August 23, 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. Trump announces crypto metaverse project The DeFiant Ones

Truth Social: Donald J. Trump.

Telegram channel of the project linked with the post.
Trump sons Eric and Donald Jr. teased the platform earlier.
Metaverse or tokenized real-world assets may be included.

2. Apple unveils changes for EU users to comply with DMA

iOS 18 & iPadOS 18 will get a new browser choice screen later in 2024:

Apple.

27 EU member countries will get the changes.
Browser choice screen debuted in EU on iOS 17.4.
Update will bring the choice screen if Safari is set as default browser.
New Default Apps section in Settings will also be available.
App Store, Messages, Photos, Camera, Safari will be deletable.

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4. Inflation expectations in U.S., UK, Europe drop to lowest level since 2022

Bloomberg, FT.

5-year inflation swap rates:

U.S.: 2.4%.
Eurozone: 2.1%, lowest since Oct. 2022.
UK: 3.2%, near 2016 low.

5. U.S. VC early-stage valuations more reasonable in 2023 vs. 2021/2022 peak

PitchBook.

Reasonableness accounts "for the fact that valuations tend to rise over time."
1H 2024: $45M median U.S. early stage valuation, roughly the same as 2022.

Lower early-stage valuations correlate with above-average returns

Pre-money valuations as of May 31, 2024. Fund returns as of Dec. 31, 2023: Pitchbook.

6. Existing home sales +1.3% MoM to annualized 3.95M in July, after 4 months of decline

Slightly ahead of the 3.94M expected.
$422.6K: median existing-home price, +4.2% YoY.

7. Israeli startups see two consecutive quarters of funding uptick after nosediving

Crunchbase.

Q3 on track to cross $1B, with 27 deals already closed.
Q2 funding in Israeli startups back to $1B — same as Q2 2023.
60 vs. 120 deals in Q2 2024.
-69% from Q3 2023 to Q4 2023 at $0.5B, as the Israel-Hamas war heightened.

8. Interesting videos, posts, and memes

The Man Taking on Tesla in the Race for Humanoid Robots w/ Brett Adcock | EP #116

Disclaimer: we are indirect investors in Figure AI.

Are We In An AI Hype Cycle?

Legal must-haves before raising capital with Becki DeGraw | Wilson Sonsini Startup Legal Basics

AI could help design and test F1 cars faster | TechCrunch Minute

9. Other headlines

AI

Perplexity plans to run ads in Q4, with CPM prices $50+.
Character AI's former CEO Shazeer named Gemini's co-lead.
Uber, Cruise partner to offer self-driving vehicle rides from 2025.
AI coding assistants attract about $1B funding since start of last year.
Google DeepMind employees urge company to drop military contracts.

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Tech

WeRide, China's self-driving startup, delays U.S. IPO.
Abu Dhabi to get world's first airport with biometric boarding in 2025.
Chinese robot makers chase Tesla on humanoid workforce for EVs.
Stripe plans new employee tender offer at $70B valuation.
Bolt investor accuses CEO of trying to enrich himself.
Kioxia, Japanese chipmaker, files for Tokyo's biggest IPO of 2024.

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Tech earnings

Baidu Q2 revenue flat at $4.7B, net income down 8% to $1B.
Intuit Q4 FY24 revenue +17% to $3.2B, net income -122% to $20M.
Workday Q2 revenue +17% to $1.9B, announces $1B share buyback.

Tech & law

Amazon must face D.C. antitrust lawsuit, court rules.
FTX exec. Salame's partner indicted for campaign finance crimes.

Biotech

FDA approves updated Pfizer, Moderna COVID vaccines.
DNA damage stopped by newly discovered protein, could be useful in humans.
GLP-1 increases visceral adipose tissue metabolic activity: study.
AstraZeneca may shift UK vaccine production to U.S.
Tome winding down operations 1 year after launching with $213M.
Blood test could help assess biological aging rate: research.
Ex-GSK CEO joins BioAge board.

Business

Jackson Hole conference starts, Powell to speak today at 10 AM ET.
Skydance accuses Paramount of breaching deal due to Brofman negotiations.
U.S. Postal Service plans to save $30B with delivery, other changes.

Crypto

Richard Heart's civil case: SEC argues against motion to dismiss.
Magic Eden launches mobile wallet and $ME token, diversifying into trading.
Hong Kong crypto exchanges face roadblocks in getting full licenses.

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U.S. politics

Harris accepts Dem. nomination in vibes-heavy, policy-lite speech.
RFK Jr. withdraws candidacy in AZ, expected to endorse Trump today.
- Trump could be helped by RFK's exit: polls.
Supreme Court partly revives Arizona proof of citizenship voter law.
Trump threatens tariffs on migrant-refusing countries.
Harris campaign launches Twitch channel, hires 175+ staff for digital work.
Trump's $2.6B DJT selling restrictions expire on Sep. 25.

World

Taliban issues ban on women's voices, bare faces in public.
Ukrainian drones strike Russian air base amid escalating Kyiv attacks.
Venezuela top court ratifies Maduro victory as government tightens control.
Modi visits Kyiv as Ukraine plans peace talks.

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