Xiaomi Beats Q2 Revenue 💰️ 💹

Good morning. It's Thursday, Aug. 22, and we're covering, Xiaomi Beats Q2 Revenue Estimates, Reports Strong EV Sales, Story Raises $80M At $2.25B Valuation To Build Blockchain For IP Protection, Ukraine Launches One Of Largest Drone Strikes On Moscow, 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 $2.14 Trillion, a 1.50% increase in the last 24 hours.

• The total crypto market volume over the last 24 hours is $70.44B, which makes a 15.07% increase.

• The total volume in Defi is currently $4.19B, 5.95% of the total crypto market 24-hours.

• The volume of all stablecoins is now $65.49B, which is 92.97% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 55.99%, an increase of 0.19% over the day.

BUSINESS & FINANCE

Xiaomi Beats Q2 Revenue Estimates, Reports Strong EV Sales

Xiaomi reported better-than-expected Q2 revenue, reaching 88.9 billion yuan ($12.5 billion), surpassing analyst estimates of 85.8 billion yuan. The company revealed for the first time that its auto business contributed 6.2 billion yuan in revenue, with 27,307 electric vehicles (EVs) delivered in the quarter. Despite this, Xiaomi’s auto division reported a loss of 1.8 billion yuan, though President Lu Weibing expressed confidence in meeting the goal of 120,000 EV deliveries by year-end. Xiaomi’s global smartphone shipments rose 27.4%, helping it secure a 14.8% market share. The company’s adjusted net income was 6.18 billion yuan, exceeding forecasts.

Takeaway: Xiaomi delivered 27,307 electric vehicles in Q2, following the launch of its SU7 electric models in April. The company has been positioning its EVs as competitively priced alternatives to Tesla’s offerings. The Chinese tech giant also provided its first detailed glimpse into its growing electric vehicle (EV) business, reporting 6.2 billion yuan ($869.2 million) in revenue from the division. (Read Deeper)

China's Steel Industry Faces 'Winter' Amid Surplus And Weak Demand

China's steel industry is experiencing a severe downturn due to oversupply and weak demand, particularly from the struggling property sector. Steel prices have fallen over 20%, while iron ore prices are down 28% this year. Despite producing over half of the world’s steel, Chinese manufacturers face challenges at home and abroad, with reduced domestic demand and rising international anti-dumping measures. Industry experts warn that the slump could persist until 2025, forcing China to boost exports, further complicating global market conditions and pressuring steelmakers.

Takeaway: Major international steel producers, including ArcelorMittal, have criticized China's excess production, calling it "unsustainable" and harmful to global steel prices. The oversupply has already caused disruptions, with Chile’s largest steel mill halting operations due to an inability to compete with Chinese steel. As the situation persists, industry analysts predict even tighter margins for Chinese steelmakers, with further downward pressure on both steel and iron ore prices likely in the coming months. (Read Deeper)

TECHNOLOGY & SCIENCE

Story Raises $80M At $2.25B Valuation To Build Blockchain For IP Protection

Story, a startup that uses blockchain technology to protect intellectual property (IP), raised $80 million in a Series B funding round led by Andreessen Horowitz’s a16z crypto division. The company is now valued at $2.25 billion. Story aims to help creators secure and control their IP, especially in the face of AI models that use large amounts of data, often without permission. By building an "IP blockchain," Story allows creators to assert ownership, set licensing terms, and ensure compensation for their content. With over 200 teams in its beta phase, Story plans to launch commercially later this year.

Takeaway: Story's business model charges network fees for actions on its platform, which is already utilized by companies like Ablo, a fashion AI tool. The company’s mission aligns with tackling the growing issue of AI copyright theft, as AI models require vast amounts of training data, often pulled from copyrighted sources. Story hopes its solution will ensure proper compensation for creators in this AI-driven industry.(Read Deeper)

Google Partners With CSIRO To Build Cyber Protection Infrastructure

Google and Australia's national science agency, CSIRO, have teamed up to develop digital tools that detect and fix software vulnerabilities for critical infrastructure operators like hospitals, defense bodies, and energy suppliers. The initiative seeks to counter a surge in cyberattacks, following recent breaches that exposed the personal information of half of Australia's population.

