Waymo Unveils "Generation 6" Self-driving System 🚗

Good morning. It's Tuesday, Aug. 20, and we're covering, MTN Liquidates Visafone, After It Records $18 Million Loss, Waymo Unveils "Generation 6" Self-driving System, Biden Acknowledges Gaza Protesters Concerns Amid DNC Demonstrations, 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 $2.15 Trillion, a 3.52% increase in the last 24 hours.

• The total crypto market volume over the last 24 hours is $64.7B, which makes a 30.58% increase.

• The total volume in Defi is currently $3.72B, 5.75% of the total crypto market 24-hours.

• The volume of all stable coins is now $59.69B, which is 92.26% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 56.06%, an increase of 0.27% over the day.

BUSINESS & FINANCE

MTN Liquidates Visafone, After It Records $18 Million Loss

MTN Nigeria has liquidated Visafone, recording a ₦30.3 billion ($18 million) loss on its 2016 acquisition of the CDMA network. The acquisition was aimed at improving broadband services using Visafone's 800MHz spectrum licenses. However, the process was delayed by regulatory challenges and opposition from competitors. Despite the investment, MTN has now completed the liquidation, transferring all remaining assets and liabilities of Visafone to its operations.

Takeaway: The acquisition of Visafone, a company founded by Jim Ovia, was initially aimed at enhancing MTN’s broadband internet services. MTN was particularly interested in Visafone’s 800MHz spectrum licenses, which were seen as crucial for delivering 4G LTE services to its subscribers. Visafone had 2.2 million registered subscribers at the time of the acquisition, making it a strategically important asset in Nigeria's competitive telecommunications market. (Read Deeper)

Global Stocks Poised For Longest Winning Streak Of 2024

Global stocks are on track for their longest winning streak of 2024, driven by optimism that the Federal Reserve may soon begin cutting interest rates. MSCI’s all-country stock index is poised for a ninth consecutive day of gains, the longest run since December, with European and U.S. futures rising alongside Asian stocks. The S&P 500 in the U.S. has also climbed for eight straight days, reflecting positive sentiment in the market. Meanwhile, gold has reached record highs, exceeding $2,500 per ounce, as expectations grow for Fed rate cuts.

Why It Matters: Investors are betting on imminent Fed easing, which has buoyed equity markets despite recent volatility. The MSCI Asia Pacific Index has shown consistent gains, supported by a weaker dollar and improving financial conditions. In Europe, concerns about economic growth have increased the likelihood of a policy adjustment by the European Central Bank. (Read Deeper)

TECHNOLOGY & SCIENCE

Waymo Unveils "Generation 6" Self-driving System

Waymo, owned by Alphabet, has unveiled its latest "generation 6" self-driving technology, which is integrated into Geely Zeekr electric vehicles. This new technology is designed to operate in a wider range of weather conditions while reducing the number of costly cameras and sensors. The roomier robotaxi features a boxier design with a more accessible interior, including a low step and more legroom. In June, Waymo opened its service to all users in San Francisco, removing the previous waitlist. To date, Waymo has completed over 2 million autonomous trips.

Why It Matters: Waymo currently provides around 50,000 paid driverless trips weekly, primarily in San Francisco and Phoenix. With a fresh $5 billion investment from Alphabet, Waymo plans to scale its operations, including adding the new robotaxis to its fleet once testing is complete. Despite some competition from companies like Didi and Pony AI in China, Waymo faces limited competition in the U.S. for now. (Read Deeper)

ESA's Juice Spacecraft To Make Historic Double Flyby On Its Journey To Jupiter

The European Space Agency's Juice (Jupiter Icy Moons Explorer) spacecraft is set to achieve two historic milestones as it continues its journey to explore Jupiter's icy moons. Launched in April 2023, Juice will perform the first-ever successive flyby of the Earth’s moon and Earth itself, executing a double gravity assist maneuver on August 19 and 20. This complex procedure will use Earth’s gravity to slow down and redirect Juice toward a flyby of Venus in August 2025, ultimately helping the spacecraft reach Jupiter by July 2031.

