**Crypto**

GitLab shares saw a significant boost, trading 17% higher premarket. Meanwhile, analysts predict that Bitcoin could see a dramatic drop of 15-20% if the Federal Reserve cuts interest rates as expected. Bitcoin’s low-cost variant, Bitcoin SV (BSV), emerged as the market’s biggest gainer despite Bitcoin itself plunging over 4%. Former President Donald Trump’s upcoming crypto initiative is reportedly based on a DeFi platform that was hacked for over $2 million. Bitcoin dropped below $57,000, with Ethereum and Dogecoin also tumbling as crypto liquidations surged. A veteran analyst highlighted a reversal pattern in Bitcoin, shifting from bullish to bearish.

**US Politics**

Energy experts are skeptical about Trump’s “Drill, Baby, Drill” pledge delivering the promised energy price cuts. Donald Trump has also warned of a “great possibility of World War III,” criticizing Biden’s foreign policy and urging swift resolution. In political polling, Vice President Kamala Harris is leading Trump in a key swing state for the first time, signaling a potential narrow victory. The Department of Justice has revamped its social media strategy to combat foreign threats, shortly after Meta CEO Mark Zuckerberg mentioned pressure from the Biden administration on Facebook. A judge recently rejected Trump’s attempt to move his hush money trial to federal court due to insufficient cause. The Trump campaign has become more explicit in embracing crypto, while Kamala Harris is set to unveil a $50,000 tax deduction for small businesses, aiming to counter Trump’s economic policies and win over middle-class voters.

**US Markets**

The US stock market shows no signs of respite as futures sag and the VIX spikes by 10%, with Bitcoin sliding further. A market strategist warns of more pain in September but suggests buying the dip. Another market bull predicts up to a 10% pullback in September and advises caution but emphasizes readiness to “buy that dip.” The Dow tumbled over 600 points and the Nasdaq dipped by 3% amid a plunge in Nvidia stocks, while the Fear Index remains in the “Greed” zone.

**US Economy**

Investors are cashing in on Detroit’s real estate surge, calling it a market like no other. Economist Peter Schiff has warned of an unhealthy combination of recession and rising inflation following a trifecta of underwhelming economic data. JPMorgan has cautioned that anticipated rate cuts may not significantly boost stock markets, predicting that the Fed will start easing but more reactively than proactively.

**World Economy**

Japan led Asia markets in decline, and Europe followed suit, with crude oil prices falling below $70 while the US slept.

**Tech**

Ciena reported Q3 earnings with revenue and EPS beating estimates, though operating margins declined and their CFO announced retirement. Top chipmakers like Nvidia and Intel are grappling with gender disparity issues despite an AI surge. Salesforce’s stock movements raised questions today, while WiSA Technologies stock surged premarket Wednesday. Nvidia announced a $137 million investment in Tokyo-based Sakana AI, becoming a major shareholder in the startup. However, Jensen Huang’s net worth dropped below $100 billion as Nvidia’s stock plummeted 14% over three sessions post-earnings disappointment. Tesla introduced a winter package for the Cybertruck priced at $3,000 ahead of colder weather. Apple reportedly plans to switch all iPhones to OLED displays starting in 2025, not just the top-tier models.

**Electric Vehicles**

Uber rival Lyft announced it would lay off 1% of its employees and sell assets to reduce costs. Elon Musk responded positively after EV enthusiasts drove a Cybertruck from Florida to the Arctic Ocean. A former Tesla executive foresees a decade of uncertainty for the auto industry, unlike anything seen since the early 20th century. NIO shares experienced notable movements on Wednesday.

**Consumer**

Dollar Tree’s Q2 earnings missed revenue and EPS expectations, prompting the company to cut its annual forecasts as customers face macroeconomic pressures on spending, causing the stock to tumble. Hormel Foods’ FY24 outlook took a hit due to production disruptions, resulting in a significant drop in its stock value. The US government has demanded an investigation into Shein and Temu over concerns about “deadly” baby products.

**Communication**

Snap CEO Evan Spiegel announced a renewed focus on its ad business and augmented reality (AR) amid stiff competition from TikTok and Meta (formerly Facebook).

**Industrial**

Amid opposition from Kamala Harris and Donald Trump, US Steel CEO warned of potential plant shutdowns and HQ relocation if a sale to Nippon Steel fails due to financial constraints. Southwest Airlines’ stock showed notable premarket activity on Wednesday. Cathay Pacific’s A350 fleet is set to fully resume operations by September 7. Boeing’s Starliner spacecraft prepares for an uncrewed return journey to Earth with astronauts Sunita Williams and Butch Wilmore overseeing preparations.

**Healthcare**

Vivani Medical announced positive preclinical results for its miniature GLP-1 implant aimed at treating obesity by reducing liver fat.

**Financial**

Blackstone made its largest investment in the Asia Pacific region by acquiring AirTrunk amid an AI and data boom. Major rating agencies like Moody’s, S&P Global, and Fitch faced a $49 million SEC fine for record-keeping failures.

**General Space News**

Elon Musk’s Starlink has complied with Brazil’s top court order by blocking access to X in the country while continuing to pursue all legal avenues.

**Energy**

Trafigura signed a $400 million prepayment deal with Mineral Resources.

Photo by Svetlana Parnikova via Shutterstock

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