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Top stories today: - Google said to take on Anthropic with AI "Jarvis"
- Apple said to overhaul Mac lineup with M4 chip this week
- Oil falls 5% as Israel restricts Iran strike to military targets
- U.S. labor market expected to have cooled in Oct.
- Billionaires donate $695M, 18% of total funds raised in U.S. election
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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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Listen to our AI-generated podcast summarizing today's newsletter (beware the few hallucinations): |
| Bay Area Times Daily - Oct. 28, 2024 ► Play Online |
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1. Google said to take on Anthropic with AI "Jarvis" for browser-based tasks automation |
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| | What's on CFO's agendas for the remainder of the year? Learn how to reprioritize your agenda, including how to: | | | *Sponsored. |
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3. Apple said to overhaul Mac lineup with M4 chip this week |
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Mac mini is speculated to get significant updates this time |
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2 revamped Mac mini versions are expected, including an M4 Pro variant. Smaller, Apple TV-like size. 5 USB-C ports in total, with 2 on the front. Ray tracing graphics technique to deliver more realistic images. In parallel, Apple is reportedly testing a blood-sugar app to help people with prediabetes.
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5. Oil falls 5% as Israel restricts Iran strike to military targets |
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Brent $73, West Texas Intermediate $69 after paring losses. Oct. 15: Israel assured U.S. it won't strike Iranian oil site. Up to 4% of global oil supplies come from Iran. Israel is quietly boasting strategic gains from its counter-attack on Iran.
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6. U.S. labor market expected to have cooled in Oct., hit by hurricanes, Boeing strike |
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+111K payrolls are expected in Fri employment report, -50% of 2023 average 200K. 4.1% unemployment rate predicted, the same as in Sep. +0.3% MoM in average hourly earnings forecasted, down from 0.4% in Sep.
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7. Billionaires donate $695M, 18% of total funds raised in U.S. election |
Trump has been more reliant on allied super Pacs, which can take unlimited contributions: |
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34% ($568M) of Trump campaign funds came from U.S. elites, vs. 6% ($127M) of Harris funds. Harris groups outraised pro-Trump groups by $2.2B to $1.76B in total. 133 of 800 U.S. billionaires reportedly using wealth to sway election. Dustin Moskovitz, Reid Hoffman, and Michael Bloomberg are funding Harris. Tim Mellon, Elon Musk, and Miriam Adelson are among Trump backers.
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8. VC deals in digital health space globally continue to decline |
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112 deals were closed in Q2 2024, vs. 149 a year ago. $1.5B raised in total in Q2, about the same that was raised a year ago. Foodsmart ($200M), Sword Health ($130M), and Pelago ($58M) were among the recent deals.
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YTD, $3.1B has been raised by digital health startups |
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Exits in the digital health space have been muted, with merely 16 deals closed in 2024 to date |
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Truepill-LetsGetChecked worth of $525M was the recent deal. IPO window may be reopening, with some startups planning to go public soon.
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9. China smartphone sales +2.3% in Q3, on track to see 1st annual growth in 5 years |
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Vivo continued to lead the market with a 19.2% share. Huawei came 2nd, with a 16.4% share. -2.6% YoY by Apple, with a 13.5% share. Q4: updates in flagship models by all major brands are expected.
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10. Interesting videos, posts, and memes |
 | Markets turn Trump, Long rates spike, Election home stretch, Influencer mania, Saving Starbucks |
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 | #70: Is Apple's Vision Out of Focus? |
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 | Why OpenAI's o1 Is A Huge Deal | YC Decoded |
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11. Other headlines |
AI |
OpenAI says it won't release "model code-named Orion" this year. Hong Kong unveils AI policy for finance, floats tax breaks for crypto.
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Tech |
TSMC halted shipments to China firm after chip found on Huawei SoC: sources. Waymo raises $5.6B, led by parent Google. WeRide +7% after U.S. IPO. Accel files with SEC to tap thriving secondary market. General Atlantic opens Saudi office to scout Mideast deals. Saudi Aramco's venture arm allocates $100M for AI investments.
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Tech & law |
Delta sues CrowdStrike over update that prompted mass flight disruptions. Alibaba agrees to $433.5M settlement in shareholder lawsuit. Apple wins $250, but not much else, in patent trial vs. Masimo.
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Biotech |
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Business |
Boeing reportedly planning $15B capital raise as early as today. Lulu, top Gulf grocer, seeks up to $1.43B in Abu Dhabi IPO.
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Crypto |
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U.S. politics |
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World |
Ukraine shaking down nightlife spots for draft. UK's Starmer to embrace "harsh light of fiscal reality" in key budget. Japan in political turmoil after dramatic defeat for ruling party.
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