September 03, 2024 | Listen Online | 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. X, VPN bans in Brazil upheld by top judges

5 judges on Brazil's top court panel voted to favor Moraes' X ban.
Saturday: X went dark in Brazil following its ban.
20M+ users on X affected due to the ban imposed by Alexandre de Moraes.
$10K fine/day for anyone accessing X using VPNs.
Brazil's president defended the Supreme Court's decision.
"Uninvestable market": what Bill Ackman said Brazil was becoming after the X ban.
Starlink refrained from X block compliance until its assets are released.

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3. Harris aligns with Biden, Trump on blocking US Steel sale, in line with U.S.'s anti-M&A posture

US Steel market cap +26% over the last year, reaching $8.53B:

CompaniesMarketCap

"US Steel should remain American-owned, and American-operated," Harris said.
$14.1B deal by Japan's Nippon Steel is in political maelstrom.

In terms of output, US Steel has lagged behind global steel makers

Bloomberg, World Steel Association.

4. xAI completes 100K H100 GPU Colossus cluster in 122 days, Elon says

X: Elon Musk.

"Most powerful AI training system," Elon referred to the supercomputer project.
200K size (50k H200s) "in a few months."
In May, Musk announced its supercomputer plans.

5. U.S. household allocation to stocks reach record 42.2%

WSJ.

497K accounts with $1M+ on Fidelity, +31 YoY.

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7. Dissatisfaction with housing prices hits record 50% high across OECD nations

FT, Gallup Analytics.

U.S. house prices soaring despite rising interest rates.
Housing in Europe remained more expensive than before COVID.

Rental prices in OECD nations surged since the pandemic, despite higher rates

FT, OECD.

8. Global TV shipments +3% to 56M in Q2 after 4 consecutive quarters of decline

Counterpoint Research.

Samsung maintained its leadership but with a reduced share of 15%.
13% growth in Europe boosts global shipments.
+29% in the overall 80-inch category.

Samsung led the premium market segment, followed by LG

Counterpoint Research.

9. Interesting videos, posts, and memes

5 $1M+ startup ideas you can launch tomorrow with $0

The Road to Singularity: Ben Goertzel on AGI and The Fate of Humanity

In conversation with Reid Hoffman & Robert F. Kennedy Jr.

#62: Telegram, Free Speech and Its Limits

10. Other headlines

AI

OpenAI in talks with investors about restructuring itself.
Huawei's buggy Ascend chips hamper China's efforts to replace Nvidia in AI.
Amazon hires Covariant founders in latest acquihire.

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Tech

M4 Macs likely coming in Nov.
Tesla Model Y with six seats slated to go on production in China in 2025.
ByteDance tapping banks for $9.5B loan, largest USD loan in Asia ex-Japan.
Tesla China shipments +3% in August on trade-in subsidy boost.

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Tech & law

HP to continue to seek $4B in damages after Lynch's death.
Texas law on filtering content for kids partially blocked by a federal judge.
Elon to hand Italy's Meloni global citizenship award on Sep 23.

Biotech

Ozempic and Wegovy-like drugs may slow aging: cardiologist Krumholz.
Altos Labs launches AI, computational biology institute.
Investors representing over $13T urge to cut antibiotics usage in food chain.

Business

Office real estate market worries Fed, Washington.
Cathay Pacific cancels flights as it inspects 48 Airbus jets on engine issues.
Volkswagen considers closing German factories in cost-cutting drive.

Crypto

SEC may seek changes in FTX's bankruptcy plan, opposing stablecoins.
WazirX customers unlikely to be made whole: legal advisers.
WazirX hacker starts transferring $230M through Tornado Cash.
Customized S-1 form should be created by SEC: Commissioner Uyeda.
Binance exec held in Nigeria denied wheelchair in prison.
OKX hires former Grab exec as Singapore CEO.
Pump.fun surpasses $100M in cumulative revenue since Jan. launch.

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U.S. politics

Harris-Biden court union vote in Labor Day blitz.
Trump says he had "every right" to interfere in 2020 election.
LobbyMatic, AI lobbying firm, covertly run by convicted fraudsters.

World

Russia says it's close to changing nuclear weapons policy.
Venezuelan judge issues arrest warrant for opposition's presidential candidate.
Maduro's plane seized by U.S. in Dominican Republic.
Venezuelan sanctions planned by Treasury, State Dept. over disputed vote.
Putin to meet top Mongolian leaders despite ICC arrest warrant.
Netanyahu: if we leave Philadelphi, Hamas will to be able to rearm, revive.
Taiwan accusing China of "poaching" talent from tech firms.
UK suspends some arm exports to Israel.

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