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🤯 Apple Becomes World's Most Valuable Company

After AI launch at WWDC

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Hey Waivly Crew! 🌊 In today’s edition, Apple reclaims its title as the world’s most valuable company with a $3.3 trillion valuation. Meanwhile, Terraform Labs agrees to pay $4.47 billion in a settlement with the SEC.

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Here’s what’s on the horizon today:

  • Apple reclaims title of world's most valuable company

  • Sony Pictures acquires Alamo Drafthouse

  • SEC reaches $4.47B settlement with Terraform Labs

  • Circle announces Solana programmable wallets

Let’s dive in!

STORIES MAKING A SPLASH

FINANCE
Apple reclaims title of world's most valuable company

Apple has reclaimed its position as the world’s most valuable company after launching its AI initiative, Apple Intelligence, at the Worldwide Developers Conference. With its stock hitting an all-time high of $215 per share and market capitalization reaching $3.3 trillion, Apple surpassed Microsoft’s $3.25 trillion in intraday trading on Wednesday.

Despite facing regulatory challenges and competitive setbacks, Apple’s resurgence underscores renewed investor confidence in its AI strategy. Although trailing rivals like Microsoft and Google in AI advancements, Apple’s partnership with OpenAI for integrating ChatGPT 4-o into iOS 18, iPadOS 18, and macOS Sequoia shows its commitment to enhancing Siri and native apps.

Apple Intelligence, slated for beta release this fall, aims to bolster its AI capabilities, though analysts expect significant sales impact to materialize only in the coming years.

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ENTERTAINMENT
Sony Pictures acquires Alamo Drafthouse

Sony Pictures Entertainment announced Wednesday the acquisition of Alamo Drafthouse Cinema, known for its strict no-talking, no-texting policy and dine-in experience. Alamo Drafthouse, with its 35 cinemas and Fantastic Fest film festival, will continue to operate under the leadership of CEO Michael Kustermann, who will report to the head of the new Sony Pictures Experiences division.

Founded in 1997 by Tim and Karrie League, Alamo Drafthouse faced significant challenges during the COVID-19 pandemic, including filing for Chapter 11 bankruptcy in 2021. Despite these hurdles, the company maintained viewer support with initiatives like the Season Pass streaming service.

Sony's acquisition marks a new chapter for Alamo Drafthouse, the seventh-largest theater chain in North America, attracting 10 million annual viewers and posting a 30% increase in box office revenue last year.

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WEB3 SPECIAL

WEB3 SPECIAL
SEC reaches $4.47B settlement with Terraform Labs

Terraform Labs has agreed to pay the SEC approximately $4.47 billion to settle charges related to the Terra ecosystem collapse, which wiped out $40 billion in investor assets. The settlement includes $3.6 billion in disgorgement fines, a $420 million civil penalty, and nearly $467 million in prejudgment interest.

Former CEO Do Kwon is liable for $110 million in disgorgement, $80 million in civil penalties, and about $14.3 million in prejudgment interest. He must transfer $4.7 million into an agreed escrow account within 30 days of the final judgment. Additional crypto assets from Kwon and the Luna Foundation Guard will be used to cover these fines.

The SEC's 2023 lawsuit accused Terraform Labs and Kwon of selling unregistered securities and defrauding investors. The TerraUSD stablecoin's collapse in 2022 triggered massive losses, leading to regulatory action and subsequent settlement.

WEB3 SPECIAL
Circle announces Solana programmable wallets

Circle is rolling out support for the Solana blockchain across its Web3 services, introducing programmable wallets and gas stations in two phases. Initially, developers can automate asset management and benefit from sponsored transaction fees through Circle’s gas station feature.

In the second phase, Circle will integrate support for non-fungible tokens (NFTs) and enable program interactions via Solana's Smart Contract Platform, aligning it with other blockchain offerings like Ethereum, Polygon, and Avalanche.

Programmable wallets on Solana automate interactions with smart contracts, eliminating manual execution for tasks based on predefined conditions. This development mirrors efforts from Fuse Wallet, which also enhances Solana's programmability with features aimed at improving security and customization options for on-chain interactions.

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THE WAVES

OTHER NEWS
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🎬 Netflix founder Reed Hastings on talent density

Discover more Waves in the Waivly Community. Click here to get onboard and join the community! 🌊

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THANKS FOR READING
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