🤑Perplexity AI Eyes $8 Billion Valuation

☀️Good morning. It's Monday, Oct. 21, and we're covering, WiseTech Shares Plummet Because Allegations Against CEO Richard White, IBM Introduces Granite 3.0: Advanced AI Models For Business And Enterprise, Hurricane Oscar Hits Cuba As Faces Fourth Electrical Grid Collapse, 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

• The global cryptocurrency market cap today is $2.37 Trillion, a 2.01% increase in the last 24 hours.

• The total crypto market volume over the last 24 hours is $70.36B, which makes a 66.62% increase.

• The total volume in Defi is currently $4.87B, 6.93% of the total crypto market 24-hours.

• The volume of all stablecoins is now $62.25B, which is 88.46% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 57.10%, a decrease of 0.51% over the day.

Bitcoin Approaches $70,000 After $2.4 Billion ETF Inflows Boost Optimism

Bitcoin approached the $70,000 mark on Monday, driven by a $2.4 billion inflow into exchange-traded funds (ETFs) and optimism about U.S. regulatory changes following the November 5 presidential election. The cryptocurrency hit $68,720 before stabilizing, while other top tokens like Ether and Solana traded within a narrow range. Investors anticipate a more favorable crypto regulatory environment if pro-crypto candidate Donald Trump wins. (Read Deeper)

BUSINESS & FINANCE

WiseTech Shares Plummet Because Allegations Against CEO Richard White

WiseTech Global Ltd. experienced a dramatic 15% drop in share prices on Monday, following allegations of historical inappropriate behavior against its billionaire co-founder and CEO, Richard White. The decline, the largest in over a year, resulted in a loss of $1.4 billion from White’s net worth, reducing it to $8.3 billion. Concurrently, the company’s market value fell by A$6 billion ($4 billion). The allegations also highlight a separate issue from 2019, in which White reportedly paid a former female executive A$2.7 million, double his CEO salary, without disclosing it to investors.

Takeaway: The allegations surfaced in reports by Nine Entertainment Co., which claimed that White had paid millions of dollars to a former sexual partner to settle accusations made in late 2020. White has denied these claims and provided a statutory declaration to the WiseTech board. The board announced that it is currently reviewing the situation and seeking external advice to address the concerns raised. (Read Deeper)

AI Search Startup Perplexity Eyes $9 Billion Valuation Amid New Funding Talks

Perplexity AI, an AI search startup, is in early talks to raise over $500 million in funding, which could value the company at around $9 billion. This new valuation would double its previous value of $3 billion from earlier this year. Investors, including SoftBank, Jeff Bezos, and Nvidia, have shown strong interest in the company. The discussions are still in the preliminary stages, and details such as the valuation or the fundraising amount could change.

Takeaway: Perplexity didn’t initiate this latest round of funding; instead, investors approached the company, reflecting the high demand in the AI sector. Alongside its core search product, the startup offers various services, including tools for organizations to search internal files and features that cater to finance-related queries, such as stock prices and earnings data. (Read Deeper)

TECHNOLOGY & SCIENCE

IBM Introduces Granite 3.0: Advanced AI Models For Business And Enterprise

IBM has unveiled Granite 3.0, its latest suite of AI models designed for business use, at its TechXchange event. These models, released under the open-source Apache 2.0 license, offer strong performance across various benchmarks. The Granite family includes models for general language tasks, safety guardrails, and time-series forecasting. Granite Time Series model has achieved state-of-the-art performance in zero- and few-shot forecasting, outperforming larger models from major AI competitors.

Takeaway: The Granite Guardian models focus on AI safety, while the Mixture-of-Experts models are built for efficient, low-latency operations. IBM also integrated Granite 3.0 into its Consulting Advantage platform to enhance AI-powered services for clients. The models are available via IBM’s Watsonx platform and other cloud services. (Read Deeper)

SpaceX Launches 20 Eutelsat OneWeb Satellites To Orbit

On October 20, SpaceX successfully launched 20 Eutelsat OneWeb V1 satellites from Vandenberg Space Force Base in California. The Falcon 9 rocket lifted off at 1:13 a.m. EDT (0513 GMT; 10:13 p.m. local time) as part of a mission to expand broadband internet coverage. This launch is the final batch for Eutelsat OneWeb, which aims to provide global internet services. The Falcon 9's first stage is expected to return to Earth and land at Vandenberg's Landing Zone 4 approximately eight minutes after liftoff.

