Good morning. Leave it to Jay-Z to make libraries the hottest spot in town. Marking half a century of hip-hop beats, the Brooklyn Public Library and Roc Nation have dropped 13 exclusive library cards, each flaunting artwork from Jay-Z's iconic albums. The move has apparently scored 14,000 new members and counting, according to a spokesperson from the Brooklyn Public Library.

So remember readers, no matter how hard you try, you just can’t knock the hustle.

Let’s jump into today’s storylines.

In today’s digest:

• Link delays on X

• Headline Hustle: Disney’s lawsuit, decline in the homebuilding market

• Michael Burry’s Big Bet

• Pulse Points: What’s Trending

TECH

The curious case of link loading times

Imagine clicking on a link to the New York Times, Reuters, or Facebook on X (still weird to say), only to find yourself waiting a whole 5 seconds for the page to load. A digital eternity, right? That's what happened to many users on Tuesday, while links to sites like NBA.com, CNN, and Target were seemingly unaffected. The delays were first reported by users on the technology forum Hacker News, sparking curiosity and concern.

The Musk Effect

The reason behind the delays remains as mysterious as Elon Musk's tweets. X did not respond to multiple requests for comment, leaving users and the media to speculate. Since Musk bought X last year and laid off most of the staff, the site has been…how do we say this nicely…plagued by technical issues. A LOT of technical issues. But what's intriguing is that the delays affected sites for rival platforms and news outlets that Musk has previously criticized. Earlier this year, Musk feuded with the New York Times over its unwillingness to pay for his platform's new paid verification program. Coincidence or conspiracy?

So they ran some tests…a cybersecurity researcher named Will Dormann, plugged the NY Times website into a basic command program and compared the loading time with that of a dummy website. The result? The New York Times site took about 4.5 seconds longer to load. The New York Times also observed the delay but received no explanation from X.

The people’s reaction: Various parties affected by the delay expressed their views. The New York Times voiced concern over the targeted pressure, while Meta's CEO Mark Zuckerberg responded with a thinking face emoji on Threads. Substack's cofounders expressed hope that X would reverse the delay, criticizing the platform's unreliability and stating that "writers cannot build sustainable businesses if their connection to their audience depends on unreliable platforms."

Big picture: The curious case of X's link delays is a digital drama filled with intrigue, technical mysteries, and a touch of celebrity feuds. While the exact cause remains unclear, the incident serves as a reminder of the complex and often unpredictable nature of social media platforms. In the meantime, keep those links clicking, but maybe grab a coffee if you're heading to the New York Times via X. It might take a while.

WORLD

Headline Hustle

💼 The Magic Kingdom’s not-so-magical lawsuit. Hollywood financier TSG Entertainment has filed a lawsuit against Disney, accusing the entertainment giant of breach of contract, withholding profits, and employing dubious accounting practices. Noticing a decline in profits, TSG requested an audit of three films it financed for 20th Century Fox. The audit allegedly revealed "rampant self-dealing" and "accounting tricks," with TSG claiming to have been underpaid by at least $40 million.

🏠 A surge in mortgage rates freezes homebuilder sentiment. The winds of change are blowing through the housing market, and they're carrying a chill that's hard to ignore. With mortgage rates surging over 7%, homebuilders are feeling the cold, and the once-warm sentiment is beginning to frost over. Builder sentiment in the market for newly built homes dropped 6 points to 50 in August, marking the first decline in seven months and the lowest level since May.

BUSINESS

“Big Short” Michael Burry makes a big bet

Michael Burry, the “Big Short” investor who predicted the collapse of the housing market in 2008, is back with a prediction that's making Wall Street a little nervous. This time, he's betting more than $1.6 billion on a crash of the S&P 500 and Nasdaq 100, a move that’s audacious as it is alarming. The question on everyone's mind is whether this is mere speculation or a well-calculated prophecy based on insights only Burry possesses.

The Big Bet

Burry's fund, Scion Asset Management, has invested in put options against the S&P 500 and Nasdaq 100, totaling $866 million and $739 million respectively. This isn't just a bet; it's a massive financial maneuver that accounts for over 90% of his portfolio. The sheer scale of this investment is a testament to Burry's conviction that a market downturn is imminent. It's a move that's as bold as it is risky, and it's left the financial community both intrigued and concerned.

A year of mixed signals. Burry's stance on the market has been a rollercoaster this year. In January, he cryptically tweeted "Sell," only to backtrack by March, admitting, "I was wrong to say sell." Since then, the S&P 500 and Nasdaq 100 have soared, up nearly 16% and 38% respectively. This flip-flopping has added an element of mystery to Burry's strategies and left many wondering if he's playing a deeper game.

His track record speaks for itself and is nothing short of impressive. Traders following Scion's investments between May 2020 and May 2023 would have made annualized returns of 56%, dwarfing the S&P 500's 12%.

The bottom line…Burry's latest bet is more than a sensational headline. It's a complex reflection of a market filled with uncertainty, volatility, and potential risk. Whether his prediction comes true or falls flat, it's a bold statement that will be dissected and debated by investors around the world. It's a reminder that even the most bullish trends can reverse, and that the market's future is anything but certain.

TRENDING

Pulse Points

Sage Steele’s exit from ESPN. In the world of sports broadcasting, few stories have captured attention quite like Sage Steele's departure from ESPN. A lawsuit, a settlement, and a statement that resonates far beyond the studio lights – here's a look at the drama that unfolded.

Amazon is transforming product reviews with AI. Amazon has announced the integration of generative AI to create concise summaries of product reviews. Instead of sifting through dozens of individual opinions, customers can now read a short paragraph highlighting key features and sentiments.

You need to see this. LG, the appliance and home electronics brand, launches a TV that hides in its own suitcase.

NFC tags can streamline your life? NFC tags can transform tasks into straightforward automations. The best part? You only need a smartphone and a tag, no advanced tech know-how required. Read more about it here.

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