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Top stories today: - Australia approves law to ban social media for children under 16
- Alibaba releases QwQ-32B-Preview to rival OpenAI's o1
- Amazon said to reduce reliance on Anthropic with own video AI model
- Longevity expert Jim O'Neill picked as HHS deputy
- Trump's DOGE attracts startup founders, young coders
- UK adults spent 1 hour more online per day in 2024 vs. 2023
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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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No major events today. |
Listen to our AI-generated podcast summarizing today's newsletter (beware of the few hallucinations): |
| Bay Area Times Daily - Nov. 29, 2024 ► Play Online |
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1. Australia approves law to ban social media for children under 16 |
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In 1 year: when it comes into effect. Tech giants have opposed the move. "Concerned about the process which rushed the legislation through," Meta said. TikTok called the law was "rushed" and "unworkable."
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Australian voters backed the ban, with 77% support reported in a survey |
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3. Alibaba releases QwQ-32B-Preview "reasoning" model to rival OpenAI's o1 |
QwQ-32B-Preview has outperformed o1 on mathematics and programming benchmarks: |
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32.2B parameters size and can consider prompts of up to 32,000 words. Available "openly" under an Apache 2.0 license. Carries some limitations, including unexpected switching between languages. Chinese biases also appear in some answers.
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Separately, Google's Gemini has surpassed GPT-4o on the Lmarena.ai (formerly LMSYS) Chatbot Leaderboard |
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4. Amazon said to reduce reliance on Anthropic with own video AI model |
 | Representational image generated by OpenAI's DALL-E. |
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Codenamed Olympus, the AI model can process images and videos. Could enable searching video archives for specific scenes. Oil and gas, sports, and analytics firms could be the potential customers. Dec. 2: possible launch at AWS re:Invent. OpenAI's Sora and Google's Veo are currently the major video AI models in testing.
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5. Longevity expert Jim O'Neill's pick as HHS deputy seen as win to anti-aging, Silicon Valley |
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Former CEO of SENS Research Foundation, one of the leading research institutions into aging. Longevity-related regulatory challenges may be eased. 12 years to approve a drug makes drug creation expensive and rare (only ~50/year, vs. 435K new iPhone apps). FDA doesn't accept aging as a disease, so drug makers have to find an alternative disease to combat.
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6. Trump's DOGE attracts startup founders, young coders |
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100 full-time hires in Washington are sought to work for 12–18 months. Jul. 4, 2026 is the target to complete the work, before the mid-term elections and the country's 250th birthday. Software engineering and finance backgrounds are in search. Potential career boost is one allure for some applicants.
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7. UK adults spent 1 hour more online per day in 2024 vs. 2023 |
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4.2 hours spent online on average by UK adults in 2024, vs. 3.4 hours in 2023. Reddit emerged as the fastest growing social platform, with 22.9M, ~50% of the UK population, were using it by May.
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Women spent 33 min. longer than men: 4:33 vs. 4:03 |
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52% of UK smartphone users aged 16+ used iPhones, vs. 47% for Android |
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Alphabet and Meta apps captured ~50% of all time UK adults spend online |
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94% of all UK adults spent time on YouTube this year. 70% visited all of Meta's 3 biggest platforms: Facebook, Instagram, and WhatsApp.
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8. Global banks' revenue from trading G10 rates -17% YoY, FX rates -9% |
Still a very large $32.0B and $16.7B, respectively: |
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9. China's long-term bond yields fall below Japan's for first time |
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Japan's equity market performance decoupled from China's in 2021 |
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10. Interesting videos, posts, and memes |
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 | Steve Cohen on How to Build Your Investing Career: Part One |
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11. Other headlines |
AI |
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Tech |
Mark Zuckerberg meets Trump at Mar-a-Lago on Wed. Foxconn says global presence to shield from Trump tariffs. German plans ~€2B in new chip subsidies. Reddit says 50% of users are outside U.S.
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Tech & law |
FTC opens broad antitrust investigation of Microsoft. Canada's antitrust watchdog sues Google alleging anticompetitive conduct. EU ends Amazon state aid case with no back taxes in basket.
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Biotech |
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Crypto |
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Business |
Euro zone inflation climbs to 2.3% in Nov., in line with expectations. HSBC pulls back credit card business in China: sources.
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U.S. politics |
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World |
Iran, Europe officials meet to test diplomacy with Trump term looming. China urges "utmost caution" by US ahead of Taiwan president's Hawaii trip. Chinese journalist sentenced to 7 years on spy charges.
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Reviewed by Diogenes
on
November 29, 2024
Rating:
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