🗞️ FTX co-founder freed

November 21, 2024   |   Listen Online   |   Read Online Brought to you by: Top stories today: NVIDIA's revenue +94% to $35.1B, as AI chip boom continues DOJ asks court to force Google to sell Chrome, restrict Android FTX co-founder Wang gets no jail time over crypto fraud xAI said to have raised $5B at $50B, with $100M annualized revenue Follow us on X | Instagram | Advertise 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. Listen to our AI-generated podcast summarizing today's newsletter (beware of the few hallucinations): Bay Area Times Daily - Nov. 21, 2024 ►   Play Online 1. NVIDIA's revenue +94% to $35.1B, net income +109% to $19.3B, as AI chip boom continues Q2: revenue was +122% to $30.0B, net income +168% to $16.6B. Guidance of $37.5B in revenue for the next quarter, vs. $37.1B in estimates. 13K samples of Blackwell chip have been shipped to customers, NVIDIA CFO said. NVIDIA stock was -1% to $144.16 ($3.61T market cap) after the bell. 2. This Tech Company Grew 32,481%* Mode Mobile Named by Deloitte as the fastest-growing software company last year1, this company turned the smartphone on its head and has: Helped customers earn and save $325M+ Acquired users throughout 170+ countries They've recently reserved their ticker on the Nasdaq ($MODE) and today is the last full day to invest at their current price! Become a Pre-IPO Shareholder Disclaimer: 1The rankings are based on submitted applications and public company database research, with winners selected based on their fiscal-year revenue growth percentage over a three-year period. Please read the offering circular at invest.modemobile.com. This is a paid advertisement for Mode Mobile's Regulation A Offering. A reservation of the ticker symbol is not a guarantee that we will be listed on the NASDAQ. Any IPO timing is unknown, general steps to be accepted have not been undertaken at this point, and that listing is not guaranteed. 3. DOJ asks court to force Google to sell Chrome, restrict Android from favoring search engine Google is also recommended to be barred from exclusionary deals with Apple and Samsung. This approach would "jeopardize America's global economic and technological leadership at precisely the moment it's needed most," Google said. The breakup is unlikely, but access to other search engines may be given. 4. FTX co-founder Wang gets no jail time over crypto fraud Gary Wang was spared time by District Judge Lewis Kaplan on Wed. Wang learned of SBF's fraud later than others, the judge noted. Sep.: SBF's ex-girlfriend and Alameda Research CEO Caroline Ellison received 2 years jail term. Oct: Former FTX engineering head Nishad Singh avoided prison. 5. xAI said to have raised $5B at $50B valuation, with $100M in annualized revenue Qatar's QIA, Valor Equity Partners, Sequoia Capital, and a16z are expected to be the backers. $11B has been raised in total this year. 6. OpenAI updates GPT-4o with improved creative writing ability GPT-4o continues to rank #1 on the Chatbot Arena LLM Leaderboard, ahead of Google's Gemini and xAI's Grok: Chatbot Arena LLM Leaderboard. Better uploading and thorough responses are among the changes. Faster response time, some users have reported. 7. Generative AI spending 6x's to $13.8B in 2024 Menlo Ventures. Anthropic is catching up to OpenAI in market share in enterprise LLM Menlo Ventures. Code generation and support chatbots are the top 2 use cases for LLMs in enterprise Menlo Ventures. 8. 9.5% of software engineers at tech companies "ghosts": Stanford study X: Yegor Denisov-Blanch. By analyzing Git repositories and consulting 10 experts, the model assessed productivity. Ghost engineers account for 14% of remote workers, compared to 9% in hybrid roles and 6% in-office X: Yegor Denisov-Blanch. An estimated $90B has been "wasted" globally on ghost software engineers X: Yegor Denisov-Blanch. 9. Value of VC-backed startups in U.S. +577% in 10 years FT. However, cash flow into VC funds has been declining since 2021 FT. 10. Passenger vehicle exports by Chinese brands to reach 4.5M in 2024 Canalys. +29% YoY in Chinese passenger vehicle exports. 19% of them will be battery electric vehicles (BEV), vs. 22.5% in 2023. Plug-in hybrids and hybrid EVs will exceed 10% share. LATAM and EU are the key regions driving Chinese exports. EU taxes likely have slowed the growth of Chinese EV exports, keeping internal combustion engine (ICE) vehicle exports strong Canalys. Chinese brands captured 15.9% of the EU EV passenger car market in 1H, with MG Motor leading the way Canalys. 11. Buffett's cash as % of total assets at record high, above 2007 levels Bloomberg. 12. Interesting videos, posts, and memes Scale AI CEO says pre-training scaling has hit a wall, but test-time scaling is just getting started: Cerebral Valley: Alexandr Wang Scale AI X: Big Tech Alert. 13. Other headlines AI DeepSeek, Chinese lab, releases "reasoning" AI model to rival OpenAI's o1. OpenScholar, open-source AI trained on scientific research: a look at. Google develops AlphaQubit to identify, correct quantum errors using AI. Anthropic CEO doesn't expect rate of LLM improvement to slow. Top-Quality Talent, 70% Cost Savings—Meet Athyna.* Money Pickle: Ready to take control of your financial future?* *Sponsored. Tech Snowflake's revenue +29% to $900M, stock +20% to $52B market cap. Tech & law Australia moves to ban children under-16 from social media. Biotech Elon Musk's Neuralink gets approval for clinical trials in Canada. Business Bill Hwang sentenced to 18 years in Archegos case. Adani, India's 2nd wealthiest, charged by U.S. in $250M bribery scheme. Starbucks said to be considering selling its Chinese operations. Crypto Trump team mulls White House crypto post, vetting candidates: sources. BTC surpasses $97K as traders eye $100K. Banana duct-taped to wall sold to Justin Sun. MicroStrategy owns $31B in BTC, has $4B in debt, trades at $106B. Downing Tech: consulting on decentralised technologies.* *Sponsored. U.S. politics Elon, Vivek on details about the Department of Government Efficiency. House Ethics panel does not agree to release Gaetz report. Dan Bongino could become Secret Service director. World Russia launches (7) ICBMs for the first time into Ukraine. $4.65B of Ukraine's debt could be canceled by Biden admin Was this newsletter forwarded to you? Sign up here. Liked it? Forward it to friends and get rewards (see below). Share Bay Area Times Share our newsletter with your friends and get free Bay Area Times rewards! 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