👨‍👨‍👧‍👦 I’ll be there for you

Good morning. It’s been a long week - we hope the weekend arrives as quickly as Andy Murray’s X bio change from ‘I play tennis’ to ‘I played tennis’ post his final professional tennis match 🎾 

- Ruchirr Sharma & Shatakshi Sharmaa

TABLE OF CONTENTS

• 🌡️ Devastating landslides strike Wayanad

• 👨‍👨‍👧‍👦 I’ll be there for you

• 🗞️ Bite-sized summaries

  • 🏍️ Expansion in the blink of an eye

  • 🇮🇷 Iran orders strike on Israel after Hamas leader's killing

• 🧑‍🍳 What else is cookin’?

• 🍿 Entertainment, Entertainment, Entertainment

MARKETS

🇮🇳 India

• The BSE Sensex and NSE Nifty50 reached record closing highs on Thursday. Sensex settled at 81,867, whilst Nifty50 ended just above 25,000. Power Grid Corporation led gains amongst top performers. Broader indices fell due to profit-taking, with Media and Auto sectors suffering the most losses. FMCG and Pharma sectors managed to close positively.

🌍️ International

• US stocks experienced significant volatility, with major indexes selling off sharply after the previous day's rally. The Nasdaq 100 and S&P 500 reversed most of their gains from Wednesday, as investors grappled with mixed economic signals and concerns about potential Fed policy missteps.

CLIMATE CHANGE

🌡️ Devastating landslides strike Wayanad

Kerala's Wayanad district has been struck by catastrophic landslides, resulting in over 173 confirmed deaths and at least 191 people missing. This disaster, which began on Tuesday, is the worst incident in Kerala since the 2018 floods.

• Landslides hit in the early hours of Tuesday, primarily affecting the villages of Mundakkai, Chooralmala, Attamala, and Noolpuzha.

• Triggered by torrential rains, entire villages were swept away, houses destroyed, and infrastructure severely damaged.

Rescue operations:

• The Army, Navy, and National Disaster Response Force are working tirelessly to locate survivors and recover bodies.

• Nearly 1,000 people have been rescued by the military.

• 45 relief camps have been established, accommodating over 3,000 displaced individuals.

• Authorities are scrambling to account for missing persons and provide essential services to affected areas.

A recurring pattern?

Kerala, India's southernmost state, has been repeatedly hit by devastating natural disasters in recent years. This event is part of a worrying trend that includes:

• 2018 floods: 483 deaths

• 2019 Puthumala landslide: 17 deaths

• 2021 landslides and heavy rains: 53 deaths

• 2022 landslides and floods: 18 deaths

Between 2015 and 2022, Kerala recorded the highest number of landslides in India.

So what’s the root cause?

• Climate experts attribute these incidents to the warming of the Arabian Sea, which leads to atmospheric instability and extremely heavy rainfall. 

• The southeast Arabian Sea's increasing warmth is causing deeper cloud systems to develop, sometimes intruding inland and triggering disasters. 

• Kerala's topography and climate change effects create a perfect storm for such calamities.

Overall: The government has mobilised multiple agencies for rescue efforts and declared a two-day state mourning. 

However, these recurring disasters underscore the urgent need for long-term strategies to mitigate the impact of climate change and improve disaster preparedness in vulnerable regions like Kerala.

As we witness these tragic events unfold, it's clear that addressing climate change is no longer just an environmental concern, but a matter of public safety and survival. 

Our thoughts and prayers are with the victims, their families, and all those affected by this heart-rending disaster.

Read more: Economic Times | The New Indian Express

AI WEARABLE

👨‍👨‍👧‍👦 I’ll be there for you

The field of AI hardware is rapidly expanding, with several notable entries in recent months:

• Humane's AI pin launched earlier this year to mixed reviews.

• Rabbit R1 generated significant hype but faced criticism regarding its usability.

• Meta's Ray-Ban Smart Glasses have received some of the most positive reviews for a wearable AI device.

