July 03, 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. 2nd Alzheimer's drug approved by FDA: donanemab (Kisunla) by Eli Lilly

22%-36% slowdown of clinical decline was observed in donanemab's Phase 3 clinical trial:

Sims, et al. Donanemab in Early Symptomatic Alzheimer Disease: The TRAILBLAZER-ALZ 2 Randomized Clinical Trial. JAMA.

$13K for a 6-month course, $32K for 12 months, and $49K for 18 months.
Similar efficacy and pricing vs. lecanemab, the 1st approved Alzheimer's drug from Eisai.
- Donanemab requires shots every month, rather than every 2 weeks.
Lilly stock -1%.
Alzheimer's drug market expected at $13B/year by 2030, from $0.25B in 2024.

2. Figma disables Make Design feature after it was found copying Apple's designs

X: Figma CEO Dylan Field.

Figma says that they did not train their own models.
- OpenAI's GPT-4o and Amazon's Titan Image Generator G1 are used instead.
"Soon": when Make Designs will be re-enabled.

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4. Runway AI in talks to raise $450M at $4B valuation

It would make the text-to-video AI firm the #10 most valuable generative AI startup:

Generative AI Unicorns Database.

General Atlantic in talks to lead the round.
$25M ARR at the end of 2023.
160x P/S, above the already high average for gen. AI startups.
Unclear how Runway's product compares with OpenAI's Sora, yet to be released to the public.

5. Tesla stock +10% after deliveries fall less than expected

Bloomberg.

444K deliveries in Q2, -5% YoY, better than the 439K expected.
410K vehicles produced, -14% YoY.

6. Exits for Europe's VC-backed fintechs continue to decelerate as Revolut's IPO is due

Pitchbook.

€0.2B in exit value over 44 deals YTD.
Revolut's IPO at a $40B+ market cap could make 2024 (or 2025+) the best year ever for European fintechs.

7. Interesting videos, posts, and memes

The State of Generative AI: Vince Hankes, Sarah Guo, & Shardul Shah with Eric Newcomer

8. Other headlines

AI

AI startup funding in U.S. reaches $27B in Q2, 48% of $56B in total funding.
Apple may get OpenAI board observer seat as part of deal.
Magic, coding AI, in talks to raise $200M at $1.5B.
Meta 3D Gen creates high-quality 3D assets in seconds.
China manages to sneak in NVIDIA chips through underground network.

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Tech

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Tech & law

MS law requiring age verification for social media accounts blocked by judge.
SCOTUS to hear challenge on Texas age verification for adult websites.
EU may scrap €150 exemption for import taxes on Chinese goods.

Business

Powell: inflation back on downward path, but more needed for cuts.
Skydance Media reaches preliminary agreement on Paramount merger.

Crypto

Polkadot's $245M in cash would last 2 years at current burn rate.
Sentient, crypto-based open source AI, raises $85M from Founders Fund.

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U.S. politics

Trump sentencing delayed until Sep. 18 or later due to SCOTUS ruling.
Trump raises $331M in Q2, ahead of Biden's $264M.
Biden blames international travel over poor debate performance.
Biden's lapses said to be increasingly common, worrisome: NYT.

World

China building drones for Russia, European officials say.
Evan Gershkovich arbitrarily detained by Russia: UN panel.
AI-powered weapons being used in Ukraine war.

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