George Santos, Superyacht Sinks, and a Doomsday Serpent

Facts, without motives. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

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Good morning. It's Tuesday, Aug. 20, and we're covering a guilty plea from a former US lawmaker, a tragedy striking a luxury yacht, and much more. First time reading? Join over 3.8 million intellectually curious readers. Sign up here.

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Need To Know

Santos Pleads Guilty

Former US Rep. George Santos pleaded guilty yesterday to two charges of wire fraud and aggravated identity theft after being indicted on 23 federal felony counts in 2023. The plea deal allows Santos to avoid a September trial but means the 36-year-old will likely face at least six years in prison. He owes at least $370K in restitution and $205K in forfeiture. He faces sentencing Feb. 7.

The New York Republican had been at the center of a scandal since beginning his first and only term in office in 2022 when reports revealed he allegedly embellished his background, including his college degree and Wall Street career. In December 2023, the House voted 311-114 to oust Santos from Congress. He became the sixth House member to be expelled in US history and the first to be removed without being convicted of a crime or supporting the Confederacy. See a timeline here.

Separately, the FBI arrested a Washington, DC, council member—who unsuccessfully ran for mayor in the nation's capital in 2022—on a federal bribery charge.

From AMD to ZT

California-based chipmaker AMD agreed yesterday to acquire New Jersey-based ZT Systems for $4.9B. The cash-and-stock deal comes as AMD trails California-based Nvidia as the world’s second-largest AI chipmaker.

AMD says the acquisition will expedite its testing and rollout of graphics processing units—high-performance chips that companies like Microsoft rely on to power generative AI software (watch overview). ZT Systems designs data center and storage infrastructure systems, counting cloud businesses like Microsoft’s Azure among its clientele, and generates annual revenue of $10B. Companies like Microsoft are increasingly relying on Nvidia and AMD as one-stop shop solutions to support infrastructure for power-hungry AI systems. AMD says it plans to sell ZT's server manufacturing business amid the Biden administration’s crackdown on mergers.

Nvidia controls roughly 95% of the world’s specialist AI chip market; AMD is believed to control the majority of the remaining 5%. AMD's acquisition is expected to close in the first half of 2025.

Superyacht Sinks

A luxury superyacht carrying 22 passengers sank off the coast of Sicily early yesterday, leaving one person dead and six people missing. Fifteen people were rescued, including a one-year-old child. British tech entrepreneur Mike Lynch—acquitted in the US in June of fraud—and his daughter, Hannah, are among those who remain unaccounted for.

The 184-foot yacht named Bayesian was caught in severe weather conditions, including a waterspout, which caused it to capsize around 5 am local time. The ship was anchored roughly a half-mile off the port of Porticello when the storm caused the vessel to tip over. Its mast—the world’s tallest aluminum mast in the world at 246 feet—then quickly pulled the ship underwater causing the yacht to sink to about 164 feet deep. See photos of the yacht here.

According to the US Coast Guard, there were 3,844 recreational boating accidents in the US in 2023, resulting in 564 deaths.

In partnership with Sky Quarry

From Sustainable Oil to Planned Nasdaq Listing

In the quest for sustainable energy solutions, sometimes the answer is right under our noses—or in this case, over our heads. Sky Quarry has found a way to transform waste asphalt roof shingles into valuable resources, like sustainable fuels and more, tackling part of a 15M ton problem and creating new opportunities.

That’s only one reason why investing in Sky Quarry ahead of their planned Nasdaq listing is an exciting opportunity. Their refinery generated $50M+ in revenue for 2023. Not only did that unlock 211% growth year-over-year, but it will also help them vertically integrate into the energy industry.