Why It Matters: The operation, which has been meticulously planned for 20 years, is designed to use Earth’s gravity as a slingshot, slowing down Juice’s current trajectory and redirecting it toward a flyby of Venus in August 2025. The double flyby is not without its challenges. Juice will pass just 434 miles from the moon’s surface before making a close approach to Earth, flying 4,229 miles above the planet. (Read Deeper)

AROUND DE WORLD & POLITICS

Biden Acknowledges Gaza Protesters Concerns Amid DNC Demonstrations

On the opening day of the Democratic National Convention (DNC) in Chicago, thousands of protesters gathered to demand a ceasefire in Gaza and an end to U.S. support for Israel. While the protest was mostly peaceful, some demonstrators breached a security fence, making a few arrests. President Joe Biden acknowledged the protesters' concerns during his speech at the convention, emphasizing the need for a ceasefire. The protests highlighted divisions within the Democratic Party over U.S. policy toward Israel and are expected to continue throughout the week.

Takeaway: In his primetime farewell speech at the convention, President Joe Biden acknowledged the protesters' concerns, stating that "a lot of innocent people are being killed, on both sides," and emphasized the need for a U.S.-brokered ceasefire, which has so far been elusive. The protests, which included chants and slogans critical of U.S. involvement in the Middle East, are expected to continue throughout the week as the convention progresses. (Read Deeper)

British Tech Entrepreneur Mike Lynch Is Missing After Yacht Sinks

A luxury yacht named "Bayesian" sank off the coast of Sicily during a violent storm, leaving British tech entrepreneur Mike Lynch and his daughter among the six people missing. The yacht, owned by Lynch's wife, was carrying 22 people when it was struck by the unexpected weather. While 15 people, including Lynch's wife and a one-year-old girl, were rescued, one man, identified as the yacht's chef, died. An investigation has been launched to determine the cause of the sinking, which occurred amidst extreme weather conditions linked to unusually high Mediterranean sea temperatures.

Takeaway: Eyewitnesses described the storm as unexpectedly intense, with winds surging so violently that nearby vessels struggled to maintain control. The captain of a nearby boat recounted how he managed to keep his ship in position, only to discover that the "Bayesian," anchored alongside, had disappeared. Lynch, 59, is a well-known figure in the tech industry, often referred to as "Britain's Bill Gates." He gained fame for founding Autonomy, the UK's largest software firm, which he later sold to HP in an $11 billion deal. (Read Deeper)

ENTERTAINMENT & SPORTS

Chelsea Agree Deal For Joao Felix, Conor Gallagher Set To Join Atletico Madrid

Chelsea have reached an agreement with Atletico Madrid to bring Joao Felix back to Stamford Bridge, while Conor Gallagher is set to move in the opposite direction as part of the deal. The exact fee for Felix, the 24-year-old Portuguese forward, remains undisclosed, but the deal includes a six-year contract with an option for an additional season. (Read Deeper)

Donald Trump Shares AI-Generated Taylor Swift Endorsement

Former President Donald Trump recently posted a series of AI-generated images on his social media platform, Truth Social, falsely suggesting that pop superstar Taylor Swift and her fan base, known as "Swifties," are endorsing his presidential campaign. The images, which include women wearing "Swifties For Trump" T-shirts and a fake recruitment-style poster featuring Swift, were shared without any disclaimers indicating they were not real. (Read Deeper)

PODCAST(WHAT WE ARE LISTENING TO)

• Chips, Models, or Applications: Where is the Value in AI? ( Listen )

EXTRA BREVITI

• Former a16z VC Balaji Srinivasan Acquires Private Island for Longevity 'Technocapitalist' School. (Read More)

• China and Vietnam sign 14 deals from rail to crocodiles after leaders meet. (Read More)

• Tinubu Approves Use of NNPC Dividends for Payment of Petrol Subsidy. (Read More)