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Today's Top Stories

  • Crypto.com paid a woman millions, but it wants its money back
  • US government orders Nvidia and AMD to stop selling AI chips to Russia and China
  • Jobless claims in the US fall to the lowest level in two months, defy expectations

Crypto Bytes

Bloomberg

 

Crypto.com Mistakenly Paid a Woman Millions

 

Last year, a woman in Australia discovered that Crypto.com had mistakenly transferred $7.2 million to her bank account. Quickly after, she bought a mansion, but the crypto company noticed the error seven months later. A judge is now ordering the sale of the property and awarding all proceeds of the sale to Crypto.com. Both a cautionary tale and stupefying scenario, the woman was only due $68- talk about craziness. 

 

Tech Bytes

Getty Images

 

U.S. Orders Nvidia and AMD to Stop Selling AI Chips to China

 

On Wednesday, the U.S. government told Nvidia and AMD that they have to stop selling some of their technology to China that can be used for artificial intelligence. Two of America's top chipmakers, the companies are being told that the requirement is due to the risk of products being diverted to a "military end user."  It's estimated the move upends nearly $400 million worth of business for Nvidia, and both Nvidia and AMD stock tumbled on the news. Aside from China, the new mandate also covers a ban on exports to Russia. 

 

Notable Decliners

  • Okta (OKTA) -33.7%
  • Semtech (SMTC) -27.1%
  • MongoDB (MDB) -25.3%
  • C3.ai (AI) -19.3%
  • Gitlab (GTLB) -15.6%
 

Earnings

  • Monday: Pinduoduo
  • Tuesday: Baidu, Best Buy, CrowdStrike, HP
  • Wednesday: NIO, Okta
  • Thursday: Broadcom, Lululemon
  • Friday: N/A

Econ Bytes

Getty Images

 

Jobless Claims Fall to Lowest Level in Two Months

 

The U.S. Department of Labor's latest report shows weekly jobless claims fell to the lowest level since late June. With nearly 232,000 Americans filing first-time unemployment claims in the week ending August 27th, first-time claims dropped by 5,000 from the previous week and beat economists' expectations. More than anything else, the figures show employers aren't rushing to drop workers despite the apparently slowing economy. The majority of layoffs that have happened have come from technology companies, but most of this appears to be a correction from COVID-19 added demand. 

 

US Stock Indexes

  • Dow: +0.46%
  • S&P 500: +0.30%
  • Nasdaq: -0.26%
  • Russell 2000: -1.15%

rareliquid

 
 

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