😲OpenAI’s Sora Leaked

☀️Good morning. It's Wednesday, Nov. 27, and we're covering, Samsung Electronics Announces Major Leadership Reshuffle, OpenAI’s Sora Video Generator Leak Sparks Backlash, Global Leaders Respond To Trump’s Tariff Threats, Warn Of Economic Fallout, and much more. First time reading? Sign up to get this newsletter: Sign up here.  

We always Listen and respond to questions and feedback, email us at [email protected]

MARKETS

Cryptocurrency Prices by Market Cap

• Today's global cryptocurrency market cap is $3.22 Trillion, a 1.52% decrease in the last 24 hours.

• The total crypto market volume over the last 24 hours is $226.38B, which makes a 5.11% decrease.

• The total volume in Defi is currently $14.36B, 6.34% of the total crypto market 24-hours.

• The volume of all stablecoins is now $208.22B, which is 92.29% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 57.37%, a decrease of 0.05% over the day.

Cryptocurrency Market Faces Sharp Decline; Dogecoin And Solana Among Biggest Losers

The cryptocurrency market has experienced a downturn, with major coins like Dogecoin (DOGE), Solana (SOL), and Cardano (ADA) seeing sharp losses. DOGE dropped 12%, ADA fell 14.7%, and SOL saw a 10% decline. Bitcoin (BTC) and Ethereum (ETH) also posted losses. Despite a rise in Dogecoin's network activity, the price dropped by 9.7%, while Solana's market cap for its tokens dropped significantly. (Read Deeper)

BUSINESS & FINANCE

Samsung Electronics Announces Major Leadership Reshuffle

Samsung Electronics has undergone a major leadership reshuffle, appointing Jun Young-hyun as co-CEO and head of the memory chip business, and Han Jin-man as president and head of the foundry division. This move aims to strengthen Samsung's position in the competitive AI chip market, where it has struggled to keep up with rivals like SK Hynix and TSMC.

Why It Matters: The reshuffle follows a significant profit decline in its semiconductor division, attributed to delays in the AI chip business with key customers. Despite the leadership changes, Samsung's shares fell by 2%, reflecting investor concerns about its future competitiveness and risks related to the incoming U.S. administration. Chairman Jay Y. Lee acknowledged the company's challenges, particularly in the semiconductor sector. (Read Deeper)

New Zealand Cuts Interest Rates Again Amid Struggling Economy

New Zealand's Reserve Bank (RBNZ) has reduced its benchmark interest rate by 50 basis points to 4.25%, marking its third consecutive rate cut as the nation grapples with a struggling economy. Previous cuts included a 50 bps reduction in October and 25 bps in August. The RBNZ hinted at further rate cuts in early 2025 if conditions remain favorable. It expects economic growth to recover in 2025 as lower interest rates stimulate investment and spending, though employment growth may remain weak until mid-2025.

Why It Matters: The central bank noted that economic activity remains subdued, with output below potential. New Zealand's GDP contracted by 0.2% in the June 2024 quarter and on an annual basis, marking four straight quarters of economic decline. Falling inflation has allowed the RBNZ room to lower rates further. Inflation, which peaked at 7.3% in mid-2022, has cooled significantly to 2.2% as of Q3 2024, well within the central bank's target range of 1-3%. (Read Deeper)

TECHNOLOGY & SCIENCE

OpenAI’s Sora Video Generator Leak Sparks Backlash

OpenAI’s unreleased video generation tool, Sora, was leaked by a group of activists protesting what they claim are unfair practices and a lack of transparency in the tool's development. Using early access tokens, the group created a public frontend on Hugging Face, allowing users to generate 10-second videos. OpenAI quickly shut down access after the leak. OpenAI responded by stating that Sora remains in a "research preview," with voluntary participation and support provided to artists.

Takeaway: The group, calling itself "Sora PR Puppets," accused OpenAI of pressuring early testers to promote Sora positively while offering little compensation. They also criticized the company for requiring pre-approval for shared content, describing the program as more focused on public relations than supporting artists. (Read Deeper)

SpaceX Gets FCC Approval For Starlink Direct-to-Phone Deal With T-Mobile

The FCC has approved SpaceX's plan to offer a direct-to-phone version of its Starlink satellite internet service in partnership with T-Mobile. This service aims to provide mobile connectivity in areas lacking traditional networks, using satellites to extend T-Mobile's existing coverage. While announced in 2022 with an expected 2023 rollout, the service faced regulatory delays and engineering challenges, such as syncing mobile phones with fast-moving satellites.

