📡 X Set To Return To Brazil After Paying Court-Ordered Fine

Good morning. It's Monday, Sept. 30, and we're covering, ByteDance Wants To Trained New AI Model with Huawei Chips, X Set To Return To Brazil After Paying Court-Ordered Fine, Escalating Conflict: Russia's Airstrike on Ukraine Targets Critical Infrastructure, 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 $2.27 Trillion, a 1.03% decrease in the last 24 hours.

• The total crypto market volume over the last 24 hours is $62.54B, which makes a 30.78% increase.

• The total volume in Defi is currently $4.1B, 6.56% of the total crypto market 24-hours.

• The volume of all stablecoins is now $55.87B, which is 89.35% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 56.02%, a decrease of 0.33% over the day.

ETFs Hold 5% of Bitcoin Supply In Under 10 Months

Since the launch of Bitcoin Exchange-Traded Funds (ETFs) less than 10 months ago, these funds have acquired approximately 5% of the total Bitcoin (BTC) supply. Market analysts are optimistic about the future of Bitcoin ETFs, predicting that they could hold between 15% and 20% of the total supply in the coming months, which may further increase institutional demand for Bitcoin. (Read Deeper)

BUSINESS & FINANCE

ByteDance Wants To Train New AI Model Using Huawei Chips

ByteDance, the parent company of TikTok, plans to develop a new AI model using Huawei's Ascend 910B chips as U.S. restrictions limit its access to advanced Nvidia chips. The company has turned to domestic suppliers for AI chip needs since the U.S. began curbing exports of such technology in 2022. ByteDance has ordered over 100,000 Ascend chips this year but has received fewer than 30,000, slowing progress. While the new AI model will be less powerful than its current model, Doubao, ByteDance remains a buyer of Huawei and Nvidia chips.

Why It Matters: ByteDance has made strides in AI technology, launching its flagship large language model, now known as Doubao, in August 2023. The chatbot quickly gained popularity, amassing over 10 million monthly active users. The company has also introduced various AI-driven applications, including a text-to-video tool named Jimeng, to compete with leading AI solutions such as those from OpenAI. (Read Deeper)

OpenAI Faces $5 Billion Loss In 2024 Despite Surging Revenue

OpenAI is projected to incur around $5 billion in losses this year despite generating $3.7 billion in revenue. The company, which is behind ChatGPT and backed by Microsoft, has seen rapid revenue growth, reaching $300 million in August 2024, a 1,700% increase since early 2023. Next year, revenue is expected to rise to $11.6 billion. The company’s losses are largely due to operating costs, including the high expense of running its AI models, employee salaries, and rent, but exclude equity-based compensation.

Takeaway: OpenAI is currently seeking funding, aiming for a valuation of over $150 billion, with Thrive Capital and Tiger Global leading the investment. CFO Sarah Friar indicated the funding round is oversubscribed and will close soon. OpenAI is reportedly exploring a restructuring plan to shift more of its operations toward a for-profit model while keeping a nonprofit segment intact. (Read Deeper)

TECHNOLOGY & SCIENCE

X Set To Return To Brazil After Paying Court-Ordered Fine

Elon Musk’s social network X (formerly Twitter) will be allowed back online in Brazil after paying a fine imposed by the country’s supreme court. The platform was suspended at the end of August for defying orders from Justice Alexandre de Moraes to block accounts involved in investigations by the Brazilian justice system. X has now complied with the court's orders but must pay a final fine of 10 million reals ($2 million) for additional days of non-compliance, along with a separate fine for its legal representative.

Takeaway: The case began in April when de Moraes launched a probe into Musk and X for obstructing justice by refusing to remove specific accounts. Musk criticized the court’s actions as censorship and temporarily shut down X's offices in Brazil, leading to further legal complications. The Federal Supreme Court froze assets of Musk's companies, including X and Starlink, in Brazil. (Read Deeper)

SpaceX Crew-9 Astronauts Arrive At International Space Station

Two astronauts, Suni Williams and Butch Wilmore, originally slated to return to Earth via Boeing's Starliner spacecraft, have extended their stay on the International Space Station (ISS) after the Starliner was deemed too risky due to technical issues. They will now return with SpaceX's Crew-9 astronauts in early 2025. NASA’s Nick Hague and Russian cosmonaut Aleksandr Gorbunov arrived on the ISS aboard a SpaceX Crew Dragon capsule, which docked successfully despite SpaceX reporting an issue with the Falcon 9 rocket's second stage.

