Good morning. It's Tuesday, Aug. 6, and we're covering a global stock market rout, a landmark ruling against Google, and much more. First time reading? Join over 3.7 million intellectually curious readers. Sign up here. |
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Vice President Kamala Harris officially became the Democratic nominee for president yesterday after a five-day virtual roll-call process ended. She is expected to announce her running mate today before kicking off a five-day campaign tour across seven battleground states.
Harris has reportedly whittled down her choices from a broad bench of candidates to two leading contenders: Pennsylvania Gov. Josh Shapiro and Minnesota Gov. Tim Walz. Shapiro's statewide approval rating (54%) is seen as an asset for a campaign seeking to secure Pennsylvania's 19 electoral votes. Meanwhile, Walz has risen in betting markets amid viral media clips and speculated appeal to Midwestern voters. A running mate’s impact on elections may nonetheless be relatively small.
Recent polls show Harris closing in on former President Donald Trump’s lead, with Trump holding a 1-percentage-point national lead over Harris, down from his 3-point lead over President Joe Biden last month. See the latest polls here. |
Global stock markets tanked yesterday over concerns of a slowing US economy after a weaker-than-expected US jobs report Friday showed hiring slowed and unemployment rose to its highest rate in nearly three years. The data triggered the "Sahm Rule," when the three-month average unemployment rate rises 0.5 points above its 12-month low, a historically accurate recession indicator.
The US accounts for nearly a quarter of global gross domestic product and can significantly influence global markets. The Dow Jones Industrial Average fell 2.6%, while the Nasdaq composite and S&P 500 declined by 3.4% and 3.0%, respectively. Yesterday's global decline began with Japan's Nikkei 225 index, which fell over 12%, its largest single-day percentage drop since 1987. European markets saw major indexes drop around 3%. The turmoil also extended to cryptocurrencies, with Bitcoin falling over 10%.
Separately, losses in the “Magnificent Seven” tech stocks erased more than $650B from their combined market value. |
Google Loses Antitrust Case |
A federal judge yesterday ruled Google violated antitrust laws by illegally holding a monopoly on online search and text advertising. The verdict comes in the first and biggest tech antitrust trial in over two decades and could alter how technology giants conduct business in the modern internet era.
The US Justice Department, along with over 30 state attorneys general, had sued Google in 2020 for allegedly paying more than $10B per year to web browsers and phone manufacturers to become the default search engine across those platforms. Yesterday's ruling found Google paid over $26B in 2021 alone to secure such agreements. The ruling also found Google controls nearly 90% of the world's general search services market on desktop devices and 95% on mobile devices. In 2023, Google's advertising unit generated roughly $238B—triple the revenue in 2016. See how Google makes money here.
It is unclear what penalties or limitations Google will face to restore competition. Google is expected to file an appeal. |
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In partnership with LiquidPiston |
A Quantum Leap In Engine Technology |
Automotive giants (Toyota, BMW, Ford, and others) are shifting their focus toward battery and hydrogen-powered vehicles as a clean energy alternative. This is great for LiquidPiston, whose engines are fit for hybrid electric power systems and have the proven capability to burn fossil fuels as well as low/no-carbon fuels like hydrogen. Due to overwhelming demand from their last funding round, which was oversubscribed, the company is relaunching its investment opportunity for a limited time.
LiquidPiston’s engines’ ability to effectively use heavy fuels (diesel, jet fuel) has resulted in US DoD contracts to help enable lighter portable electric power generators, hybrid electric propulsion systems for drones, and other power systems applications. The company has secured $65M+ US government contracts and reported a profit in their last reporting period.
Don’t miss what could be your last opportunity to become a private LiquidPiston shareholder. You can claim shares in LiquidPiston here.* |
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Sports, Entertainment, & Culture |
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> Simone Biles wins silver medal in floor exercise, her fourth medal of the Paris Olympics and her 11th Olympic medal overall (More) | See latest medal count (More) |
> "Deadpool & Wolverine" now second-highest grossing film of 2024 as it brings in $824M at the global box office; Disney becomes first studio of 2024 to top $3B in sales globally (More) |
> Miss Michigan Alma Cooper, a US Army officer, crowned Miss USA 2024; Miss Kentucky Connor Perry and Miss Oklahoma Danika Christopherson named first and second runner-ups (More) |
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> New study suggests Egypt's Pyramid of Djoser was built using primitive hydraulic technology to lift stones (More) | Ancient Egypt explained in under three minutes (More, w/video) |
> Nobel Prize winner Tsung-Dao Lee dies at age 97; Lee shared the 1957 award for demonstrating a phenomenon known as parity violation, one of the few known instances of physics not exhibiting symmetry (More) |
> New tool developed to track how psychedelic compounds begin to affect neurons within minutes after ingestion (More) |
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> AI chip startup Groq raises $640M in funding round, valuing the Nvidia challenger at $2.8B (More) | Elon Musk revives federal lawsuit against OpenAI and its CEO Sam Altman, alleging he was manipulated into cofounding the ChatGPT maker (More) |
> Walmart, Amazon, and State Grid—Chinese state-owned utility giant—top Fortune Global 500 ranking of world’s largest companies by revenue (More) |
> Vietnamese billionaire tycoon found guilty of defrauding stockholders of nearly $150M by inflating the value of his company ahead of an initial public offering in Vietnam; Trinh Van Quyet was sentenced to 21 years in prison (More) |
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In partnership with 10 East |
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> At least four people killed after Debby makes landfall on Florida's Big Bend coast on the Gulf of Mexico as a Category 1 hurricane before downgrading to a tropical storm (More) | Debby now heads to Georgia and South Carolina; see tracker (More) | See photos (More) |
> Bangladesh Prime Minister Sheikh Hasina resigns, leaves country after historic 15-year rule following mass student protests; country's army chief says an interim government will be formed (More) |
> Former Trump legal adviser Jenna Ellis agrees to cooperate with Arizona prosecutors in 2020 election interference case; attorney general drops felony charges against Ellis, allowing her to avoid potential jail time (More) |
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> The Rise of Plant Philosophy
Aeon | Stella Sandford. As research reveals plants' ability to exhibit complex behaviors, one philosopher calls on her colleagues to reexamine Western concepts of individuality and intelligence and join her in the burgeoning study of plant philosophy. (Read) |
> It's 5 O'Clock Somewhere
BBC | Sam Gruet. Montreal is set to allow 24-hour drinking zones this fall. The decision takes cues from places like Berlin and Tokyo, potentially luring $1.6B in financial value to Canada's second-largest city. (Read) |
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In partnership with LiquidPiston |
Father and Son Reinvent the Engine |
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