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Kamala Harris is officially the Democratic presidential nominee

Japanese core inflation rose to 2.7%

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Techonomy Barista
August 23, 2024

Welcome to the Techonomy Barista, where we’re like truffle pigs hunting for the juiciest news!

A futuristic supercity circa 2075.

On today’s platter: 🍽️ 

  1. Kamala Harris formally accepts nomination for the 2024 Democratic presidential run.

  2. USD in a ditch.

  3. US jobs figures revised down.

  4. OpenAI opposes California AI bill.

  5. Bezos' space internet glow-up.

State of the economy

Markets - Top 5 Economies

Economic Calendar

1. Kamala Harris formally accepts nomination for the 2024 Democratic presidential run.

Source: Bloomberg Photographer David Paul Morris

  • Harris’ speech centered on national unity.

  • She focused broadly on cutting middle-class taxes.

  • She’ll support Ukraine and other allies versus Putin and autocrats.

  • She said she’d back Israel but also push for an end to the war in Gaza.

  • She’ll sign bills for abortion rights.

  • Harris said she will sign a bipartisan bill to secure the border.

2. Dollar in a ditch 💸 as Powell takes the mic 🎤.

Source: Trading Economics

  • Jerome Powell is about to drop some Fed wisdom at Jackson Hole 🎤, but the dollar’s index slipped below 101.5 on Friday and was on track to lose about 1% for the week.

  • The U.S. economy is sending mixed signals: the service sector is crushing it 💪, but manufacturing is still in a slump, and jobless claims are creeping up 📉.

  • Meanwhile, Japan is keeping an eye on inflation and could hike rates if the economy stays solid 🏦.

  • All eyes are on Powell’s speech at 10 AM EST today and Nvidia’s earnings next week as Wall Street tries to recover its groove, and the dollar might keep struggling in this environment.

3. US jobs figures revised down ⏬️ by 818,000.

Source: Live Data Technologies

  • The Bureau of Labor Statistics overestimated the number of new jobs added from April 2023 to March 2024 by 30%.

  • It’s common for job numbers to be revised but this s

  • Analysis from research firm Live Data Technologies shows the job search for white-collar professionals is taking longer.

    • 2024: 44.5% found a new job in three months

    • 2023: 47% found one in three months

    • 2022: 51.8% got an offer at the same time

Source: US Bureau of Labor Statistics, CNN

Source: Digital Democracy

  • SB 1047 has already passed the state Senate by a 32-1 vote and seeks to impose safety standards on models that exceed $100 million in computing power.

  • Tech leaders OpenAI, Google, and Meta expressed concerns calling it harmful to research efforts.

  • OpenAI has said the federal government should regulate AI but that this bill creates an uncertain legal environment.

5. Bezos' space Internet glow-up🌟: Amazon yeets $19.5M More at Florida satellite hub 🛰️.

Source: Amazon

  • Amazon's flexing another $19.5 mil for a new building in Florida, bringing their total investment to a whopping $140 mil.

  • This new 42,000 sq ft pad is going to be Project Kuiper's sidekick, helping process and store hardware for their 3,232-satellite internet constellation. Talk about #squadgoals.

  • Kuiper's trying to catch up to Starlink's clout as SpaceX already has 6,000+ satellites up there and 3 mil subscribers.

  • Amazon is aiming to light up the Internet sky by 2025 with 2,000+ people on the project. It's like the space race but make it Wi-Fi.

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