Big Tech Is Spending Billions Each Month on This AI Superproject

Big Tech is committing billions each month to the construction of these AI mega data centers. This is where Nvidia, comes in. It's quietly leaning on a set of what we call Silent Partners to get the job done. These companies could benefit greatly from this next wave of the AI boom.

'Hamster' crypto craze has taken Iran. It highlights economic malaise ahead of presidential election

JON GAMBRELL and NASSER KARIMI
June 24, 2024

DUBAI, United Arab Emirates (AP) -- Cab drivers and bikers tap away furiously on their mobile phones as they wait at red lights in the Iranian capital during an early June heatwave. Some pedestrians in Tehran are doing the same. They all believe they could get rich.

The object of their rapt attention? The "Hamster Kombat" app.

A wider crypto craze aside, the app's rise in Iran highlights a harsher truth facing the Islamic Republic ahead of Friday's presidential election to replace late President Ebrahim Raisi, who died in a helicopter crash in May: an economy hobbled by Western sanctions, stubbornly high inflation and a lack of jobs.

Even as presidential candidates make promises about restoring the country's economy, Iranians, who have been hearing for years about bitcoin, are now piling into this app out of sheer hope it might one day pay off -- without knowing much about who is behind it.

"It's a sign of being desperate, honestly," said Amir Rashidi, the director of digital rights and security at the Miaan Group who is an expert on Iran. It's about "trying to hang on to anything you have a tiny hope that might some day turn to something valuable."

Those able to divest from holdings in Iran's beleaguered currency, the rial, have purchased property, art, vehicles, precious metals and other hard assets since the collapse of Tehran's 2015 nuclear deal with world powers.

At the time of the deal, the exchange rate was 32,000 rials to $1. Today, it's nearing 580,000 rials to the dollar -- and many have found the value of their bank accounts, retirement funds and other holdings gouged by years of rapid depreciation.

Meanwhile, prices of fruits and vegetables have jumped 50% since last year while the price of meat has risen 70%. The cost of a ride in a shared taxi, common in the Iranian capital, has almost doubled. Even rides in Tehran's Metro, still the cheapest option for the city's commuters, are up some 30%.

"Since morning, I had three visitors to my shop, none of them bought anything," said Mohammad Reza Tabrizi, who runs a clothing shop in downtown Tehran. "Most customers prefer buying from peddlers or pre-owned items in other places."

In underground walkways and other areas of the city, peddlers sell nearly anything they can get their hands on. It's this desperate environment that has seen the public's interest in cryptocurrency and mobile games offering coins rise.

The proliferation of smartphones across Iran, as well as the relatively low cost of mobile service compared to other nations, makes accessing apps like "Hamster Kombat" attractive.

The app is accessed through the messaging app Telegram, which remains popular in Iran despite efforts by the authorities trying to block access to it. It functions like an incremental or a "clicker" game -- users repeatedly click on an object or complete repetitive tasks to earn points.

In "Hamster Kombat," users believe they may be able to access a purported cryptocurrency associated with the game that's still not traded publicly.

In an email, individuals describing themselves as the game's developers declined to answer questions about their identities or business plans, but insisted they were "not offering any cryptocurrency in the game."

"We are educating our audience about crypto through gaming mechanics," the email claimed.

Still, the game resembles another app that did offer Iranians cryptocurrency in the past -- and it seems that just the promise of what could be free money can drive some Iranians to distraction.

Jokes online show one man tapping on a gravestone as if it were a mobile phone. Another uses a massage gun to rapidly punch a Hamster on the screen.

But the public's fascination with the game has also drawn the attention of authorities.

Rear Adm. Habibollah Sayyari, the deputy chief of Iran's military, described the app as part of the West's "soft war" against Iran's theocracy ahead of the election.

"One of the features of the soft war by the enemy is the 'Hamster' game," Sayyari said, according to the state-run IRNA news agency. He theorized that the "enemy" is popularizing the game so that people would be distracted and not "pay attention to plans of presidential candidates."

"Then (the people) fail to choose the best candidates," Sayyari said. Hard-line pundits in Iran have voiced similar opinions.

The daily JameJam, published by Iran's state television, also warned the ever-increasing interest in the game was a sign of "the dream of becoming rich overnight and gaining wealth without effort." It said those playing range from "builders, mechanics and refrigerator repairmen to colleagues and classmates in university."

"A society that instead of working and trying to succeed and earn money turns to such games and looks for shortcuts and windfalls gradually loses the culture of effort and entrepreneurship and moves towards convenience," the newspaper said, without acknowledging that the country's economic woes were potentially driving the interest in the app.

The app has even drawn the attention of a 97-year-old Shiite religious scholar, Ayatollah Nasser Makarem Shirazi, who is known for his fatwas declaring things "haram," or "forbidden," from his office in the holy city of Qom, Iran's center of Shiite learning, packed with religious schools and revered shrines.

