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Top stories today: - OpenAI's $150B valuation round reportedly oversubscribed
- o1-preview, o1-mini expanded to ChatGPT Enterprise, ChatGPT Edu
- Apple Intelligence goes live with some AI features, but in beta
- Brazil imposes $1M/day fine on Elon's X following its temporary return
- Trump Media stock -3% as lockup agreement expires
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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). |
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 | All times are ET. |
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1. OpenAI's $150B valuation round reportedly oversubscribed |
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$250M is the minimum OpenAI has reportedly asked investors to put in the ongoing round. $5-$7B could be the round size, valuing the company at $150B. $1B: Thrive is leading with that amount. $2-$3B could come from tech giants Microsoft, NVIDIA, and Apple. The funding round is said to be oversubscribed, and investors will know whether they're in on Fri.
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2. o1-preview, o1-mini expanded to ChatGPT Enterprise, ChatGPT Edu tiers |
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Earlier this month: o1 models debuted to provide better reasoning outputs. o1 models are more capable of handling complex tasks than earlier models. OpenAI is competing with Anthropic by taking the enterprise-focused move.
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The o1 models have been receiving positive reviews from early users |
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4. Apple Intelligence goes live with some AI features, but in beta |
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iOS 18.1 and macOS Sequoia 15.1 public betas have brought Apple's AI. Writing Tools, Smart Reply and updated Siri are among the AI features. iPhone 15 Pros and iPhone 16 series are eligible for the AI experience. Oct.: when Apple Intelligence will be out for non-beta users with select features. Today: iPhone 16 series start shipping.
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5. Brazil imposes $1M/day fine on Elon's X after platform returns despite ban |
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6. Trump Media stock -3% as lockup agreement expires |
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UAV and ARC, who own a combined 11% in Trump Media, may soon sell their shares. 76%+: DJT share price is already down from its post-merger high.
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DJT hit a ~$10B cap in March but began losing value as the election neared |
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Trump, who owns a majority stake of 57%, has said he won't sell his $1.5B stake |
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Trump Media stock is trading at over 1000x its revenue |
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7. SpaceX challenges FAA's $633K fine, citing "systematic challenges" with the agency |
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Wed: when SpaceX sent a letter to top congressional leaders against FAA. SpaceX said FAA lacked the resources to timely review licensing materials. Tue: when FAA proposed a $633,009 fine for SpaceX over 2023 launch violations. Elon asserted FAA leaders attacked SpaceX "for petty matters."
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8. Quarterly VC funding in AI, ML +65% to $30.8B in Q2 2024, still below 2021 levels |
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2,039 deals were closed in Q2, vs. 2,127 in Q2 2023 and 2,078 in Q1 2024. Reasoning models like OpenAI's o1 could boost AI investments.
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9. FTC finds "vast surveillance" by social media, streaming companies in 4-year study |
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Meta, YouTube, TikTok profited off their user data, the FTC's report said. "Surveillance practices can endanger people's privacy," the FTC chair said. Dec. 2020: when FTC opened its inquiry into 9 companies operating 13 platforms. Age, gender and user language were collected by most of the platforms.
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The FTC found similar targeting capabilities by social media and streaming companies |
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10. S&P 500 +1.7% to 5,713, record high, after Fed's move to cut rates by 50 bps |
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12. Interesting videos, posts, and memes |
 | Bari Weiss | All-In Summit 2024 |
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 | How To Build A SOTA Image Diffusion Model (feat. Suhail Doshi) |
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 | The David Rubenstein Show: John Collison |
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 | Instagram, YouTube and the Kids |
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13. Other headlines |
AI |
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Tech |
Apple's macOS Sequoia appears to break some cybersecurity tools. Google launches Password Manager PIN to sync passkeys across devices. Microsoft launches a Windows app for iPhone, Mac, Android users. Disney plans to stop using Slack after July hack leaked over 1TB of data. Qualcomm lays off hundreds of employees in San Diego.
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| *Sponsored. Clicking on ad links may share your email with Mercury for remarketing purposes. |
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Tech & law |
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Biotech |
BioAge, obesity/longevity drug developer, seeks up to $587M valuation in IPO. Novo's Wegovy gets EU regulator's backing for obesity-related heart condition. FDA approves Elanco's skin disease treatment for dogs.
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Business |
China unexpectedly leaves benchmark lending rates unchanged. BOE holds rates at 5.00%, as expected. Japan's central bank keeps short-term rate steady at 0.25%. China weighs reducing homebuying regulations to boost demand. Nike replaces CEO Donahoe with veteran exec Elliott Hill. Two Sigma in settlement talks with SEC, could pay $100M. Warner Music increases layoff plans, now expects to cut 13% of workforce.
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Crypto |
BingX hacked, onchain data shows over $43M lost. CFTC, Kalshi grilled by judges in appeals court over election betting. ETH devs confirm plans to split "Pectra" upgrade in two. Germany shuts down 47 crypto exchanges tied to "illegal activity."
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U.S. politics |
House bypasses Speaker Johnson to vote on social security bill. Trump, allies sue over claims that non-citizens might vote. Harris joins Oprah in virtual event drawing 100K's of viewers. Trump cancels appearance with Polish President Duda in Pennsylvania on Sun. FCC chair rejects Trump call to pull ABC licenses over presidential debate. Trump calls Fed's rate cut a "political move."
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World |
Israel unleashes heavy strikes on Lebanon as U.S., UK urge restraint. EU plans €40B in loans to Ukraine using Russian frozen assets. Gaza ceasefire unlikely, White House concedes. Russia attacks Ukraine geriatric center, power grid. China says U.S. arm sales to Taiwan violate "One China Principle."
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Reviewed by Diogenes
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September 20, 2024
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