Takeaway: While the Crew-9 mission proceeded smoothly, SpaceX’s Falcon 9 rocket, which carried the capsule to space, experienced an anomaly during its second-stage deorbit burn. The rocket's upper stage deviated from its intended target zone, prompting SpaceX to temporarily halt future Falcon 9 launches until the cause of the anomaly is understood. The next SpaceX mission to the ISS is planned for February, with a new Crew Dragon capsule set to launch as part of Crew-10. (Read Deeper)

AROUND DE WORLD & POLITICS

Hezbollah Leader Hassan Nasrallah Killed In Israeli Airstrikes In Beirut

Israeli airstrikes in Beirut resulted in the death of Hezbollah leader Hassan Nasrallah and several other commanders. The strikes also killed Iranian Revolutionary Guard general Abbas Nilforoushan. Following Nasrallah’s death, Israel continued its bombardment, targeting over 140 Hezbollah locations. Israeli Prime Minister Benjamin Netanyahu stated that the assassination was necessary and warned of ongoing military operations against Hezbollah. The U.S. government expressed support for Israel's actions, with President Biden describing Nasrallah’s death as a measure of justice.

Takeaway: Israel employed bunker-buster munitions in the strikes, targeting locations believed to be operating as Hezbollah command centers. The Israeli Defense Forces (IDF) stated that Nasrallah had been responsible for numerous terrorist activities during his long tenure as the leader of Hezbollah. Iranian officials have warned that Nasrallah’s death has changed the dynamics of the conflict, asserting that “the resistance” will not be dismantled. (Read Deeper)

Hurricane Helene Kills At Least 65, And Millions Without Power

Hurricane Helene has caused widespread devastation across the Southeastern U.S., leaving at least 64 people dead and 2.4 million without power. The storm landed in Florida as a Category 4 hurricane with 140 mph winds and has since been downgraded to a post-tropical cyclone. The hardest-hit states include South Carolina, Georgia, Florida, North Carolina, and Virginia, with damage from flooding, fallen trees, and car accidents. Rescue operations are ongoing, with over 200 people saved from floodwaters in North Carolina, while more than 1,000 remain unaccounted for.

Takeaway: The economic losses from Helene are estimated between $95 billion and $110 billion, making it one of the costliest storms in U.S. history. Record-breaking rainfall and flooding have damaged thousands of homes, with North Carolina and Atlanta seeing the worst flooding in decades. (Read Deeper)

ENTERTAINMENT & SPORTS

Cole Palmer Makes Premier League History With Four Goals In One Half

Chelsea midfielder Cole Palmer made Premier League history by scoring four goals in one half during a 4-2 victory over Brighton on Saturday. Palmer opened the scoring in the 21st minute, added a penalty in the 28th, and completed his hat trick with a free kick in the 31st minute. He netted his fourth goal just ten minutes later, marking the first time a player has scored four goals in a single half in Premier League history. (Read Deeper)

New Allegations Against Sean "Diddy" Combs Include Pornographic Video

A lawyer for a new accuser of Sean "Diddy" Combs has claimed that a pornographic video featuring the rapper is being shopped around Hollywood, allegedly involving a "high-profile" individual alongside Diddy. Attorney Ariel Mitchell-Kidd revealed on NewsNation that her client was contacted about the sale of the video, which was recorded at Diddy's Atlanta home, and suggested that the other individual may not have been aware they were being filmed. (Read Deeper)

PODCAST(WHAT WE ARE LISTENING TO)

• It's no secret that AI is controversial today. Judging by some of the chaos it's caused, there's good reason to think AI seems to ruin everything it touches. (Listen)

EXTRA BREVITI

• Public Wi-Fi networks, especially in high-traffic areas like airports and coffee shops, have long been known to attract hackers. (Read More)

• Tesla CEO Elon Musk is set to reveal a robotaxi concept in Los Angeles, marking Tesla’s first major product unveiling since the Optimus robot two years ago. (Read More)

• Billionaire Changpeng Zhao, co-founder of Binance Holdings Ltd., has committed to continued investment in the blockchain sector, as well as in artificial intelligence and biotechnology ( Read More )