Who broke the internet?! đ¤ˇ
Wednesday, 9th June 2021 by Gotrade
Hey Gotraders,
Thousands of websites and apps around the world, including CNN, the New York Times, Amazon (AMZN), Hulu, Spotify (SPOT), Reddit, and even the UK government website, went dark yesterday. What?! Who broke the internet?!
The answer to that question is Fastly (FSLY).
Who is Fastly? Fastly is a cloud service provider that operates whatâs known as a Content Delivery Network (CDN). CDNs are networks of servers and data centers distributed around the world that allow for the transfer of assets needed for loading Internet content. Fastly basically stores content on servers that are physically closer to its users so that content would load faster.
What happened? Well, it seems like Fastly caused the outage. Yikes! The outage was a result of âan undiscovered software bug.â The issue was resolved within an hour. The Internet isnât broken anymore! Hallelujah!
"The problem with the internet is it's always there until it isn't," said David Vaskevitch, CEO of photo app Mylio and former Microsoft (MSFT) Chief Technical Officer. "For a system with so many interconnected parts, it's not always reliable. Any one fragile part can bring it down."Â
Why is this important? Fastly is a service that is widely used by web publishers. The extent of which became apparent when the outage occcured. A couple of similar incidents have occured recently - Cloudflare was hit with an outage last July, and Amazon Web Services went down last November.
These incidents highlight the fact that a technical hiccup in a single company can have global ramifications.
đ Wish stock is up nearly 50% đ
The Redditors are at it again. This time they are focusing their attention on Wish (WISH). Their stock closed at $11.63, up 49.87% yesterday. Really?! Yes!
This is surprising considering the fact that a shareholder class-action suit was filed yesterday. The suit claimed that senior executives at Wish misled investors by inflating its figures.
đ MicroStrategy sells $500 million worth of junk bonds to buy more bitcoin đ¤¨
MicroStrategy (MSTR) really wants to buy Bitcoin but they donât have the cash. So what are they doing about it? They are selling junk bonds in order to raise cash to finance their Bitcoin shopping spree. đ
What are junk bonds? A bond is pretty much an IOU. Bond issuers promise to pay interest payments along with the principal sum in exchange for buying the bond. Junk bonds represent bonds issued by companies that have a high risk of defaulting on the interest and principal sum to their investors.
Stocks of MicroStrategy closed at $459.38, down 2.22% yesterday.
Top movers & shakers đ˘
What else is making headline news đ°
Apple (AAPL) is encroaching on Facebookâs (FB) territory like never before with new social features.
El Salvador becomes the first country to adopt Bitcoin as legal tender.
U.S. recovers $2.3 million in bitcoin paid in the Colonial Pipeline ransom.
Popular companies releasing earnings this week đ°
Wednesday: Jack Danielâs (BF.B), GameStop (GME), Campbell Soup (CPB)
Thursday: Adobe (ADBE), Chewy (CHWY), Plug Power (PLUG), FuelCell Energy (FCEL), Manchester United (MANU)
A companyâs market value may fluctuate considerably around the time that the earnings report is expected to be published. Stock prices may rise or fall according to analysts' speculative estimates, released prior to the actual earnings announcement.
The earnings season can be a time of great opportunity since better-than-expected figures could cause a companyâs stock to greatly increase in value. Worse-than-expected results could have the opposite effect.
Thatâs all from us for now.Â
Signing out,
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The legal stuff đ¤
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