Warren Buffett Cautions On AI 🤖

Good morning. It's Monday, Apr. 6, and we're covering Foxconn Anticipates Q2 Revenue Growth, Jack Dorsey Steps Down From Bluesky Board, China's President Xi Jinping Embarks on Europe Tour, 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 $2.39 Trillion, a 1.92% increase in the last 24 hours.

• The total crypto market volume over the last 24 hours is $51.36B, which makes a 4.84% decrease.

• The total volume in Defi is currently $5.18B, 10.09% of the total crypto market 24-hours.

• The volume of all stablecoins is now $45.68B, which is 88.95% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 53.24%, a decrease of 0.29% over the day.

Crypto's Impact On Consumer Spending: Insights from A Decade Of Wealth Creation

A recent study conducted by researchers from leading institutions sheds light on how crypto wealth has influenced household consumption patterns over the past decade. While the findings reveal a notable increase in spending, the extent of the "wealth effect" from crypto investments remains relatively modest compared to other forms of windfalls. ( Read Deeper )

BUSINESS & FINANCE

Foxconn Anticipates Q2 Revenue Growth And Achieves Record April Sales

Foxconn, the world's largest contract electronics manufacturer and a key assembler of Apple's iPhone, reaffirmed its expectation for an increase in second-quarter revenue. Additionally, the company reported record-breaking sales for the month of April. While acknowledging the traditional off-peak season for the second quarter, Foxconn stated that it anticipates growth both quarter-on-quarter and year-on-year.

Takeaway: Foxconn's revenue reached T$510.9 billion ($15.83 billion), marking the highest figure recorded for the same period and representing a 19% year-on-year increase. The company noted significant growth in revenue from its smart consumer electronics products, including smartphones, as well as strong demand for artificial intelligence (AI) servers, leading to robust growth in its cloud and networking products segment. ( Read Deeper )

Warren Buffett Cautions On AI As Berkshire Hathaway Highlights Mixed Economic Trends

Warren Buffett, the esteemed CEO of Berkshire Hathaway, has voiced both optimism and caution regarding artificial intelligence (AI) at the company's annual shareholders meeting. While acknowledging the potential benefits of AI, Buffett highlighted its risks, drawing parallels to the emergence of nuclear weapons. His remarks come amidst a backdrop of mixed economic indicators, including gains in the stock market and continued job growth, but also signs of cooling wage growth and consumer sentiment.

Why it matters: Buffett recounted a recent encounter with AI-generated content that mimicked reality so convincingly that it raised alarms about the ease with which individuals could be deceived. Despite Buffett's cautionary tone, analysts generally view AI favorably for its potential to enhance productivity across various sectors. ( Read Deeper )

TECHNOLOGY & SCIENCE

Jack Dorsey Steps Down From Bluesky Board

Jack Dorsey, the co-founder and former CEO of Twitter, has announced his departure from the board of Bluesky, a project aimed at developing an open and decentralized standard for social media. The news broke on Saturday when Dorsey took to X, a platform where he frequently shares updates and insights, to discuss grants for open protocols from his philanthropic Start Small initiative.

Takeaway: Dorsey initially introduced Bluesky in 2019 while serving as CEO of Twitter, announcing the funding of a small team to develop an open and decentralized standard for social media. Despite his departure from the board, Dorsey remained closely associated with Bluesky, although he reportedly deleted his Bluesky account last year, along with his Instagram account. ( Read Deeper )

When And Where To Witness The Spectacular Eta Aquariids Meteor Shower Peak

The meteor shower will reach its zenith overnight from Sunday into Monday, with meteors visible throughout the week, NASA disclosed. The peak coincides with a new moon phase, promising darker skies and optimal conditions for meteor spotting. To optimize your meteor-watching experience, venture away from city lights and street lamps to a dark, open area. NASA recommends lying flat on your back with your feet oriented eastward.

Why it matters: Renowned for their astonishing velocity, the Eta Aquariids leave glowing trails in their wake, lasting from several seconds to minutes. These swift meteors hurtle through the atmosphere at an impressive speed of 44 miles per second. ( Read Deeper )

AROUND DE WORLD & POLITICS

China's President Xi Jinping Embarks On Europe Tour Amid Global Tensions

Chinese President Xi Jinping commenced a diplomatic tour of Europe on Sunday, navigating a geopolitical landscape fraught with tensions surrounding Beijing's ascendant influence and the intensifying rivalry between the United States and China. Xi's arrival in France was met with protests highlighting concerns over China's human rights record, particularly regarding Tibetan and Uyghur minorities.

Takeaway: Xi's visits to France, Serbia, and Hungary, show China's strategic outreach to Europe, particularly to countries perceived as China-friendly and aligned with Russian President Vladimir Putin. ( Read Deeper )

PhD Students From Nigeria Exempt From UK Dependent Restrictions

Dr. Richard Montgomery, the British High Commissioner to Nigeria, clarified the UK's stance on allowing dependents of international students into the country. While acknowledging recent policy changes barring dependents of most international students, Dr. Montgomery emphasized that those enrolled in PhD programs remain exempt from these restrictions.

Takeaway: The UK government's decision to revise visa regulations earlier this year, limiting the ability of international students to bring dependents except in specific circumstances, has sparked discussions on immigration policies and their implications for higher education and migration patterns. ( Read Deeper )

ENTERTAINMENT & SPORTS

Bayer Leverkusen Continues Unbeaten Streak With Dominant Victory Over Eintracht Frankfurt

Bayer Leverkusen showcased their dominance once again as they extended their unbeaten streak to an impressive 48 matches across all competitions with a commanding win against Eintracht Frankfurt. The match saw Leverkusen take an early lead in the 12th minute courtesy of a sensational strike from Granit Xhaka, who unleashed a powerful shot from outside the box, leaving Frankfurt's defense helpless. ( Read Deeper )

Kim Kardashian Booed At Tom Brady's Netflix Roast

Reality star Kim Kardashian found herself in an unexpected situation as she was booed during a special appearance at Tom Brady’s The Greatest Roast of All Time on Netflix. Kardashian, who also took jabs at Caitlyn Jenner during her speech, faced a chorus of boos from the audience at the Kia Forum in Los Angeles. Initially called up by presenter and comedian Kevin Hart to give a toast, Kardashian's speech was met with a mix of applause and disapproval. She paused briefly, visibly affected by the negative reaction from the crowd, before continuing with her roast. ( Read Deeper )

PODCAST(WHAT WE ARE LISTENING TO)

• Ryan Deiss found himself in a common predicament: his business was struggling to grow beyond a few team members due to chaotic operations. ( Listen )

EXTRA BREVITI

• The Rabbit R1's release may have left some feeling like they received a product that wasn't fully cooked, but in a way, that's precisely the intention. ( Read More )

• Roy Keane's recent comments branding Erling Haaland as a "spoilt brat" have reignited a war of words surrounding the young football star. ( Read More )