August 28, 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. Telegram CEO Durov hacked by France, UAE in 2017, had dinner with Macron in 2018

Macron invited Durov to move Telegram to Paris in 2018.
Telegram allegedly ignored subpoenas & court orders for years.
Telegram says it complies with the EU's Digital Services Act.
Tonight: deadline for French authorities to release or charge Durov.
Tech execs' liability fears sparked by Durov's arrest.

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3. VC funding in Chinese startups slowing further in Q3, from Q2, which was lowest since 2014

Crunchbase.

Q3 to date: $3.6B in VC funding in Chinese startups.
Q2: $7.4B (-42% QoQ), lowest since Q3 2014.

Early-stage funding has been hit hard, with $1.8B in funding YTD

Crunchbase.

4. Corporate funding rounds account for 12% of startup funding in 2023

Crunchbase.

2023: $17.6B (12%) in corporate funding.
YTD: $7.7B (5%).
Alphabet's $5B investment in Waymo helped boost corp. funding in 2024.

5. Apple's global revenues to surpass $400B for the first time in 2024

Counterpoint.

Hardware expected to +3% in 2024.
Services expected to +14% YoY growth in 2024.
AirPods: the fastest-growing segment.
$100B services revenue expected in 2025.

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7. Smartphone shipments expected to +6% in 2024, driven by GenAI optimism

IDC.

1.23B smartphones projected to be shipped in 2024: IDC.
Android will grow 9x faster at 7.1% vs. iOS at 0.8%.
iOS trajectory to improve in 2025 with 4% YoY growth.
GenAI smartphones to capture 18% of the total market by 2024-end.

8. Chinese state-backed hackers target U.S. internet providers, researchers reveal

Black Lotus Labs: Versa Director exploitation process overview.

Volt Typhoon group found to be exploiting a zero-day flaw.
Versa Director was the virtualization software affected.
Black Lotus Labs researchers reported the flaw.
2 ISPs in the U.S. and 1 ISP in India impacted.
CISA acknowledged the flaw and said it was being exploited.

9. Apple cuts about 100 jobs in online services group in rare move

Over 22% of Apple's revenue in fiscal 2023 came from services.
Apple Books and News are among the teams impacted.
Apple Books has become a less priority for Apple.

10. Interesting videos, posts, and memes

In search of immortality - with Venki Ramakrishnana

5 validated startup ideas that will make you money

How To Live In The Social Media Matrix

11. Other headlines

AI

Google Meet gets AI-backed note taking feature for select Workspace users.
OpenAI demoed AI breakthrough "Strawberry" to NatSec officials this summer.
Venezuelan journalists use AI avatars to combat Maduro's media crackdown.
Grok now directs users to Vote.gov for election queries.
Cerebras launches "world's fastest" AI service at 10+ cents/million tokens.

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Tech

NVIDIA options price in $300B stock swing.
Klarna H1 2024 revenue +27% to $1.3B, $66M adjusted profit.
Meta scraps plans to build custom chips for AR glasses to rein in costs.
Cribl, data infrastructure startup, raises $319M at $3.5B valuation.
Meta Spark's shutdown in Jan. 2025 sparks anger among AR creators.

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Tech & law

TuSimple reaches $189M settlement of suit alleging fraud.
X wins tentative dismissal of sex bias lawsuit over mass layoffs.

Biotech

Lilly launches Zepbound weight-loss drug vials at $399/month.
Mpox vaccines to arrive in Congo from Sep 1: Africa CDC.

Business

NFL owners voted to allow PE firms to buy stakes.
Buffett sells another $1B in BofA shares.
GM delays Indiana battery factory by 1 year.

Crypto

Durov defended by crypto industry after arrest.
Nasdaq seeks SEC approval to launch BTC index options.
Australia loses $122M in crypto to scams in 12 months.
MakerDAO rebrands as Sky, draws backlash over new USDS stablecoin.

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U.S. politics

Trump prosecution in 2020 election case sees updated indictment.
Tariffs embraced by both Trump, Harris, in contrast to mainstream economics.
Harris's 1st interview goes to CNN, on Thu.
Harris campaign rejects Trump claim on agreement over hot mic debate.
RFK Jr., Tulsi Gabbard added to Trump transition team.

World

Zelensky to present plan to Biden to end Russia war.
Ukraine to brief NATO on Wed. on air defense, war status.
Iran's supreme leader says he is open to nuclear negotiations with U.S.
Mexico pauses relations with U.S., Canada over judicial reform criticism.

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