media platform owned by Elon Musk, has agreed not to use data from European Union (EU) users to train its AI chatbot, Grok, until further legal proceedings are resolved. This decision came after the Irish Data Protection Commission (DPC sought a court order to halt X from processing user data for AI development without prior user consent. X had started processing data from EU users on May 7, but only provided an opt-out option on July 16, which was not initially available to all users.

Why It Matters: The dispute arose after the DPC, the leading EU regulator for major U.S. tech firms, sought an order to restrict X from processing user data for the purpose of developing, training, or refining its AI systems. The court will further review the matter, with X expected to file opposition papers by September 4. This follows similar actions by Meta and Google, who have delayed or modified their AI initiatives in response to the Irish regulator's concerns. (Read Deeper)

Astronauts Still In Space: Boeing Starliner Mission Faces Delays

Two American astronauts, Barry “Butch” Wilmore and Sunita Williams, who launched to the International Space Station (ISS) on June 5 aboard Boeing's Starliner spacecraft, remain in space due to technical issues. The Starliner, which was on its maiden crewed mission, experienced problems including propulsion leaks and thruster failures. Despite the unexpected delay, Wilmore and Williams have remained positive about their extended stay. The situation highlights the ongoing competition between Boeing and SpaceX in space exploration.

Takeaway: While the astronauts reached the ISS safely, their return is uncertain if the Starliner cannot be deemed safe. NASA is considering various options, including potentially sending them back with a SpaceX Crew Dragon mission scheduled for September, which could extend their stay to over eight months. NASA has also planned for an uncrewed return of the Starliner if needed. (Read Deeper)

AROUND DE WORLD & POLITICS

Trump Announces Impromptu News Conference

Former President Donald Trump has scheduled a last-minute press conference at his Mar-a-Lago resort amid growing concerns about his presidential campaign. This move comes as Kamala Harris, now the Democratic presidential nominee after Joe Biden's withdrawal, gains significant momentum, drawing large crowds and closing the gap in the polls. Reports suggest that Trump is frustrated with his campaign's performance and the rising popularity of Harris. Trump's dissatisfaction extends to his running mate, Senator J.D. Vance, who has struggled to connect with voters.

Why It Matters: Harris’s campaign has been surging since she officially entered the race, leading to a sharp increase in donations and narrowing the gap between her and Trump in the polls. As the 2024 election approaches, Trump’s press conference is expected to address these issues and possibly outline a new strategy to counter Harris's growing influence. (Read Deeper)

How Hoodlums Hijacked Hunger Protests In Northern Nigeria

The hunger protests, initially sparked by the hashtag #EndBadGovernance, rapidly devolved into violence and chaos across Northern states, with hoodlums hijacking the demonstrations and causing widespread destruction. In Kano, protesters clashed with security forces, attacking government buildings, including the Industrial Digital Park and Kano State High Court. In Kaduna, protests turned violent after security forces attempted to block demonstrators from gathering at the Government House, leading to further vandalism and attacks on government and private properties.

Takeaway: Similar unrest occurred in Borno and Yobe, where protests began peacefully but later involved looting, property destruction, and fatalities. Authorities imposed curfews and deployed security forces to restore order. The violence highlights growing public dissatisfaction with the government amid severe economic hardship. (Read Deeper)

ENTERTAINMENT & SPORTS

Stephen Curry Leads Team USA To Comeback Victory Over Serbia

In a dramatic semifinal clash at the Paris Olympics, Stephen Curry delivered a standout performance to lead Team USA to a 95-91 victory over Serbia. With the U.S. trailing by 17 points, Curry scored 36 points, including a crucial 3-pointer to secure the win. Despite a challenging start, where Serbia took a commanding lead, Curry's heroics helped overturn the deficit. Kevin Durant praised Curry's performance as "godlike," highlighting his pivotal role in the comeback. LeBron James, Joel Embiid, and Durant also contributed key plays, with James adding 17 points and 12 rebounds, and Embiid scoring 19 points. (Read Deeper)

Swifties Unite In Vienna After Taylor Swift Cancels Concerts Due To Terror Threats

Taylor Swift fans gathered in Vienna’s streets to sing her songs and console each other after the pop star was forced to cancel three concerts due to credible terrorist threats. On August 8, thousands of Swifties assembled in the Austrian capital, gathering particularly on Corneliusgasse, a street with a name reminiscent of “Cornelia Street,” a track from Swift’s 2019 album Lover. This collective act of support came after Swift’s concerts at the Ernst Happel Stadium, scheduled for August 8, 9, and 10, were canceled. (Read Deeper)

PODCAST(WHAT WE ARE LISTENING TO)

• Recent advancements in health science have unveiled new insights into maintaining optimal heart health, boosting VO2 max (Listen)

EXTRA BREVITI

• News Corp. Reports 6% Revenue Boost in Q4, Highlights OpenAI Deal (Read More)

• CloudPay, has announced the successful closure of a $120 million funding round. (Read More)

• Why Ukraine’s Generals May Have Rolled the Dice on an Incursion into Russia. (Read More)