Good morning. It's Tuesday, Aug. 20, and we're covering a guilty plea from a former US lawmaker, a tragedy striking a luxury yacht, and much more. First time reading? Join over 3.8 million intellectually curious readers. Sign up here. |
|
|
|
Former US Rep. George Santos pleaded guilty yesterday to two charges of wire fraud and aggravated identity theft after being indicted on 23 federal felony counts in 2023. The plea deal allows Santos to avoid a September trial but means the 36-year-old will likely face at least six years in prison. He owes at least $370K in restitution and $205K in forfeiture. He faces sentencing Feb. 7.
The New York Republican had been at the center of a scandal since beginning his first and only term in office in 2022 when reports revealed he allegedly embellished his background, including his college degree and Wall Street career. In December 2023, the House voted 311-114 to oust Santos from Congress. He became the sixth House member to be expelled in US history and the first to be removed without being convicted of a crime or supporting the Confederacy. See a timeline here.
Separately, the FBI arrested a Washington, DC, council member—who unsuccessfully ran for mayor in the nation's capital in 2022—on a federal bribery charge. |
California-based chipmaker AMD agreed yesterday to acquire New Jersey-based ZT Systems for $4.9B. The cash-and-stock deal comes as AMD trails California-based Nvidia as the world’s second-largest AI chipmaker.
AMD says the acquisition will expedite its testing and rollout of graphics processing units—high-performance chips that companies like Microsoft rely on to power generative AI software (watch overview). ZT Systems designs data center and storage infrastructure systems, counting cloud businesses like Microsoft’s Azure among its clientele, and generates annual revenue of $10B. Companies like Microsoft are increasingly relying on Nvidia and AMD as one-stop shop solutions to support infrastructure for power-hungry AI systems. AMD says it plans to sell ZT's server manufacturing business amid the Biden administration’s crackdown on mergers.
Nvidia controls roughly 95% of the world’s specialist AI chip market; AMD is believed to control the majority of the remaining 5%. AMD's acquisition is expected to close in the first half of 2025. |
A luxury superyacht carrying 22 passengers sank off the coast of Sicily early yesterday, leaving one person dead and six people missing. Fifteen people were rescued, including a one-year-old child. British tech entrepreneur Mike Lynch—acquitted in the US in June of fraud—and his daughter, Hannah, are among those who remain unaccounted for.
The 184-foot yacht named Bayesian was caught in severe weather conditions, including a waterspout, which caused it to capsize around 5 am local time. The ship was anchored roughly a half-mile off the port of Porticello when the storm caused the vessel to tip over. Its mast—the world’s tallest aluminum mast in the world at 246 feet—then quickly pulled the ship underwater causing the yacht to sink to about 164 feet deep. See photos of the yacht here.
According to the US Coast Guard, there were 3,844 recreational boating accidents in the US in 2023, resulting in 564 deaths. |
|
|
|
|
In partnership with Sky Quarry |
From Sustainable Oil to Planned Nasdaq Listing |
Please support our sponsors! |
|
|
|
Sports, Entertainment, & Culture |
|
|
|
> Phil Donahue, nine-time Daytime Emmy-winning talk show host and Presidential Medal of Freedom winner, dies at 88 (More) | Oprah Winfrey and other TV personalities react to Donahue's death (More) |
> Ohio State leads all schools with four players selected to college football's AP preseason All-America team with the regular season set to begin this Saturday (More) |
> "Boy Meets World" star Danielle Fishel reveals breast cancer diagnosis (More) | Disney taps "World News Tonight" producer Almin Karamehmedovic as president of ABC News (More) |
|
> Self-driving car company Waymo reveals details on its "generation 6" vehicle, offering more passenger space and the ability to handle a wide range of weather conditions (More) |
> Airline Lufthansa demos the use of a thin material on plane body mimicking shark skin in an effort to save fuel; the microstructure on sharks is estimated to reduce drag by up to 10% (More) |
> Scientists identify potential sources of the Nematostella vectensis sea anemone's exceptionally long life (More) | What are stem cells and how do they work? (More, w/video) |
|
In partnership with hear.com |
|
|
|
> US stock markets close higher (S&P 500 +1.0%, Dow +0.6%, Nasdaq +1.4%); S&P 500, Nasdaq extend winning streak to eighth consecutive session ahead of Federal Reserve's Jackson Hole Economic Symposium (More) |
> Japanese 7-Eleven owner receives preliminary takeover bid from Canada's Alimentation Couche-Tard, which owns Circle K; shares of Japan's Seven & i rise roughly 27% on the news, valuing company at $38B (More) | General Motors to lay off around 1,000 salaried employees in software and services unit (More) |
> Activist investor Carl Icahn to pay $2M to settle charges from US Securities and Exchange Commission alleging Icahn failed to timely disclose various personal loans he secured by using his stock in Icahn Enterprises as collateral (More) |
|
> Democratic National Convention gets underway in Chicago; see updates from the first day (More) | Republican-led House Oversight, Judiciary, and Ways and Means committees release impeachment report on President Joe Biden, stop short of formally calling on impeachment vote (More) |
> Hamas, Islamic Jihad claim responsibility for Sunday bomb blast near synagogue in Tel Aviv; at least one person wounded (More) | Israeli Prime Minister Benjamin Netanyahu reportedly accepts US-led cease-fire and hostage-release proposal for Israel-Hamas war in Gaza; Hamas urged to accept deal (More) |
> Ukraine destroys third bridge in Russia's southwestern Kursk region in bid to disrupt supply routes (More) | Ukraine orders evacuation of eastern city of Pokrovsk in its Donbas region amid Russia's advances (More) | See war updates (More) |
|
> How to Start a Professional Sports Team
The Ringer | Dan Moore. The story of the Oakland Ballers and the journey of two devoted fans who successfully launched a new professional baseball team in under a year in response to the A's departure from Oakland. (Read)
> The Mystery of CrimeCon
Slate | Luke Winkie. An investigation into CrimeCon, the eight-year-old gathering for true-crime fans charging a minimum of $229 per ticket—and a place where victims' family members are the main, unpaid attraction. (Read) |
|
In partnership with Sky Quarry |
Invest Before This Planned Nasdaq Listing |
Please support our sponsors! |
|
|
"When you're climbing Mount Everest, nothing is easy. You just take one step at a time, never look back and always keep your eyes glued to the top." |
- Jacqueline Susann, from "Valley of the Dolls" |
|
Why 1440? The printing press was invented around the year 1440, spreading knowledge to the masses and changing the course of history. More facts: In every day, there are 1,440 minutes. We’re here to make each one count.
Send us your feedback at [email protected] and help us stay as unbiased as humanly possible. We’re ready to listen.
Interested in reaching smart readers like you? To become a 1440 partner, apply here. |
*Disclosure: This is a paid advertisement for Sky Quarry’s Regulation A Offering. Additional information concerning the offering and its related risk factors can be found in the Form 1-A offering circular at investor.skyquarry.com |
1440 Media 222 W Merchandise Mart Plaza, Suite 1212 Chicago, IL 60654
Copyright © 2024, 1440 Media, All rights reserved.
J |
|
|
|
|
|
