Good day valued readers,

We hope this week's carefully curated selection of news finds you well. In this edition, we cover the latest developments across investing, finance, crypto, AI, and other topics to help you stay informed.

As always, our goal is to provide you with a professional, unbiased roundup of noteworthy news to augment your understanding of what's happening in the world. We take pride in hand-selecting articles from trustworthy sources across a diverse range of industries.

Please enjoy this week's newsletter. We're grateful for the opportunity to share these insights with you and look forward to continuing to be a valuable resource.

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Investing and Finance

This week delves into a diverse array of topics, starting with an exploration into the psychology behind "bad" financial decisions, shedding light on the intricacies of human behavior in monetary matters. Additionally, the article discusses the potential ramifications of escalating tensions in the Middle East on the U.S. economy, providing insights into global geopolitical dynamics.

Tesla's anticipated $350 million expenditure on layoffs reflects the ongoing shifts within the automotive industry, while discussions on allocating another $61 billion to Ukraine offer a glimpse into international financial aid strategies. Jamie Dimon's concerns about a potential economic regression to the 1970s highlight contemporary economic anxieties. On the consumer front, Apple's latest VR headset struggles to find its market, contrasting sharply with the assertion by a Norwegian oil fund boss that Europeans are "less hard-working" than Americans.

The CEO of Hilton shares a personal anecdote about the perils of overspending, while a self-made millionaire emphasizes the importance of personality over intellect in wealth accumulation. Lastly, BHP's proposed £31bn takeover of Anglo American and Mark Zuckerberg's remarks during Meta's Q1 earnings call offer valuable insights into corporate strategies and tech industry trends.

1. Why Do People Make “Bad” Financial Decisions? - Read more

2. How an Escalation in Middle East Tensions Could Affect the U.S. Economy - Read more

3. Tesla expects to book over $350 million in costs for layoffs - Read more

4. What US taxpayers will get for another $61 billion to Ukraine - Read more

5. Jamie Dimon is worried the US economy is headed back to the 1970s - Read more

6. Almost Nobody Is Buying Apple's Super Expensive Vision Pro VR Headset - Read more

7. Europeans ‘less hard-working’ than Americans, says Norway oil fund boss - Read more

8. CEO of Hilton says a Porsche was the dumbest thing he ever bought: ‘I spent all my money on that stupid car’ - Read more

9. ‘Your personality will get you 10 times richer than your intelligence,’ says self-made millionaire who retired at 35 - Read more

10. BHP proposes £31bn takeover of Anglo American in mining mega-deal - Read more

11. 4 Key Takeaways From Mark Zuckerberg's Comments During Meta's Q1 Earnings Call - Read more

Crypto News

This week, several significant developments took place in the cryptocurrency space. Venezuela announced plans to accelerate the adoption of the stablecoin USDT in response to U.S. sanctions. El Salvador's government-backed Bitcoin wallet faced a security breach, with its source code and VPN access being leaked. Jack Dorsey's company Block unveiled plans to develop a comprehensive Bitcoin mining system.

The U.S. Department of Justice recommended a three-year prison sentence for Binance's founder, Changpeng Zhao. PayPal proposed rewarding green Bitcoin miners with extra BTC rewards. The U.S. Securities and Exchange Commission (SEC) postponed decisions on Ethereum ETF proposals from Grayscale and Franklin Templeton. The European Union's anti-money laundering bill passed its final vote, setting new regulations for crypto-asset service providers. Square, another Dorsey-led company, announced plans to convert merchants' revenue into Bitcoin via Cash App.

Figment, a blockchain infrastructure provider, reported fivefold growth in Q1 and surpassed $15 billion in staked assets. Finally, a KPMG survey revealed that 39% of institutional investors in Canada had exposure to crypto assets in 2023.

1. Venezuela plans to speed up USDT adoption following US sanctions: Reuters - Read more

2. El Salvador bitcoin wallet suffers source code, VPN access leak - Read more

3. Jack Dorsey’s Block announces development of ‘full Bitcoin mining system’ - Read more

4. Binance Founder Changpeng Zhao Should Spend Three Years in Prison, DOJ Says - Read more

5. PayPal Wants to Give Green Bitcoin Miners Extra BTC Rewards - Read more

6. SEC Punts on Ethereum ETF Proposals From Grayscale and Franklin Templeton - Read more

7. EU's anti-money laundering bill passes final vote, here's what's next for crypto-asset service providers - Read more

8. Jack Dorsey's Square Will Convert Shops' Revenue to Bitcoin via Cash App - Read more

9. Figment witnesses fivefold growth in Q1, passes $15 billion staked - Read more

10. KPMG Survey Finds 39% of Canada’s Institutional Investors Had Exposure To Crypto Assets in 2023 - Read more

Artificial Intelligence

This week, artificial intelligence (AI) continued to make inroads across various industries. United Airlines is leveraging AI to enhance the flying experience, from predicting flight delays to optimizing aircraft cleaning schedules. However, researchers raised concerns about AI's ability to predict political orientations from blank faces, sparking privacy debates.

