📣 Cybertruck sales match other EV trucks

Welcome to the Techonomy Barista, where we stir up conversations at the intersection of tech and the economy. 🍵

What we’re covering today:

1. Fed finally slashes rate by 0.5% with more cuts to come.

2. Tesla Cybertruck sales on par with all other EV trucks combined.

3. EU publishers not satisfied with Google’s ad tech sell offer.

4. YouTube unveils new AI tools at ‘Made on YouTube’ event.

5. India overtakes China in the MSCI World IMI Index.

6. LinkedIn quietly training its AI on your data.

Markets

Economic Calendar

1. Fed slashes rates by 0.5%, signals more cuts ahead 📉

Key takeaways:

• The Federal Reserve cuts benchmark interest rate by 0.5 percentage points to 4.75%-5% range, with majority officials favoring at least another 0.5 point cut in 2024.

• First rate cut in over four years, marking a shift from inflation fight to supporting labor market.

• Fed projects 4.4% unemployment by end of 2024, up from current 4.2%.

• Inflation forecast for end of 2024 is 2.3%, not reaching 2% target until 2026.

• S&P 500 hit all-time high following announcement, but then fluctuated.

How it could impact you:

• Expect lower interest rates on loans, potentially making big purchases more affordable. Maybe get back to those "dream home" Pinterest boards! 🏡

• Credit card interest rates might drop, but let's be real, it's like putting a band-aid on a credit card-shaped wound. 💳

• Job market may become volatile, with unemployment projected to rise slightly.

• The stock market's initial jump could boost your 401(k), but remember, what goes up must come down...except for the price of avocado toast. 🥑 

2. Cybertruck registrations nearly match all other EV trucks combined 🚀

Key takeaways:

• Tesla's Cybertruck registered 5,175 units in July, almost equaling the 5,546 combined registrations of all other electric trucks.

• Its overall vehicle sales increased in July, boosted by Cybertruck deliveries.

• Tesla held a 48% share of all EV registrations in July, down from 56% last year as competition grows.

• EV registrations overall climbed to over 118,000 vehicles in July, up from nearly 101,000 a year ago.

• The Cybertruck's entry price has risen to nearly $100,000, with a reported backlog of 2 million preorders.

What this could mean for you:

• The rise in EV truck options means more choices for eco-conscious drivers who need hauling power. You might soon be able to tow your boat without the guilt of burning fossil fuels.

• As EV market share grows, expect to see more charging stations popping up. Your next road trip might involve planning stops at electron fill-up stations instead of gas stations. ⛽️ 

• With Tesla's dominance slightly waning, competition could drive innovation and potentially lower prices in the EV market. This might mean more affordable electric options for your next car purchase. 🛻 

3. Google antitrust trial: Big G’s offer to sell part of its ad tech business wasn’t enough for EU publishers. 🚫

Key takeaways:

• Google offered to sell its ads marketplace AdX to end EU antitrust investigation.

• Publishers rejected asking Google to divest more than just AdX due to conflicts of interest.

• EU antitrust chief previously suggested Google divest Doubleclick For Publishers (DFP) and AdX tools.

• Commission may order Google to stop alleged anti-competitive practices before considering asset divestment.

• Google maintains EU case rests on flawed interpretations of ad-tech sector.

What this could mean for you:

• This trial could shake up the online advertising world, potentially affecting how ads are served to you. Maybe you'll finally see fewer ads for products you just bought. 🛍️

• If Google is forced to change its practices, it could lead to more diverse advertising options on websites, potentially improving your browsing experience or at least making it less predictable.

• Changes in Google's ad tech business might impact the company's revenue, which could affect the development and quality of free services you use daily, like Gmail or Google Maps.

4. YouTube unveils AI tools and social features to keep creators on platform 🎬

Key takeaways:

• YouTube unveiled "Community" for direct creator-fan interaction, mirroring Discord's functionality.

