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Top stories today: - Mistral raises $644M at $6.4B valuation
- Elon drops suit against OpenAI, who fights back against accusations
- CPI, core CPI expected at 0.1% / 3.4% and 0.3% / 3.5%
- FOMC expected to keep rates at 5.25% - 5.50% at 2 PM ET
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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). |
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 | All times are ET. |
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1. Mistral raises $644M at $6.4B valuation |
It's the 6th most valuable generative AI startup: |
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$2.2B: its previous valuation in Dec. Led by General Catalyst, but includes a16z, NVIDIA, Salesforce, Samsung, IBM, and others. Microsoft did not participate, after investing $15M previously.
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Our view: Mistral's models have so far underperformed |
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It's unclear how they can revert the situation with much less cash than OpenAI, Anthropic, Google, and Meta. Unless they have some non-Transformers technology that is much better than current LLMs.
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| | Insight on the economic trends and policies influencing our global economy. Updates on the latest innovations from companies like Tesla, Microsoft and Nvidia. Analysis on the high-stakes decisions from all markets.
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3. Elon drops suit against OpenAI, who fights back against privacy accusations |
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Case was dismissed with prejudice. Meanwhile, OpenAI CTO Mira Murati defended the company against Elon's description of the Apple <> OpenAI partnership as "creepy spyware": "That's his opinion. Obviously I don't think so. We care deeply about the privacy of our users and the safety of our products."
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4. CPI, core CPI expected at 0.1% / 3.4% and 0.3% / 3.5%, out at 8:30 AM ET |
A repeated 0.1% monthly CPI would make possible for yearly CPI to be under the Fed's 2% target for consumer inflation (even as the Fed's preferred gauge is the PCE): |
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CPI: exp. 0.1% MoM / 3.4% YoY in May, from 0.3% / 3.4% in April. Core CPI: exp. 0.3% / 3.5%, from 0.3% / 3.6%.
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5. FOMC expected to keep rates at 5.25% - 5.50% at 2 PM ET, as dot plots will be major focus |
This was the FOMC's summarized projections in March, its last update: |
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Economists expect the rate projection for year-end 2024 to be 4.9%, from 4.6% in March, meaning 2 25bps rate cuts |
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6. Interesting videos, posts, and memes |
 | Francois Chollet - LLMs won't lead to AGI - $1,000,000 Prize to find true solution |
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 | No Priors Ep. 68 | With Zapier Co-Founder and Head of AI Mike Knoop |
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7. Other headlines |
AI |
OpenAI not allowing employees working at competitors to sell shares. GPT Builder in Copilot Pro retired by Microsoft. Oracle stock +9% on Google, OpenAI deals, despite earnings miss. Apple stock +7% on day after AI announcements. Brazil hires OpenAI to expedite screening, analysis of lawsuits.
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Tech |
GameStop raises $2.1B after Roaring Kitty-led rally. Cruise getting $850M investment from parent GM. AlphaSense raises $650M at $4B, led by Viking, BDT & MSD. BeReal acquired by Voodo for €500M. Spotify may introduce new, higher-priced premium plan ($5/mo more). X making likes private for most users.
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Tech & law |
U.S. sanctions to curb chip sales expanded, targeting Russia, China. Elon Musk accused by WSJ of improper relations with employees. EU's expected tariffs on Chinese EVs criticized by Beijing. Intel delays construction of $25B chip plant in Israel.
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Biotech |
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Crypto |
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U.S. politics |
Hunter Biden found guilty of gun charges, after jury was initially split. 6 Russians suspected to be linked to ISIS arrested in U.S.
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World |
G-7 summit starting Thu to call on China to stop helping Russia. Ukraine plans to privatize assets to help fund war. Another Patriot missile system being sent to Ukraine.
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Reviewed by Diogenes
on
June 12, 2024
Rating:
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