October 01, 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. Cerebras files for IPO as demand for AI chips soars

$1B could be raised through the IPO.
$7B - $8B valuation expected.
Oct.: when a NASDAQ listing is expected.
G42 accounts for 87% of Cerebras' H1 2024 revenue.
Cerebras offers its Wafer-Scale Engine 3, which takes on NVIDIA's H100.

2. SoftBank said to put $500M in OpenAI's upcoming $6.5B round

OpenAI is said to be valued at $150B pre-money:

The deal would be SoftBank's first investment in OpenAI.
SoftBank's second Vision Fund is said to make the financing.
Thrive Capital is rumored to lead the round with over $1B investment.
SoftBank isn't a super active AI/LLM investor, despite owning a majority stake in ARM.

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4. Fed chair Powell says not "in a hurry," suggesting 25 bps cut in Nov.

"This is not a committee that feels like it's in a hurry to cut rates quickly," Powell said.
"We are not on any preset course."
Labor market is solid, but conditions have "clearly cooled over the past year. [We] do not believe that we need to see further cooling in labor market conditions to achieve 2% inflation."

5. Epic Games sues Google, Samsung over alleged app store collusion

Epic Games alleged Samsung restricted 3rd-party app stores using its pre-installed Auto Blocker feature on Galaxy devices:

Samsung.

21 steps to disable the default prevention on Samsung phones: Epic.
"Meritless," a Google spokesperson has called the lawsuit.
Google previously lost another antitrust lawsuit brought by Epic.
Samsung said "users have the choice to disable" the restriction.

6. Subscribe to the free Quartz Daily Brief for:*

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7. MIT-spinoff Liquid unveils non-transformer LFMs in 1.3B, 3B, 40B sizes

Liquid's liquid foundation models (LFMs) have minimal memory footprint and more efficient inference than the competition, per the company:

Liquid.

The widely adopted transformer architecture isn't used for the models.
The change helps compress inputs to process longer sequences than other models.
Not open source or open weights.

Liquid's LFM-1.3B outperformed Meta's Llama 3.2 (1.2B) and Microsoft's Phi-1.5

Liquid.

LFM-3.1B is on par with Phi-3.5-mini despite having slightly fewer parameters

Liquid.

LFM-40B slightly underperforms Llama 3.1-70B on most metrics, except MMLU-Pro

Liquid.

8. 2024 on track for 2nd highest equity, debt funding in carbon capture startups in 5 years

Crunchbase.

YTD: $1.2B+ funding in carbon capture-focused startups closed.
2022: $2.2B, 2023: $0.6B.
47 deals closed this year, vs. 52 in 2023 and 51 in 2022.
Twelve's $645M round has so far led in fundraising this year.

9. Cloud infrastructure spending to see +18% CAGR by 2028, reaching $253B: IDC

IDC.

Shared cloud: exp. 19% CAGR to $199B by 2028 (60% of total).
Dedicated cloud: exp. 15% CAGR to $54B (16%)
Non-cloud: exp. 5% CAGR to $78B (24%).

10. Interesting videos, posts, and memes

The AI Supercycle, California's AI Safety Bill Vetoed, and the Future of AR/VR | E2017

Viral Loops & memes: the proven shortcut to explosive startup growth

11. Other headlines

AI

PearlAI, YC-backed startup, criticized for forking another AI code editor.
Malaysia plans AI regulations, national cloud policy.

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Tech

Meta will expand production of headsets in Vietnam.
AT&T agrees to sell DirecTV stake to TPG for $7.6B in cash.
Reddit communities now require approval to go private or switch to NSFW.
Oura nears $500M in annual revenue, develops new ring to take on Samsung.

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Tech & law

Apple asks Oakland judge to toss App Store injunction.
CA Gov. Newsom signs AI bill to bring training data transparency.
Amazon wins partial dismissal of FTC antitrust lawsuit.
Tesla, Elon beat shareholder lawsuit over self-driving promises.
eBay wins dismissal of DOJ lawsuit over sale of harmful products.

Biotech

Altos scientists unveil Targeted Partial Reprogramming (TPR) for aging.
23andMe CEO Wojcicki no longer open to third-party takeover proposals.
CVS explores options including potential break-up: sources.
Amgen must face lawsuit for hiding $10.7B tax bill: federal judge.
Bristol Myers beats $6.4B lawsuit over delayed cancer drug.
Pfizer offloads $3.3B stake in Sensodyne-maker Haleon.

Business

Eurozone inflation at 1.8% in Sep., first under 2% since Jun. 2021.
Tesla's quarterly deliveries to rise as China incentives attract EV buyers.
Sony Pictures CEO Tony Vinciquerra steps down.

Crypto

EigenLayer's EIGEN token debuts at $6.51B FDV.
UK FCA announces guilty plea in illegal crypto ATM network operation.

U.S. politics

Vance-Walz 90-minute debate on CBS starts at 9 PM today.
Biden to keep target of accepting 125K refugees next year.
Georgia law banning abortion after 6-week pregnancy blocked by state judge.

World

Israel launches limited raids into southern Lebanon, intense fighting ongoing.
U.S. deploys "few thousand" more troops to Middle East to defend Israel.
Hezbollah fires rockets at Tel Aviv.
UNRWA confirms Hamas leader in Lebanon was employee.
U.S., China to hold talks on economic, trade issues.
New Japan PM appoints Abenomics proponent as finance minister.

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