Petroleum Minister Hosts Crucial Meeting With Dangote 🤝

Good morning. It's Tuesday, Jul. 23, and we're covering, Cohere Raises $500 Million To Compete With Generative AI Rivals, Tesla To Introduce Humanoid Robots In Factories Next Year, Kamala Harris Secures Democratic Nomination For President, 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 $2.41 Trillion, a 1.31% decrease in the last 24 hours.

• The total crypto market volume over the last 24 hours is $88.58B, which makes a 23.90% increase.

• The total volume in Defi is currently $7.47B, 8.43% of the total crypto market 24-hours.

• The volume of all stablecoins is now $64.67B, which is 73.00% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 54.54%, an increase of 0.18% over the day.

Ethereum ETFs, Binance Approval

On July 23, five spot Ethereum ETFs, including those from financial giant Fidelity, were launched. Binance US has received judicial approval to invest customer assets in US Treasury bills. This marks a crucial milestone in the integration of cryptocurrencies into mainstream financial markets. (Read Deeper)

BUSINESS & FINANCE

Cohere Raises $500 Million To Compete With Generative AI Rivals

Cohere, a generative AI startup founded by ex-Google researchers, has raised $500 million from investors including Cisco, AMD, and Fujitsu, bringing its valuation to $5.5 billion. This funding will support Cohere's growth and expansion of its technical teams. This funding, bringing Cohere's total raised to $970 million, will support accelerated growth and expansion of its technical teams. Cohere, co-founded by Aiden Gomez, focuses on customizing AI models for enterprise clients like Oracle and Notion rather than targeting consumers.

Takeaway: The company's AI platform is cloud agnostic, and it offers tailored models based on proprietary data. Cohere also runs a nonprofit research lab and releases open models. With $35 million in annualized revenue as of March, Cohere continues to grow its customer base and partnerships, including with Google Cloud and Oracle. (Read Deeper)

Wiz Rejects $23 Billion Google Acquisition To Pursue An IPO

Wiz, a cloud security startup, has decided to forego a $23 billion acquisition offer from Google, opting to pursue an initial public offering (IPO) as originally planned. This would have been Google's largest-ever deal. Wiz co-founder and CEO Assaf Rappaport acknowledged the difficulty of turning down such an offer but cited antitrust and investor concerns as key reasons behind the decision. Wiz plans to focus on achieving an IPO and $1 billion in annual recurring revenue. The company's rapid growth, particularly during the COVID-19 pandemic, has been driven by its cloud security products.

Takeaway: This development is seen as a setback for venture firms such as Index Ventures, Insight Partners, Lightspeed Venture Partners, and Sequoia Capital, which have heavily invested in Wiz. Google's largest acquisition to date remains the purchase of Motorola for $12.5 billion in 2012. More recently, Google acquired cybersecurity firm Mandiant for $5.4 billion in 2022 and reportedly ended talks to acquire sales software maker HubSpot. (Read Deeper)

TECHNOLOGY & SCIENCE

Tesla To Introduce Humanoid Robots In Factories Next Year

Tesla CEO Elon Musk announced that the electric vehicle manufacturer plans to begin using humanoid robots in its factories starting next year. The robots, named Optimus, will initially be deployed internally within Tesla, with plans to begin mass production for external sales by 2026. Musk shared this update on his social media platform X (formerly Twitter) just before Tesla's latest financial results, which led to a 5% rise in the company's shares. Musk has a history of setting ambitious timelines, though not all have been met. Tesla is not alone in the development of humanoid robots. Other companies like Honda and Boston Dynamics are also progressing in this field.

Why It Matters: As Tesla faces slowing demand for electric vehicles, Musk's businesses are increasingly focusing on cutting-edge technologies such as artificial intelligence, autonomous driving, and robotics to drive future growth. Musk has indicated that the Optimus robots are expected to be mass-produced and cost less than $20,000 each. (Read Deeper)

Google Reverses Decision To Eliminate Third-Party Cookies In Chrome

Google announced on Monday that it will no longer proceed with plans to eliminate third-party cookies from its Chrome browser. This decision follows years of delays and feedback from advertisers and regulators. Initially, Google intended to phase out third-party cookies by early 2022, launching the "Privacy Sandbox" initiative to develop privacy-conscious alternatives for tracking users and targeting ads. Despite proposing solutions like the "Federated Learning of Cohorts," the timeline was extended multiple times due to the need for a smoother transition for the digital advertising industry.

