Amazon Prime Video became the largest ad-supported streaming service in the U.S. in January, marking a significant milestone for the platform. Amazon implemented ads for its 115 million U.S. subscribers, with only 15% opting to pay an additional $2.99 per month for an ad-free experience. This strategy is projected to generate $1.3 billion in ad revenue this year and $2.3 billion next year. Amazon views Prime Video as a standalone media company and continues to invest in original content. In 2023, Amazon MGM Studios received 68 Emmy nominations. Despite not being as prominent as Netflix or YouTube, Prime Video surpassed Hulu, Disney+, and Peacock in popularity according to Nielsen's June TV and streaming report.

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Venture funding in July 2024 reached over $23 billion, slightly decreasing month over month but increasing by over 20% year over year. The largest funding recipient was Vancouver-based legal tech company Clio, with $900 million led by NEA, marking the biggest round for a legal cloud tech company. Healthcare and biotech companies led sectors with $6 billion, followed by AI companies with $5.8 billion, together constituting about 50% of the total funding in July. AI funding saw significant growth in Q2, with notable rounds including Baichuan Intelligence ($687 million), Cohere ($500 million), and Helsing ($489 million). Hardware companies raised $3.3 billion, while financial services garnered $2.6 billion, ranking among the top five sectors. Michigan-based Lineage Logistics had the largest IPO of 2024, raising $4.4 billion, and Nasuni’s acquisition by Vista Equity Partners was valued at $1.2 billion. Biotech and healthcare dominated billion-dollar exits, unlike AI companies, which saw fewer large-scale exits as major tech firms opted for technology licensing and team acquisitions. Data was based on information reported up to August 5, 2024, with all values in U.S. dollars unless otherwise stated.

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Kevin O'Leary, from "Shark Tank," has partnered with Philip Inghelbrecht, Shazam founder and Tatari CEO, to launch WonderAds, a new television advertising agency. WonderAds aims to give small businesses access to large-scale TV advertising with simplified processes. The platform lets businesses run, purchase, and track ad campaigns via its dashboard. The TV advertising industry, valued at $235.9 billion in 2023, is expected to surpass $337 billion by the end of 2024. WonderAds provides tools to measure ad effectiveness and offers affordable, tailored packages. O'Leary backs WonderAds strongly, noting its importance in the current high-inflation environment and emphasizing its efficacy based on personal use.

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CrowdStrike denies responsibility for Delta Airlines' mass flight cancellations in July, attributing the issue to Delta's IT decisions. During the outage, CrowdStrike CEO George Kurtz offered assistance to Delta CEO Ed Bastian, which went unanswered. CrowdStrike's lawyer, Michael Carlinsky, communicated that Delta would need to justify its actions if it proceeds with the threatened lawsuit. Delta CEO Ed Bastian stated the need to seek damages to protect shareholders, customers, and employees, citing significant disruptions caused by a CrowdStrike update on Microsoft-operated devices and internal systems. This led to an estimated financial loss of $350 million to $500 million and 7,000 canceled flights. Although Delta plans to pursue legal action, it hasn't officially filed the lawsuit or specified the damages sought. As of Tuesday afternoon, Delta's stock had declined by over 15.5% year-over-year.

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Wall Street saw gains for the second consecutive day due to strong corporate earnings. S&P 500 futures jumped 1%, Dow Jones futures rose 0.8%, and Nasdaq futures climbed 1.3%. In Japan, the Nikkei 225 index ended 1.2% higher after positive signals from the Bank of Japan. The Walt Disney Company reported profitability in the third quarter, with its streaming business making money for the first time. Shopify's shares increased by 18% following strong results and upgraded guidance, with a 21% revenue growth year-over-year. CVS Health shares remained steady despite lowering its 2024 forecast for the third time. Airbnb's shares fell over 14% after a 15% drop in second-quarter profit. On Tuesday, S&P 500 ended a three-day losing streak with a 1% rise, the Dow increased 0.8%, and Nasdaq gained 1%, easing fears of a rapid economic slowdown. German DAX rose 1%, Paris's CAC 40 gained 1.4%, and London's FTSE 100 climbed 1.1%. In Asia, various indices, including Hong Kong's Hang Seng and South Korea's Kospi, also saw significant gains. U.S. crude oil prices rose to $74.86 per barrel, and Brent crude increased to $78.14. The euro slightly fell to $1.0921.

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Elon Musk has officially announced the shutdown of X's headquarters in San Francisco, citing difficulties in processing payments in the city. A memo from CEO Linda Yaccarino confirms that the Market Square office will close in the coming weeks, with existing offices in San Jose and Palo Alto remaining open to receive transferred employees. X, formerly known as Twitter, has operated from Market Square since 2012. Citing similar challenges faced by companies like Stripe and Block, Musk emphasized the necessity of relocation. Additionally, Musk revealed plans to move both X and SpaceX to Texas, influenced by local violence and a new California law impacting LGBTQ+ youth in schools. Tesla, another Musk-led company, has been based in Texas since 2021.

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Riverlane has raised $75 million in a Series C funding round led by Planet First Partners, with participation from ETF Partners, EDBI, Cambridge Innovation Capital, Amadeus Capital Partners, the National Security Strategic Investment Fund, and Altair. The U.K.-based company specializes in quantum error correction technology, aiming to improve the reliability of quantum computers. This funding round adds to a successful year for quantum computing startups, which have collectively raised nearly $1.4 billion in over two dozen rounds, nearly doubling the $777 million raised last year. Noteworthy contributions include PsiQuantum’s $620 million and Quantinuum’s $300 million.

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Wall Street shows signs of recovery as Japan's Nikkei 225 index rebounds over 10%, recouping most of its losses from earlier in the week. U.S. futures point to a more stable trading day with S&P 500 futures rising 0.8%, Dow Jones futures increasing 0.7%, and Nasdaq futures climbing 0.9%. Positive corporate earnings further bolster sentiment: Uber's shares surged 5.5% due to record revenue, while Caterpillar's shares rose over 4% on better-than-expected profits. Meanwhile, SunPower Corp. filed for bankruptcy protection, causing its shares to plummet. European markets exhibited mixed movements, with minor losses across key indices. In Asia, markets saw varied outcomes; South Korea’s Kospi rose 3.3%, the Hang Seng index closed 0.3% lower, and the Shanghai Composite index gained 0.2%. Australia’s and Taiwan’s stocks also advanced. Previous trading sessions saw significant declines due to disappointing U.S. job data and concerns over high interest rates, though growth in U.S. services offered some optimism.

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Elon Musk's company, X, leaves its historic headquarters in San Francisco. The company decided to relocate to a new, undisclosed location. The move marks the end of a significant chapter for both the company and the city. The company's presence in San Francisco had an impact on the local economy and tech community. The relocation plan began some months prior, with logistics and transition processes in progress. Employees received notifications about the move and necessary adjustments. The decision aligns with the company's future growth and strategic objectives.

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Miss Michigan, Alma Cooper, recently won the Miss USA title. Cooper, a U.S. Army officer, assumes her new role during a period of controversies and internal changes within the Miss USA organization. She intends to use her platform to advocate for veterans and service members, focusing on bridging the gap between military and civilian communities.

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