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- Texas is for Miners 🪙 💖
Texas is for Miners 🪙 💖
Sean H. & Jocelin A.
July 18, 2024 • Estimated Reading Time: 10 minutes
TLDR
MARKET RECAP → On Thursday, stocks declined as investors reduced their holdings in high-performing technology stocks and took profits from recent gains in other sectors.
TEXAS MINERS SHIFT FROM BITCOIN TO AI → 🔄 Texas Bitcoin miners swapped crypto for AI, repurposing their infrastructure for lucrative AI computing, attracting Wall Street's attention and diversifying their revenue streams.
AMAZON PRIME DAY BREAKS RECORDS → 📈 Shoppers spent a record $14.2 billion on Amazon Prime Day, driven by back-to-school and electronics sales, outpacing last year’s event by 11%.
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TODAY’S TOP NEWS
Texas Miners Shift from Bitcoin to AI
🔄Strategic Pivot: Texas Bitcoin miners began transitioning from cryptocurrency to AI, driven by decreasing Bitcoin profitability and the lucrative potential of AI ventures. They repurposed their infrastructure for AI computing, leveraging existing cooling systems and energy sources.
💸Investment Shift: Companies like Applied Digital invested heavily in AI, with notable deals like a $460 million AI cloud computing agreement. This shift attracted Wall Street interest, boosting their stock prices and highlighting AI's financial allure compared to the volatile crypto market.
🌍 Operational Benefits: AI operations offered miners a way to diversify their revenue streams, providing a buffer against Bitcoin market downturns. The strategic move also aimed to capitalize on the global demand for high-end computing power needed for AI, positioning Texas miners at the forefront of the tech industry's next big wave.
TODAY’S TOP NEWS
Amazon Prime Day Breaks Records
📈Record-Breaking Sales: Shoppers in the U.S. spent an unprecedented $14.2 billion during Amazon's 48-hour Prime Day event. This marked an 11% increase compared to the previous year, highlighting the growing popularity of the annual sale.
🛒Retail Frenzy: The massive sales event spurred competition among other retailers, including Walmart and Target, which launched their own discounts to attract deal-hunters. Back-to-school shopping significantly contributed to the sales spike, particularly in electronics and school supplies.
💸Consumer Trends: Electronics and back-to-school items saw the highest demand, with electronics sales jumping 61% and back-to-school spending up by 216% compared to June. Popular purchases included products from Apple, Dyson, and small businesses.
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