Today’s topics

• Bitcoin dips as U.S. stocks slide

• Record gold prices: the new gold rush?

• Neo: the humanoid robot handling your chores

  and more…

After U.S. stocks suffered their worst day since an early August sell-off, Wednesday brought a mixed bag for investors. The S&P 500 dipped 0.2%, and the Nasdaq slid 0.3%, still feeling the pressure from growth worries. The Dow managed a modest 0.1% gain, offering a sliver of hope after Tuesday’s steep tumble. With the week’s economic updates just beginning, investors brace for more potential market swings.

TikTok-driven “infinite money glitch” quickly turned into a financial nightmare for those who tried it. Users discovered they could withdraw funds immediately after depositing checks, but the dream of free cash rapidly turned into five-figure negative balances and the harsh reality of criminal fraud. Chase swiftly shut down the glitch, leaving some with hefty debts and others with a cautionary tale about the perils of viral financial advice. TikTok’s ability to turn misguided schemes into “cool hacks” is a troubling trend, with real consequences for those who fall for the hype.

Record gold prices: the new gold rush and what’s Ffueling it. Gold is making headlines with record prices, surpassing previous highs in every major currency and pushing the value of a standard gold bar over a million dollars. This surge is driven largely by wealthy individuals seeking secure storage for their gold assets. Interestingly, gold's recent bull run has shown surprising resilience, seemingly unaffected by fluctuations in the US dollar or interest rates—traditionally key factors in gold pricing. This shift indicates that gold’s value is increasingly driven by factors beyond traditional economic indicators.

Hyundai N Vision 74 sports EV moves from concept to production. Hyundai has confirmed that the N Vision 74, a striking hydrogen-EV hybrid first revealed as a concept in 2022, is heading into full production. Announced at Hyundai’s investor day, this sports EV could soon be joined by the Genesis Magma production model. The N Vision 74 promises to deliver a high-performance electric driving experience, turning its futuristic design into a reality.

Mortgage refinance demand soars as rates dip. Mortgage refinance demand has surged 94% year-over-year, driven by a slight drop in interest rates. The average rate for 30-year fixed-rate mortgages with conforming balances fell to 6.43% from 6.44%. While purchase mortgage applications increased by 3% this week, they remain 4% below the level from the same week last year.

Bitcoin Dips as U.S. Stocks Slide; Mining Profits Hit Record Lows

Bitcoin dropped below $56,000 during the Asian morning, its lowest since August 8, erasing nearly all of the month’s gains before recovering slightly to over $56,500. This drop is part of a broader market decline, with U.S. stocks falling up to 3.5% amid fears of an economic slowdown, and the trend extending to Asian markets like Japan’s Nikkei 225. Meanwhile, Bitcoin mining profitability has plummeted to record lows, with JPMorgan reporting that miners earned just $43,600 per EH/s in daily block reward revenue in August, a stark contrast to the $342,000 peak in November 2021.

Meet NEO: The Humanoid Robot Ready to Transform Home Life by 2025

Norwegian-American AI robotics firm 1X has unveiled NEO, a humanoid robot designed to assist with home tasks, set to ship as early as 2025. Standing 5.41 feet tall and weighing 66 pounds, NEO can walk at 2.5 mph, run at 7.5 mph, and carry up to 44 pounds, with a 2-4 hour battery life. The robot aims to handle chores, assist those with mobility issues, and offer companionship, as demonstrated in teaser videos of it opening doors and picking up items. While exact pricing is yet to be revealed, 1X's Børnich hints that NEO could be as affordable as a budget car.

US Navy embraces Starlink for high-speed internet at sea. Life on a US Navy warship can be isolating and monotonous, but Elon Musk's Starlink might soon change that. The Navy is testing Starlink's high-speed internet to provide sailors with reliable, persistent connectivity while at sea. Under the Sailor Edge Afloat and Ashore (SEA2) initiative, this system aims to improve communication and reduce isolation, with potential benefits extending across the entire Navy. The project, revealed in a now-deleted NAVWAR press release, highlights the Navy's commitment to integrating cutting-edge technology for better onboard experiences.

Don’t miss the Apple Event 2024: catch the "Glowtime" livestream. Get ready to be among the first to discover the iPhone 16, Apple Intelligence, and all the other exciting “Glowtime” reveals at the Apple Event 2024. The livestream kicks off on Monday at 10 a.m. PT, so mark your calendar! With the "Glowtime" tagline and matching color scheme, Apple seems to be dropping some pretty obvious hints this time around. Don’t miss out, watch here!

