Good morning. Move over, Luke Combs and Jason Aldean, there's a new country star in town. Oliver Anthony's working-class anthem, "Rich Men North of Richmond," has taken the country music scene by storm, skyrocketing from viral sensation to bona fide hit in just a few days. With its catchy tune and relatable lyrics about the frustrations of working hard and paying taxes only to feel like you're wasting your life away, it's no wonder the song has racked up millions of views on social media and shot to the top of the charts.

But life’s not always brighter under the sun…or the spotlight. The song has stirred up its fair share of controversy, with lyrics that take aim at politicians, welfare recipients, and even "minors on an island." It's even become a rallying cry for some conservatives, with notable figures like US Rep. Marjorie Taylor Greene and commentator Matt Walsh singing its praises.

So, if you haven’t already, go give it a listen. This might just be the country song of the year.

Let’s jump into today’s storylines.

In today’s digest:

• ARM is looking to go public

• Headline Hustle: Trump turns himself in, big pharma caught price-fixing, YouTube and Universal see AI with music

• British nurse gets life in prison for murdering babies

• Pulse Points: What’s Trending

TECH

ARM-ing for the Future: The Chip Giant’s NASDAQ Debut

In the ever-evolving world of tech, ARM, the UK's chipmaking prodigy, is making waves yet again. Owned by Japan's SoftBank since 2016, ARM is now flexing its muscles on the NASDAQ with the fitting ticker symbol "ARM". This move comes five months post their hush-hush IPO paperwork with U.S. regulators.

The ARM Legacy

Hailing from Cambridge, England, ARM's chip designs are omnipresent, powering Apple iPhones, Android devices, and even venturing into server and laptop processors. The company's roots trace back to Acorn Computers, which in 1990, gave birth to ARM as a joint venture with Apple and U.S. chipmaker VLSI Technology. But ARM doesn't manufacture chips. Instead, it's the mastermind behind the chip "architectures" that other companies use to craft their chips. Think of ARM as the Switzerland of tech, neutral yet influential.

Softbank’s ARM-ed strategy. SoftBank's acquisition of ARM in 2016 for a whopping $32 billion was a strategic move to tap into the ever expanding Internet of Things (IoT) sector. While IoT remains a small slice of ARM's business pie, the company's expansion into realms like connected cars showcases its versatility and reach in other areas. However, it's not all sunshine and rainbows. ARM has faced challenges, including a dip in smartphone demand and a 4.6% year-on-year drop in net sales for Q2.

The deal that almost was…but wasn’t. SoftBank's initial plan was to sell ARM to chip titan Nvidia. But regulators, always the party-poopers, raised eyebrows over competition and national security concerns. With the Nvidia deal in the rearview mirror, SoftBank decided to list ARM independently, and rumor has it, they might even buy the remaining 25% stake in ARM from its colossal $100 billion Vision Fund.

Despite the shaky U.S. markets and plummeting tech valuations since the 2021 tech boom, SoftBank is forging ahead with ARM's listing. Speculations suggest ARM's market value could hover between $60 billion and $70 billion. As ARM positions itself as an AI powerhouse, the tech community eagerly awaits its S-1 filing to gauge the company's AI-driven future.

Looking ahead. In a world where tech giants are constantly vying for the top spot, ARM's move is a bold statement. Whether it pays off remains to be seen, but one thing's for sure - the tech world will be watching closely.

Headline Hustle

🚨 Trump is turning himself in. Former President Donald Trump has announced he'll be turning himself in at an Atlanta jail this Thursday. In case you missed it, he's been indicted on charges related to his attempts to cling to power post the 2020 election. Trump took to his social media platform, Truth Social, to share the news, stating he'd be "ARRESTED by a Radical Left District Attorney, Fani Willis." Willis, the Fulton County District Attorney, has been spearheading the investigation into Trump and his allies. She's given the defendants, including Trump, until Friday noon to voluntarily surrender.