Calling cryptocurrency "the source of many abuses," Shirazi said people shouldn't use the "Hamster Kombat" app or others like it involving bitcoin.

Iran isn't alone in having concerns about the game.

Authorities in Ukraine, locked in a devastating war with Iranian-armed Russia since Moscow's 2022 invasion, warned that users' data remains stored in Russia and could potentially put them at risk.

Then there's the wider risk of malware exposure as consumers in Iran often cannot purchase new software legally or even access legitimate app stores. They also face the risk of state-sponsored hackers targeting them for their political views.

Meanwhile, as Iran's election campaign goes on, presidential candidates are using Instagram, X and Telegram -- all services previously banned by the theocracy after rounds of nationwide protests.

"As long as you are able to pay the price, everything is available," said Rashidi, the Iran expert.

___

Karimi reported from Tehran, Iran.

Continue Reading...

Popular

New York Times Calls For Joe Biden To Withdraw From Presidential Race

New York Times urges Biden to withdraw from presidential race, citing debate performance and voter desire for fresh leadership.

Elon Musk Responds To Vivek Ramaswamy As To Who's Running The Country After Trump-Biden Debate: 'Maybe Nobody'

Tesla Inc. CEO Elon Musk gave a cryptic response to a comment from former GOP candidate Vivek Ramaswamy about who's actually running the country.

AI Giant To Close the AI "Wealth Window' June 25? - Ad

On June 25, AI Giants will reveal "AI 2.0" to major tech executives, marking a pivotal moment in investing. This next-gen AI promises to transform lives and create a $15.7 trillion global market by 2030. This brief opportunity exists for early investors to capitalize on small breakthrough companies before this wealth window closes.

Biden Widely Criticized Over Debate Performance, But Poll Also Points To Concerning Signs For Trump

In the aftermath of the initial 2024 presidential debate, a recent poll reveals a decline in President Joe Biden's mental and physical fitness ratings.

The Mysterious Tale of "America's No. 1 Retirement Stock" - Ad

This factory of 53,000 employees, in Burbank, CA, was camouflaged to look like a sleepy suburb (with the help of artists, set designers, and painters from nearby Hollywood movie studios). The mysterious company behind this disappearing act is now being called "America's No. 1 Retirement Stock".

Nokia To Acquire Infinera: Infinera's Stock Soars

Infinera shares are trading higher Thursday after the company announced Nokia will acquire the company in a transaction valuing Infinera at $6.65 per share.

Trump Reportedly Makes Decision On VP Pick, Says Running Mate Will Be At Debate

Former President Donald Trump has made a decision on his vice presidential nominee for the forthcoming election.

America's 'Silent Invasion' - Is Your Town in the Crosshairs? - Ad

A silent invasion is happening all over America. It has nothing to do with the border but will end with even more disastrous results. Why? A faceless entity is coming by air, rail, port, and highway. What does it mean for you and your money? There's still time to prepare, but you must act today.

Trump Vs. Biden: New 2024 Election Poll Show Tie, But Here's Who Independent Voters Favor

A new 2024 election poll shows Donald Trump and Joe Biden tied. The poll shows inflation a key concern for voters moving forward.

Joe Biden Facing Political "Knockout" In Weeks? - Ad

Weeks from now, we are expecting Joe Biden to make a historical announcement... It will change everything about the coming 2024 election. In short: Joe Biden is facing a new political scandal like no other ... And the shocking thing is, his own party is behind it. It doesn't matter if you're not a political junkie. It doesn't matter who you are voting for. The implications of this sinister turn of events will impact YOUR money, perhaps immediately...

Gen Z, Millennial High-Net-Worth Investors Abandon Traditional Investments

Gen Z and Millennials are turning to alternative investments, with 72% seeing traditional stocks and bonds as insufficient for high returns.

Biden Debate Disaster! - Ad

Last night's debate was a disaster for Biden! But as bad as it was, Biden still has one last card to play... It will probably be enough to beat Trump. Worse, Biden's secret plan will be a disaster for America.

Brazil's Supreme Court Decriminalizes Cannabis Possession For Personal Use

Brazil's Supreme Court decriminalizes cannabis possession for personal use, marking a major shift in policy and reducing prison overcrowding.

Discover "U.S.'s New Money" Before Biden Wins - Ad

A new form of money has emerged in America, and it's making some folks wildly rich... (Musk and Bezos both use it). Find out how you can too in this free video.

What's Going On With Taiwan Semi Stock On Wednesday?

Taiwan Semiconductor Industry to maintain global lead for 8-10 years, urged to ensure research security and develop grand strategy for changing supply chains.

Weekend Trading: The Key to Conquer Volatility with Tim Sykes! - Ad

Discover the power of weekend trading with Tim Sykes' strategy. Turn market turbulence into your advantage. Trade with us and win in any market condition.

