🐂 The Great Gloom

Markets

The Nasdaq extended its four-day decline due to significant downward pressure on Apple stock, its largest constituent. Apple has witnessed a market value decrease of approximately $200 billion within the last two days following reports from Bloomberg suggesting an expanded ban on iPhones by the Chinese government. Any potential impact on Apple's operations in China is a cause for concern among investors, as China is the company's largest international market and a crucial production center.

The Fall in Home Prices May Already Be Over

Home prices in the United States have halted their decline. Following five consecutive months of year-over-year decreases, home prices saw an increase in July. This swift recovery has taken many housing experts by surprise, indicating that the residential real estate downturn may be shorter and less severe than anticipated, especially in light of last year's surge in mortgage rates.

One significant factor contributing to this trend is the scarcity of homes on the market. Higher interest rates have prompted homeowners to stay put instead of purchasing new homes with more costly mortgages, resulting in an unusually low inventory of available homes for sale.

Many potential homebuyers have abandoned their search due to the recent spike in mortgage rates, which reached a two-decade high. However, the homes that do become available often attract multiple offers, driving up their final selling prices.

Consequently, the real estate market is experiencing a significant reduction in transaction volume, with sales of pre-owned homes down by approximately 36% since January 2022. Nevertheless, prices remain relatively stable in most areas, with only a few trouble spots experiencing declines.

Workplace

The vibes are off in the conference room

US employees are currently facing a significant decline in their job satisfaction, reaching the lowest point since the beginning of 2020, as revealed in a recent report by HR software company BambooHR. This finding adds to a growing body of evidence from various surveys indicating that workers are feeling demotivated and disconnected from their 9-to-5 routines.

While we may not have precise statistics on how often the average employee has rolled their eyes during daily stand-up meetings, there are other compelling data points that highlight the increasing dissatisfaction among workers:

Among the 57,000 employees surveyed across 1,600 companies by BambooHR, employee morale has deteriorated at a rate ten times faster since January 2023 compared to the previous three years.

Another indicator of employee motivation, assessed by the ADP Research Institute, reached its lowest point in August since June of the previous year.

What's causing this decline in worker morale?

BambooHR's report points to several factors, including the persistent health and economic impacts of the COVID-19 pandemic, layoffs, and the return-to-office (RTO) mandates. Particularly in the tech industry, where RTO mandates have become more common, employees have experienced the sharpest decline in happiness over the past three years, with a decrease of 145%. Many tech workers are opting to leave their jobs rather than return to commuting.

For instance, when Grindr, the dating app, mandated that all 178 employees return to the office for at least two days a week last month, approximately 45% of them chose to resign.

According to a Deloitte report from August, 66% of remote workers would consider quitting their jobs if they were required to return to the office for a full five days a week.

In terms of finding happiness at work, the construction industry has emerged as the happiest sector in the United States in the first half of the year. This is attributed to high demand, increasing wages, and the satisfaction of working on projects that offer spectacular views from lofty vantage points. In contrast, the education and healthcare sectors have reported record-low levels of happiness among employees.

Sports

Coco Gauff shrugs off protests, reaches her first US Open final

The 19-year-old American tennis sensation is on the brink of securing her inaugural Grand Slam triumph following her recent victory over Karolina Muchova at Flushing Meadows. During their match, which was interrupted for 50 minutes, four climate activists began shouting from their seats, with one of them even resorting to gluing their feet to the ground. In response to the disruption, Gauff expressed understanding, stating, "If that's what they felt was necessary to make their voices heard, I can't really fault them for it." Tomorrow, she will compete against Aryna Sabalenka from Belarus in the final.

Tech

Musk zapped internet ahead of Ukraine invasion

Walter Isaacson's upcoming biography of Elon Musk, set to be released next week, is generating significant interest, even though it may not create the same bookstore queues as "Harry Potter and the Deathly Hallows" once did. The buzz around the book has intensified due to an excerpt obtained by CNN.

In this excerpt, Isaacson reveals that last year, Elon Musk covertly instructed his engineers to deactivate Starlink satellites in the vicinity of Crimea as Ukrainian submarines approached the Russian naval fleet for a surprise attack. Ukraine relies on Starlink for communication, and this action forced them to abort their operation.

So, why did Musk take this step? It appears that he turned off Starlink because he felt uneasy about his internet-beaming satellite network being used to support a Ukrainian offensive. He was concerned that such involvement could escalate into a larger conflict involving nuclear weapons. Musk posed a question to Isaacson, asking, "How am I in this war?" and emphasized that "Starlink was not meant to be involved in wars."

Ironically, Starlink had already played a significant role in the Ukraine conflict. After Russia's invasion of Ukraine in 2022 and the subsequent disruption of internet services in parts of the country, Musk had sent Starlink satellite dishes to the frontlines. These dishes became crucial to Ukraine's communications infrastructure until the moment they were deactivated.

In the broader context, while Starlink continues to operate in Ukraine, Elon Musk's substantial influence and his ability to single-handedly impact the course of the war have become a major concern for top leaders in the US government. According to The New Yorker, many officials treat Musk with a level of influence akin to that of an "unelected official."

Music

That AI Drake song could win a grammy

Let's face it, it might be a long shot, but "Heart on My Sleeve," featuring AI-generated vocals crafted to emulate the styles of Drake and the Weeknd, is now being considered for Grammy nominations in the categories of best rap song and song of the year. This move signals a significant development in mainstream music's embrace of the AI era.

This year, the song, which was released by an anonymous producer known as Ghostwriter, gained widespread attention for its remarkably accurate replication of the voices of these two music icons using AI technology. The Recording Academy took note of the trend and adjusted its Grammy guidelines to accommodate songs that incorporate AI elements, although they still require substantial human involvement in the creation process.

Recording Academy CEO Harvey Mason Jr. confirmed that "Heart on My Sleeve" is indeed eligible for consideration at the upcoming Grammys in February since its lyrics were penned by humans.

However, there's a catch: Nominated songs must be commercially available through retail outlets, online platforms, or streaming services, potentially disqualifying the AI-generated track due to its lack of retail distribution.

In the realm of the evolving music landscape, Ghostwriter recently released another AI-generated single titled "Whiplash," which mimics the styles of rappers Travis Scott and 21 Savage. Alongside its noncommercial release on TikTok and X, Ghostwriter has extended an invitation to real artists, including Travis Scott and 21 Savage, to license their voices in exchange for royalties. It's an intriguing proposition, and perhaps other artists like Grimes might consider it too.