#10: The A in AI stands for APPLE ??

Hello Readers,

Welcome to the 10th edition of Jam's Reading List! This newsletter is all about curating some of the best content out there that matters in Business and Finance of the previous week. We know that sometimes you might be busy all week, so we've summarized the key points to make sure you get the gist without the fluff.

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1. Apple Launches Apple Intelligence.

Apple is finally improving its Siri voice assistant and operating systems with OpenAI's ChatGPT, as announced at its annual developers' conference. This integration, part of a new AI system called "Apple Intelligence," aims to streamline user interactions across Apple devices. The updates, set for a test release in autumn, will enable ChatGPT to assist with various tasks, such as text and content generation. Despite this, Apple's share price fell by 1.91% following the announcement. The move received criticism from Elon Musk over data security concerns, while analysts suggest that it highlights Apple's current AI limitations. Apple Intelligence (Only Apple can brand AI this well) will operate across all apps and devices, emphasizing privacy and on-device processing. The company also unveiled other features, including satellite text messaging, message scheduling, head gesture controls for AirPods Pro, and a new password app.

In case you missed the 2 hours Apple Presentation watch this for a recap

2. Nigeria's foreign Debt service cost grows by 96% in 1 Year.

Nigeria's foreign debt service costs grew by 96% year-on-year, reaching $2.19 billion by May 2024. This increase, up from $1.12 billion in the same period in 2023, represents a significant burden on the country's finances, consuming about 66% of the total dollar outflows. The rising costs are attributed to higher interest rates and increasing debt obligations, posing economic stability and resource allocation challenges. The Nigerian government faces pressure to adopt stricter fiscal measures and explore debt restructuring options to manage the escalating debt service burden.

Startup Corner

Paul Gramham's Essay on "What We Look for in Founders"

Paul Graham's essay "What We Look for in Founders" outlines five key qualities for successful startup founders: determination, flexibility, imagination, naughtiness, and friendship. Determination is crucial for overcoming obstacles, while flexibility allows founders to adapt their plans. Imagination is needed to generate innovative ideas. Naughtiness, or a willingness to break non-essential rules, often correlates with creative problem-solving. Finally, a strong, collaborative relationship among founders is essential for enduring the challenges of building a startup.

Finance Corner

1. Foreign Investors own 60% of Aramco

Saudi Arabia has allocated about 60% of its $11.2 billion Aramco share sale to foreign investors, marking a significant shift from its previous 2019 offering which was predominantly local. This move is part of Saudi Arabia's strategy to attract international investment to diversify its economy away from oil dependency. The share sale saw high demand, particularly from investors in the U.S., UK, Hong Kong, and Japan, with overall demand exceeding $65 billion. Proceeds from the sale are expected to support the Public Investment Fund's initiatives, including the Vision 2030 economic reform plan, which aims to fund diverse projects like electric vehicles and futuristic city developments

2. Bitcoin Comeback

Bitcoin has surged close to its record high, reigniting interest and optimism in the cryptocurrency market. This renewed enthusiasm attracts significant investment inflows, particularly into US Bitcoin ETFs, which have seen unprecedented subscription levels. The rally highlights the market's tendency to have short memories, quickly moving past previous downturns. The broader financial world, which had largely dismissed digital assets, is now paying attention again. This trend signals a potential shift in how mainstream finance views and engages with cryptocurrencies.

Podcasts Corner

1. Acquired Podcast

The Acquired podcast episode with Howard Schultz details the history and strategy of Starbucks. Howard Schultz, the former CEO, shares insights into how Starbucks evolved from a small Seattle coffee bean retailer into a global coffeehouse giant with nearly 40,000 locations. Schultz discusses the challenges and pivotal moments that shaped Starbucks' growth, including its focus on creating a unique customer experience and adapting to different markets. The episode provides valuable lessons for entrepreneurs and business leaders on scaling and innovation.

2. Lightcone Podcast by Y Combinator

In the Lightcone podcast episode, the hosts, who are partners at Y Combinator (YC), discuss the impact of new AI model updates on startups. They provide insights on how founders can navigate these changes, leverage advancements from major AI players like GPT-4 and Gemini 1.5, and avoid being outpaced by competitors. Their expertise as YC partners adds valuable perspectives on building resilient and innovative businesses in the rapidly evolving AI landscape.

3. Angrymoney Podcast (My Pod)

In this conversation, Cornelius Ashley-Osuzoka , the developer experience lead at Flutterwave, shares his journey and insights on solving problems, technology implementation, and career navigation. He discusses best practices in developer experience, the importance of empathy, and guiding non-technical founders.

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