Weekly Market Report. August 2, 2024

Greetings, curious minds! Join us on a journey into the cutting-edge. This newsletter unveils the latest trends shaping our world.?

Let's explore together! ????

?? Top Reads

Big Tech Fails to Convince Wall Street That AI Is Paying Off ??

Amazon.com Inc., Microsoft Corp. and Alphabet Inc. had one job heading into this earnings season: show that the billions of dollars they’ve each sunk into the infrastructure propelling the artificial intelligence boom is translating into real sales.

MicroStrategy’s Q2 earnings reveals Bitcoin stockpile now $14.7B ??

Business intelligence firm MicroStrategy purchased an additional 12,222 Bitcoin for $805 million in the second quarter of 2024, bringing its total Bitcoin holdings to 226,500 BTC worth around $14.7 billion at current prices.

US debt snowballs to unprecedented $35 trillion ??

The US federal government's public debt has skyrocketed at a breakneck pace to an unprecedented $35 trillion, smashing the record set just months ago and sending fresh worries to the global market.

?? Market Data

?? Important News This Week

AI

• Government shelves ￡1.3bn UK tech and AI plans
• Argentina will use AI to ‘predict future crimes’ but experts worry for citizens’ rights
• Microsoft now lists OpenAI as a competitor in AI and search

Tech

• Apple Pulls Commercial After Thai Backlash
• Nintendo Profit Dives 71% on Slowing Demand for Aging Switch
• Pakistan Plans to Prevent VPN Workaround to Its Ban on Musk’s X

Business

• Warren Buffett Sells BofA’s Stock for 12th Straight Trading Day
• Nike Paid Him to Make Gold-Dipped Sneakers for LeBron. Now, It Is Suing Him
• Volvo Car Sales Rose Over 6% on Year in July

Crypto

• Trader makes $800K one hour after buying Solana memecoin for $8.5K
• ARK Invest Sold $14.8M of Coinbase Shares Thursday Ahead of the Exchange's Earnings Report
• Korean regulator imposes $220k supervisory fee on domestic crypto exchanges

?? Notable Companies Secure Impressive Investments

• Hyperbolic has raised $7M in a Seed funding round co-led by Polychain Capital and Lightspeed Faction
• Icebreaker has raised $5M in a Seed funding round led by CoinFund
• Daylight has raised $9M in a Series A funding round led by a16z сrypto
• Layer2 Financial has raised $10.7M in a Series A funding round led by Galaxy Ventures
• Morpho Labs has raised $50M in a Strategic funding round led by Ribbit Capital

?? Exploring London: Buckingham Palace Trivia

?? Buckingham Palace has been the official London residence of the British monarch since 1837. It became the principal royal residence when Queen Victoria ascended to the throne.

??? Buckingham Palace boasts an impressive 775 rooms, which include 19 state rooms, 52 royal and guest bedrooms, 188 staff bedrooms, 92 offices, and 78 bathrooms. The palace also has its own post office, cinema, swimming pool, doctor’s surgery, and jeweler’s workshop.

??? Speaker Spotlight: BlockStart Scotland

• I am honored to be part of the speaking panel at the first major Web3 event in Scotland.?
• BlockStart Scotland aims to accelerate the Web3 journey for both seasoned pros and inquisitive newbies, providing a gateway to deeper understanding, greater connections, and a front-row seat to the unfolding Web3 revolution.

?? Meme of the Week

??Love What You Read?

• ?? Follow me on Facebook, Twitter, Instagram, YouTube, and LinkedIn.
• ?? Subscribe to my Apple Podcasts, Spotify, Radio Public, Google Podcasts, and Castbox.
• ?? Watch my talk shows with top industry experts, investors, and other remarkable personalities: Ckogan.com.

Sincerely,

Constantin Kogan

[email protected]