Why It Matters: The collaboration will use Google's AI and open-source vulnerability database, while CSIRO will focus on research tailored to Australia's regulatory environment. The project is part of Google's A$1 billion investment in Australia and aims to improve cybersecurity compliance and resilience. (Read Deeper)

AROUND DE WORLD & POLITICS

Ukraine Launches One Of Largest Drone Strikes On Moscow

Ukraine launched one of its largest drone strikes on Moscow, sending at least 11 drones toward the capital, all of which were shot down by Russian air defenses. This escalation marks a moment in Ukraine's ongoing drone warfare, previously targeting Russian infrastructure but now reaching Moscow. Additional drones were destroyed across various regions, including Bryansk, Belgorod, Kaluga, and Kursk. Major drone attacks on Moscow, with its population of over 21 million, remain rare. The war has increasingly moved beyond the frontlines of eastern Ukraine, spilling into Russia's border regions and threatening vital infrastructure.

Why It Matters: The ongoing drone warfare comes as Russia makes advances in eastern Ukraine, while Ukraine’s forces continue to push into Russian-controlled areas, particularly in the contested Kursk region. Ukrainian forces have claimed success in hitting Russian military assets, such as an S-300 anti-aircraft missile system in Rostov. However, much of the battlefield reports from both sides remain unverified by independent sources. (Read Deeper)

British Tycoon Mike Lynch And Daughter Bodies Recovered From Sunken Superyacht

British tech tycoon Mike Lynch and his 18-year-old daughter, Hannah, are believed to be among five bodies recovered from the sunken superyacht Bayesian off the coast of Sicily. The £30 million yacht sank after being struck by a waterspout while anchored near Porticello. Italian divers, with help from underwater robots, accessed the wreckage, which lies 165 feet underwater, and found four bodies, including Lynch and his daughter. One person remains missing. An investigation into the incident is underway, focusing on the yacht's keel and stability.

Why It Matters: Authorities have launched an investigation into the incident. Early reports suggest that the keel of the yacht may have been "partially elevated," raising questions about the vessel's stability. British inspectors from the Marine Accident Investigation Branch (MAIB) have also arrived in Sicily to assist in the investigation, as the Bayesian was flying a British flag at the time of the disaster. (Read Deeper)

ENTERTAINMENT & SPORTS

Premier League Appoints Top Referee Michael Oliver For Aston Villa vs. Arsenal Clash

The Premier League has appointed top referee Michael Oliver to officiate the upcoming clash between Aston Villa and Arsenal at Villa Park this weekend. Oliver, widely regarded as one of the league’s top referees, will be assisted by Stuart Burt and Dan Cook, with Darren England acting as the fourth official. Peter Bankes will oversee VAR, supported by Eddie Smart. (Read Deeper)

Ashanti And Nelly Welcome First Baby Together And Reveal His Name

Singer Ashanti and her husband Nelly are overjoyed to announce the arrival of their first child together. The couple welcomed a baby boy named Kareem Kenkaide Hayes on July 18, 2024. Ashanti, 43, shared the exciting news on Instagram, giving fans a glimpse of her journey through motherhood. Ashanti posed in her Frida Mom disposable underwear, offering a candid look at her postpartum experience. “Four weeks postpartum. You have no idea what this body can do,” she captioned a video of herself wearing a blue robe, proudly embracing her post-baby body. (Read Deeper)

PODCAST(WHAT WE ARE LISTENING TO)

• Building confidence in yourself and your ideas is crucial for personal and business growth. (Listen)

EXTRA BREVITI

• Fidelity Bank has been fined ₦555.8 million by Nigeria's Data Protection Commission (NDPC) over a data privacy violation. (Read More)

• Former President Bill Clinton recently aimed at Donald Trump, portraying him as a candidate driven by self-interest, warning voters not to fall into complacency. (Read More)

• Lingo Telecom has agreed to pay a $1 million civil penalty to the Federal Communications Commission (FCC) after being implicated in a deepfake scam involving President Biden. (Read More)