WhatsApp Faces Potential Exit From Nigeria 🥶

Good morning. It's Friday, Aug. 2, and we're covering, Apple Bets On AI To Boost iPhone Sales, Intel Announces Major Layoffs Amid Financial Struggles, WhatsApp Faces Potential Exit From Nigeria, 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 $2.29 Trillion, a 1.00% decrease in the last 24 hours.

• The total crypto market volume over the last 24 hours is $83.91B, which makes a 8.14% increase.

• The total volume in Defi is currently $4.62B, 5.51% of the total crypto market 24-hours.

• The volume of all stablecoins is now $77.4B, which is 92.23% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 55.43%, an increase of 0.36% over the day.

Main Reasons For Bitcoin's Dip Below $63K

Following last week's excitement from the Bitcoin 2024 meeting, the market slowed down, causing a shift in sentiment and an 8% price drop to around $62,600. Mt. Gox transferred 47,229 BTC to unnamed wallets, creating potential sell pressure worth about $3.8 billion if dumped on the market. The US government moved $2 billion worth of Bitcoin seized from the Silk Road, which might align with former President Trump's stance on halting the sale of government-held Bitcoin if re-elected. (Read Deeper)

BUSINESS & FINANCE

Apple Bets On AI To Boost iPhone Sales Amid Struggling China Market

Apple's third-quarter iPhone sales exceeded expectations, with forecasts for further gains, driven by upcoming AI features in new software updates. Despite overall China business disappointments, shares rose nearly 1% in extended trading. The anticipated AI-driven iPhone upgrades aim to compete with rivals like Samsung. In the fiscal fourth quarter, Apple expects revenue growth similar to the 4.9% increase seen in the April-June period. Third-quarter iPhone sales declined just 0.9%, better than the expected 2.2% drop. However, sales in China, Apple's third-largest market, fell 6.5%. To compete with cheaper local brands, Apple has offered iPhone discounts in China.

Takeaway: Analysts predict a strong upgrade cycle for the iPhone 16 series, likely launching in September. Apple has heavily invested in AI research and development, exceeding $100 billion over five years, maintaining good margins despite high costs. Apple reported quarterly earnings per share of $1.40, surpassing estimates, with strong performance in its services, Mac, and iPad segments. The company maintained its dividend and announced a $110 billion stock buyback. (Read Deeper)

Ex-CNN Anchor Don Lemon Sues Elon Musk And X Over Canceled Talk Show

Don Lemon, former CNN anchor, has filed a lawsuit against Elon Musk and his social media company X (formerly Twitter) over the cancellation of a planned talk show. The lawsuit accuses Musk and X of fraud, negligent misrepresentation, and misappropriation of Lemon’s name and likeness. Lemon alleges that X had agreed to pay him $1.5 million plus a share of advertising revenue, but terminated the deal unfairly after he invested in the show's creation.

Takeaway: The lawsuit claims that Musk and X used false promises to entice Lemon into the partnership. The deal was meant to feature "The Don Lemon Show" on X, but was abruptly canceled in March following the recording of its first episode. Lemon had previously been with CNN for 17 years before his departure in April 2023. The cancellation came as X struggled to regain advertisers after controversies surrounding Musk's acquisition of the platform. (Read Deeper)

TECHNOLOGY & SCIENCE

Intel Announces Major Layoffs Amid Financial Struggles

Intel announced plans to lay off over 15% of its workforce, approximately 15,000 employees, as part of a strategy to reduce spending by $10 billion by 2025. This decision follows a disappointing second-quarter earnings report and a bleak outlook for the remainder of the year. CEO Pat Gelsinger cited the company's failure to capitalize on trends like AI and high operational costs as reasons for the layoffs. Intel has faced challenges in capitalizing on the AI boom, a market where competitors like Nvidia have thrived. From 2020 to 2023, Intel's annual revenues dropped by $24 billion, even as its workforce expanded by 10%.

