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Time Is Money

Oct 22, 2023 • 6 min read

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Q3 Bank Deposits
Apple HomePod Music Update

Week Recap:

Facing escalating tensions with Hamas, Israel plans to introduce its state-of-the-art Iron Beam laser system earlier than anticipated, enhancing its air defense. Designed to tackle short-range threats, this laser will be a key addition to Israel's multifaceted missile defense setup. Its primary role is countering threats in proximity, potentially missed by the Iron Dome.
Qatar Airways has partnered with SpaceX to offer passengers free Starlink WiFi on board, boasting speeds reaching 350Mbps for every traveler. This collaboration marks Qatar Airways as the premier airline to collaborate with Starlink. When this service is up and running, passengers can anticipate ultra-rapid WiFi, suitable for activities like online communications, gaming, using VPNs, streaming sports, and more.
Efforts are being made by the U.S. and several other nations to facilitate the entry of humanitarian aid into Gaza. Following these international appeals, Israel has confirmed it will restart water provisions to the region. In the recent events, over 2,600 Palestinians lost their lives. A warning from the UN highlighted the intensifying humanitarian emergency in Gaza, emphasizing the dire water shortage.
In the aftermath of a tragic incident where a French teacher was killed by a 20-year-old Muslim individual, France's president labeled it as "Islamist terrorism." As a subsequent measure, the French government decided to deploy 7,000 military personnel throughout the nation to ensure public safety.
Moonhub has introduced an AI-driven chatbot trained on over 1 billion profiles, revolutionizing the recruitment process. It aids top AI companies such as Anthropic and Inflection in scouting potential employees. Tony Zavala, an AI language expert, landed a role at Inflection through this innovative approach. Despite not actively job hunting, Moonhub's AI, given specific recruitment criteria, pinpointed him.
An explosion occurred at the Gaza City Hospital in Gaza, resulting in the deaths of hundreds of Palestinians. The cause of this incident has become a point of contention between Israel and Palestinian groups. Palestinian health authorities attribute the explosion to an Israeli airstrike, while Israel points to a failed rocket launch by the Palestinian Islamic Jihad.
In 2024, the IRS will trial a free tax filing service named Direct File for select taxpayers across potentially 13 states. This initiative challenges existing paid tax preparation services like Turbotax and H&R Block, which have historically opposed free and straightforward tax filing options.
Elon Musk and Mark Cuban have joined forces in a Supreme Court case to challenge the Securities and Exchange Commission's (SEC) in-house trials. They argue that these trials result in uneven outcomes for defendants. This case, known as SEC v. Jarkesy, questions the constitutionality of using internal judges without juries for SEC cases.
Nvidia is teaming up with Foxconn, known for producing iPhones, to create AI factories. The company views this collaboration as the start of a tech revolution. Nvidia's CEO, Jensen Huang, mentioned the joint venture would focus on training autonomous vehicles, robots, and advanced language models.
Following years of political turmoil and allegations of election fraud, the Venezuelan government and the opposition have taken a monumental step by agreeing to hold internationally monitored elections, signaling a potential path toward renewed democracy in the nation. Central to the political crisis was the contested 2018 presidential election, where Nicolás Maduro's victory was viewed with skepticism both domestically and internationally.
Amazon is set to expand its drone delivery service to the UK, Italy, and another U.S. city by 2024 using its advanced MK30 drone. This drone can fly further, operate quietly, and handle diverse weather conditions, including light rain and temperature extremes. The MK30 is equipped with sensors to detect and dodge obstacles in real-time. Amazon is also experimenting with humanoid robots named "Digit" in its warehouses. The company already utilizes over 750,000 robots to aid human employees with repetitive tasks.
The current Effective Federal Funds Rate is 5.33%. Jerome Powell, the Fed Chair, recently indicated that there might not be a rate hike in November. He acknowledged the strides made in containing inflation and stressed a continued cautious approach. As of now, the current inflation rate stands at 3.7% for the 12 months ending in September 2023.
The US cybersecurity agency, CISA, collaborated with the NSA, FBI, and MS-ISAC to release a guide on common phishing methods and how to counteract them. You can find this comprehensive guide on the official CISA website. Phishing involves tricking people into revealing personal information by posing as trusted sources. Attackers often pretend to be familiar figures, like managers or IT staff, to get login details.

Q3 Bank Deposits:

Three major U.S. banks, JPMorgan Chase, Wells Fargo, and Citigroup, saw a combined drop in deposits of $84.5 billion last quarter. JPMorgan lost $31 billion, Wells Fargo $7.1 billion, and Citigroup saw the largest decline of $46.4 billion. Yet, JPMorgan Chase posted a $13.2 billion profit for that period.
Overall, U.S. banks are seeing a decrease in deposits, down from $18.203 trillion to $17.365 trillion. JPMorgan's CEO, Jamie Dimon, expressed concern about rising inflation and potential interest rate hikes due to tight labor markets and high government debt.

Apple HomePod Music Update:

Apple's HomePod now officially supports YouTube Music. Users can ask Siri to play songs from YouTube Music or even set it as their primary music service. This integration was first introduced at the WWDC event in June, and the recent update was shared by YouTube Music's product head on Reddit.
To activate, ensure you have the latest YouTube Music app version, then connect it with HomePod in settings. This allows users to directly request music without using their phone's AirPlay feature. However, to stream YouTube Music on HomePod, a YouTube Premium or Music Premium subscription is required.

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