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Top stories today: - OpenAI secures $4B revolving credit line to get $10B+ in liquidity
- iPhone SE 4 to debut with Apple's first 5G modem in spring 2025
- Google's AI Overviews will now surface ads
- Gemini 1.5 Flash-8B now production-ready, with 50% lower price
- Oil set to see biggest weekly gain since Feb. 2023
- Elon predicts AGI in "couple of years," wants to build "supersonic jet company"
- Employment report expected to show 150K new jobs, out at 8:30 AM ET
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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 a few hallucinations): |
| Bay Area Times Daily - Oct. 4, 2024 ► Play Online |
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1. OpenAI secures $4B revolving credit line to get $10B+ in liquidity |
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Relatedly, OpenAI has introduced a "canvas" interface for ChatGPT |
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Canvas brings a window with a workspace for writing and coding projects. The window pop-ups automatically based on user queries. ChatGPT Plus and Teams users can experience Canvas. Next week: Enterprise and Edu users will also get the new interface. Free users may get the interface later — once it's out of beta. OpenAI's canvas works similar to Anthropic's Artifacts.
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3. iPhone SE 4 to debut with Apple's first 5G modem in spring 2025 |
The new iPhone SE model is said to have the iPhone 14's display resolution and an OLED panel: |
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4. Google's AI Overviews will now surface ads if questions have "commercial angle" |
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Products with a "sponsored" header will appear on AI Overviews. May: when Google started testing ads in AI Overviews in a pilot. Mobile users in the U.S. will start seeing ads in Google' AI search summaries. Microsoft's Copilot has been showing ads for some time.
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Relatedly, Google Lens is getting the ability to search with video |
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5. Gemini 1.5 Flash-8B made production-ready by Google, with 50% lower price, 2x rate limits |
Gemini 1.5 Flash-8B matches 1.5 Flash (May edition) performance across benchmarks: |
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Sep.: when Gemini 1.5 Flash-8B experimental version released. Lowest cost per intelligence Gemini model. $0.0375 per 1M input tokens on prompts <128K. $0.15 per 1M output tokens on prompts <128K. $0.01 per 1M tokens on cached prompts <128K.
Oct. 14: when Gemini 1.5 Flash-8B billing for developers on the paid tier will start.
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7. Oil set to see biggest weekly gain since Feb. 2023 after Biden comments on potential strike |
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"We're in discussion of that," Biden said of potential Israeli air strikes on Iranian oil infrastructure. "I think — I think that would be a little — anyway." +5%: Brent traded at $78 on Thu. 1/3rd of the world's crude supply comes from the Middle East. ~3.3M barrels of crude a day is been pumping by Iran.
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Other Middle East news |
Israel continues strikes in Beirut, targeting Hezbollah's new leaders. Hezbollah continues to fire rockets into Israel. ISIS-kidnapped woman rescued by Israel after 10 years in captivity. G7 leaders call on regional players in Middle East to "act responsibly."
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8. Elon predicts AGI in "couple of years," wants to build "supersonic jet company" next |
"We want to create digital superintelligence that is as benign as possible," Musk said at the xAI Engineering Open House: |
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1.5 hours of questions. Same day that OpenAI hosted its DevDay event in the town. xAI's new office is OpenAI's former one in the Mission area of SF. OpenAI, Anthropic, Google, and xAI as the main players, he predicted.
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9. Employment report expected to show 150K new jobs, out at 8:30 AM ET |
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Nonfarm payrolls: exp. 150K in Sep., from 142K in Aug. Average hourly earnings: exp. 0.3% MoM / 3.8%, from 0.4% / 3.8%. Unemployment rate: exp. 4.2%, unchanged.
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10. Binance's crypto market share drops to 4-year low |
Its market share was -2% in Sep.: |
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Binance has continued to lead the spot and derivative crypto exchange market in Sep. |
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11. Global VC funding to AI +29% in Q3 despite decline in overall funding |
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~$19B in AI funding in Q3. 28% of all venture dollars. 906 deals closed in the quarter, vs. 1,404 in Q3 2023.
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Late-stage funding (≥ $500M) saw its steepest YoY decline in Q3 2024 to $31.6B, vs. $38.4B a year ago |
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12. Interesting videos, posts, and memes |
 | In conversation with Mark Cuban |
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 | AI at the Intersection of Bio | Vijay Pande, Surya Ganguli & Bowen Liu |
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13. Other headlines |
AI |
ElevenLabs, AI audio tools maker, nearing round at ~$3B valuation. Texas regulator wants AI data centers to build power plants. Reflection 70B saga continues as provider releases post-mortem report.
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Tech |
CoreWeave nears investment from Cisco at $23B valuation: sources. Tesla plans four new batteries in 2026, including for robotaxi: report. YouTube Shorts now can be up to 3 min. long, taking on TikTok. Automattic employees leaving as CEO's tussle with WP Engine escalates. NVIDIA insider share sales reach $1.8B YTD, 0.06% of market cap.
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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 |
Integrated Bio gets $17B to accelerate longevity drug development. Sleep quality, mortality link may be mediated by weight, chronic illness. Recordati buys rights to rare immune disorder drug from Sanofi for $825M.
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Business |
U.S. port workers, operators reach deal to end East Coast strike immediately. Food price index +3% from Aug., highest monthly jump since Mar. 2022.
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Crypto |
PayPal completes its first business transaction using stablecoin PYUSD. IMF urges El Salvador to strengthen BTC's regulatory framework, oversight.
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U.S. politics |
Liz Cheney, campaigning with Harris, says Trump "not fit to lead." Trump says no state could ban gasoline-powered cars if elected.
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World |
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Reviewed by Diogenes
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October 04, 2024
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