SpaceX First Private Spacewalk 🚀

Good morning. It's Wednesday, Aug. 21, and we're covering, Asian Tech Stock Market Decline as Investors Await U.S. Economic Signals, Authors Sue Anthropic Over Copyright Infringement, Democrats Urged To Support Harris And Defeat Trump, 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 $2.11 Trillion, a 1.82% decrease in the last 24 hours.

• The total crypto market volume over the last 24 hours is $61.2B, which makes a 5.45% decrease.

• The total volume in Defi is currently $3.78B, 6.18% of the total crypto market 24-hours.

• The volume of all stablecoins is now $57.01B, which is 93.16% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 55.79%, an increase of 0.28% over the day.

BUSINESS & FINANCE

Asian Tech Stock Market Decline as Investors Await U.S. Economic Signals

Asian stock saw a downturn as a three-day rally came to an end, following a similar pause on Wall Street. Chinese tech stocks led the decline, with Hong Kong equities dropping as much as 2%, weighed down by Walmart’s planned sale of its JD.com stake and underwhelming earnings from firms like Kuaishou. Investors await key US payroll data and the Federal Reserve's minutes for signals on potential interest rate cuts, as well as Fed Chair Jerome Powell’s upcoming Jackson Hole speech. Japan's markets also declined, despite stronger export data, amid concerns over the rising yen's impact on earnings.

Takeaway: Japan's markets faced challenges despite positive export data, as the yen's strengthening against the dollar raised concerns about corporate earnings. Japan’s Topix index dropped 0.3%, with the local currency steadying around 145 yen per dollar after rallying earlier in the week. In commodity markets, Brent crude prices declined for the third consecutive day, reflecting global demand concerns and hopes for a ceasefire in Gaza. Gold continued to gain, rising to a new record high of $2,517.52 an ounce. (Read Deeper)

OpenAI Partners With Condé Nast To Integrate Content From Iconic Media Outlets Like Vogue And The New Yorker

OpenAI has partnered with Condé Nast, allowing its AI tools like ChatGPT and SearchGPT to access content from popular Condé Nast publications, including Vogue, The New Yorker, Wired, and Vanity Fair. This collaboration is part of a broader trend of media companies joining forces with AI firms to share content. OpenAI aims to improve search capabilities and provide users with direct access to reliable news sources. While some media outlets welcome such deals, others, like The New York Times, have sued AI companies over concerns of copyright infringement.

Takeaway: The Condé Nast agreement is the latest in a series of partnerships between AI companies and major media organizations. Earlier this year, OpenAI struck deals with Time magazine, News Corp., and Reddit, allowing the AI giant access to decades of journalistic archives and content to fuel its AI training and improve its models. As AI technology continues to evolve, collaborations like this may become more common, providing new opportunities for both AI firms and traditional media to thrive in a rapidly changing AI landscape. (Read Deeper)

TECHNOLOGY & SCIENCE

Authors Sue Anthropic Over Copyright Infringement

Three authors, Andrea Bartz, Charles Graeber, and Kirk Wallace Johnson—have filed a class-action lawsuit against Anthropic in California federal court. They accuse the AI company of using pirated versions of their books and hundreds of thousands of other copyrighted works to train its AI chatbot, Claude. The lawsuit alleges that Anthropic has unlawfully built its business by exploiting these copyrighted materials. This legal action adds to the growing list of copyright infringement cases faced by AI companies, including similar lawsuits against OpenAI and Meta Platforms. The authors seek monetary damages and a court order to stop Anthropic from using their work.

Takeaway: Anthropic is now dealing with its second lawsuit, having been previously targeted by music publishers for allegedly misappropriating copyrighted song lyrics to train Claude. In the most recent filing, the authors contend that Anthropic has built a multibillion-dollar enterprise by leveraging stolen intellectual property. They are seeking monetary damages and a permanent injunction to prevent the continued misuse of their work. (Read Deeper)

SpaceX’s Polaris Dawn Mission Set To Launch World’s First Private Spacewalk

SpaceX’s upcoming Polaris Dawn mission will launch on August 26, 2024, and will attempt the first-ever private spacewalk during a five-day journey in orbit. Financed by billionaire Jared Isaacman as part of the Polaris Program, the crew will fly aboard the Crew Dragon Resilience on a Falcon 9 rocket. Isaacman, along with three other crew members, including SpaceX engineers Sarah Gillis and Anna Menon, will test new spacesuits during a planned two-hour spacewalk. The mission also features a partnership with Doritos, which will send a specially designed zero-gravity version of its Cool Ranch chips into space.

