Welcome to August!!
Please enjoy a snapshot of the future curated by our team:
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The Fed's decision to maintain interest rates at a 23-year high has sparked debate about the potential for a September rate cut and its implications for crypto markets. Bitfinex analysts suggest such a cut could boost crypto bullishness and liquidity.
Meanwhile, the Terra blockchain suffered a $6 million exploit due to a known vulnerability, highlighting ongoing security challenges in the DeFi space.
In regulatory news, the SEC is seeking to amend its complaint against Binance, potentially redefining "third-party crypto asset securities" in a move that could impact the broader crypto market.
- Interest rate cut in September crucial for crypto bullishness and liquidity, Bitfinex analyst claims
- Terra hit by $6 million loss as attacker exploits vulnerability known since April
- SEC seeks complaint amendment to redefine crypto asset securities
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Streaming’s alley-oop (Kyle Terada/Getty Images)
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Last Week’s Market Moves Dow Jones
40,589 (+0.75%) S&P 500
5,459 (-0.83%) Nasdaq
17,358 (-2.08%) Bitcoin
$67,711 (+5.34%)
Hey Snackers,
TikTok trends are bleeding into investor relations: after social-media users set out to prove that Chipotle’s bowl sizes vary, the burrito biz’s CEO used the company’s earnings call to tell investors it’s retraining staff at stores with “outlier portion scores.” Guac’s still extra.
Tech stocks had a rough week, with the Nasdaq shedding 2%, but US indexes rallied on Friday after the Fed’s fave inflation gauge was in line with expectations. The Dow led Friday’s gains as traders bet on a September rate cut. Apple, Amazon, and other Big Techies report this week.
One quiz is all it takes: Start your week off strong by testing your knowledge of the past week’s biz news with our Snacks Seven quiz. Here’s an appetizer:
Which fast-casual chain reported growing foot traffic and announced plans to open 315 new locations this year? (Check your answer.)
SWISH
The NBA’s new media deals show how much streamers will splurge for cable’s lunch
“Roundball Rock” is back… The NBA scored a hat trick of monster media-rights deals last week worth $77B over 11 years. Out: current rights holder Warner Bros. Discovery’s, which has broadcast NBA games on its TNT cable network for over three decades. In: Comcast’s NBCUniversal, Disney’s ESPN, and Amazon’s Prime Video. The new deals — which start with the 2025 season — are worth more than double what the NBA gets now.
Stat line: Each year Disney will pay the NBA $2.6B, Comcast will fork over $2.5B, and Amazon’s set to spend $1.9B. The contracts also reportedly include $2.2B for the WNBA over 11 years, an annual increase of more than 3x.
Foul? Warner — which tried to rival Amazon Prime Video’s bid but was rejected by the NBA — insists that its current contract with the league gives it the right to match a bid. On Friday, Warner sued the NBA.
Streaming’s spending like a D1 university… heavy on sports, light on arts. The NBA’s media-rights dunk is the latest in a string of deals between leagues and streamers. YouTube is paying $2B/szn for “NFL Sunday Ticket,” and Apple’s shelling out $250M/yr for Major League Soccer rights. Next year Netflix will be the home of WWE’s “Raw” (a $5B deal). NBC’s Peacock has deals with the NFL, WWE, the Tour de France, and the Olympics (NBC holds the US media rights to the Olympics through 2032). Meantime, streamers are cutting spending on originals: Netflix released 16% fewer original programs last year, and Disney said it would chop its content budget by $2B this year. The # of original TV seasons on streaming platforms is down 19% YoY.
THE TAKEAWAY
Sports are a hit show that never ends… Netflix has called sports a loss leader, citing “dramatically expensive” TV rights. Still, their popularity with key demographics (18-to-49s) makes them valuable for maintaining subscribers. Because live sports are a big reason folks keep cable, streamers’ deals could lead to more cord-cutting. Warner will have to find something else to keep cable providers and customers interested in TNT.
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Events
Coming up this week
Big Tech on deck… When Amazon, Microsoft, and Meta report, investors will be looking to see whether the trio’s multibillion-dollar AI-vestments are paying off. Last week Google reported solid revenue growth for ads, which bodes well for Meta and Amazon. But cloud computing was its fastest-growing unit, up ~30% as its data centers powered AI. Amazon and Microsoft have also seen AI-juiced cloud strength, while Meta more than doubled its Q1 profit as it infused AI into its ad products (think: better targeting). But after a steep Big Tech sell-off, analysts say the companies might need blow-out results to win investors back.