But now, a new contender has emerged: Friend, a $99 necklace designed to be an AI companion. 

Created by Avi Schiffmann, a Harvard dropout known for his award-winning COVID-19 tracking website, Friend aims to combat loneliness through constant interaction.

Here’s the tea: 

• Unlike other AI devices focused on productivity, Friend is purely designed for companionship. 

• The necklace connects to your phone via Bluetooth and listens continuously, allowing users to communicate via a walkie-talkie button. 

• Responses are sent as in-app text messages, and the AI can proactively initiate conversations based on context.

Schiffmann has secured $2.5M in funding at a $50M valuation from notable investors. The company is now taking pre-orders for its basic white version, set to ship in January 2025.

Avi also had an interesting way to launch his product. 

• Schiffmann released an intriguing video depicting Friend in everyday scenarios, which some viewers found reminiscent of Black Mirror.

• He also did something, we think, was truly outrageous. He spent ~1.8M (yes, that’s million) of the $2.5M he raised to purchase the domain friend.com. Here’s hoping this idea works out…

Why create Friend? 

• Avi believes that wearing the AI companion creates a stronger emotional connection than a mere app. 

• He emphasises that Friend is not intended to replace therapy or assist with work tasks, but rather to provide constant companionship.

Overall: While the concept of an "always listening" AI companion may raise privacy concerns, Schiffmann assures that no recordings are stored, and users can delete text interactions at any time.

As AI continues to evolve, Friend represents an intriguing attempt to address the growing issue of loneliness in our increasingly connected world.

Read more: TechCrunch

GENERAL OVERVIEW

🗞️ Bite-sized summaries

🏍️ Expansion in the blink of an eye - Blinkit, Zomato's quick commerce arm, plans to expand its dark store network to 2,000 by 2026, up from 639 in June 2024. The company aims to focus on India's top 10 cities and partner with local franchises. Blinkit reported significant growth in revenue and market share, particularly in southern India. The firm believes quick commerce will be as profitable as food delivery in the long term. This expansion comes as competitors like Zepto and Flipkart also ramp up their quick commerce operations, while Amazon India explores a potential deal with Swiggy's Instamart.

🇮🇷 Iran orders strike on Israel after Hamas leader's killing - Ayatollah Ali Khamenei has directed Iran to attack Israel following the assassination of Hamas leader Ismail Haniyeh in Tehran. The order came during an emergency meeting Wednesday, with military commanders considering drone and missile strikes on Tel Aviv and Haifa. Khamenei stated, "We see avenging his blood our duty." The killing at a secure Revolutionary Guards guesthouse is seen as a major security breach for Iran. Analysts suggest retaliation is crucial for deterrence and credibility with regional allies. Iran is weighing a coordinated attack involving its allies in Yemen, Syria, and Iraq.

HEADLINES

🧑‍🍳 What else is cookin’?

What’s happening in India (and around the world 🌍️)

• UPI clocks ₹20 lakh crore for the third straight month in July.

• 705/720 NEET girl who flunked Std XII chemistry now fails in supplementary too.

• UPSC debars Puja Khedkar, reviews data for over 15,000 civil servants from 2009 to 2023.

• UP government proposes strengthening anti-conversion law: why, what are the key changes?

• Adani Group is considering investing $2B in Vietnam's two airports.

• Eastern Ladakh row: India, China hold ‘constructive’, ‘forward-looking’ diplomatic talks in Delhi.

CULTURE

🍿 Entertainment, Entertainment, Entertainment

• Olympics updates:

  • View the complete medal tally here.

  • Swapnil Kusale wins bronze in 50m Rifle.

  • Lakshya Sen wins 2-0 (21-12, 21-6) against HS Prannoy in the men's singles Round of 16 clash.

  • India’s Nishant Dev beats Ecuador’s J.G.R Tenorio in Men’s Welterweight Round of 16 boxing.

  • India lost to Belgium 1-2 in Men’s Hockey.

  • China’s YS Sun beats India’s Sreeja Akula 4-0 in Women’s Singles Table Tennis.