August 14, 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. Google unveils Pixel 9 series with Gemini AI integration

3 new Pixel smartphones: Pixel 9, 9 Pro and 9 Pro XL.
Pixel 9 Pro Fold arrives as Google's foldable sequel.
AI-powered photo-editing tools launch alongside.
Pixel Watch 3 as Google's latest smartwatch.
TWS Pixel Buds Pro 2 with Gemini support.
Satellite SOS service to come to all Pixel 9 users in U.S. later this year.

Gemini Live, Google's answer to OpenAI's Advanced Voice Mode, debuts

Go Live with Gemini

"In-depth" voice chats with Gemini offered.
Hands-free experience allows Gemini to run in background.
Gemini 1.5 Pro, Gemini 1.5 Flash power voice experience.
Relatedly, new AI-integrated accessibility updates were introduced.

2. The Growing Trend of Contractor Employment in Modern Companies*

Rippling.

Discover the surprising reasons why companies are increasingly opting for contractors and maintaining steady headcounts.
Learn how HR leaders can streamline onboarding and management processes for contractors to boost efficiency and compliance.
Find out how effective tracking of headcount plans and setting team goals are crucial in adapting to this growing trend.

Learn more.

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3. New GPT-4o model launches, already #1 in LMSYS Chatbot Arena

OpenAI is back to dominating the charts, but Google, Anthropic, and Meta are right behind:

LMSYS Chatbot Arena Leaderboard.

Native image generation capabilities apparently activated for some users.

4. Grok-2, Grok-2 mini in beta launch, ranking #4 behind OpenAI, Google

xAI.

Premium, Premium+ users on X get new Grok versions first.
Image gen. feature doesn't carry guardrails for creating political images.
Later this month: API release of Grok-2 and Grok-2 mini API.
Year-end: Grok 3 was promised by Elon.

Grok 2 performs almost identically to the top models, suggesting quality parity among the top players

xAI.

5. DOJ considers breaking up Google after monopoly ruling

DALL-E rendering of the Google logo shattering on the floor.

Washington's first-ever push to dismantle a company for illegal monopoly.
Android and Chrome may see forced divestments if DOJ proceeds with breakup plan.
Sharing more data with competitors may be also forced upon Google.
Google's exclusive contracts with Apple and Mozilla could be banned.
Judge Mehta would need to approve any plan by the DOJ.

6. CPI, core CPI projected at 0.2% MoM, out at 8:30 AM ET, paving way for Sep. rate cuts

CPI: 0.2% MoM / 3.0% YoY expected in July, from -0.1% / 3.0%.
Core CPI: 0.2% / 3.2% exp., from 0.1% / 3.3%.

Markets are currently split between a 25 and a 50 bps rate cut for September

FedWatch Tool.

Late again? Critics say the Fed may be again late in moving rates in the face of new economic data.

7. AI PCs capture 14% of all PC shipments in Q2

8.8M AI PCs shipped in Q2:

Canalys.

Macs were ~60% of AI PCs.
Windows 39%, ChromeOS PCs the remaining 1%.
127% QoQ AI PC shipments growth in Windows market, though.
Lenovo led the Windows AI PC market, followed by HP and Dell.

8. 41% odds of recession, according to Goldman Sachs model

Bloomberg, Goldman Sachs.

More aggressive rate cuts and the lagging performance of stocks responsible for the increase in odds.
31% odds according to JPMorgan.

JPMorgan says the market-implied odds of a recession are at 31%, averaging the implied odds across asset classes

Bloomberg, JPMorgan.

Similarly, China's 1st loan drop since 2015 stoked "balance sheet" recession fears

Bloomberg, People's Bank of China.

9. Interesting videos, posts, and memes

WeRide IPO, Polymarket + Perplexity, the Trump Bump and more! | E1992

Google Pixel 9/Pro/Fold Impressions: They've Finally Done It?

Crypto's Book of the Year: Nate Silver's 'On the Edge'

10. Other headlines

AI

OpenAI execs rise to fill power vacuums after recent shakeups.
Deep-Live-Cam deepfake software project to enable impersonation in trends.
Huawei to launch AI chip to compete with NVIDIA.

Athyna: hire incredible global talent with up to 80% savings vs. U.S. hires.*
Open Source CEO: learn how to be a leader and outperform the competition, with this free newsletter.*
Swissnex invites you to an (or the) AI exhibition's US debut on Aug 22. Free tickets!*

*Sponsored.

Tech

Twitch launches <=60 sec. video stories to take on Instagram, TikTok.
WeRide gets permission to test robotaxis with passengers in California.
NIST publishes first three post-quantum cryptography standards.
Foxconn Q2 revenue +19% to $48B, net profit +6% to $1.08B.
Tencent Q2 net profit +82% to $6.66B, driven by online ad sales, gaming.

Rippling: maximize HR impact and hire global teams in one unified system.*
Sidebar is a personal board of advisors for the next generation of leaders.*
Pipedrive helps you drive more deals from day one.*
Mercury makes startup finances simple.*

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

Tech & law

Texas judge in X's lawsuit recuses himself after he was found to own Tesla stock.
Ex-Twitter employee wins $600K over Musk's click-yes-or-resign ultimatum.
Geofence warrants unconstitutional: U.S. appeals court.
India pulls controversial draft broadcasting services bill.
India's top court resumes insolvency case against edtech giant Byju's.

Biotech

Eli Lilly opens $700M nucleic acid R&D center in Boston Seaport.
Biden announces $150M to promote "moonshot" project to cut cancer deaths.
Baxter to sell kidney-care unit to Carlyle for $3.8B.

Business

Intel sold 1.18M shares in Arm during Q2, valued at ~$147M.
Paramount Global to cut 15% U.S. jobs, close TV studio to reduce costs.
Starbucks ousts CEO Laxman, replaced by Chipotle CEO Brian Niccol.
UK inflation at 2.2% in July, lower than 2.3% expected.

Crypto

Grayscale announces single-asset fund for MakerDAO's MKR.

tea Protocol: click to subscribe to tea's newsletter and learn more about how to get rewards for your open-source contributions.*

*Sponsored.

U.S. politics

Harris to talk about "price gouging" in North Carolina speech on Fri.
Harris campaign ads on Google rewrite news headlines.
DNC to stream on TikTok, Instagram and YouTube.
Former NBA player Royce White to fight Klobuchar for Senate seat.

World

Russia withdraws some troops from Ukraine to defend invaded region.
Ukraine offers to pull back from incursion if Russia agrees to "just peace."
U.S. approves $20B in weapon sales to Israel.
Japan's Kishida won't seek re-election, paving way for new prime minister.

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