May 23, 2024 | Read Online

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0. Data and calendar

All values as of 6 AM ET / 3 AM PT, other than S&P500 and NASDAQ close (4 PM ET / 1 PM PT).

All times are ET.

1. NVIDIA's revenue +3.6x YoY to $26.0B in Q1, as net income +5.3x to $14.9B

NVIDIA.

Guidance of $28.0B (2% margin of error) for Q2.
- QoQ growth would slow to a still impressive 8%, from 18% this quarter.
10:1 stock split announced.
Stock +7% in the pre-market to $2.5T market cap.
- #3 largest company in the world.
The big question: until when can NVIDIA enjoy monopoly-like profit margins? AMD, Intel, Microsoft, Google, Meta, and Apple are all developing AI chips as we speak.

2. Groq in talks to raise $300M at potential $3B+ valuation

Groq is seen today as the fastest and cheapest way to run open source models like Llama 3, due to its LPU chips, designed specifically for AI inference:

Artificial Analysis.

Morgan Stanley has been hired.
Previously raised $367M+ from Tiger, D1, and others at $1B+.

3. Uniswap Wallet App makes it easy to swap crypto on the go*

Uniswap.

Access thousands of tokens across Ethereum, Base, Arbitrum, and 7+ chains directly from your smartphone.
The Uniswap Wallet App was built with security in mind, with built-in features like recovery phrase backup and Face ID requirements, keeping your funds safe at all times.
Claim your free username when you onboard, which lets you easily send and receive funds without having to deal with a lengthy wallet address.

Start swapping on the Uniswap Wallet App on iOS and Android.

*Sponsored.

4. Pro-crypto FIT21 bill passes in House by 279-136

CSPAN.

Senate approval TBD, as no counterpart bill is available.
The CFTC would be the leading regulator of digital assets under this bill, which would more clearly define what makes a crypto a security or a commodity.
- Factors would include the concentration of the token's supply (max. 20%) or its susceptibility to influence from a single party.
Biden opposes bill but did not say he would veto it.

5. South Korea announces $19B package for chips industry

Bloomberg.

Plan was $7B just 2 weeks ago.
Samsung and SK Hynix the major beneficiaries.

6. TSMC continues leading foundry market with 62% market share, as broad sales -5% QoQ, +12% YoY

Counterpoint Research.

7. Interesting videos, posts, and memes

BrainBridge exits stealth with ambitious goal to develop 'world's first head transplant system'.

$NVDA's earnings, media economics in the AI era, Farcaster's mega crypto round, and more! | E1954

8. Other headlines

AI

OpenAI strikes 5-year, $250M deal with News Corp.
- Leaked docs reveal aggressive strategy towards employees.
DeepL, generative AI for translation, raises $300M at $2B.
TikTok launches AI-powered "Symphony Creative Studio" for ads.
Scarlett Johansson's voice wasn't used for ChatGPT's Sky voice: OpenAI.
Adept, which raised at $1B+, in talks with potential buyers, including Meta.
AI disclosure required in campaign ads: FCC chair.
Amazon's Alexa to be upgraded with AI, monthly subscription fee.
LLM technology will never lead to superintelligence: Meta AI chief.

Cara automates B2B prospecting, copywriting and cold outreach.*

*Sponsored.

Tech earnings

China's Lenovo sees revenue +9% to $13.8B.
Temu owner PDD's revenue +6% to $12B.
Xiaomi's revenue +27% to $10.4B.
Snowflake's revenue +33% to $829M.

Tech

SpaceX launches 1st spy satellites.
Meta creates 4-person Advisory Group for guidance on AI, metaverse products.
Linktree reaches 50M users, rolling out social commerce program.

Athyna: Hire high-quality, affordable remote talent.*
Swissnex in San Francisco invites you to a pitch night with eight of the most promising Swiss startups!*

*Sponsored.

Tech & law

Ticketmaster may be sued over antitrust by DOJ, who seeks breakup.
WhatsApp vulnerability allows governments to see who you chat with.

Biotech

Limula raises $6.8M for cell, gene therapy manufacturing automation.
Exercise improves neurogenesis via restoration of microglia.
Pfizer announces another $1.5B in cost cuts.

Business

Goldman CEO sees 0 rate cuts in 2024.

Crypto

MetaMask may add Bitcoin support in June.
SBF being transferred from NY to new prison, likely in CA.

Uniswap Wallet App makes it easy to swap crypto on the go.*

*Sponsored.

U.S. politics

$7.7B in student debt canceled by Biden admin for 160K people.
Haley says she will vote for Trump, but doesn't explicitly endorse him.
Political consultant who admitted creating Biden deepfakes indicted in NH.
Hunter Biden tax trial delayed until Sep.

World

UK general elections called early by Sunak on Jul. 4.
Hamas video show capture of female Israeli soldiers.
Blinken wants Biden to lift restrictions on how Ukraine uses U.S. arms.
China launches "punishment" war drills around Taiwan.

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