Russian Strikes Hit Ukraine 🚀 💣️

Good morning. It's Tuesday, Aug. 27, and we're covering, Nasdaq 100 Falls 1% As Nvidia Faces Earnings Anticipation, OpenAI, Adobe, And Microsoft Back California Bill, Telegram CEO Pavel Durov Arrested In France Not Political Decision, 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 $2.21 Trillion, a 1.36% decrease in the last 24 hours.

• The total crypto market volume over the last 24 hours is $66.23B, which makes a 29.93% increase.

• The total volume in Defi is currently $3.51B, 5.29% of the total crypto market 24 hours.

• The volume of all stablecoins is now $61.56B, which is 92.95% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 56.24%, an decrease of 0.03%over the day.

BUSINESS & FINANCE

Nasdaq 100 Falls 1% As Nvidia Faces Earnings Anticipation

Tech stocks, led by Nvidia, dragged the Nasdaq 100 down 1%, as investors braced for Nvidia's earnings report. While most S&P 500 stocks gained, big tech's downturn caused the overall market to dip. Small caps remained steady amid optimism for rate cuts, as signaled by Fed Chair Jerome Powell at Jackson Hole. Strong corporate buybacks and systematic fund flows are expected to lift stocks, but all eyes are on Nvidia's earnings, which have the potential to move markets significantly.

Why It Matters: Policymakers remain a focus, with mixed signals on rate cuts from Fed officials. Treasury yields rose slightly, and oil prices climbed due to tensions in the Middle East and Libya's export halt. As September is historically volatile, key indicators such as inflation data, Nvidia's earnings, and payroll reports could drive market swings. (Read Deeper)

Nigerian Fintech Loses ₦146 Million Hackers

A Nigerian fintech lost ₦146 million (around $317,200) that it initially recovered from fraudsters after its fraud recovery account was hacked. The funds, held with a tier-2 Nigerian commercial bank, were stolen in May 2023 and sent to accounts across 26 banks and fintech, complicating recovery efforts. This incident highlights the vulnerability of fraud recovery accounts, even as fintech works to recover customer funds.

Takeaway: The fintech has since initiated the recovery process but is facing pressure from clients who are waiting for their money. The company has petitioned the court to compel the 26 banks and fintech to provide KYC records and freeze accounts, while also seeking arrest warrants for three suspects involved. (Read Deeper)

TECHNOLOGY & SCIENCE

OpenAI, Adobe, And Microsoft Back California Bill Mandating Watermarks On AI Content

OpenAI, Adobe, and Microsoft have thrown their support behind California's AB 3211, a bill requiring AI-generated content to be labeled with watermarks. The legislation mandates that AI-generated photos, videos, and audio clips include watermarks in their metadata, and that large online platforms like Instagram and X clearly label such content for average users. This measure is intended to enhance transparency and help users differentiate between AI-generated and authentic content.

Takeaway: Initially opposed by a trade group representing Adobe, Microsoft, and others, recent amendments to the bill have led to these companies backing the measure. The bill is set for a final vote in August and aims to improve transparency in AI content. (Read Deeper)

Polaris Dawn To Conduct the First Commercial Spacewalk

Billionaire Jared Isaacman is set to return to space on the Polaris Dawn mission, which aims to break new ground for private space exploration. The mission will push SpaceX’s Dragon capsule to its highest altitude yet and conduct the first commercial spacewalk. This mission will also test upgraded EVA suits and Starlink's laser-based communications while conducting experiments on the effects of radiation on human health. Joining Isaacman are three crew members, including two SpaceX employees. The mission is scheduled to launch on August 27 and will last up to five days.

Why It Matters: Polaris Dawn will also put Dragon's upgraded life support systems to the test, with the crew completing a spacewalk that involves depressurizing the spacecraft. While two astronauts venture outside for 15-20 minutes, all four crew members will wear EVA suits connected to life support via umbilical cords. The mission is scheduled to launch on August 27 and will last up to five days.

AROUND DE WORLD & POLITICS

Telegram CEO Pavel Durov Arrested In France Not Political Decision

French President Emmanuel Macron confirmed that Telegram CEO Pavel Durov was arrested in France, emphasizing that the decision was not politically motivated but part of an independent judicial process. Durov was detained as part of an ongoing investigation into his platform's alleged complicity in cybercrimes, including organized crime and child abuse imagery. Durov's arrest, which took place at Le Bourget airport, comes amid longstanding criticisms that Telegram's encrypted messaging allows criminal activities to go unchecked.

Takeaway: Telegram maintains that it complies with EU laws and continually improves moderation efforts, while Durov has defended the platform's encryption policies in the past. The app is widely used by pro-democracy activists and in war zones like Ukraine. While Telegram’s encryption ensures privacy for users, critics argue that it also shields criminal activities from law enforcement scrutiny. (Read Deeper)

Russian Strikes Hit Ukraine For Second Day, Targeting Infrastructure And Civilians

Russia launched a second consecutive day of large-scale missile and drone strikes across Ukraine, targeting power stations and civilian infrastructure in cities such as Kyiv, Lviv, Kharkiv, and Odesa. The attacks, involving hypersonic missiles, caused significant damage, resulting in blackouts and water supply disruptions. At least nine people have been killed over two days, with dozens more injured.

Takeaway: Ukraine's President Zelensky urged Western allies to allow the use of long-range weapons to defend against these strikes. The strikes are seen as an attempt by Russia to regain control after recent Ukrainian territorial gains. Western leaders condemned the attacks as "outrageous." (Read Deeper)

ENTERTAINMENT & SPORTS

Mariah Carey’s Mother Patricia And Sister Alison Passed Away On The Same Day

Mariah Carey has announced the tragic news that both her mother, Patricia, and her sister, Alison, passed away on the same day. In an exclusive statement, the singer expressed her heartbreak, saying she felt fortunate to have spent the last week with her mother before her death. The cause of their deaths has not been disclosed. Carey has had complicated relationships with both her mother and sister, which she detailed in her 2020 memoir. Despite their challenges, Mariah maintained love and respect for her family. She has requested privacy during this difficult time. (Read Deeper)

Novak Djokovic Begins US Open Title Defense With Dominant First-Round Win

Novak Djokovic began his US Open title defense with a commanding performance, defeating Moldova’s Radu Albot in straight sets: 6-2, 6-2, 6-4. This victory marks Djokovic's 71st consecutive first-round win at a Grand Slam and extends his perfect first-round record at the US Open to 18-0. Djokovic, who secured the US Open title last year and recently completed a Golden Slam with his gold medal win at the 2024 Paris Olympics, continues to build momentum. (Read Deeper)

PODCAST(WHAT WE ARE LISTENING TO)

• How to Clean the Air You Breathe: Effective Strategies for a Healthier Home. (Listen)

EXTRA BREVITI

• How this serial founder built a software testing startup that has a 90% profit margin. (Read More)

• President Bola Tinubu has announced changes in Nigeria's security leadership, appointing Adeola Ajayi as the new Director-General of the Department of State Services (DSS). (Read More)

• Vice President Kamala Harris is advocating for a debate format that would allow Republican nominee Donald Trump to speak freely and extensively. (Read More)