OpenAI Is Raising $6.5 billion At $150 Billion Valuation💰️ 🤑

Good morning. It's Thursday, Sept. 12, and we're covering, OpenAI Reportedly Raising At $150 Billion Valuation, SpaceX Astronauts Reach Farthest Distance From Earth, UN Reports Six Staff Members Killed In Israeli Airstrike, 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 $2.04 Trillion, a 2.27% increase in the last 24 hours.

• The total crypto market volume over the last 24 hours is $70.93B, which makes a 11.63% increase.

• The total volume in Defi is currently $3.25B, 4.59% of the total crypto market 24-hours.

• The volume of all stable coins is now $65.19B, which is 91.91% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 56.21%, an increase of 0.19% over the day.

BUSINESS & FINANCE

OpenAI Is Reportedly Raising At $150 Billion Valuation

OpenAI is reportedly raising $6.5 billion at a $150 billion valuation, surpassing the market caps of major companies like Goldman Sachs and Uber. This represents a significant jump from its previous $86 billion valuation earlier this year. Thrive Capital is leading the funding round, with potential investments from Microsoft, Apple, and Nvidia. OpenAI is also seeking $5 billion in debt. This valuation places OpenAI in the elite group of private companies valued higher than most publicly traded corporations.

Why It Matters: The funds are expected to be used for computing power and other operational needs. OpenAI is expected to allow its employees to sell shares through a tender offer later this year, providing liquidity for its staff as the company continues to remain private. The tender offer would allow employees to sell a portion of their shares at a fixed price, a common practice for startups delaying an initial public offering (IPO). (Read Deeper)

Nvidia’s $50 Billion Buyback: A Smoke-and-Mirrors Campaign?

Nvidia has announced a $50 billion share buyback, raising concerns that it may be a "smoke-and-mirrors" tactic to boost its stock amid insider selling and a historically high valuation. Despite dominating the AI market with its in-demand GPUs, Nvidia insiders, including CEO Jensen Huang, have sold over $1.6 billion in shares in the past year. Critics question the timing of the buyback, given the company’s lofty price-to-sales ratio and parallels to past market bubbles.

Takeaway: While Nvidia remains a key player in the AI space, the company’s buyback could be seen as an attempt to distract from the potential pitfalls of its skyrocketing valuation and the early-stage nature of AI adoption. Investors are left to decide whether Nvidia’s buyback is a sign of confidence or a strategy to buoy its stock price amid growing skepticism. (Read Deeper)

TECHNOLOGY & SCIENCE

SpaceX Astronauts Reach Farthest Distance From Earth Since Apollo Missions

SpaceX astronauts, led by Jared Isaacman, have set a new record by reaching 869 miles above Earth's surface, the farthest distance any human has traveled from Earth since the Apollo moon missions. The team, aboard a Crew Dragon spacecraft, is on a six-day mission as part of SpaceX's Polaris Dawn project. This mission also includes the first private spacewalk, scheduled for later in the journey. Launched aboard a Crew Dragon spacecraft early Tuesday morning, the team embarked on a daring six-day mission that marks several key milestones for Elon Musk’s space venture.

Takeaway: SpaceX shared video footage of the spacecraft firing its Draco thrusters as it soared to record-breaking heights, with the company announcing, “Achievement unlocked.” The spacecraft successfully raised its orbit by burning its thrusters for eight minutes, with plans for a splashdown in the ocean in five days if all goes according to schedule. (Read Deeper)

Bluesky Introduces Native Video Support To Compete With Rivals

Bluesky, a decentralized social networking platform, is introducing native video support, allowing users to upload 60-second videos. This update brings the platform closer to competing with X (formerly Twitter), Instagram Threads, and Mastodon. Users can upload up to 25 videos or 10GB of video daily, with content moderation and spam prevention in place. Bluesky's video feature includes autoplay, optional subtitles, and filtering for adult content.

Why It Matters: The move comes as Bluesky nears 10 million users, thanks in part to the recent ban of X in Brazil. The platform has been seen as a decentralized alternative to X, offering users the ability to post text and images, reply, repost, and even set up their own servers. Bluesky’s introduction of video follows a series of updates, including direct messages, a personalized Discover feed, and reply-hiding tools. (Read Deeper)

AROUND DE WORLD & POLITICS

UN Reports Six Staff Members Killed In Israeli Airstrike

The United Nations Relief and Works Agency for Palestine Refugees (UNRWA) reported that six of its employees were killed in an Israeli airstrike on the al-Jaouni school in central Gaza, which was being used as a shelter for thousands of displaced Palestinians. The strike also killed at least 14 people, according to local hospital officials. Israel’s military claimed the strike targeted Hamas militants operating inside the school.

Takeaway: Footage from the scene showed extensive damage to the school and surrounding areas. Emergency responders were seen transporting the wounded to local hospitals. The airstrike killed at least 14 people, including several children. The conflict, which began after a massive Hamas attack on southern Israel on October 7, has resulted in casualties on both sides. (Read Deeper)

Severe Flooding In Northeastern Nigeria Leaves 30 Dead 

Severe flooding in northeastern Nigeria has killed 30 people and displaced over a million, caused by the collapse of a major dam in Borno State following heavy rains. Around 15% of the state capital, Maiduguri, is submerged. The flooding has destroyed markets, raised food prices, and prompted fears of escaped wildlife from a damaged local zoo. This disaster follows West Africa's worst flooding in decades, with over 2.3 million people affected this year. Rescue operations are ongoing, and the number of displaced people is expected to rise.

Takeaway: Rescue operations are ongoing, with displaced individuals being sheltered at a former refugee camp outside the flood zone. Efforts to provide aid and support to the affected population are underway as the region continues to grapple with the aftermath of the disaster. (Read Deeper)

ENTERTAINMENT & SPORTS

Chelsea Ownership Rift: Boehly And Clearlake Battle For Control

Chelsea FC's ownership is divided between two camps, with a rift emerging between Todd Boehly and Behdad Eghbali of Clearlake Capital. Boehly, who holds a 12.8% stake and was a public face early in the takeover, wants to buy out Clearlake’s majority 61.5% share. However, Clearlake’s co-founders, Eghbali and Jose Feliciano, are keen on increasing their stake rather than selling. While Boehly initially had influence over major decisions like sacking Thomas Tuchel and appointing Graham Potter, Eghbali has since taken greater control. (Read Deeper)

HBO’s 'Harry Potter' TV Series Casting Call For Young Actors

HBO is casting for its upcoming "Harry Potter" TV series, seeking actors aged 9 to 11 from the UK or Ireland to play Harry Potter, Ron Weasley, and Hermione Granger. The casting call emphasizes diversity and inclusivity. Applicants must submit two videos by October 31: one showcasing a poem or story and another providing personal details. The series, set to premiere in 2026, will adapt each of J.K. Rowling’s books into seven seasons. Francesca Gardiner and Mark Mylod will executive produce and direct. (Read Deeper)

PODCAST(WHAT WE ARE LISTENING TO)

• A conversation with Elon Musk: from automotive and space travel to AI and beyond. | All-In Summit 2024 (Listen)

EXTRA BREVITI

• Japanese space exploration company ispace is preparing to launch its second moon landing mission, Hakuto-R Mission 2, as early as December (Read More)

• Over 67 million people watched the first presidential debate between former President Donald Trump and Vice President Kamala Harris, (Read More)

• A Federal High Court in Abuja has granted bail of N10 million each to ten members of the #EndBadGovernance protest. (Read More)