August 22, 2024 | Listen Online | 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. Fed minutes suggest "likely" 25 bps rate cut in Sep.

"Several" officials supported a 25-basis-point reduction in the target range.
"Vast majority" favored "[easing] policy at the next meeting."

2. U.S. job market sees largest markdown since 2009

818K fewer jobs in the 12 months ending in March.
Average employment growth: down from 242K from to 174K.
Final figures are due early next year.
Data was initially delayed, but 3 banks called BLS and get the numbers directly.
Trump accused the government of "fraudulently manipulating Job Statistics."

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4. Anthropic's Claude crosses $1M gross app revenue in 16 weeks of launch

Appfigures, TechCrunch.

U.S., India, Japan among the largest markets for Claude.
App launched in May to take on ChatGPT.
157K downloads in 1st week.

Claude's $1M reach was slower than ChatGPT's, which hit mark in 3 weeks

Appfigures, TechCrunch.

5. Crypto companies spend 48% of all corporate money in 2024 election

Public Citizen.

Crypto companies represent $119M out of the total $248M in corporate money.
Fairshake PAC gets $114M from corporates.
In the last 3 elections, crypto firms spent $129M — 15% of corporate contributions.
Over the past 14 years, fossil fuels were #1 industry, followed by crypto.

6. U.S. consumer electronics startups see slowest fundraising in a decade

Crunchbase.

Under $300M invested in U.S. consumer electronics startups in 2024 YTD.
Less than $1 per $300 U.S. funding went to consumer electronics in 2024.
In contrast, U.S. consumer tech spending is expected to rise 2.8% to $512B.
Magic Leap and Essential are among the most funded startups in the space.

7. Interesting videos, posts, and memes

Science Funding Should Be Capricious — Samo Burja

AI on the blockchain, Waymo's rise, and the truth about tech layoffs | E1996

This startup wants to mine water on the moon | TechCrunch Minute

8. Other headlines

AI

Microsoft's Recall AI feature to debut in Oct. in beta.
Llama reportedly struggles on AWS as Claude dominates.
OpenAI says CA AI safety bill will hurt innovation.
California to direct ~$250M over 5 years to fund journalism, AI research.

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Tech

Apple App Store head is leaving in October amid scrutiny.
X investors' list includes a16z, Jack Dorsey and Binance, court filing reveals.
Mike Lynch's, daughter's bodies recovered from sunken yacht.
Bezos's Blue Origin sustains failures in recent weeks.
Xiaomi's EV business "more focused on our growth than profitability."

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Tech earnings

Didi Q2 revenue +4% to $7.1B on record transactions, $196M net profit.
Zoom Q2 revenue +2% to $1.16B, enterprise revenue +4% to $683M.
Snowflake Q2 revenue +29% to $869M, raises product revenue forecast.

Tech & law

Lingo Telecom to pay $1M for transmitting Biden deepfake robocall.
UK watchdog closes Google, Apple app store probe ahead of new regime.

Biotech

Semaglutide to be sold "at cost" for $249/mo by Sesame.
Neuralink says 2nd brain device implant "went well."
FDA rejects Regeneron's blood cancer bispecific.
Vandria, neurodegenerative startup, raises $31M from Hevolution, others.
Roche enhancing lab testing capacity for mpox.

Business

Target CEO: "no room for price gouging" in retail.
Ford delays new EV plant, prioritizes hybrid models.
Franklin Templeton unit replaces investment head, closes $2B fund amid probe.
Edgar Bronfman raises bid to take over Paramount for $6B.

Crypto

FTX bankruptcy: 95%+ of creditors vote in favor of plan.
New Binance CEO sees no urge for IPO.
Harris hints at adopting more crypto-friendly approach.
Ex-FTX executive Ryan Salame seeks to void guilty plea.
Story, using blockchain to prevent IP theft, raises $80M at $2.25B.

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U.S. politics

RFK Jr. expected to end campaign on Fri., may endorse Trump.
Oprah endorses Harris at DNC.
Trump holds first outdoor rally since assassination attempt.
NY AG urges appellate court to upload Trump's $450M+ fraud judgment.
DNC's Day 2 reaches 22M viewers, 40% higher than RNC's.

World

Israel, Hezbollah continue to trade strikes.
Biden stresses Gaza ceasefire urgency in call with Netanyahu.
Brazil to tighten entry rules to restrict North America migration.
China's "growing authoritarianism" global challenge: Taiwan's President.

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