Magnificent Seven's $3T Plunge

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BUSINESS & ECONOMY

📉 Magnificent Seven's $3 Trillion Loss in Prolonged Selloff

The "Magnificent Seven" tech stocks have shed nearly $3 trillion in market value over the past month due to AI spending concerns and a weakening U.S. economy. Nvidia lost $845 billion, Microsoft $540 billion, Alphabet $377 billion, Apple $390 billion, Amazon $410 billion, Meta $165 billion, and Tesla $200 billion.

📈 Goldman Sachs Ups U.S. Recession Odds to 25%

Goldman Sachs has raised the likelihood of a U.S. recession within the next year to 25%, up from 15%, due to increasing unemployment. Despite this, the bank's economists remain optimistic, pointing to a stable economy and the Federal Reserve's ability to promptly reduce interest rates if needed. The Goldman team, led by Jan Hatzius stated,"We continue to see recession risk as limited." 

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WORLD

🛡️ Biden Discusses Potential Iranian Attack on Israel with National Security Team 

President Biden met with his senior national security team to discuss the potential Iranian attack on Israel following the assassination of Hamas leader Ismail Haniyeh. Iran has vowed severe retaliation, and Hezbollah might be involved. Biden stated, "We received updates on threats posed by Iran and its proxies, diplomatic efforts to de-escalate regional tensions, and preparations to support Israel should it be attacked." 

🛬 Russian Security Chief Shoigu Lands in Iran 

Russian Security Council Secretary Sergei Shoigu arrived in Tehran on Monday for high-level talks with Iranian leaders, including President Masoud Pezeshkian. Amid Middle Eastern tensions following the assassination of Hamas leader Ismail Haniyeh in Tehran, Shoigu's visit focuses on defense cooperation. Russia condemned the assassination alongside Iran, warning of "extremely dangerous consequences."

🚀 Kim Jong Un Moves Missile Launchers to Border

North Korean leader Kim Jong Un oversaw the transfer of 250 new tactical ballistic missile launchers to border military units. The nighttime Pyongyang ceremony, featuring camouflaged launchers and fireworks, highlighted Kim's claim of personally designing the "up-to-date tactical attack weapon." Kim stated, “Washington’s nuclear-based military block necessitates our strengthened capabilities.” 

📰 Bangladesh Army Forms Interim Government as PM Hasina Flees

Bangladesh Army Chief General Waker-Uz-Zaman announced an interim government after PM Sheikh Hasina fled amidst deadly protests. He urged calm and appealed for public trust in the military to restore peace. Hasina, who ruled for nearly two decades, left the country following a violent uprising. General Zaman called for political collaboration, stating, "We will ensure justice for every death and crime during the protests."  

SCIENCE & TECH

📹 YouTuber Sues OpenAI for Scraping Transcripts

YouTuber David Millette files a class action lawsuit against OpenAI for using YouTube video transcripts to train its AI models without consent or compensation. Filed in the Northern District of California, the suit alleges copyright violations and breach of YouTube's terms. Millette seeks over $5 million in damages for affected creators, emphasizing OpenAI's unauthorized data use to profit from AI advancements.

🛑 OpenAI Drops ChatGPT Watermark to Protect Users

OpenAI has developed a watermarking system for ChatGPT text but hasn't released it due to internal division. While the watermark could deter misuse and is 99.9% effective, users worry it may stigmatize AI tools and reduce usage. OpenAI is now exploring embedding metadata as an alternative, seeking a balance between detection and user acceptance. 

🔍 Google Loses Major Antitrust Case Over Search Dominance 

Google has been found guilty of maintaining an illegal monopoly over internet search, according to a ruling by U.S. District Judge Amit Mehta. The court determined that Google’s tactics, including spending billions to ensure its search engine is the default on mobile devices, stifled competition and innovation. This landmark decision could lead to significant changes or penalties aimed at restoring competitive balance.  

SPORTS & ENTERTAINMENT

👑 Michigander Soldier Wins Miss USA Title

Alma Cooper, a 22-year-old second lieutenant and military intelligence officer in the US Army, was crowned Miss USA 2024 at the 73rd Miss USA pageant held at Peacock Theater in Los Angeles. She graduated top 5% from West Point and is a Knight-Hennessy Scholar at Stanford. Competing in evening gown, swimsuit, and interview rounds, her theme emphasized bridging cultural gaps and inspiring excellence.

🏅 Caroline Marks Wins Gold for US in Surfing Thriller

Caroline Marks clinched gold in women's shortboard surfing at the Paris Games, triumphing in a tight 35-minute final against Brazil's Tatiana Weston-Webb, who took silver. Marks' journey was uncertain after she left the World Surf League in 2022 due to health issues but returned triumphantly, winning the 2023 WSL Finals. Marks stated, "It's probably the best day in my life."

OTHER NEWS

🗳️ US VP Picks Shapiro, Walz for November Presidential Race

US Vice President Kamala Harris has narrowed her vice-presidential pick to Pennsylvania Governor Josh Shapiro and Minnesota Governor Tim Walz for the November presidential election. An announcement is expected soon, with a scheduled appearance at Temple University. Harris emphasized, "It is important to me that grassroots supporters have direct updates about the state of the race." 

🇺🇸 Biden & Harris Meet Security Team For Iranian Retaliation 

President Biden and Vice President Harris met with their national security team in the White House Situation Room to discuss potential Iranian retaliation following the killing of top Hamas leader Ismail Haniyeh in Tehran. The U.S. expects a response within days. Biden also spoke with the Jordanian king about de-escalating tensions. State Department spokesman Matthew Miller emphasized, “We will defend Israel from attacks.”

THIS DAY THAT YEAR

On August 6, 1945, the United States dropped an atomic bomb on Hiroshima, Japan. The devastating blast killed over 70,000 people and obliterated much of the city, marking a significant and tragic moment in history aimed at hastening the end of World War II.

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