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Today's Top Stories

  • Sam Bankman-Fried goes to Twitter to deny reports of Alameda VC merger
  • California votes to pass regulation banning new gas car sales by 2035
  • Second-quarter GDP declined less than previously thought, with 0.6% contraction

Crypto Bytes

Nerdist

 

FTX CEO Calls Alameda VC Merger Report a 'Big Misrepresentation'

 

Amid reports that FTX is merging with Alameda Research, crypto extraordinaire Sam Bankman-Fried (SBF) is commenting on the falsification. Stating, "this seems like a big misrepresentation to me," SBF is making sure we know FTX's investing arm (FTX Ventures) is a distinct entity from Alameda's ventures. It can all get a bit confusing because both FTX Ventures and Alameda are led by SBF. Nonetheless, the crypto billionaire wants us to know that even if FTX has been doing more venture and Alameda has (possibly) done less, no official merger has taken place.

 

Tech Bytes

Getty Images

 

California Clears the Way to Ban New Gas Car Sales

 

Thursday afternoon saw a groundbreaking vote by California's Air Resources Board to require most new cars and trucks sold in California to run exclusively on electricity and hydrogen by 2035. Of course, the regulation will be phased in gradually, but progressional requirements are in place which require zero-emissions make up 35% of new car sales by 2026, and 68% by 2030. For those out of the loop, the ban originates from an executive order issued by California governor Gavin Newsom back in 2020. Around the world, it seems other countries (and the EU) are doing the same.

 

Notable Decliners

  • Grab Holdings (GRAB) -12.2%
  • Splunk (SPLK) -12.0%
  • Salesforce (CRM) -3.4%
 

Earnings

  • Monday: Zoom
  • Tuesday: JD.com, Intuit
  • Wednesday: NVIDIA, NIO, Salesforce, Snowflake
  • Thursday: Dollar General, Dollar Tree, Dell, Workday
  • Friday: N/A

Econ Bytes

Reuters

 

Second-Quarter GDP Declined Less Than Previously Thought

 

On Thursday, the Commerce Department reported that the U.S. economy contracted at a more moderate pace than predicted in the second-quarter. Gross domestic product shrank at a 0.6% annualized rate in Q2, beating out the estimated 0.9% pace of decline. Nonetheless, broader measures of economic activity suggest an upside. With gross domestic income and underlying retail sales increasing in Q2, the actual state of the economy may be harder to define. Of course, Fed Chair Powell's speech at Jackson Hole will shed light on the risk of a recession, but these numbers from the Commerce Department show reasons to be optimistic already.

 

US Stock Indexes

  • Dow: +0.98%
  • S&P 500: +1.41%
  • Nasdaq: +1.67%
  • Russell 2000: +1.52%

rareliquid

 
 

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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