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3 Things To Know

Social Media — TikTok Lite Halts addictive rewards feature in EU Following Regulatory Scrutiny

AI — Chip Startup Groq Secures $640 Million in Funding to Compete with Nvidia

WTF — Dolce & Gabbana Introduces Luxury Dog Fragrance Priced at €99

Markets
Beaten to a Pulp
… Dow Sinks More Than 1000 Points on Economic Fears

“The last time this happened, it was the height of the COVID-19 pandemic”

Now, the fear index is spiking again, and the stock market is feeling the pain. The tech-heavy Nasdaq Composite and the even more megacap-tech-concentrated Nasdaq-100 have both entered correction territory, according to Dow Jones Market Data. A correction is defined as a decline of 10% to 20% from the most recent highs. This sharp pullback is a sobering reminder getting drunk off valuations, and volatility can grip the markets when investors get spooked.

The Global Sell-Off Accelerated

It's been a Monday Blues morning, with a stock market plunge abroad that's reminiscent of the 1987 crash. The selling pressure has swept around the world and pummeled Wall Street, sending stocks tumbling even further. Fears are intensifying about a slowing U.S. economy, and that's leading to more painful losses across the board. As the global sell-off accelerates, investors are holding on to their buts for more turbulence.

What is the cause for fear?

1. Inflation and central banks

• Geopolitical concerns have surpassed inflation as the top risk factor for central banks and sovereign wealth funds, according to a new survey.

• In response to these risks, 53% of central banks intend to increase their reserves, while 52% plan to diversify their holdings.

2. Fear index over the U.S. economy

• Weak reports on manufacturing and construction signaled economic softness.

• The government's monthly jobs report revealed a slowdow

• Even gold slipped 1%, and silver 1.3%as investors await inflation figures.

3. Big Tech darlings

• A small number of Big Tech stocks were primarily responsible for the market's double-digit gains leading into July.

• However, the momentum of these stocks turned in August as investors became concerned that prices had risen too high.

4. Japan- Japan's economy experienced a downturn

• The Nikkei index experienced its largest two-day decline in history, falling 18.2% on Friday and Monday.

• A primary catalyst for this significant drop was the interest rate hike by the Bank of Japan (BoJ) last week.

5. Cooling job market, slowing manufacturing and tumbling stock market lead to big tech sell-offs

• US investors triggered a major sell-off on Wall Street on Thursday set off by fears that the job market is cooling.. and the sell off as Japan experiences their worst day since black Friday

Happy 21 birthday, MySpace.

Cheers to MySpace, which turns 21 today. MySpace was the OG platform that let ‘A place for friends’ to connect online back in the day

It was a peak era post-high school. When social media was just starting to find its footing. It wasn't just about friending your BFFs; MySpace was a game-changer for musicians. It encouraged artists to share their tunes with the world. Think of it as the Spotify of the early 2000s, but music discovery was between friends.

MySpace was the launchpad for some major music careers. Lady Gaga, Lily Allen, Katy Perry, and The Killers were the new kids on the block? Yep, they got their start on MySpace. It was basically the TikTok FYP page for discovering new music. At the time, radio stations gated by record labels and TRL (aka Total Request Live) were the best ways to find new music your peers were listening to.

But let's not forget the real MVP - Tom Anderson. He was literally everyone's first friend on MySpace. Tom seems to have vanished from the public eye. These days, you can find him traveling the world like James Bond, snapping photos. But for the users who still want a place for friends.

Stand By Me

The legacy of MySpace isn't just influencing new social media platforms; it's also making waves in the world of film. "DiDi," a semi-autobiographical flick that dives into the wild world of early 2000s digital culture. Sean Wang set out to make a 'Stand by Me' for the infancy of the digital era. The plot thickens when a character gets axed from another's top eight friends.

MySpace 2.0? Enter NoPlace

What's old is new again, and the features of MySpace are still working. NoPlace, the new social media app that's giving us major MySpace vibes. It's got the customizable profiles, the colorful layouts - all the makings of a Millennial's dream site. But this time around, it's Gen Z who's running the show. No HTML required for creating glittery pages.

NoPlace is like the love child of MySpace, Facebook, with features that'll make old-school social media enthusiasts feel nostalgic.

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