Snap’s Turn to Crash

Big Tech’s latest beating? Snapchat crashed this morning just nine days after Instagram, Facebook, and WhatsApp experienced major outages. 💣 💥

Early this morning, Snapchat lost the ability to send/receive messages or post, according to complaints from tens of thousands of users. The platform tweeted “We’re aware that some Snapchatters are having issues with the app right now – hang tight, we’re looking into it!”

The company still hasn’t commented on the cause of the outage. A Snap spokesperson did say “the issue has been resolved” later in the day. The crash wasn’t as severe as Facebook’s, as Snap maintained some of its functionality. 

Facebook’s outage last week cost the company a whopping $65 million — during Facebook’s outage, Snapchat usage skyrocketed 23%. What in the world is going on with Big Tech?? 🤯

$SNAP lost 0.4% today.

Chinese Smartphone Maker Unveils EV

Chinese smartphone giant Xiaomi is entering the highly competitive electric vehicle (EV) market, revealing its first electric car this weekend. 👀

The consumer electronics company unveiled its SU7 sedan, which it says it spent more than $1.4 billion to develop. The vehicle is set to roll out in China next year and is attempting to do something Faraday Future and other competitors have failed to do: create a software-focused vehicle that matches the technology people find in their phones to what’s happening in their cars. 

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Trouble Continues For Telecoms

We last talked about Telecom stocks about six months ago, when their stocks came under significant pressure due to slowing growth, competition concerns, and regulatory issues. We then discussed them in October when investors dumped defensive stocks for higher-yielding treasuries with no risk.

Prices have since rebounded sharply with the broader market as investors priced in Fed rate cuts this year. However, Verizon was back in the news today for a not-so-great reason. Let’s dig in. 👇

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AI’s Copyright Crisis Begins

We all knew copyright law would be a key issue at the heart of the artificial intelligence (AI) revolution, but we didn’t know when. Well, the time has come. ⌛

Today, The New York Times filed a lawsuit against Microsoft and OpenAI, accusing them of infringing copyright and abusing the newspaper’s intellectual property. In its court filing, the publisher said it looks to hold the two companies accountable for the “unlawful copying and use of The Times’s uniquely valuable works,” claiming billions in statutory and actual damages.

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March Madness Continues At NYCB

When regular people talk about March Madness, they’re referring to college basketball. But when traders and investors talk about March Madness, they’re referring to a regional bank stock imploding.

We’re about a year out from three regional banks failing and/or being rescued, and now the sharks are circling New York Community Bancorp. The long story short, until today, is that the regional lender has too much commercial real estate exposure, weak internal controls over financial reporting, and a new CEO trying to right the ship. 🗞️

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