June 17, 2024 | Read Online

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Nebius AI

0. Data and calendar

All values as of 5 AM ET / 2 AM PT, other than S&P500 and NASDAQ close (4 PM ET / 1 PM PT).

All times are ET.

1. Altman explores converting OpenAI into PBC, as Microsoft execs agree

OpenAI's legal structure.

xAI and Anthropic already are Public Benefit Corporations, which can have side goals other than just profits.
OpenAI board would have to agree, and the move would certainly attract the eyes of regulators and the IRS.
"Some senior Microsoft executives" have been pushing for the move for years. Today, Microsoft is only a board observer, having no voting power over OpenAI.

2. Snowden criticizes OpenAI for adding former NSA head to board

X: Edward Snowden.

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4. AI VC fundraising on track to be stable in Q2, with seed slowing down

$11.4B invested in 604 deals so far in Q2:

Crunchbase.

Seed/angel AI funding is running at $0.9B over 423 deals, vs. $1.5B and 956 deals in Q2 2023

Crunchbase.

5. India set to become primary location in Asia for data centers for Big Tech

FT.

Amazon, Microsoft, and Google are investing the most in new data centers

FT.

6. TSMC ADRs trading at 21% premium to Taiwanese shares, as arbitrage trade fails

Bloomberg.

ADR is more accessible to foreign investors and included in many indexes and ETFs.
Taiwan shares need special regulatory approval to be converted into the U.S. ADRs.

7. 52% in U.S. very uncomfortable with news being produced mostly by AI

But 42% are comfortable with AI helping humans:

Reuters Institute 2024 Digital News Report.

Question for our readers: what do you think? Reply to this email and let us know.

8. Hong Kong, Singapore, 4 Swiss cities, NYC, London lead as most expensive cities

Mercer's 2024 Cost of Living Survey.

9. Companies remain divided on office work policies

WSJ.

10. Interesting videos, posts, and memes

Elon gets paid, Apple's AI pop, OpenAI revenue rip, Macro debate & Inside Trump Fundraiser

11. Other headlines

AI

Apple Intelligence's features to be launched through 2025.
Microsoft's Suleyman looking into OpenAI's code.
Sakana AI in talks to raise $100M at $1B, pre-revenue.

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Tech

Siri can be given new name in iOS 18.
Bill Gates: ready to invest $B's into nuclear energy.

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Tech & law

Apple, Meta likely to face charges over EU's Digital Markets Act.
Meta pauses AI models launch in Europe after request by Irish regulator.

Biotech

Ozempic fueling purchase of smaller clothes.
Communicable diseases significantly rising vs. 2019.
Lethal bacteria STSS reaches 977 cases in Japan in 2024.

Business

China's real estate investment, home prices decline.
Fed's Kashkari: if rate cut happens this year, it will be near year-end.
Delaware biggest loser in Tesla's shareholder vote: WSJ.

Crypto

Gemini to pay $50M to settle NY fraud claims.
Nigeria drops tax charge vs. Binance execs, other charges remain.
VC funding in crypto hits $101B since 2014.

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U.S. politics

Corporate taxes: GOP wants to cut to 15-20%, Dems increase it to 28%.
Biden team launches $50M pre-debate ad campaign.

World

Gaza doctor, journalist were housing Israeli hostages.
Israeli army to pause some fighting in southern Gaza to help aid flow.
Israel warns of "wider escalation" due to "Hezbollah's increasing agression."
Houthis continue to use drones to attack ships in Red Sea.
Ukraine, Russia close to peace deal in Apr. 2022: details.
8 IDF soldiers dead in Rafah in explosion.

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