July 08, 2024 | Read Online

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0. Data and calendar

All values as of 6 AM ET / 3 AM PT, other than S&P500 and NASDAQ close (4 PM ET / 1 PM PT).

All times are ET.

1. French stocks, EUR unchanged after leftist alliance wins plurality but no majority

Google Finance.

CAC still -4% since Macron called the snap elections.

The leftist alliance won 178 seats, 31% of the 577 total seats, meaning they will need to form a coalition to govern

Bloomberg.

2. U.S. private equity exit value -18% YoY to $63.6B in Q2

PitchBook.

Likely motives: "persistent valuation gap between buyers and sellers, election uncertainty and high interest rates."

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4. $600B in AI revenue required for high CAPEX spend: Sequoia report

Tom's Hardware.

The math:

Est. $150B in NVIDIA data center sales.
2x that to $300B to include data center-related costs, such as energy, employees, etc.
2x that to $600B to account for a 50% software gross margin.

Aug.: Q2 NVIDIA earnings expected.

5. Hackers stole $1.38B in crypto YTD, up vs. 2023, down vs. 2022

TRM Labs.

Top 5 correspond to 70% of the total amount stolen in hacks and exploits.
Record this year: $300M+ hacked from DMM Bitcoin in May.

6. Samsung event on Wed at 9 AM ET likely to include new Ring, Z Fold 6, Z Flip 6, AI, Watch

Samsung Galaxy Unpacked July 2024: Official Livestream

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8. Interesting videos, posts, and memes

#54: Sun Valley, Tennis and Robots: Summer Adventure Preview

Hot Swap growing, donors revolt, President Kamala? SCOTUS breakdown: Immunity, Chevron, Censorship

8. Other headlines

AI

X plans to more deeply integrate Grok AI.
ElevenLabs launches AI Voice Isolator.
WhatsApp testing in-app Meta AI photo editing.

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Tech

Google aims to increase searches on Chrome on iPhone to avoid 36% fee.
Apple approves Epic Games Store in EU.
Apple Watch 10 to offer larger screens, faster chip.
Europe's Ariane 6 rocket set to launch on Tue at 2 PM ET.
57K tech workers laid off YTD, vs. 191K for 2023.

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Tech & law

Tesla added to Beijing's authorized purchase list.

Biotech

Beacon raises $170M to advance ophthalmic gene therapies.
Myricx Bio raises $114M for cancer from Novo, others.

Business

Boeing pleads guilty to criminal fraud over 737 Max crashes.
Paramount moves closer to being sold to Skydance.
206K new jobs in June: employment report.

Crypto

House to vote on overriding Biden's SAB 121 veto this week.
Samourai Wallet co-founder released on bail, will contest charges.
$1M Firedancer bug bounty program to begin on Wed.
TON blockchain's rise: deep dive.

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U.S. politics

Biden -2 vs. Trump in swing states in Bloomberg poll.
4+ House Dems ask for Biden to step aside in private call.
Senate Dems won't meet today to discuss Biden.
Parkinson's specialist met Biden's physician in WH earlier this year.
2 radio hosts say they were given questions ahead of Biden interview.
- Radio host resigns after "mutual" agreement.
Noncompete clause face 2 court rulings this summer, SCOTUS could be next.

World

Putin to host Indian PM Modi today and Tue.
Hungary's Orban meets Xi, after meeting Putin.
Iranian presidential elections: reformist Masoud Pezeshkian wins.
Argentina's Milei attacks socialism in CPAC Brasil 2024 with Bolsonaro.

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