Spilling some #s… Exxon, Chevron, Shell, ConocoPhillips, BP, and Phillips 66 are set to pump out earnings. After a string of record profits during the pandemic, in Q1 Chevon, Exxon, and Conoco posted double-digit profit drops. Oil prices have cooled and a natural-gas supply glut has dragged on gas prices. But M&A is hot as oil cos team up to boost production and snag prime drilling real estate. Oil giants have made $100B+ worth of merger deals since late last year, and Conoco said in May that it would buy rival Marathon Oil for $23B. But as global oil demand falls, Wall Street isn’t gassing up energy earnings.
Zoom out
Stories we’re watching
Lost the spark… Last week’s earnings from carmakers confirmed that the EV transition is still losing speed. Tesla stock tumbled after the biz said its quarterly profit plummeted 45% while revenue from car sales sank 7% as deliveries fell. On Thursday, Ford stock had its worst drop since 2008 after the F-150 icon said its EV biz lost $1.1B, dragging down profit. Meantime, GM paused plans for an electric Buick and postponed an EV factory in Michigan. Porsche also poured cold water on its EV transition, saying it’ll take longer than expected.
The crypto constituency… Former Prez Trump proposed a national bitcoin “stockpile” when he spoke Saturday at a bitcoin conference in Nashville to try to solidify his place as the crypto candidate. The GOP added defending crypto to its platform, and cos like Coinbase and Marathon Digital (the largest bitcoin-mining company) saw shares climb with Trump’s election odds. But President Biden’s decision to bow out has boosted focus on the battle for the crypto constituency. Now some crypto advocates say they’re encouraged by VP Harris’ pro-tech history.
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An Eric Schmidt Investment Firm Crumbles After Mismanagement, Soured Romance
By Cory Weinberg and Michael Roddan
TikTok Spending Drove Microsoft’s Booming AI Business
By Aaron Holmes
Skims, Chime Take New Steps to 2025 IPOs
By Cory Weinberg
The Hottest AI Research: Cutting Costs; OpenAI Director Says AGI in Five to 15 Years
By Stephanie Palazzolo
The thrill of victory
In brief | The Olympic Games are well underway, but another competition is going on behind the scenes with various companies showcasing how their implementations of AI can enhance athletic performance and the Olympic viewing experience.
Even the relatively unassuming podium upon which the victorious athletes stand has a technological and sustainable back story that makes it unlike any other Olympic podium to come before it.
All in all, it's an unprecedented application of technology at the Paris Olympics, enhancing cybersecurity, expediting video editing, and even providing a better way to scout for future Olympic talent.
Why it matters | While some product segments and entertainment options come and go, the overall idea of sport has proven resilient to many of those trends. It's the one common thread that has captured attention spans regardless of political, religious or socio-economic fragmentation.
In particular, the Olympics brand has proven increasingly durable, making it a good platform to show off some of the world's latest technological advances.
Cumulatively, with billions watching the Olympics all over the world, it makes perfect sense that AI and climate tech solutions are being showcased. In some ways, it's proof of concept that these ideas are real, and no longer just around the corner, but rather, have arrived.
Quoted | “The opportunities are endless in where AI can help. It's a hot topic right now and it will continue to be, but I think what we really want to ensure is that people understand the athlete and the performance is core. That's never going to change”
– Sarah Vickers, head of Intel's Olympic and Paralympic Games office
Future in focus
Digital democracy | From optical scan to Blockchain, the future of voting technology unfolds
Ask Mona | Can a France-based start-up revolutionise the Middle East's museum industry with generative AI
Surgeon superpowers | The MedTech inventions aiming to save lives
Lock picking | How encrypted apps are stalling the FBI's investigation into Donald Trump's would-be assassin
Predicting the future: Signal or noise?
Tulip trees could help us fight global warming because of the kind of wood they are made of, scientists believe. A chance finding at a botanic garden revealed the special type of wood that appears especially good at storing carbon.
This is a signal: Make no mistake, it's going to take several bold steps to address the world's climate crisis. However, some of the progress will have to come from the smaller steps that come to fruition from research like this taking place at Cambridge University's Sainsbury Laboratory. It's proof that some of the climate solutions might be found in the natural world around us, but it's going to take a different mindset. This research is a good start, and it's safe to say we're going to see a lot more of it as the race ratchets up to find more climate solutions.
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In case you missed it
How Samsung hopes to 'ring' in a new consumer technology era
What is a DDoS attack, responsible for the latest Microsoft Azure outage?
Opinion: Today's fog of war is a deadly torrent of online disinformation
Dyson OnTrac headphones review: Lighter, flashier and better than its predecessor
How Detroit recast itself as a centre of tech innovation
The Abundance BlogBy Peter H. Diamandis, MD |
Top Breakthroughs on My Mind: From SearchGPT to 25% Lifespan Extension
Each week my team and I review dozens of science and tech advancements that are transforming the world...
Below, I’m sharing my top 4 breakthroughs in tech, science, and longevity that are currently on my mind—"what they are” and “why they're important.”
