🗞️ OpenAI now $100B+?

August 29, 2024   |   Listen Online   |   Read Online Brought to you by: Top stories today: NVIDIA Q2 revenue +122% to $30.0B as data center chip demand surges OpenAI in talks to raise new funding round at $100B+ valuation Telegram CEO charged with "complicity," bail set at €5M California AI safety bill passes Assembly, awaiting governor's signature Google rolls out custom AI chatbots Gems, image generation model Imagen 3 Follow us on X | Instagram | Advertise 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. NVIDIA Q2 revenue +122% to $30.0B as demand for data center chips surges $30.04B vs. $13.50B in Q2 FY24. +15% QoQ from $26.04B revenue reported in Q1. Net income +152% to $16.6B, vs. $6.2B in Q2 FY24. Issues with production of the new Blackwell chip were acknowledged, but CEO Huang said that they're "going to have lots and lots of supply." Stock -5% in the pre-market, even with NVIDIA beating expectations for EPS, revenue, and guidance. 2. 23 Essential Financial KPIs* Oracle NetSuite. Take charge of your company's success with the perfect mix of financial metrics. Download your step-by-step finance KPI guide now to unlock: Formulas to help get you started right away with your freshly-chosen KPIs. Clear definitions of the key finance KPIs you should be measuring. Applicable case studies to show you step-by-step how each KPI works. Get My Copy *Sponsored. 3. OpenAI in talks to raise new funding round at $100B+ valuation Almost +20% from their $86B valuation in Oct. $1B from Thrive Capital is possible. Microsoft participation expected as well. $103B: Current OpenAI investors have been negotiating to sell shares at their price. 4. Telegram CEO charged with "complicity," refusal to cooperate; bail set at €5M Durov cannot leave France while he challenges the case. 10-year maximum sentence appears to be the case. Durov's brother Nikolai also had an arrest warrant issued in March. He is the silent co-founder of Telegram. Both the Ukrainian and Russian military uses Telegram for war purposes, a big risk for both in case Telegram becomes compromised. 5. California AI safety bill passes Assembly, awaiting governor's signature Balked by tech companies including Google, OpenAI and Meta. Some Democrats also opposed the bill, including Nancy Pelosi. Mandates safety testing for advanced AI models costing $100M+. Sep 30 is the last date for the governor to sign or veto it. 6. Google rolls out custom AI chatbots Gems, image generation model Imagen 3 Google. Gems enables custom AI chatbots in over 150 countries & "most" languages. Imagen 3 can create photorealistic landscapes, textured oil paintings. People image generation also coming after 6 months' suspension. Gemini Advanced, Business, & Enterprise users getting both offerings. 7. Berkshire Hathaway becomes 1st U.S. non-tech company to cross $1T market cap CompaniesMarketCap. 8. Europe's PE mega funds' fundraising time drops to 3.3yr vs. 3.7yr for non-mega funds PitchBook. From 5.4 yrs in 2013–15 to 3.3 yrs toward 2022–24. Mega funds are enjoying a 12.7% IRR over a 15-year horizon, compared to 11.4% IRR for non-mega funds PitchBook. 9. Smartwatch shipments remain static, while basic watches drive market Canalys. 44.3M wearable band shipments in Q2 2024. +6% in basic smartwatch shipments. Samsung, Garmin, Huawei and Google boost smartwatch shipments. Apple leads with 49% share in smartwatches despite the Q2 decline Canalys. 10. Interesting videos, posts, and memes Startup Pitch Competition: Three founders compete for $25K | E1999 The company behind Pokémon GO wants to build a 3D map of the world | TechCrunch Minute Arvind Narayanan: AI Scaling Myths, The Core Bottlenecks in AI Today & The Future of Models | E1195 11. Other headlines AI xAI accused of adding to pollution in Memphis by using turbines. Plaud launches NotePin, AI wearable that transcribes, captures action items. Former Microsoft AI exec Mikhail Parakhin joins Shopify as new CTO. Athyna: hire incredible global talent with up to 80% savings vs. U.S. hires.* Explore AI in Gaming on Aug 29, organized by Swissnex. Free entry!* monday.com connects and empowers teams to excel in every aspect of work. Get started now!* Oracle NetSuite: CFO of Tomorrow: Your AI Guide.* *Sponsored. Tech Meta may release MR device codenamed Puffin in 2027. Meta's Horizon Worlds opening to preteens aged 10–12. Tumblr moving all blogs to WordPress. Salesforce CFO to step down. Signal CEO interview on Durov arrest, encryption. Sidebar is a personal board of advisors for the next generation of leaders. Join now! * Pipedrive helps you drive more deals from day one.* Sage Intacct: helps organizations automate mundane accounting activities so you can focus on guiding your organization's growth.* Mercury now allows you to pay your bills faster and more accurately.* *Sponsored. Clicking on ad links may share your email with Mercury for remarketing purposes. Tech earnings Huawei revenue +34% to $33.6B, net profit -18.6% to $5B. BYD's revenue +26% to ~$24.8B. HP revenue +2% to $13.5B, printing revenue -3% to $4.14B. Salesforce revenue +8% to $9.33B, net income $1.43B. CrowdStrike revenue +32% to $964M, FY25 forecasts cut. Affirm revenue +48% to $659M, net loss narrows to $45M from $206M. Tech & law Yelp sues Google over alleged unfair advantage in local search services. Brazil's top court threatens to ban X by tonight. TikTok will face lawsuit over 10-year-old's death, U.S. court rules. Biotech Dementia risk reduced with SGLT2 inhibitors: observational study. BioMarin to cut about 225 jobs. Navigator Medicines raises $100M to advance targeted immune biologics. Business Two Sigma founders step down after prolonged fight. FAA grounds SpaceX after rocket falls over in flames at landing. Toyota global output declines for 6th straight month in Jul. Tesla asked Canada to lower tariffs on China-made EVs. Crypto OpenSea receives SEC Wells notice targeting NFTs. Binance CEO denies freezing all Palestinian funds. 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 Supreme Court rejects Biden plea to restore $400B student debt plan. Trump to visit swing districts in Michigan and Wisconsin on Thu. Harris 51%, Trump 49% in Nate Silver's latest forecast. World Hong Kong journalists convicted of sedition, as press freedom vanishes. Russia bans entry to 92 U.S. journalists, lawyers, business execs. 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