💰 A tale of price-fixing and big Pharma. In a world where every penny counts, two pharmaceutical giants, Teva Pharmaceuticals and Glenmark Pharmaceuticals, have found themselves in hot water over allegations of price-fixing. Teva Pharmaceuticals has agreed to cough up a whopping $225 million in criminal fines for price-fixing three medications. One of these is a generic cholesterol drug, which they've now agreed to part ways with. Glenmark Pharmaceuticals isn't far behind, agreeing to pay $30 million over allegations that they conspired with Teva to fix the price of the same cholesterol drug, pravastatin. But this isn't an isolated incident. Since 2020, the Department of Justice's antitrust division has been on a roll, charging five other pharma companies for similar price-fixing schemes. With Teva and Glenmark now in the mix, seven companies have collectively agreed to pay over $681 million in criminal penalties.

🎵 YouTube & Universal Music drop an AI beat. In a groundbreaking move, YouTube is diving deep into the world of artificial intelligence (AI) and music. According to a recent blog post, the video-sharing giant is launching an incubator to collaborate with artists and musicians. And guess who's joining the party? None other than Universal Music. YouTube's new incubator aims to explore the potential of AI in music. Imagine a world where AI helps craft the next chart-topping hit or offers unique soundscapes tailored to individual tastes. The future of music might just be a blend of human creativity and machine intelligence.

HEALTHCARE

British nurse sentenced to life in prison for murdering 7 babies

In a shocking case that has gripped the UK, Lucy Letby, a 33-year-old British nurse, has been sentenced to life in prison without the possibility of parole. The Manchester Crown Court handed down the verdict after Letby was found guilty of the murders of seven babies and the attempted murders of six others at the UK hospital where she worked.

Letby's crimes were described as a "cruel, calculated and cynical campaign of child murder" by Justice James Goss. The judge emphasized the vulnerability of the infants, stating that Letby's actions displayed "a deep malevolence bordering on sadism." Throughout the trial, Letby denied any wrongdoing and showed no remorse.

The modus operandi of her heinous acts involved administering air into the babies' blood and stomachs, overfeeding them with milk, physically assaulting them, and poisoning them with insulin. These revelations have led to a government inquiry, questioning how Letby's actions went undetected for so long. The parents of the murdered infants spoke about the profound impact of Letby's actions on their lives. Some of the surviving babies now require constant care.

Prime Minister Rishi Sunak criticized Letby for her absence during the court proceedings, labeling it as "cowardly." The government is now considering changing the law to ensure that individuals convicted of such grave crimes are present during their sentencing. The case has also raised concerns about the oversight and management at the Countess of Chester hospital, where Letby worked. Despite clinicians raising alarms about the increased mortality rate of infants under Letby's care, the hospital's management initially dismissed these concerns.

In a chilling discovery, handwritten notes by Letby were found, where she confessed, "I don’t deserve to live. I killed them on purpose because I’m not good enough to care for them." She further labeled herself as "evil."

The UK government has launched an independent inquiry into the case, focusing on how regulators and the National Health Service responded to the concerns raised by consultants.

Pulse Points

Mortgage rates in the US are at their highest since 2000. Mortgage rates took a leap, thanks to some jitters in the bond market. Investors are a bit worried that high interest rates and inflation might stick around longer than we'd like. In fact, the 30-year fixed mortgage rate reached 7.48%—a rate we haven't seen since November 2000.

Bitcoin stabilizes, altcoins take a hit. Altcoins started the week on a bit of a bumpy road. Bitcoin and Ether have stabilized since last week: bitcoin's up by a tiny 0.02%, hovering around $26,136.36. Ether? It's down by 0.18%, priced at $1,674. Some altcoins like Ripple and Cardano are down 3% and 5% respectively.

New York Knicks sue the Toronto Raptors. The New York Knicks of the National Basketball Association filed a lawsuit against the Toronto Raptors in Manhattan on Monday. They allege that the Raptors' recent coaching hires included an insider who leaked the Knicks' scouting data and other private information.

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