Takeaway: SpaceX has demonstrated the technology's potential during emergencies, like hurricanes, enabling improved access to 911 and emergency services. Competitors, including Amazon’s Kuiper and Lynk, have raised objections to SpaceX’s plans, but the FCC ultimately approved the application. The deployment will involve satellites operating at altitudes close to the International Space Station, requiring coordination with NASA. (Read Deeper)

AROUND DE WORLD & POLITICS

Global Leaders Respond To Trump’s Tariff Threats, Warn Of Economic Fallout

Officials from Canada, Mexico, and China have criticized U.S. President-elect Donald Trump’s threat to impose tariffs on their countries, warning of serious economic repercussions. Trump’s proposed tariffs—25% on goods from Mexico and Canada and 10% on those from China—are seen as retaliatory measures against illegal immigration and drug trafficking. These proposed tariffs have already caused the Canadian dollar and Mexican peso to drop in value, and experts warn the tariffs could harm U.S. businesses reliant on imports from these nations.

Takeaway: Mexican President Claudia Sheinbaum and Canadian Prime Minister Justin Trudeau both expressed concerns about the risks of escalating trade conflicts, while Canada’s provinces indicated potential retaliatory tariffs. China’s embassy denied accusations that it enabled the U.S. drug crisis. (Read Deeper)

Israel And Hezbollah Reach Permanent Ceasefire Agreement

A permanent ceasefire between Israel and Lebanon’s Hezbollah, brokered by the U.S. and France, will begin on November 27, 2024. President Joe Biden announced the deal, marking an end to over a year of cross-border hostilities that escalated after the October 2023 conflict involving Hamas in Gaza. Israel warned that it would continue to act against any future threats from Hezbollah and would destroy any weapons smuggling operations. Despite the ceasefire announcement, military actions continued, with Israel targeting Hezbollah in Beirut and Hezbollah launching missile strikes on northern Israel.

Takeaway: Fighting will cease at 4:00 a.m. local time. Over the next 60 days, Lebanon's army and security forces will secure southern Lebanon as Israeli troops gradually withdraw. Both sides' displaced civilians will be able to return to their homes and begin rebuilding. Israeli Prime Minister Benjamin Netanyahu emphasized that the ceasefire would allow Israel to focus on the Iranian threat and the ongoing conflict with Hamas. (Read Deeper)

ENTERTAINMENT & SPORTS

Justin Bieber Faces Financial Strain Amid Health Struggles And Lavish Spending

Justin Bieber is reportedly dealing with financial pressures amid his battle with Ramsay Hunt syndrome, a neurological condition that forced him to halt his Justice World Tour in 2023. Sources claim the singer's lavish spending habits, combined with limited income from music and performances, are creating financial challenges despite his substantial earnings, including a $200 million deal to sell his music catalog to Hipgnosis Songs Capital last year. (Read Deeper)

Man City’s Defensive Woes Continue As They Throw Away 3-0 Lead Against Feyenoord

Manchester City’s defensive woes continued as they squandered a 3-0 lead to draw 3-3 with Feyenoord in the Champions League. Despite dominating the match early on, City conceded three goals after a series of defensive errors, particularly from Josko Gvardiol, whose mistakes allowed Feyenoord to get back into the game. Manager Pep Guardiola expressed frustration, describing his side as “fragile” and “weak” while admitting that their defensive instability is a serious concern. (Read Deeper)

PODCAST(WHAT WE ARE LISTENING TO)

• Mike Neuder explains why Ethereum (ETH) is permissionless, why it functions as money, and consequently, why ETH is permissionless money. (Listen)

EXTRA BREVITI

• OpenAI has secured a $1.5 billion investment from SoftBank, which will allow current and former employees to sell shares through a new tender offer. (Read More)

• BYD, the Chinese automaker, has clarified that while it sets price reduction targets for suppliers during large-scale purchases, these targets are negotiable and not mandatory. (Read More)

• Black Forest Labs, the German AI startup behind the image-generation technology for Elon Musk’s Grok, is in discussions to raise $200 million in funding, with Andreessen Horowitz (A16z) leading the round. (Read More)

• Elon Musk is challenging the transfer of Alex Jones' X accounts to The Onion, which won a bankruptcy auction to acquire Jones' InfoWars assets. (Read Deeper)