Bitcoin Fails To Get A Mention In The Fiery Trump-Biden Presidential Debate, Coins Themed Around The Two Tumble

The first 2024 presidential debate between incumbent Joe Biden and challenger Donald Trump turned out to be a dampener for cryptocurrency enthusiasts, with no mention of Bitcoin (CRYPTO: BTC) or significant policy issues surrounding what many anticipated to be a key election to

Dog fight! Joey Chestnut out of July 4 hot dog eating contest due to deal with rival brand

NEW YORK (AP) — America’s perennial hot dog swallowing champion won’t compete in this year’s Independence Day competition due to a contract dispute, organizers said Tuesday.

Ex-CIA Insider Exposes How Dems Could Rig the Election - Ad

In 2016, surveys were giving Hillary Clinton more than 99% chance of winning right up until election night. But right before the election... Former advisor to the CIA, Jim Rickards predicted Trump would win. You won't believe what he's predicting now. And it could have huge implications for the financial markets.

8 Large Cap Stocks That Outperformed Nvidia Over The Past Year

Nvidia surged 217.58% over the past year, 173.78% year-to-date. Here are eight large-cap stocks that outperformed it this past year.

The 7th Trillion Dollar Company? - Ad

There are six American companies worth over $1 trillion. Could there be a seventh soon? This company signed a massive deal with Apple until 2040 and is also involved with Nvidia, Google, and Samsung. Could this be the next trillion-dollar company? A top stock expertpicker thinks so.

Meta's Ray-Ban Smart Glasses Face New Rival Powered By OpenAI's ChatGPT

Solos set to launch AirGo Vision, smart glasses with Microsoft-backed OpenAI's GPT-4o AI model, challenging Meta's Ray-Ban Meta Smart Glasses.

Four Cornell College Educators Stabbed In Northeast China, Say US Officials: Report

Four American educators from a small Iowa university were reportedly stabbed in a public park in northeast China's Jilin province over the weekend, according to U.S. media and U.S. government officials.

Warning: 2024 Election Year (New AI) - Ad

A famous trader just went public in D.C. with a NEW AI. You won't hear this in the media.

65% Of New Hampshire Residents Support Legalizing Adult-Use Cannabis, New Poll Shows

New Hampshire poll shows 65% support for recreational cannabis legalization despite legislative setbacks. Public opinion pushes for reform.

FDA Approves Expanded Use For Sarepta's Rare Muscular Dystrophy Gene Therapy

The FDA has approved Sarepta Therapeutics' Elevidys for treating Duchenne muscular dystrophy in patients aged 4 and older with specific DMD gene mutations.

One Billionaire's Genius Plan to Save the US Dollar From Collapse? - Ad

If you're holding any US dollars, you need to see what this tech titan is up to now... This could be the biggest change to our financial system since the creation of the Federal Reserve in 1913. Hurry... He has said he could flip the switch "as early as mid 2024."

Where Buffett, Gates, and Bezos Are Investing Now - Ad

Billionaires are plowing millions of dollars into a new technology that early estimates say could generate more wealth than A.I. -- and determine the future of companies like Microsoft. The problem? Most investors have no idea it's happening, or how to profit on it. This expert just went public with all the details, including which stocks to jump on immediately.

The US fines Middle Eastern airline Emirates $1.8 million for flights that passed too low over Iraq

WASHINGTON (AP) — The Transportation Department said Thursday that it fined Middle Eastern $1.8 million for flights in regions off-limits to U.S. airlines while it allowed JetBlue Airways to sell seats on the planes.

The END of Joe Biden - Ad

One of my political operatives just handed me this story: "Weeks from now, Joe Biden's political career will go down in flames..." I didn't believe it either. But then he sent me the details... Believe it or not, this new scandal is bigger than anything related to Trump, the economy, foreign affairs or even Biden's sagging poll numbers.

Morgan Stanley Picks This Taiwanese Chip Designer As 'Unique Nvidia Proxy'

They anticipate Aspeed will gain additional traction in smart city and factory projects, which should positively influence the company's gross margins.

Trending Now

Information, charts or examples are for illustration and educational purposes only and not for individualized investment management This message contains commercial elements, such as advertising. We only send these offers to those who have opted in to our newsletter. Past performance is not indicative of future results. For these reasons we strongly suggest trading in a DEMO/Simulated account. The information provided by us is for educational and informational purposes only. We make no representations or warranties concerning the products, practices or procedures of any company or entity mentioned or recommended and have not determined if the statements and opinions of the advertiser are accurate, correct or truthful. If you use, act upon or make decisions in reliance on information contained or any external source linked within it, you do so at your own peril and agree to hold us, our officers, directors, shareholders, affiliates and agents without fault.

Copyright technicaltrading.org
Privacy Policy | Terms of Service