Why It Matters: With this launch, Eutelsat OneWeb will enhance the resiliency of its satellite constellation, supporting a growing customer base that includes enterprise and government clients. The partnership between SpaceX and Eutelsat OneWeb began in March 2022 after OneWeb shifted from Russian Soyuz rockets to SpaceX due to geopolitical tensions following Russia's invasion of Ukraine. (Read Deeper)

AROUND DE WORLD & POLITICS

Hurricane Oscar Hits Cuba As Faces Fourth Electrical Grid Collapse

Cuba's national electrical grid collapsed for the fourth time in 48 hours on Sunday, worsening the situation as Hurricane Oscar made landfall, bringing strong winds, rain, and storm surges to the eastern part of the island. The government has been struggling to restore power to millions of people affected by the grid failures, which began when Cuba's largest power plant shut down on Friday. The repeated blackouts have compounded an already difficult situation for Cubans, who are suffering from shortages of food, medicine, and fuel.

Takeaway: The hurricane has further complicated efforts to restore power. Energy Minister Vicente de la O Levy said the grid should be fully operational by Monday or Tuesday, but warned residents not to expect rapid improvements. As protests emerged in Havana, the Cuban government is also facing criticism for the ongoing energy crisis, which it blames on deteriorating infrastructure, fuel shortages, and U.S. sanctions. (Read Deeper)

Musk’s $1 Million Daily Giveaway To Voters Who Sign PAC Petition

Elon Musk is offering $1 million daily to voters who sign a petition from his political action committee (PAC) supporting the First and Second Amendments. The initiative, part of Musk’s push to support Donald Trump's 2024 presidential bid, has sparked concerns among election experts about its legality. The issue has drawn attention from figures like Pennsylvania Governor Josh Shapiro, who expressed concern over the flow of "dark money" and its influence on the election.

Takeaway: Musk's America PAC is touring Pennsylvania to register voters to support Trump, a key swing state in the upcoming election. Participants must be registered voters to be eligible for the cash giveaway, raising legal concerns, as U.S. election laws prohibit offering money in exchange for voter registration. Legal experts argue that Musk's offer may cross a boundary by requiring registration to claim the prize, potentially violating election laws. (Read Deeper)

ENTERTAINMENT & SPORTS

Liverpool Beat Chelsea 2-1, Remains Premier League Leaders

Liverpool solidified its position as Manchester City’s primary title rival with a hard-fought 2-1 victory over Chelsea on Sunday, maintaining its lead at the top of the Premier League table. The win at Anfield came after City narrowly defeated last-place Wolves 2-1, thanks to a last-minute header from John Stones. (Read Deeper)

Danielle Peazer Reflects On Final Message From Liam Payne Before His Tragic Death

Danielle Peazer, Liam Payne's ex-girlfriend, shared a touching tribute on Instagram following his tragic death at 31. She revealed that Payne had sent her a message just weeks before his passing, expressing happiness for her family with partner Sonny Jay. Peazer reflected on their relationship, noting his pride in being a father and expressing sorrow for his son Bear, who will grow up without him. (Read Deeper)

PODCAST(WHAT WE ARE LISTENING TO)

• Gator Capital’s impressive track record since its inception in July 2008 highlights its ability to deliver substantial returns compared to the broader market. (Listen)

EXTRA BREVITI

• Mira Murati, the former Chief Technology Officer at OpenAI, is reportedly raising capital for her new AI startup. (Read More)

• ByteDance, the parent company of TikTok, has fired an intern for allegedly disrupting the training of one of its artificial intelligence (AI) models.. (Read More)

• Israel's military has intensified its operations against Hezbollah, announcing on Sunday that it would target the militant group's financial arm, al-Qard al-Hassan. (Read More)

• Aramco CEO Bullish on China’s Oil Demand Following Stimulus Measures. (Read More)