Ilya Sutskever’s ‘Safe’ AI Startup Secures $1 Billion in Funding

Ilya Sutskever, OpenAI co-founder, has raised $1 billion for his new venture focused on developing “safe” AI models. The funding round, backed by major investors like Andreessen Horowitz and Sequoia, values the fledgling three-month-old company at approximately $5 billion, despite its lack of a product.

Google’s new AI can detect disease from coughs and breaths. Google is expanding its AI capabilities to detect disease through sound. Using 300 million audio samples of coughs, sniffles, and breathing, Google’s AI can identify early signs of conditions like tuberculosis. In partnership with Indian startup Salcit Technologies, the AI will be embedded in smartphones to aid high-risk populations in areas with limited healthcare access. This initiative highlights Google’s ongoing efforts to digitize human senses for health diagnostics, including ventures into disease detection through smell.

OpenAI announced that ChatGPT now boasts over 200 million weekly active users, doubling its user base since last November. As the leader in the generative AI chatbot space, OpenAI faces stiff competition from tech giants like Microsoft, Google, and Meta, all vying for a larger market share. Impressively, 92% of Fortune 500 companies are utilizing OpenAI’s products, with API usage also doubling since GPT-4o mini launched in July. CEO Sam Altman highlights the growing impact of ChatGPT, which is becoming an essential tool in daily life, from healthcare to education.

Moon GPS: Coming Soon to a Lunar Destination Near You

"Recalculating… destination: the Moon." As nations and companies gear up for a wave of lunar missions, the need for a GPS-like system on the Moon is becoming a reality. NASA, along with European and Japanese partners, is working on deploying lunar satnav by the late 2020s, while China plans its own constellation of navigation satellites. Soon, “You have arrived at your destination” might echo across the lunar landscape.

Tiny asteroid to light up the sky: no danger, just a spectacle. A small asteroid, about one meter in size, is set to enter Earth's atmosphere, but there's no cause for alarm. The asteroid will disintegrate and burn up upon entry, posing no risk to anyone on the ground. Instead, observers in the Philippines can expect a dazzling display, as the asteroid may appear as a fireball streaking across the sky.

Can Catching Up on Sleep on Weekends Reverse Cardiac Damage?

Many Americans are skimping on sleep, and the consequences can be serious, including high blood pressure and increased risk of heart issues. While catching up on sleep over weekends might help you feel better, can it actually repair the damage caused by a week of poor sleep? A new study to be presented at the European Society of Cardiology on September 1 suggests that it might.

Koshu grapes: Japan's resilient and distinctive fruit. Koshu grapes, adapted over centuries to Japan's humid climate, feature thick skins that enhance their resistance to disease. These grapes are known for their distinctive dusky pink color and grow in long clusters of medium-sized, round fruit. Their evolution reflects a perfect match to the local environment, showcasing resilience and unique characteristics.

Zuckerberg’s style upgrade: from $500 smartwatch to $141,000 Patek Philippe. Mark Zuckerberg is stepping up his style game, ditching his modest $500 smartwatch for a $141,000 Patek Philippe Grand Complication. The Facebook co-founder seems to be embracing the billionaire lifestyle—complete with printed shirts, a $300 million superyacht, and a luxury watch that’s turning heads. Rumor has it that the luxury bug bit Zuckerberg at a lavish pre-wedding bash of the son of Asia’s richest man Mukesh Ambani in India earlier this year. It looks like the world’s fourth richest man isn’t slowing down in his quest for sophistication.

College students splurge on “Instagrammable” dorms: hiring designers and spending big. The era of quick trips to Bed Bath & Beyond for dorm essentials is giving way to a new trend: students, particularly in the South, are spending thousands to hire interior designers for chic, “Instagrammable”dorm makeovers. Even with a slight drop to $87 billion this year from last year’s peak, students’ spending has nearly doubled over the past decade, averaging around $1,365 per student. This increase reflects a growing desire to make dorm rooms more stylish and social media-ready.

Japan’s awe-inspiring acts of respect and kindness. Japan continually amazes with its extraordinary acts of respect and kindness. Whether it’s the meticulous attention to detail in everyday interactions or grand gestures of hospitality, the country consistently demonstrates how deeply it values courtesy and compassion.

TikTok of the day: watch here

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