Sky Quarry has already reserved the Nasdaq stock ticker ‘SKYQ’ and, for a limited time, the company is accepting shareholders. Their previous funding round was oversubscribed at $18M, placing it in the top 1% of crowdfunding. See how you can invest in Sky Quarry before this round closes on September 18.*

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In The Know

Sports, Entertainment, & Culture

> Phil Donahue, nine-time Daytime Emmy-winning talk show host and Presidential Medal of Freedom winner, dies at 88 (More) | Oprah Winfrey and other TV personalities react to Donahue's death (More)

> Ohio State leads all schools with four players selected to college football's AP preseason All-America team with the regular season set to begin this Saturday (More)

> "Boy Meets World" star Danielle Fishel reveals breast cancer diagnosis (More) | Disney taps "World News Tonight" producer Almin Karamehmedovic as president of ABC News (More)

Science & Technology

> Self-driving car company Waymo reveals details on its "generation 6" vehicle, offering more passenger space and the ability to handle a wide range of weather conditions (More)

> Airline Lufthansa demos the use of a thin material on plane body mimicking shark skin in an effort to save fuel; the microstructure on sharks is estimated to reduce drag by up to 10% (More)

> Scientists identify potential sources of the Nematostella vectensis sea anemone's exceptionally long life (More) | What are stem cells and how do they work? (More, w/video)

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Innovative Devices Make Things Loud & Clear

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This means speech gets clearer and crisper while reducing unwanted background noise—allowing you to actually hear your friends and family over the loud music at the restaurant! Oh, and they’re so tiny, they’re practically invisible. No wonder over 385,000 customers love them.

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Business & Markets

> US stock markets close higher (S&P 500 +1.0%, Dow +0.6%, Nasdaq +1.4%); S&P 500, Nasdaq extend winning streak to eighth consecutive session ahead of Federal Reserve's Jackson Hole Economic Symposium (More)

> Japanese 7-Eleven owner receives preliminary takeover bid from Canada's Alimentation Couche-Tard, which owns Circle K; shares of Japan's Seven & i rise roughly 27% on the news, valuing company at $38B (More) | General Motors to lay off around 1,000 salaried employees in software and services unit (More)

> Activist investor Carl Icahn to pay $2M to settle charges from US Securities and Exchange Commission alleging Icahn failed to timely disclose various personal loans he secured by using his stock in Icahn Enterprises as collateral (More)

Politics & World Affairs

> Democratic National Convention gets underway in Chicago; see updates from the first day (More) | Republican-led House Oversight, Judiciary, and Ways and Means committees release impeachment report on President Joe Biden, stop short of formally calling on impeachment vote (More)

> Hamas, Islamic Jihad claim responsibility for Sunday bomb blast near synagogue in Tel Aviv; at least one person wounded (More) | Israeli Prime Minister Benjamin Netanyahu reportedly accepts US-led cease-fire and hostage-release proposal for Israel-Hamas war in Gaza; Hamas urged to accept deal (More)

> Ukraine destroys third bridge in Russia's southwestern Kursk region in bid to disrupt supply routes (More) | Ukraine orders evacuation of eastern city of Pokrovsk in its Donbas region amid Russia's advances (More) | See war updates (More)

In-Depth

> How to Start a Professional Sports Team

The Ringer | Dan Moore. The story of the Oakland Ballers and the journey of two devoted fans who successfully launched a new professional baseball team in under a year in response to the A's departure from Oakland. (Read)

> The Mystery of CrimeCon

Slate | Luke Winkie. An investigation into CrimeCon, the eight-year-old gathering for true-crime fans charging a minimum of $229 per ticket—and a place where victims' family members are the main, unpaid attraction. (Read)

In partnership with Sky Quarry

Invest Before This Planned Nasdaq Listing

When a company plans a Nasdaq listing, many investors take note. Sky Quarry is doing just that—and you have the opportunity to join them as a shareholder.

Sky Quarry’s ticker ‘SKYQ’ is already reserved. Don’t miss this opportunity to become a shareholder as they work to address 15M tons of waste asphalt roof shingles that could be turned into as much as $4.4B worth of sustainable materials. Consider joining the excitement and invest in Sky Quarry by September 18.*

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George Santos, Superyacht Sinks, and a Doomsday Serpent

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