June 25, 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).

No major events today.

1. Amazon working on AI chatbot, to be launched in September

Amazon's Metis plan to use retrieval-augmented generation (RAG) to give up-to-date responses, such as stock prices.
AI agents are also in the plans.
CEO Andy Jassy is involved.

Our view: until we get the next Transformers, LLM technology should stabilize

We are already seeing some plateauing of LLM quality in the latest batch of models.
We can still see creative new applications of LLMs, even without a major breakthrough in the core technology.

2. Apple reportedly rejected Meta AI integration due to privacy concerns

March: brief talks were held, but they did not go anywhere, Bloomberg reports, after the WSJ reported yesterday they were talking.
Apple "doesn't see that [Meta's] privacy practices [are] stringent enough."

3. Everything we know about AI regulation today*

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4. NVIDIA stock -7%, back to #3 in market cap, as CEO sells $95M in shares

CompaniesMarketCap.

Trades were part of a scheduled Rule 10b5-1 stock sale plan set up on March 14.
6M shares ($709M) to be sold throughout March 2025.
Micron and Qualcomm CEOs are also selling.

5. Generative AI used by bad actors for deep fakes, scams, frauds: DeepMind study

FT, DeepMind.

6. Cellular meat, alternative protein startups continue to see decline in $20M+ rounds

Crunchbase.

7. Interesting videos, posts, and memes

YouTube video by 20VC with Harry Stebbings

David Luan: Why Nvidia Will Enter the Model Space & Models Will Enter the Chip Space | E1169

8. Other headlines

AI

OpenAI to treat current, former employees equally in new policy.
- Chinese startups banned from using OpenAI tools: state-run media.
- Multi acquihired by OpenAI, 5 employees will join them.
Google developing customized AI bots to challenge Character AI, Meta AI.
Alibaba Cloud launches English version of AI model-as-a-service.

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Tech

Anduril raising $1.5B at $14B post-money, led by Founders Fund.
Shein confidentially filed for IPO in UK in early June.
Amazon Prime Day to be on July 16, 17.
Airbus stock -9% on lower 2024 guidance.
Apple working on reducing 50% of assembly line workers in years.
Chinese spacecraft returns from moon's far side.

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Tech & law

EU gives formal warning to Microsoft over Teams.
Oracle: TikTok ban would hurt revenue.

Biotech

Menopause delay linked to longevity: a look at.
Alzheimer's symptoms reversed in mice with PHDP5 peptide.

Business

Fed weighs 5% increase in bank-capital requirement, rather than 16%.

Crypto

Jump Crypto CEO Kanav Kariya leaves.
Trump in talks to speak at Bitcoin 2024 in July.
BTC touches $59K, now at $61K.

U.S. politics

Trump advisers seek Ukraine aid halt until Kyiv negotiates peace with Moscow.
Alex Jones's trustee to liquidate Infowars to help pay $1.5B owed.

World

Julian Assange freed, returns to Australia after guilty plea with U.S.
UNRWA sued for $1B by Oct. 7 victims.
Israeli Defense Minister meets Blinken, who cautions against Hezbollah war.
U.S. Ambassador accuses China of undermining diplomacy.

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