Weekly Market Report. May 3, 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

Meta, Alphabet Investors View Spending Through Different Lenses ??

It must be galling to run a company that makes more than $50 billion in profit (yes, you read that correctly — $50 billion), and have your investors panic and freak out when you tell them you plan to spend just a fraction of that —$3 billion — more than you’d previously expected.

‘Bitcoin enters ‘new era’ as whales scoop up over 47K BTC during price pullback ??

Bitcoin whales, which are large wallets holding at least 100 BTC, have accumulated over 47,000 BTC, worth over $2.9 billion at current prices, noted CryptoQuant founder and CEO Ki Young Ju in a May 3 X post:

US warns rates to stay high as it battles inflation ??

The US central bank again said it would keep interest rates unchanged, noting a "lack of further progress" toward lowering inflation.

?? Market Data

?? Important News This Week

AI

• Apple CEO Tim Cook boasts of future AI plans after earnings beat
• The insect farmers turning to AI to help lower costs
• Techstars investigation and how AI is accelerating disability tech

Tech

• Starlink Persists in Unauthorized Areas Despite Shutdown Warnings
• TikTok Tells Advertisers It Won’t Back Down as U.S. Ban Looms
• X’s Block Button GetsTweaked

Business

• US job market shows signs of cooling, with just 175,000 jobs added in April
• Rue21, a mall staple, files for bankruptcy and will close all of its stores
• HSBC must prioritize Asian expertise in surprise CEO search

Crypto

• MicroStrategy Unveils ‘Orange’: Bitcoin-Based Decentralized ID Systemtakes shape with approvals
• FriendTech Token Launches, Airdrop & Version 2 Go Live
• Tether nets US$4.52 bln Q1 profit from investments

?? Notable Companies Secure Impressive Investments

• L3E7 has raised $10M in a funding round co-led by Spartan Group and SevenX Ventures
• MilkyWay has raised $5M in a Seed funding round co-led by Binance Labs and Polychain Capital
• Securitize has raised $47M in a Strategic funding round led by BlackRock
• Agora has raised $5M in a Seed funding round led by Haun Ventures
• Baxus has raised $5M in a Seed funding round led by Multicoin Capital
• Mitosis has raised $7M in a funding round led by Amber Group and Foresight Ventures
• Shadow War has raised $5M in a Series A funding round led by Momentum 6

?? Meme of the Week

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Constantin Kogan

ck@ckogan.com