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Today's Top Stories

  • Newly uncovered $70 million will help Celsius Network survive until end of year
  • Meta's latest chip deal with Qualcomm shows suppressed VR ambitions
  • Friday's jobs report shows unexpected increase in unemployment, 315k new jobs

Crypto Bytes

CoinDesk

 

Celsius Network Says $70M Cash Relief Will Help It Survive the Year

 

Crypto lender Celsius Network is going through bankruptcy proceedings, but a newly found $70 million pile of cash could help it at least survive for the rest of the year. The missing funds were mistakenly believed to be in dollar-pegged stablecoins, but a lawyer discovered the discrepancy during Celsius' bankruptcy hearing. Currently, the firm's costs far outpace any proceeds from its unprofitable Bitcoin mining operation. Initially forecasted to run out of cash in October, Celsius is aiming to stick around a little longer now.

 

Tech Bytes

The Verge

 

Meta Chip Deal With Qualcomm May Reflect VR Ambitions

 

Qualcomm and Meta are signing a multi-year agreement to prepare custom versions of Qualcomm's Snapdragon XR chips in anticipation of a "future roadmap of Quest products." The move isn't too peculiar, but it does show that Meta's upcoming headsets won't run on custom Meta-designed silicon. So, in spite of competitors Apple, Amazon, and Google opting for custom chip designs, Meta doesn't appear to be doing the same. Funny enough, just this April, Meta employees were reportedly working with semiconductor fabs to produce custom chips. It's unclear how exactly the company's roadmap has changed since, but Meta's VR/AR ambitions certainly seem to have been scaled back.

 

Week's Notable Decliners

  • Okta (OKTA) -31.6%
  • MongoDB (MDB) -31.3%
  • Semtech (SMTC) -30.8%
  • AMD (AMD) -12.1%
  • Nvidia (NVDA) -15.8%
 

Earnings

  • Monday: N/A
  • Tuesday: N/A
  • Wednesday: Gamestop, NIO
  • Thursday: DocuSign, Zscaler
  • Friday: Kroger 

Econ Bytes

Getty Images

 

Here’s How the Fed Is Reading Friday's Jobs Report

 

Friday's jobs report revealed a strange problem: too many jobs. Employers have had to raise wages to attract candidates considering there are nearly two jobs available for every person. And, the Fed's ongoing effort to "cool" the economy is much harder with higher salaries. Aside from 315,000 added jobs, the US unemployment rate actually grew (unexpectedly) to 3.7% in August. On the news, expectations for a higher interest rate hike lowered. All in all, the Fed looks set for a 50-basis point hike in September.

 

US Stock Indexes

  • Dow: -1.07%
  • S&P 500: -1.07%
  • Nasdaq: -1.31%
  • Russell 2000: -0.72%

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Disclosure: This newsletter is meant for informational purposes only and is not investment advice. Please consult with your investment, tax, or legal advisor before making any investment decisions.

 

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