🗞️ Elon wins the vote

June 13, 2024   |   Read Online Brought to you by: Top stories today: OpenAI's ARR reaches $3.4B, even with cashless Apple deal FOMC only projects 1 rate cut in 2024, even with CPI below expectations Elon says pay package, Texas reincorporation votes passing NVIDIA chips still leads in latest AI MLPerf benchmarks X still leading social network for news in U.S. Follow us on X | Instagram | Advertise to our 250K+ subscribers 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. OpenAI's ARR reaches $3.4B, even as Apple deal won't generate revenue $3.2B from subscriptions and API, $0.2B from 20% of what Microsoft generates from OpenAI model sales. No cash changing hands in OpenAI's Apple deal. OpenAI hopes to make money via people upgrading to ChatGPT Plus. OpenAI's lobbying team is expanding internationally, growing from 3 in early 2023 to 35 today. 2. Everything we know about AI regulation today* Axios Pro. Artificial intelligence is changing everything, and tech companies are racing for dominance. In this report, Axios Pro analyzes forthcoming United States AI laws, their impact on big tech, and how policymakers are shaping the future. Read the report today, free. *Sponsored. 3. FOMC only projects 1 rate cut in 2024, even with CPI below expectations Federal Reserve. Rates were kept at 5.25% - 5.50%. Powell hinted that projections have not incorporated the latest CPI numbers, saying "most people generally don't" update projections mid-meeting. CPI and core CPI came in at 0.0% / 3.3% and 0.2% / 3.4%, slightly under expectations CPI: 0.0% MoM / 3.3% YoY in May, vs. 0.1% / 3.4% expected, from 0.3% / 3.4% in April. Core CPI: 0.2% / 3.4%, vs. 0.3% / 3.5%, from 0.3% / 3.6%. 4. Elon says pay package, Texas reincorporation votes passing by "wide margins" X: Elon Musk. His $56B compensation package may still be deemed illegal, as it was struck down by a DE court in Jan. Today at 4:30 PM ET: shareholder meeting with the official announcements. 5. NVIDIA chips still leads in latest AI MLPerf benchmarks IEEE Spectrum. 6. X still leading social network for news in U.S., even as users see news content everywhere Pew Research Center. 7. Interesting videos, posts, and memes Alex Wang: Why Data Not Compute is the Bottleneck to Foundation Model Performance | E1164 Erik Voorhees on Bitcoin & AI Talking Tech and AI with Tim Cook! Talking Tech With Apple's Craig Federighi! 7. Other headlines AI Microsoft's Nadella AI investments: a look at. Perplexity working on revenue-sharing deals with publishers. Many AI founders looking to sell startups: Hugging Face CEO. Stable Diffusion 3 Medium unsurprisingly worse than Large version. Databricks launches AI/BI intelligent analytics. Tech China testing more driverless cars than any other country. Databricks projects +60% revenue growth to $2.4B ARR by June. Broadcom stock +15% after higher AI guidance, stock split. Brex abandons co-CEO model, as Franchesci becomes sole CEO. Larry Ellison becomes 7th richest after Oracle's AI bump. Axios Pro: Deals Tracker uncovers your next smart venture investment.* Athyna: hire incredible global talent with the same company that Bay Area Times uses!* *Sponsored. Tech & law Japan prohibits Apple, Google from limiting 3rd party app stores. Business Excess oil by 2030: IEA. Milei's reform package gets Senate approval amid protests. Crypto Terraform to pay $4.5B to settle SEC fraud case. Uniswap: simple, secure and lightning-fast swapping with the Uniswap web app.* *Sponsored. U.S. politics Attorney General Garland held in contempt after House GOP vote. World G-7 leaders agree to use $50B of frozen Russian assets for Ukraine. Hamas toughens position on cease-fire proposal. Hamas tortured hostages physically, psychologically. Houthis continue to attack ships in Red Sea. Was this newsletter forwarded to you? Sign up here. Liked it? 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