September 05, 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. Sutskever's AI startup Safe Superintelligence raises $1B at $5B

Only 10 employees are hired so far.
a16z, Sequoia Capital, NFDG, and DST Global: among the investors.
Safe AI systems planned with the new funding.
Normal for-profit structure, unlike OpenAI.
Potential new approach to AI: "Everyone just says scaling hypothesis. Everyone neglects to ask, what are we scaling?" Sutskever said.
May: Ilya Sutskever left OpenAI, after being part of the group that temporarily ousted CEO Sam Altman.

2. Anthropic challenges OpenAI's ChatGPT Enterprise with Claude Enterprise

Anthropic: Claude Enterprise interface.

200K lines of code, dozens of 100-page documents, or 2-hour audio transcripts in one prompt.
500K-token context window vs. ChatGPT Enterprise's 32k-token window.
GitHub integration is included in Claude Enterprise.
Customer data won't be used for AI training, Anthropic promised.

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4. Harris proposes 33% capital gains tax on $1M+ earners

Would be highest since 2018.
$50K startup-expense deduction (10x from current $5k) for small businesses also officially proposed, after rumors yesterday.

5. Biden said to consider blocking $14.9B US Steel takeover, citing national security risks

-17.5%: US Steel shares saw their biggest decline since April 2017:

Google Finance: US Steel stock.

Sat: CFIUS warned Nippon Steel the deal would harm the U.S. steel industry.
Japan's minister called it's inappropriate to block the deal.
Nippon Steel said it did not believe the deal created any security concerns.
In line with the administration's broadly anti-M&A, antitrust-focused policy.

6. Qualcomm unveils 8-core Snapdragon X Plus chips for AI-powered Windows laptops

61%+ CPU performance with 179% less power consumption vs. Intel Core Ultra 7 155U (12-core), per Qualcomm:

Qualcomm.

$700–$900 Copilot+ PCs targeted with the new chips.
45 TOPS NPU integrated for enhanced AI processing.
Acer, HP, Lenovo, and Samsung are launching laptops based on the new chips.

7. AI companies capture 35% of U.S. startup investment, +169% since 2022

Crunchbase.

$106M raised by non-AI startups in the U.S. this year.
29% of U.S. investments were made into AI startups in 2023.
xAI, Waymo, and CoreWeave are among AI startups raising $1B+ in 2024.

8. HPE Q3 FY25 gross margins -4.1 p.p. to 31.8%, suggesting lower AI server profitability

HPE's market capitalization dropped to $24.39B from its June peak of $28.07B this year:

CompaniesMarketCap.

Exp. 33.4% in adjusted gross margins.
Total revenue +10% to $7.71B.
Operating profit +16% to $547M vs. $471M in Q3 FY24.

HPE's AI server revenue in Q3 +39% to $1.3B

Bloomberg, HPE.

9. India overtakes U.S. as #2 in 5G handset shipments, behind China

Counterpoint Research.

10. Interesting videos, posts, and memes

AI Demos: Gemini Gmail, Search GPT, Groq with Voice & Playground | E2001

Why AI Hasn't Blown Our Minds…Yet

4 startup ideas in profitable niches by "the trend god"

11. Other headlines

AI

You.com AI search engine raises $50M, launches "multiplayer AI" for collaborations.
OpenAI's SearchGPT struggles with shopping and local queries in initial tests.
Microsoft announces Copilot event for Sep. 16.

Athyna: hire incredible global talent with up to 80% savings vs. U.S. hires.*
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Tech

Tesla plans to release Full Self-Driving in China, Europe in 2025.
Android 15 released, arriving on Pixel devices in coming weeks.
YouTube to restrict teens' exposure to weight and fitness videos.
Lyft to sell bikes, scooter assets, laying off 1% of staff.
a16z closes Miami Beach offices 2 years after opening.
Pango Group to acquire Kaspersky's entire U.S. base of ~1M users.
Paylocity to buy corp spending platform Airbase for $325M.

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Tech & law

NVIDIA says it has "not been subpoenaed" by DOJ in antitrust probe.
SpaceX evacuates employees from Brazil as Elon's battles its top court.
DOJ seizes 32 internet domains used in Russian influence campaigns.
X wins injunction against California's AB 587 anti-hate speech law.
Internet Archive loses appeal in copyright dispute with publishers.
Ireland's DPC closes court proceedings against X over AI training.

Biotech

Amgen targets liver and kidney diseases with obesity drug MariTide.
Eli Lilly partners with Egypt's Eva Pharma for rheumatoid arthritis drug.

Business

Trump Media shares down YTD as lockup release date (Sep. 19) nears.
Volvo Cars to deploy NVIDIA-powered software, "megacasting" for future EVs.

Crypto

Harris not directly accepting crypto donations, PAC is: Coinbase.
Uniswap probe leads to subpoenas for a16z and Union Square Ventures.

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U.S. politics

Liz Cheney endorses Harris.
Harris campaign accepts debate rules including muted mics: sources.
Trump campaign reports raising $130M in August.
RFK Jr. sues to remove himself from Wisconsin's presidential ballot.

World

White House's Finer discusses security, energy with Zelenskiy in Kyiv.
Netanyahu: Israel will not leave Gaza corridor until it is secure.
Malaysia PM pledges to deepen Russia ties.
India, Singapore sign deals in semiconductors, cybersecurity, AI and 5G.

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