Why It Matters: While Intel led the tech industry’s revolution around CPU chips 25 years ago, it has been slow to embrace newer waves of computing, including smartphones and AI. Intel has struggled to keep up with competitors in the AI market, reporting a 1% decline in revenues for the second quarter compared to last year. Additionally, the company will suspend its shareholder dividend starting in the fourth quarter of 2024 and will offer voluntary departure and enhanced retirement programs to its employees. (Read Deeper)

WhatsApp Faces Potential Exit From Nigeria Over $220 Million Fine

Meta Platforms Inc., the parent company of WhatsApp, is contemplating withdrawing its services from Nigeria due to a $220 million fine imposed by the Federal Competition and Consumer Protection Commission (FCCPC) for data privacy violations. The FCCPC's additional demands require WhatsApp to stop sharing user data with Meta companies and third parties without explicit consent, and to provide detailed information on data collection practices. WhatsApp argues that complying with these demands would make it technically impossible to operate.

Why It Matters: The fine and demands could have repercussions for millions of Nigerian users and small businesses reliant on WhatsApp, Instagram, and Facebook. Legal experts have questioned the FCCPC’s basis for the fine, noting that the National Data Protection Regulation (NDPR), enacted in 2019, may not be robust enough to withstand judicial scrutiny. (Read Deeper)

AROUND DE WORLD & POLITICS

Nationwide Protests In Nigeria: 17 Feared Dead As Demonstrations Turn Violent

The #EndBadGovernance protests in Nigeria turned violent on Thursday, resulting in at least 17 deaths across several cities, including Abuja, Kano, Niger, Borno, Kaduna, and Jigawa. Initially peaceful, the demonstrations escalated into clashes with security forces, who used live ammunition and tear gas. The protests were driven by widespread dissatisfaction with governance, economic hardship, and security issues. The unrest led to disruptions, including the closure of businesses and markets. Government officials have called for dialogue, but the situation remains tense as protesters demand substantial reforms.

Why It Matters: The protests highlight deep-seated frustrations over economic hardship, governance issues, and security concerns. The demonstrators have called for reforms, including a reversal of fuel price increases, improved security, and electoral reforms. Government officials, including the Minister of State for Youth Development Ayodele Olawande, have urged calm and dialogue, but the situation remains tense. (Read Deeper)

U.S. And Russia Prisoner Swap: Evan Gershkovich And Paul Whelan Released

U.S. journalist Evan Gershkovich and former U.S. Marine Paul Whelan have been released from Russian detention as part of a prisoner swap involving the U.S. and Russia. The exchange, the largest since the Cold War, also included 24 prisoners—16 moving from Russia to Western countries and 8 returning to Russia. U.S. President Joe Biden praised the deal, which was negotiated in secret for over a year and involved multiple countries, including Germany, Poland, Slovenia, Norway, and Belarus.

Takeaway: The swap saw the return of high-profile individuals such as Vadim Krasikov, convicted of murder in Germany, and included the release of other political prisoners and dissidents. U.S.-Russia relations remain strained, with critics warning that the deal might encourage further hostage-taking. The exchange is a notable achievement for the Biden administration, offering a rare moment of cooperation amid ongoing tensions over Russia's actions in Ukraine. (Read Deeper)

ENTERTAINMENT & SPORTS

Khelif Opponent Abandons Early In Controversial Fight

Italian boxer Angela Carini abandoned her bout against Algerian opponent Imane Khelif just 46 seconds into the match, citing concerns for her safety. "I had to preserve my life," Carini stated, highlighting the intensity of the fight. Khelif, who was previously disqualified from the Women's World Championships due to elevated testosterone levels, made her Olympic debut in Paris amid controversy. (Read Deeper)

Murray's Career Ends With Olympic Doubles Defeat

British tennis legend Andy Murray concluded his illustrious career with a straight-set defeat in the Olympic men's doubles quarter-finals. Murray and his partner, Dan Evans, lost 6-2 6-4 to the American duo of Taylor Fritz and Tommy Paul. Murray, a two-time Olympic singles champion, had announced that the Paris Games would be his final event before retiring. "I'm proud of my career, my achievements, and what I put into the sport," said the former world number one. (Read Deeper)

PODCAST(WHAT WE ARE LISTENING TO)

• The SIMPLE Way People Make MONEY Without Working Harder (Listen)

EXTRA BREVITI

• Microsoft now lists OpenAI as a competitor in AI and search. (Read More)

• Overwhelming evidence Venezuela opposition won the election. (Read More)

• Nationwide Hunger Protests – Day 2. (Read More)