Takeaway: Besides scientific goals, Polaris Dawn has secured an unexpected commercial partnership. Doritos will provide Zero Gravity Cool Ranch chips designed for space, with the snack's new oil-based coating preventing particles from floating away in the zero-gravity environment. (Read Deeper)

AROUND DE WORLD & POLITICS

Obama's Rallying Cry: Democrats Urged To Support Harris And Defeat Trump

On the second night of the Democratic convention in Chicago, Barack and Michelle Obama delivered impassioned speeches urging Democrats to rally behind Vice President Kamala Harris for the upcoming election. Barack Obama criticized Donald Trump, calling him a "78-year-old billionaire" who has continuously complained since his initial campaign. He emphasized the need for new ideas and a forward-looking vision, which he believes Harris can provide. Michelle Obama echoed this sentiment, highlighting the resurgence of hope with Harris' candidacy and urging Democrats to take action in the face of challenges and opposition.

Takeaway: The Obama speeches were a rallying call for Democratic unity and an energizing push for the party to embrace Harris’ leadership as it prepares for a critical election against Trump. Obama also highlighted the need for Democrats to innovate and address contemporary challenges. "Our job is to convince people that democracy can deliver," he said, stressing that the party must move beyond past accomplishments and focus on new solutions for issues like housing, health care, the economy, and immigration. (Read Deeper)

Nigerian Labour Congress Threatens Nationwide Strike Over Police Invitation To President

The Nigeria Labour Congress (NLC) has threatened a nationwide strike and protests if its president, Joe Ajaero, is detained or harmed following his police summons. The NLC views the police invitation, which involves allegations of criminal conspiracy and terrorism financing, as politically motivated and an attempt to destabilize the union. The police had warned Ajaero of arrest if he did not comply with their request to appear for questioning.

Takeaway: the NLC has mobilized its members for potential industrial actions and protests but has confirmed that Ajaero will attend the police summons, seeking an extension for preparation. The NLC denounces the allegations as part of a broader effort to weaken its influence and remains committed to defending workers' rights. (Read Deeper)

ENTERTAINMENT & SPORTS

Phil Foden And Cole Palmer Honored At PFA Awards

Manchester City's Phil Foden has been named the PFA Men’s Player of the Year, while Chelsea's Cole Palmer received the young player of the year award. This is the first time since the 2009-10 season that both awards have gone to English players. Foden, who scored 19 goals in 35 Premier League appearances and helped City secure a historic fourth consecutive title, expressed pride and gratitude for the recognition. Palmer, with 22 goals in his debut season for Chelsea, also had a notable performance for England in Euro 2024. (Read Deeper)

Jennifer Lopez Files For Divorce From Ben Affleck: What Went Wrong?

Jennifer Lopez has officially filed for divorce from Ben Affleck, marking the end of their second marriage just two years after their high-profile reunion. The filing on August 20, coincided with the second anniversary of their lavish wedding celebration. The couple, who rekindled their romance in 2021 after nearly two decades apart, had faced persistent rumors about their relationship. Despite their efforts to manage public scrutiny, old issues resurfaced. (Read Deeper)

PODCAST(WHAT WE ARE LISTENING TO)

• As economic uncertainty looms, with recession fears clouding the global outlook, the technology sector is navigating a period of significant change. (Listen)

EXTRA BREVITI

• Nigeria’s Securities and Exchange Commission (SEC) is set to issue licenses to cryptocurrency exchanges. (Read More)

• Uber Kenya Increases Fares by 10%, but Drivers Remain Unimpressed. (Read More)

• Elon Musk's $44 billion acquisition of Twitter, now known as X, is turning out to be a costly venture for the banks that financed it. (Read More)