Major banks, including JPMorgan and Goldman Sachs, emphasized the growing importance of AI in their operations. Coca-Cola and Microsoft announced a five-year partnership to accelerate cloud and generative AI initiatives. Comedian Jon Stewart highlighted the potential dangers of AI, echoing concerns about its implications. Microsoft revealed plans to develop smaller AI models capable of running on mobile devices.

SoftBank is reportedly investing nearly $1 billion in an AI push, utilizing Nvidia's chips. Nvidia acquired Run:ai, a startup specializing in AI workload management, for $700 million. Apple's new AI model hinted at the company's plans to integrate AI into iPhones. Etsy crochet buyers raised issues with AI-generated images used to sell disappointing patterns. Snowflake released its own flagship generative AI model, further solidifying AI's presence across various sectors.

1. How United Airlines uses AI to make flying the friendly skies a bit easier - Read more

2. AI can predict political orientations from blank faces – and researchers fear 'serious' privacy challenges - Read more

3. AI is becoming a big deal for big banks. What the CEOs of JPMorgan, Goldman Sachs and more are saying - Read more

4. The Coca-Cola Company and Microsoft announce five-year strategic partnership to accelerate cloud and generative AI initiatives - Read more

5. Jon Stewart Is Right About the Dangers of AI - Read more

6. Why Microsoft Is Building Smaller AI Systems That Can Fit in Phones - Read more

7. SoftBank will reportedly invest nearly $1 billion in AI push, tapping Nvidia’s chips - Read more

8. Nvidia acquires AI workload management startup Run:ai for $700M, sources say - Read more

9. Apple’s new AI model hints at how AI could come to the iPhone - Read more

10. Etsy crochet buyers say AI-made images are being used to sell disappointing patterns - Read more

11. Snowflake releases a flagship generative AI model of its own - Read more

Top Article Picks this week

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1. Five things to be optimistic about in America today (Reading time: 8 min) - Read here

2. Use the 12-12-12 Method to Finally Declutter Your Home (Reading time: 4 min) - Read here

3. What Happens When You Drink a Gallon of Water a Day? (Reading time: 3 min) - Read here

4. Insects and Other Animals Have Consciousness, Experts Declare (Reading time: 8 min) - Read here

5. Do You Have an ‘Emotionally Immature Parent’? How a Nine-Year-Old Book Found a New, Younger Audience (Reading time: 12 min) - Read here

6. I Gave up Caffeine for a Month and This Is What Happened (Reading time: 4 min) - Read here

7. Can You Solve Albert Einstein’s Famous House Riddle? (Reading time: 2 min) - Read here

8. How to Get Real Rest (Reading time: 7 min) - Read here

9. One Way America Can Meaningfully Address Poverty (Reading time: 5 min) - Read here

10. Try Something New to Stop the Days Whizzing Past, Researchers Suggest (Reading time: 3 min) - Read here

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Book of the week

"Common Sense on Mutual Funds" by John C. Bogle offers a compelling and insightful perspective on investing in mutual funds. Bogle, the founder of The Vanguard Group, presents a well-researched argument advocating for a low-cost, index-based approach to investing. With clarity and logic, Bogle emphasizes the importance of minimizing costs in order to maximize returns for investors. He challenges conventional wisdom and provides compelling evidence for the superiority of index funds over actively managed funds.

The book delves into topics such as asset allocation, diversification, and the impact of fees on investment performance. Bogle's writing is accessible yet thorough, making complex financial concepts understandable for readers of all levels of experience. Throughout the book, Bogle's passion for empowering individual investors shines through. He not only provides practical investment advice but also advocates for positive change within the fund industry to better serve investors' interests.

With endorsements from industry experts like Warren Buffett and Morningstar's Don Phillips, "Common Sense on Mutual Funds" is widely regarded as a must-read for anyone seeking to navigate the complexities of investing with clarity and confidence. Overall, Bogle's book offers timeless wisdom and actionable insights that can help investors build a solid foundation for long-term financial success. Whether you're a novice investor or a seasoned professional, this book is an invaluable resource that will challenge your assumptions and inspire you to make smarter investment decisions.

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