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Your Daily BriefAugust 10th, 2022 |
Good morning, and welcome to your Wednesday! Today, we’re covering investments in domestic semiconductor production, the death of a legacy songwriter, and more. Here’s what we have for you:
In Today’s Brief
- China: New novel virus detected in 35 individuals
- Albuquerque: Police arrest suspect in connection with the murders of four Muslim men
- Motown: Songwriter and producer Lamont Dozier dies at age 81
- Micron: Investing $40B to manufacture chips in the US
- Mark Cuban: Speaks out against buying digital land in the Metaverse
- Top Tips: Serena Williams says she will retire from tennis after this year’s US Open; record rainfall in Seoul leaves at least nine dead; President Biden signs semiconductor bill into law
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Serena Williams announces her retirement from tennis
23-time Grand Slam champion Serena Williams said she plans to retire from tennis after this year’s US Open.
Williams announced her retirement in a self-penned cover story for Vogue. In it, she said that she thinks of stepping away from tennis as more of a transition than a retirement, adding, “Maybe the best word to describe what I’m up to is evolution. I’m here to tell you that I’m evolving away from tennis, toward other things that are important to me. A few years ago I quietly started Serena Ventures, a venture capital firm. Soon after that, I started a family. I want to grow that family.”
Now age 40, Williams began her career in 1995 at 14 and went on to become one of the highest-paid female athletes in the world. She has earned 73 career singles titles along with four Olympic gold medals, and has spent 319 weeks as the world’s number-one ranked female tennis player.
At least nine dead from flooding amid record rainfall in Seoul
Thunderstorms over the last two days in Seoul, South Korea have caused flooding that has left at least nine people dead and seven others missing.
Starting on late Monday and going into Tuesday, the southern part of the nation’s capital received more than 100mm (3.9 inches) of rain per hour. Some parts of the city received as much as 141.5mm which, according to the Korea Meteorological Administration (KMA), is the most amount of rainfall per hour that Seoul has received in 80 years. The accumulated rainfall in the city since midnight on Monday stood at 451mm as of yesterday afternoon, and weather officials have forecasted more rain to hit the city over the next several days.
According to the Ministry of the Interior and Safety, almost 800 buildings in Seoul and nearby cities were damaged while at least 790 people were forced to evacuate from their homes.
President Biden signs the CHIPS and Science Act into law
President Biden yesterday signed a $280B legislation package aimed at boosting semiconductor manufacturing and scientific research in the United States.
The CHIPS and Science Act–short for Creating Helpful Incentives to Produce Semiconductors for America Act–aims to boost domestic production of semiconductors to increase competition with China and hedge against potential future supply chain crises. The bill, which Congress passed in July, sets aside $52.7B in funding for domestic production of semiconductors and another $200B in funding for scientific research, including more than $80 billion for the National Science Foundation.
"Today America is delivering, and I honest to God believe that 50, 75, 100 years from now, people who will look back on this week, they'll know that we met this moment,” President Biden said before signing the bill, adding that America is “leading the world again for the next decades.”
Around the Globe
- Elections in Kenya took place yesterday, with ex-Prime Minister Raila Odinga and current Deputy President William Ruto as the two frontrunners for president; Kenyans also cast votes to elect a new parliament and local administrations
- 40% of Cuba’s main fuel storage facility in the city of Matanzas has been destroyed by fires that spread after lightning struck one storage tank on Friday evening; the country has been experiencing blackouts since crude oil is mainly used to generate electricity on the island
- Officials are monitoring the development of a novel Langya henipavirus (LayV) after it was detected in China; according to the Centers for Disease Control in Taiwan, 35 individuals in China have tested positive for the virus in recent weeks
On the Homefront
- A federal appeals court ruled that the Internal Revenue Service must provide former President Donald Trump’s tax returns to the House of Representatives Committee on Ways and Means
- Albuquerque Police have apprehended who they say is a “primary suspect” in connection with the murders of four Muslim men in the city since last winter
- Chicago-based Groupon laid off more than 500 of its employees–or about 15% of its total workforce–in teams including merchant development, sales, recruiting, engineering, product, and marketing, according to social media posts from former employees
Glitz and Games
- Predator prequel Prey has notched the most viewing hours ever on Hulu in its first three days since its release, according to the Disney-owned streamer
- Motown songwriter and producer Lamont Dozier, who wrote songs for artists like the Supremes, the Four Tops, the Isley Brothers, and more, passed away at the age of 81
- Marshawn Lynch, former running back for the Seattle Seahawks, Oakland Raiders, and the Buffalo Bills, was arrested for allegedly driving under the influence in Las Vegas
Money Moves
- Stocks traded steadily lower yesterday, with the tech-heavy Nasdaq leading the session’s losses (Dow -0.18%, Nasdaq -1.19%, S&P 500 -0.42%)
- Semiconductor manufacturing company Micron announced that it will invest $40B between now and 2030 to manufacture chips in the United States; the company says the investment will create up to 40,000 jobs and bring the U.S. market share of memory chip production up from 2% to 10%
- Roblox Corporation shares (NYSE: RBLX) fell by as much as 14% in extended trading hours after the company reported lower-than-expected revenue and growth in average daily active users during its Q2 earnings call
Tips & Tricks
- Binge Watch: Make yourself some popcorn and get comfortable; season 6 of Riverdale is now streaming on Netflix
- Bump This: We’re listening to Motown classics all day in honor of Lamont Dozier - check out this playlist of Motown Greatest Hits on Spotify
- Nerd Out: Check out this flying unmanned submarine drone capable of carrying out a range of civilian and military duties that a research team from eastern China has apparently developed
- Go Deep: Watch this video of a YouTuber who turned his toilet into a gaming console (guess that’s what happens when you can’t find the new PlayStation 5 anywhere)
- Say What: "The worst part is that people are buying real estate in these places. That's just the dumbest s*** ever," Mark Cuban said in a video interview when talking about his definition and thoughts on the future of the Metaverse
- Hot Goss: Pete Davidson has reportedly been in trauma therapy since April due to Kanye West’s social media posts targeting him throughout his relationship with Kim Kardashian
- Life Hack: Cell phone radiation has been known to cause insomnia; if you want to fall asleep faster, try to not use your phone for at least an hour before you go to bed
Looking Back…
On August 10th: Ruth Bader Ginsburg is sworn in as an associate justice of the U.S. Supreme Court, becoming the second woman to serve on it (1993); Chicago incorporates as a village of about 200 (1833); serial killer David Berkowitz is arrested for murdering six people in New York City (1977); President Herbert Hoover is born (1874).
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