July 12, 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. Monthly CPI turns negative in June for 1st period since 2022

CPI: -0.1% MoM / 3.0% YoY in June, vs. 0.1% / 3.1% expected, from 0.0% / 3.3% in May.
Core CPI: 0.1% / 3.3%, vs. 0.2% / 3.4%, from 0.2% / 3.4%.

Markets now expect a 86% chance of a rate cut in September, from 70% on Wed

CME FedWatch Tool.

2. AI startup funding 2x's YoY to $24.1B in Q2

Crunchbase.

Deal count -26% to 1,001.
But we had huge deals like xAI's $6B fundraise, CoreWeave's $1.1B, etc.

Asia startup funding, meanwhile, -32% to $14.6B

Crunchbase.

3. Athyna, how Bay Area Times hires global talent, has new $1K discount

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4. Semaglutide linked to lower risk of cognitive deficit, nicotine misuse

De Giorgi, et al (2024). 12-month neurological and psychiatric outcomes of semaglutide use for type 2 diabetes: a propensity-score matched cohort study.

Mathematical analysis of 20K+ patients taking semaglutide (aka Ozempic).

5. OpenAI creates internal 1-5 ranking of AIs, judging themselves at between 1 and 2

Bloomberg.

Soon: OpenAI plans to share this scheme with investors and other outsiders.

6. Google DeepMind says Gemini 1.5 used by their helper robots

Instagram: Google DeepMind.

Just published paper: "Mobility VLA: Multimodal Instruction Navigation with Long-Context VLMs and Topological Graphs"
Commercialization efforts are TBD.
It appears Tesla and Figure AI (disclosure: we are investors) will reach commercialization faster than Google.

7. Interesting videos, posts, and memes

Biden chaos, Soft landing secured? AI sentiment turns bearish, French elections

Ep12. Tech Stocks vs the Rest; AI VC Bubble, Calcium CT Scan | BG2 with Bill Gurley & Brad Gerstner

8. Other headlines

AI

SoftBank buys Graphcore, AI chip maker, for ~$600M.
Fireworks AI raises $52M at $552M from Sequoia, NVIDIA.

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Tech

Tesla delays robotaxi event from Aug. to Oct.
Alexis Ohanian starts Athlos, event+VC fund for women's track.
YouTube Shorts adds automatic voice-over, captions.
X building downvoting feature.

Open Source CEO: learn how to be a leader and outperform the competition, with this free newsletter.*
Mercury now allows you to pay your bills faster and more accurately.*

*Sponsored. Clicking on ad links may share your email with Mercury for remarketing purposes.

Tech & law

EU says X in breach of digital-content law.
Microsoft-G42 deal faces probe request from GOP lawmakers.

Biotech

Anti-patent bill unanimously passes Senate.
Ozempic could provide benefits for cognition, nicotine dependence.
ImmuneAge Bio emerges from stealth with $2M in funding.

Business

IRS says $1B collected in past-due taxes from millionaires.
Japan likely spent $22B on yen intervention.

Crypto

SEC suggests stablecoin not securities by not pursuing Paxos case.

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U.S. politics

Biden vows to stay in race after introducing Zelensky as Putin.
Obama, Pelosi privately expressed concerns over Biden.
Biden aides privately saying he should drop out.
Trump lawyers asks judge to dismiss conviction over immunity ruling.
Don Jr. to speak before Trump's VP nominee at RNC.

World

U.S., Germany foil Russian plot to assassinate arms CEO.
Gaza pier may be dismantled by U.S. due to rough seas.

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