• New AI tools include a "brainstorming buddy" for video ideas and thumbnails, and Veo for generating quick Shorts clips.

• Automatic foreign language dubbing will be available to creators that could threaten paid services from startups like ElevenLabs and Captions. 🎯 

• CEO Neal Mohan avoided directly addressing concerns about creators opting out of AI model training using their content. 🤷‍♀️ 

• These features aim to keep users within the YouTube ecosystem, consolidating creator and fan activities on the platform.

What this could mean for you:

• Your favorite YouTubers might start sounding suspiciously multilingual, thanks to free AI dubbing. Get ready for a world where everyone's a polyglot, even if they can't order a coffee in another language. 🌍

• The new Community feature could make it easier to interact with your favorite creators, reducing the need for multiple platforms to follow and engage with them.

• If you're a creator or aspiring to be one, these free AI tools could lower the barrier to entry for producing polished, multilingual content, potentially increasing competition but also opening up new opportunities for growth and audience engagement. ⚡️ 

5. India overtakes China in world’s biggest investable stock benchmark, the MSCI World IMI Index. 📈 

The MSCI All Country World Index (ACWI) is a comprehensive global equity index that measures stock performance across both developed and emerging markets. It includes approximately 3,000 stocks from 47 countries, comprising 23 developed and 24 emerging markets.

Key takeaways:

• India becomes sixth largest market in MSCI All Country World Investable Market Index at 2.35% surpassing China's 2.24%.

• India's weight has more than doubled since early 2021, while China's has halved.

• Its nominal GDP growth rate is in low teens, over 3 times that of China.

• India also topped China in MSCI Emerging Markets index with 22.27% weight vs China's 21.58%.

• Shift expected to boost India's investment attractiveness.

What this could mean for you:

• If you have exposure to India, your investment portfolio might see a shake-up. Time to brush up on your Bollywood dance moves and curry recipes! 🕺

• If you live in India, increased foreign investment in India could lead to more job opportunities and potentially higher wages.

• If you're into global investing, you might want to reassess your emerging market allocations. 🌏️ 

6. LinkedIn quietly opts users into AI training, double opt-out required 🕵️

Key takeaways:

• LinkedIn introduced a new privacy setting for opting out of AI model training without user notification.

• The platform is using account data to train generative AI models for features like writing assistants.

• Users must opt out twice to fully prevent their data from being used in AI training.

• Data already used for training cannot be retroactively removed. 🙄 

• LinkedIn claims to use privacy-enhancing technologies to redact personal data in training sets.

What this could mean for you:

• Your professional profile might be moonlighting as an AI tutor without your knowledge. You should check those privacy settings. 🤖

• Prepare for a scavenger hunt through LinkedIn's settings to fully opt out. It's like a corporate version of "Where's Waldo?" but with your data. 🔍

Other stories:

AI

Runway signs deal with major movie studio Lionsgate to train its AI model on movies and shows.

Scientists create virtual brain network based on fruit fly’s visual system.

UN recommends global AI fund for developing nations to benefit from.

Tech

X gained limited availability in Brazil by changes in server access.

Instagram makes teen accounts private due to pressure to protect children.

Hard times for managers in Tech.

YouTube Shorts to integrate Google’s AI video model Veo.

Startup

Microsoft and Anduril team up on combat goggles for US army.

AI hiring startup for gig workers backed by Vinod Khosla.

Business

Here’s what remote workers really do when working from home.

Warehouse workers at Amazon get pay rise and free Prime.

Nintendo and Pokemon suing Palworld for infringement on patents.

US Politics

Trump says the Fed’s 0.5% rate cut puts US economy in bad light.

100 plus former Republican officials back Harris over Trump.

Other Top Economies

Ray Dalio fears China faces Japan’s problems of 1990.

Japan’s exports slow down and machinery orders drop impacting economic recovery.

Germany’s economic sentiment dropped to 11-month low.

India’s Foreign Minister says its growth is better than many other countries.

Interesting

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