My goal is to offer you an antidote to all the pessimistic news you’re bombarded with every day.
If you find this valuable, please share it with your family and friends! Remember that we are living during the most extraordinary time ever.
SearchGPT: OpenAI's Bold Move into AI-Powered Search
What It Is: OpenAI's SearchGPT is a new, perhaps more powerful approach to “Googling” something. The prototype aims to use generative AI to provide conversational answers and curated links. While exact numbers are undisclosed, this move signifies OpenAI's expansion beyond chatbots, directly challenging Google's search dominance. As AI reshapes the search landscape, SearchGPT could redefine how we interact with information, promising faster, more intuitive results for users and new opportunities for content creators.
Why It Matters: Wow! The OpenAI-MSFT vs. Google war is heating up. OpenAI's SearchGPT could revolutionize how we access information, making it faster and more intuitive. By leveraging publisher partnerships and advanced AI, OpenAI is poised to challenge Google's dominance. Have no doubt that Google will respond with its own answer to SearchGPT. It is unlikely that Google’s hegemony will be easily displaced. The bottom line is that the way we (the users) will access knowledge and information is accelerating. Exciting times ahead!
A Micro Nuclear Power Plant in Your Backyard What It Is: China has demonstrated the first full-scale meltdown-proof reactor, revolutionizing nuclear safety. While modern reactors are safer, meltdown risks persist when cooling systems fail. Now, researchers at Tsinghua University have proven a game-changing design: the 200-megawatt HTR-PM. This reactor uses "pebble" fuel instead of rods, allowing passive cooling. In a groundbreaking test, they cut power to a live plant—and it cooled naturally in 35 hours! This "inherently safe" design could transform the nuclear industry, providing clean energy without meltdown fears. Why It Matters: AI is power-hungry. It’s predicted that AI will require 100% of the U.S. energy production by 2030. While China has been rapidly scaling its energy production (see chart below), the U.S. energy output has been flat. China's meltdown-proof nuclear reactor marks a pivotal moment for clean energy and is likely the approach the U.S. will need to meet both its AI objectives as well as its climate goals. This breakthrough directly addresses our greatest nuclear concern, clearing the path for safer, more widespread adoption. It exemplifies how technology can overcome our most daunting challenges and create abundance. This is ultimately the type of energy power plant I’m happy to have in my backyard. |
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Meta's Llama 3.1: A Giant Leap in Open-Source AI
What It Is: This week Meta released Llama 3.1, its newest 405 billion parameter *open-source model*. Of particular note, Llama 3.1 is outperforming OpenAI’s GPT-4o model and Anthropic's Claude 3.5 Sonnet model on several benchmarks. Llama 3.1 is also multilingual having been trained on Spanish, Portuguese, Italian, German, Thai, French and Hindi. It has a longer context window of 128,000 tokens and is able to generate high-quality synthetic data for training other language models. CEO Mark Zuckerberg predicts Meta AI will surpass ChatGPT in usage by year-end.
Why It Matters: This demonstrates that the race between “closed LLMs” like GPT-4 and Gemini versus “open-source LLMs” like Llama 3.1 and Grok is heating up. Outperforming proprietary models while being freely accessible, it's set to accelerate global AI innovation. This 405 billion parameter powerhouse democratizes cutting-edge tech, enabling developers worldwide to build transformative solutions. Zuckerberg argues that open-source AI models, improving faster than proprietary ones, will dominate the field—much like Linux in operating systems. This shift could mark an inflection point where developers primarily use open-source AI. Llama 3.1's release signifies a major step towards democratizing AI technology, potentially accelerating innovation and accessibility in the field.
25% Lifespan Extension Treatment What It Is: Groundbreaking research reveals a new anti-aging therapy that increased mice lifespans by 25%. Blocking the inflammation-promoting protein IL-11 in middle age boosted metabolism, reduced muscle wasting and frailty, and lowered cancer risks. The therapy not only extended life but also improved healthspan. IL-11 blockers, already in clinical trials for cancer and tissue scarring, show promise for future use in elderly humans. This exciting development offers hope for a healthier, longer life for all. Why It Matters: The decade ahead is the start of a healthcare revolution driven by converging tech like AI, gene therapies, and cellular medicines. I get excited by announcements like this one because they demonstrate that we still have large levers to pull to optimize healthspan. With IL-11 blockers already in human trials, we're potentially on the cusp of a game-changing therapy that could redefine aging. Unlike previous studies, this breakthrough worked in both male and female mice, potentially adding 20 years to human lifespans—from 77.5 to 97 years. This is what we call a “bridge-two intervention,” where bridge-one is sleep, diet, exercise and not dying from something stupid.
Live Abundantly, Peter H. Diamandis, MD |
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