Why It Matters: In 2021, Google delayed the phase-out to give the industry more time to adapt. By 2022, feedback indicated that advertisers needed even more time to transition, with some expressing concerns about the impact on their businesses. Google has now decided to maintain third-party cookies while introducing a new user experience in Chrome that allows users to make informed privacy choices. (Read Deeper)

AROUND DE WORLD & POLITICS

Kamala Harris Secures Democratic Nomination For President

Vice President Kamala Harris secured support from a majority of Democratic National Convention delegates, effectively ensuring her nomination for president. She has 2,538 delegates, surpassing the required 1,976. President Joe Biden withdrew from the race due to concerns about his age and health, endorsing Harris and pledging to remain in office until the end of his term in January 2025. Harris vowed to tackle issues such as protecting abortion rights, banning assault rifles, and rebuilding the middle class. She contrasted her record with that of Republican nominee Donald Trump.

Takeaway: Harris raised $81 million within 24 hours of Biden’s exit. Prominent Democrats and organizations, including former Speaker Nancy Pelosi and the AFL-CIO, endorsed her. Harris’s nomination marks a generational and cultural shift in the Democratic Party. As the first Black and Asian American woman nominated for president by a major party, she represents a stark contrast to the 78-year-old Trump. (Read Deeper)

Petroleum Minister Hosts Crucial Meeting With Dangote And NNPC

Nigeria’s Minister for State, Petroleum Resources (Oil), Heineken Lokpobiri, held a high-level meeting with key stakeholders, including Aliko Dangote of the Dangote Group, and executives from NNPC Ltd, NMDPRA, and NUPRC to address issues surrounding the Dangote Refinery. The meeting aimed to foster cooperation and synergy among stakeholders to ensure the success of the oil and gas sector. The House of Representatives has set up an ad hoc committee to investigate the alleged conspiracy by IOCs against the refinery. The 650,000 barrels per day Dangote Refinery has already begun producing diesel and aviation fuel and plans to supply Premium Motor Spirit (PMS) to the market by July.

Takeaway: Key points discussed included accusations by Devakumar Edwin of Dangote Industries against International Oil Companies (IOCs) for frustrating the refinery's efforts to buy local crude, which IOCs have denied. The NMDPRA stated that the refinery is still at the pre-commissioning stage and has not yet been licensed. (Read Deeper)

ENTERTAINMENT & SPORTS

LeBron James Leads Team USA To Victory In Pre-Olympics

LeBron James scored Team USA's final 11 points, securing a 92-88 victory over Germany. This performance occurred when James was named the U.S. male flag bearer for the upcoming Olympic Opening Ceremony in Paris. James, who ended the game with 20 points, six rebounds, and four assists, demonstrated his leadership and clutch performance skills as the Americans finished their pre-Olympics exhibition schedule with a perfect 5-0 record. (Read Deeper)

Comedian Brain Jotter Meets Viral Highlife Icon Mike Ejeagha

On July 22, 2024, comedian and skitmaker Brain Jotter fulfilled a long-awaited goal by meeting the legendary highlife singer Mike Ejeagha. This visit comes just days after Jotter's public quest to locate the singer, spurred by the viral success of his latest dance content. Brain Jotter gained widespread attention after launching a dance challenge set to Ejeagha's classic 41-year-old highlife song, "Gwo Gwo Gwo Ngwo." The viral trend not only revived interest in the timeless track but also led Jotter to offer N2 million in his search for the veteran musician. (Read Deeper)

PODCAST(WHAT WE ARE LISTENING TO)

• Why the EU can regulate big tech faster. ( Listen )

EXTRA BREVITI

• Sycamore has been awarded the Nigeria Sovereign Investment Authority (NSIA) Prize for Innovation, securing a $100,000 prize in the second edition of the competition. (Read More)

• Biden’s withdrawal from the US presidential race spells new uncertainty for Ukraine (Read More)

• Heathrow Airport is falling behind its European counterparts due to high passenger costs and insufficient investment, (Read More)