Buffett’s Berkshire Hits $1T Mark

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BUSINESS & ECONOMY

🚀 Warren Buffett's Berkshire Hathaway Hits $1 Trillion Market Value 

Warren Buffett’s Berkshire Hathaway has become the first publicly traded U.S. company outside the tech sector to reach a $1 trillion market value, following a modest stock rise on Wednesday. The conglomerate, built over six decades, now spans various industries. Shareholders have driven Berkshire's valuation up by over $200 billion this year, with Class A shares up nearly 30%. 

🔍 Fed Shifts Focus to Employment for a Stronger Economy

Federal Reserve officials are now prioritizing employment, reflecting signs of a weakening labor market. July saw just 114,000 jobs added, and job vacancies have dropped to 8.2 million, well below their 2022 peak. With the unemployment rate rising to 4.3%, recession concerns grew. Beth Ann Bovino, U.S. Bank’s chief economist stated, "The Fed’s focus is now squarely on the jobs front."  

🔻 Nvidia's Shares Dip Despite Doubling Revenue

Nvidia’s revenue soared by 122% to $30 billion, yet its shares dropped 8% as its Q3 forecast of $32.5 billion didn’t meet sky-high investor expectations. While the AI boom powered growth, delays in next-gen AI chips further unsettled the market. CEO Jensen Huang stated, “We can only do what’s within our control,” as investors responded to the tempered outlook.

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WORLD

🚨 Greek Vessel Attacked by Houthis Leaks Oil in Red Sea, Pentagon Alerts

A Greek-flagged tanker, the MV Delta Sounion, was struck by Houthi rebels in the Red Sea, leading to a possible oil leak, according to Pentagon spokesperson Maj. Gen. Patrick Ryder. He cautioned about a "serious environmental risk" due to the ongoing fire on the vessel, which carries a million barrels of crude oil. Ryder stated, “This situation poses both a navigational danger and a potential environmental disaster.”

🌧️ Japan Urges 4 Million to Evacuate as Typhoon Shanshan Looms with Heavy Rain

Japan has urged 3.7 million residents in Kyushu to evacuate as Typhoon Shanshan, now a Category 1 storm, threatens with up to a meter of rain, dangerous flooding, and landslides. Authorities issued a rare emergency warning, highlighting a "life-threatening situation." Over 700 flights were canceled, and power outages affected 255,150 households. Chief Cabinet Secretary Yoshimasa Hayashi warned, “Record-breaking rainfall is expected.”

SCIENCE & TECH

📱 Apple iOS beta introduces AI-powered object removal from photos

Apple has added a new AI-powered "Clean Up" feature in its iOS 18.1 developer beta, allowing users to remove objects from photos seamlessly. This feature, integrated into iOS, iPadOS, and macOS betas, uses AI to intelligently fill in backgrounds after objects are removed. Users can select or brush over unwanted items, removing them with a single tap, enhancing photo editing precision.

💰 OpenAI Eyes $100B+ Valuation in New Funding Talks

OpenAI is reportedly in talks to raise a new funding round led by Thrive Capital, aiming for a valuation exceeding $100 billion. This round, including Microsoft’s potential participation, could be OpenAI’s largest capital infusion since January 2023. Despite generating $3.4 billion in revenue, OpenAI is on track to lose nearly $5 billion by year-end.

SPORTS & ENTERTAINMENT

🔥 Caitlin Clark Sets WNBA Rookie 3-Point Record in Fever’s 84-80 Win

Caitlin Clark breaks the WNBA rookie 3-point record by hitting her 86th shot from beyond the arc during the Indiana Fever's 84-80 victory over the Connecticut Sun at Gainbridge Fieldhouse on Wednesday. Surpassing Rhyne Howard's previous record of 85, Clark scored 19 points, including a crucial layup in the final moments, stating, "It's all about the team effort."

🎤 K-Pop Star Exits Band Amid Sexual Crime Allegation

K-pop singer Taeil has left the group NCT after being accused of an unspecified sexual crime. His agency, SM Entertainment, announced his departure, citing the seriousness of the situation and confirming that Taeil is cooperating with the police investigation. Taeil, who was active in NCT 127, has not issued any public statements regarding the allegations.

OTHER NEWS

🔪 Cop Charged with Killing Pregnant Woman, Staging It as Suicide

Former Massachusetts police officer Matthew Farwell, 38, has been indicted for allegedly killing 23-year-old Sandra Birchmore, who accused him of sexual abuse. Prosecutors say Farwell murdered Birchmore, who was pregnant, on February 1, 2021, to prevent her from revealing their relationship. He then staged her death as a suicide. Birchmore’s death, originally ruled as suicide, was later questioned by experts.

✅ Supreme Court Blocks Biden’s New Student Loan Plan

The Supreme Court has declined to lift the block on President Biden's SAVE student loan repayment plan, which was challenged by GOP-led states. The plan, intended to lower payments and accelerate loan forgiveness, remains in limbo as legal battles continue. The White House vowed to "aggressively defend" the plan, stating, "We won’t stop fighting against Republican efforts to raise costs."  

🎰 New York raked in $2B from sports betting in 2023

New York led the sports betting revenue in 2023, generating $2 billion in taxes due to its 51% tax rate, the highest in the country. This amount significantly surpasses Pennsylvania’s $650 million. States with lower tax rates, between 6% and 20%, report much lower tax revenues despite similar betting volumes. Sam McQuillan of LegalSportsReport commented, “Big markets have all the leverage.”

THIS DAY THAT YEAR

On August 29th, 1997, American entrepreneurs Reed Hastings and Marc Randolph founded Netflix, initially as a video rental service. Over time, Netflix evolved into a global powerhouse, transforming the entertainment industry through its innovative video streaming and original content production.

BRAIN TEASER

Out of the Four Cardinal directions which direction is preferred for baking ?

Nailed it or stumped? Hit us with a reply and find the correct answer 🎯

Here’s what Yesterday’s teaser was:

What can be held without hands but has to be let go?

The answer is: A grudge.

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