Hello, N2K’ers!

The winner of last week’s world-famous News Haiku™ competition was SChaney. It really is a competition because all the entries — and we got more than 50 — were so good. Thanks to everyone who submitted. I appreciate your poetic takes on current events.

SChaney wrote the following about only 54% of Americans now drinking alcohol:

We contacted ‘S’ on Friday to let them know they’d won, and they responded by saying:

“I’d like to thank the…

Academy, family…

And all newsworthy.”

Which is another haiku. Clever! Also: “Thanks for the Glory N2K.” Congratulations, S! Here’s your winner’s gif!

This week our haiku subject is that the new ChatGPT will be ‘warmer and friendlier.’ Send me a haiku on the subject by Thursday at noon ET right here. Winner gets glory — lots of glory, and a GIF!

Now, let’s talk about the news you Need2Know?

—Matt Davis, Need2Know Chedditor

News You Need2Know

• Fed chair’s interest rate hints send markets roari …

• Nvidia CEO says it’s in talks with U.S. on a new c …

• Twitter X reaches tentative settlement with former …

• French streamer’s on-air death provokes outcry

• Frozen shrimp recalled because … they’re radioacti …

What’s the stock market up to, eh?

$SPX ( ▼ 0.08% ) $DJI ( ▼ 0.51% ) $NDX ( ▲ 0.23% )

Companies mentioned in today’s newsletter

$LEN ( ▼ 0.42% )  $DAL ( ▼ 1.78% )  $NVDA ( ▲ 1.74% ) X $KICK.X ( ▼ 7.45% )  $TSM ( ▲ 1.35% )  

Fed chair’s interest rate hints send markets roaring

Wall Street saw a strong rally to end the week, fueled by optimism that the Federal Reserve may soon cut interest rates. The S&P 500 jumped 1.6%.

The excitement stemmed from Federal Reserve chair Jerome Powell’s highly anticipated speech at Jackson Hole, Wyoming. Powell acknowledged rising risks to the job market, which many interpreted as a signal for potential rate cuts. Brian Jacobsen, chief economist at Annex Wealth Management, described the market’s reaction to Powell’s speech as “Ka-Powell,” adding, “The Fed isn’t going to be the party-pooper.”

Lower interest rates are beloved by Wall Street for their ability to boost investment prices and economic growth, even though they risk adding to inflation pressures.

Powell’s remarks struck a cautious tone: “The stability of the unemployment rate and other labor market measures allows us to proceed carefully as we consider changes to our policy stance.”

Nevertheless, markets heard “I’m definitely cutting interest rates in September.” From that. So. The rally saw sectors like homebuilders and travel companies thrive, with stocks such as Lennar $LEN ( ▼ 0.42% ) and Delta Air Lines $DAL ( ▼ 1.78% ) jumping significantly.

Song of the day: Greg Freeman, ‘Curtain’

“Curtain” is a punchy, freewheeling song by Greg Freeman, who told Stereogum it’s “a love song of sorts.” It feels wild-eyed and maybe a little tragic. “My thoughts die out slowly on the blood swept plains where I see you every night, And to the lonely hours,” one line goes. It reminds me of being 26.

Nvidia CEO says it’s in talks with U.S. on a new chip for China

Nvidia $NVDA ( ▲ 1.74% ) CEO Jensen Huang is in discussions with the U.S. government about creating a new computer chip designed for sale to China. Speaking in Taiwan during a visit to Taiwan Semiconductor Manufacturing Corp. $TSM ( ▲ 1.35% ) , the world’s largest chipmaker, Huang addressed questions about the potential "B30A" chip, which would be tailored for AI data centers in China.

“I’m offering a new product to China for ... AI data centers, the follow-on to H20,” Huang explained, while noting that any final decision would rest with the U.S. government. “We’re in dialogue with them, but it’s too soon to know,” he added.

The proposed B30A chip, based on Nvidia's specialized Blackwell technology, reportedly operates at about half the speed of the company's advanced B300 chips, which remain subject to U.S. national security restrictions.

While U.S. officials maintain concerns over national security, Huang insisted Nvidia’s chips pose no risk. “We have made very clear and put to rest that H20 has no security backdoors,” Huang noted, adding, “Hopefully the response we’ve given to the Chinese government will be sufficient.”

Today on the ‘gram: Fishy!

Post of the day: More Cracker Barrel stuff

Quote of the Day

Twitter X reaches tentative settlement with former workers

Elon Musk's X, formerly known as Twitter, has reached a tentative settlement with former employees who had sued the company for $500 million in severance pay. The announcement came this week via a court filing, leading to a postponement of the scheduled September 17 hearing in the case. The U.S. Court of Appeals in San Francisco granted the delay, allowing both sides to finalize their agreement.

The class-action lawsuit, brought by former employees Courtney McMillan and Ronald Cooper, alleged that the company failed to pay severance owed to workers who were let go. While the terms of the settlement remain confidential, the development marks a significant step in Musk’s ongoing legal challenges with more than 2,000 former employees.

The layoffs occurred after Musk’s $44 billion takeover of Twitter in 2022, during which thousands of staff members were dismissed, including entire teams focused on trust and safety, human rights, and accessibility.

Should you check your 401(k) today?

👍️ 

Hell yes.

French streamer’s on-air death provokes outcry

The tragic death of French streamer Raphaël Graven, known online as Jean Pormanove, has sparked widespread outrage and a deeper examination of abuse in the livestreaming world.

Graven, 46, collapsed and died during a 298-hour marathon stream on the Kick platform in Nice, France. As authorities investigate the circumstances of his death, many are questioning the role of platforms and co-streamers in allowing or enabling harmful behavior.

French prosecutor Damien Martinelli stated that while Graven’s autopsy ruled out trauma or third-party involvement, inquiries are ongoing. Before his passing, authorities had already launched a judicial investigation into alleged abuse against Graven, following reports that co-streamers mistreated him during live broadcasts.

Mediapart, a French investigative site, alleged that this mistreatment was monetized, with viewers paying to encourage abusive behavior.

French Digital Media Minister Clara Chappaz condemned the situation as “absolutely horrific,” adding, “Jean Pormanove was humiliated and mistreated for months live on the Kick platform.” She also urged platforms to follow their legal responsibility to remove “obvious illegal content.”

Kick, which faces criticism for lax moderation policies, expressed condolences and banned all of Graven’s co-streamers from the platform pending further investigation.

Frozen shrimp recalled because … they’re radioactive (maybe)

Federal officials have announced expanded recalls of frozen shrimp products due to potential radioactive contamination.

California-based Southwind Foods issued a recall for several frozen shrimp products sold under brands like Sand Bar, Arctic Shores, Best Yet, Great American, and First Street. These products were distributed between July 17 and August 8 to retailers and wholesalers across nine states: Alabama, Arizona, California, Massachusetts, Minnesota, Pennsylvania, Utah, Virginia, and Washington.

According to the U.S. Food and Drug Administration (FDA), the contamination involves Cesium-137, a radioactive isotope that is a byproduct of nuclear reactions. "Traces of Cesium-137 are widespread in the environment, including food, soil, and air," explained the FDA. However, the primary concern lies in repeated, low-dose exposure over time, which could increase the risk of cancer.

Consumers are advised to avoid eating the recalled shrimp. Unless, you know…you need the radiation. In which case have at it, just like Bill Bixby playing David Banner in “The Incredible Hulk.” He was just so good at this:

Poll of the Day: Guess the subject…