🚗Tesla Redesigned Model Y

🌅Good morning. It's Friday, Jan. 10, and we're covering, Tesla Unveils Redesigned Model Y In China To Counter Local EV Competition, X’s Grok AI Assistant Launches As A Standalone App, Evacuation Alert Mistakenly Sent To Nearly 10 Million L.A.-Area Residents, 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 $3.26 Trillion, a 1.30% decrease in the last 24 hours.

• The total crypto market volume over the last 24 hours is $151.19B, which makes a 11.06% decrease.

• The total volume in Defi is currently $10.17B, 6.73% of the total crypto market 24-hours.

• The volume of all stablecoins is now $138.82B, which is 91.82% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 56.80%, an increase of 0.27% over the day. 

BUSINESS & FINANCE

Tesla Unveils Redesigned Model Y In China To Counter Local EV Competition

Tesla has launched a redesigned version of its popular Model Y in China, featuring a modernized exterior, upgraded interior amenities, and an extended driving range. The new model, priced at 263,500 yuan ($35,900), is 5.4% more expensive than the previous version. Updates include a Cybertruck-inspired light bar, heated and ventilated seats, and a second-row touchscreen. The long-range variant now offers a driving range of 719 kilometers per charge.

Why It Matters: The launch comes as Tesla faces growing competition in China from local EV makers like BYD and Xiaomi. Tesla’s market share in the country fell to 10.4% in 2024, down from 11.7% in 2023. To counter this, Tesla plans to introduce a six-seat Model Y later this year. Deliveries of the revamped version are set to begin in March, pending regulatory approval. (Read Deeper)

TSMC's Sales Surge Boosts Optimism For AI Hardware Spending In 2025

Taiwan Semiconductor Manufacturing Co. (TSMC) reported better-than-expected quarterly sales, with revenue rising 39% to NT$868.5 billion ($26.3 billion) for the October-December period. This strong performance boosts optimism about the future of AI hardware spending, with expectations that tech giants like Alphabet and Microsoft will continue building and upgrading data centers to support AI development. TSMC's chips, particularly for companies like Nvidia and Apple, have positioned it as a major beneficiary of the AI boom.

Takeaway: While TSMC's success has been driven by AI demand, there are concerns about potential over-building and the lack of a breakthrough AI app to fully utilize server capacity. In addition to AI, TSMC faces challenges such as weaker demand in certain chip sectors, geopolitical tensions, and reliance on Apple's iPhone business, which faces its demand challenges. (Read Deeper)

TECHNOLOGY & SCIENCE

X’s Grok AI Assistant Launches As A Standalone App

X’s Grok AI assistant, which was previously available only within the X platform, has been launched as a standalone app. The app allows users to generate images, summarize text, and answer questions with a conversational and engaging tone. Initially tested with a limited user base in December 2024, Grok is now accessible to anyone, with a free tier offering limited requests. Users can sign in via various accounts, including Apple, Google, or X.

Takeaway: The app was initially tested with a limited user base in December 2024, coinciding with the launch of a free version of Grok on X that anyone can use. Users can download and use the Grok app without signing in, or log in via their Apple, Google, or X accounts, or simply through email. The app is set apart by its ability to answer more provocative questions and its open-source AI model. It aims to provide greater flexibility and access outside of X’s platform. (Read Deeper)

Musk Pushes For Auction Of OpenAI Assets Amid Restructuring Debate

Elon Musk has urged the attorney generals of California and Delaware to oversee a competitive auction of OpenAI's charitable assets to determine their fair value amid the company’s nonprofit-to-for-profit restructuring. Musk argues that the process would protect public interests and ensure accountability. OpenAI, co-founded by Musk and Sam Altman, has become a major player in AI, with its ChatGPT tool and a valuation of $157 billion.

Takeaway: OpenAI plans to establish a public benefit corporation, allowing for-profit operations to function independently of nonprofit control, which Musk contends violates its founding mission. Musk has filed lawsuits to block the restructuring, and a court ruling on his injunction request is expected soon. Delaware Attorney General Kathy Jennings is reviewing the case. (Read Deeper)

AROUND DE WORLD & POLITICS

Evacuation Alert Mistakenly Sent To Nearly 10 Million L.A.-Area Residents

A mistaken evacuation alert was sent to nearly 10 million residents across Los Angeles County on Thursday afternoon, causing widespread confusion. The warning, intended only for residents near the Kenneth Fire in Calabasas, Agoura Hills, and parts of West Hills, reached people far beyond the affected areas. Officials quickly issued a second alert clarifying the mistake and apologizing for the error.

Takeaway: The incident heightened public anxiety amid ongoing wildfires in California, which have forced 180,000 evacuations, destroyed neighborhoods, and resulted in at least six deaths. Social media users expressed frustration over the error, citing increased panic during an already tense situation. Officials pledged to improve communication systems while focusing on containing the fires. (Read Deeper)

Trump Announces Meeting With Putin In Bid To End Ukraine War

Donald Trump has announced that a meeting is being arranged between him and Russian President Vladimir Putin, although no specific timeline has been provided. Trump made the remarks at his Mar-a-Lago resort in Florida, stating that Putin has expressed interest in the meeting. However, Russian spokesman Dmitry Peskov clarified that the US has not officially requested such a meeting.

Takeaway: Trump has promised to seek an end to the war in Ukraine after taking office, and he has expressed skepticism about continued US support for Ukraine. He also announced the appointment of Keith Kellogg, a former national security adviser, as a special envoy to Ukraine and Russia for his second term. Kellogg had previously outlined proposals for peace talks in a research paper. (Read Deeper)

ENTERTAINMENT & SPORTS

Atlético Madrid Criticizes Barcelona's Registration Of Dani Olmo And Pau Víctor

Atlético Madrid has criticized Barcelona’s recent registration of Dani Olmo and Pau Víctor, which was granted after a court ruling. Atlético expressed concern that the decision undermines La Liga's economic control system, which they believe ensures financial solvency and fair competition. The club argued that this decision creates a dangerous precedent, allowing clubs to bypass financial regulations. Atlético emphasized their commitment to responsible financial management and warned that fair competition is only possible with equal rules for all clubs. (Read Deeper)

Prince Harry And Meghan Markle Show Support To The Wildfires Victims

Prince Harry and Meghan Markle have expressed support for their community amidst the wildfires ravaging Southern California, which have caused fatalities and widespread displacement. The Duke and Duchess of Sussex released a statement highlighting the devastation and providing resources for affected residents. They shared links to organizations offering aid, including World Central Kitchen, Baby2Baby, and the Animal Wellness Foundation. (Read Deeper)

PODCAST(WHAT WE ARE LISTENING TO)

• Achieving a net worth of $1,000,000 after graduation is an ambitious goal that requires strategic planning, disciplined execution, and a proactive approach to personal and financial development. (Listen)

EXTRA BREVITI

• Insurance Firms Request Evidence Preservation from Edison for LA Wildfire. (Read More)

• Hyundai is launching the Hyundai Inster, a compact electric vehicle priced at 2.85 million yen ($18,000), in Japan to challenge the slow adoption of EVs in the country. (Read More)

• Dubai-based developer DAMAC Group has signed a $1 billion deal with blockchain platform MANTRA to tokenize real-world assets (RWAs) in the Middle East. (Read More)