July 26, 2024 | 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. DeepMind's AlphaProof reaches silver-medal level on International Math Olympiad problems

Its score on the IMO 2024 problems:

Google DeepMind.

It still requires human help to convert the written problems into the formal language Lean.
AlphaProof is a mix of a "pre-trained language model with the AlphaZero reinforcement learning algorithm."
A step in the direction of AI actually solving unsolved problems, be it in mathematics (AlphaProof), physics (TBD), and biology (AlphaFold today solving protein folding, and future versions inventing new cures).

2. SearchGPT launched by OpenAI in private beta

Screenshot of a SearchGPT search for "music festivals in Boone North Carolina in August."

Only 10K users have access to it.
Integration with ChatGPT is the longer-term goal.
Hallucinations are very much prevalent in SearchGPT.
Announced 1 day after OpenAI partner Microsoft updated its Bing search engine to make it more AI focused.

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4. GDP +2.8% in Q2, ahead of 2.0% expected

WSJ.

GDP: 2.8% in Q2, vs. 2.0% expected, from 1.4% in Q1.
GDP price index: 2.9%, vs. 2.6%, from 3.1%.

Growth was led by consumer and business spending, and hurt by net exports

WSJ.

5. Elon to discuss $5B investment into xAI with Tesla's board

X: Elon Musk.

Unclear whether xAI has any differentiating technology vs Meta's open-weights Llama 3.1 and OpenAI's ChatGPT.

6. Vivo expands lead as #1 in smartphone sales in China in Q2, as Apple drops

Counterpoint Research.

7. Salaries, equity packages stabilize at startups: Carta data

Carta.

Engineering and product continue to be highest paid roles

Carta.

8. Web3 startup funding -18% YoY to $1.9B in Q2

Crunchbase.

9. Interesting videos, posts, and memes

Ep13. Silicon Valley's Political 180, META AI, COVID Postmortem | BG2 w/ Bill Gurley & Brad Gerstner

The David Rubenstein Show: Jerome Powell

10. Other headlines

AI

AMD could be beneficiary of Llama 3.1 boom: Artificial Analysis.
ChatGPT's voice capabilities to start rollout next week.
Apple to adopt voluntary AI safeguards established by Biden admin.
Gemini 1.5 Flash AI claims speed, but no benchmarks.
Gen. AI startups raise $12.3B in H1.

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Tech

Disney+, Hulu, Max bundle launches at up to 38% discount.
WhatsApp reaches 100M MAUs in U.S.
CrowdStrike CEO: 97% of Windows machines back online.
Pixel 9: more details, design, specs revealed.
David Sacks, Paul Graham feud on X over Zenefits episode.

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Tech & law

Uber can keep classifying CA drivers as contractors: state's top court.
EU may hit Meta with large fine over tying MarketPlace, Facebook.
Anthropic does not support California's AI regulation bill.
Russia slows YouTube speeds in latest attack on open internet.

Biotech

Semaglutide's use to lower heart risks gets EU backing.
Oisín raises $15M Series A to advance LNV for frailty.
Gut microbiota health linked to getting to 100.
Kardashians finale see family getting TruDiagnostic test results.

Business

Ackman expects to raise $2.5B - $4B for new U.S. closed-end fund.
Bank of Russia expected to hike rates 2 p.p. to 18% as inflation hits 9%.
Southwest Airlines getting rid of open seating.

Crypto

Block to reorganize based on type of work being done: CEO Dorsey.
Jito releases open-source restaking service for Solana.

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U.S. politics

Harris says she pressured Netanyahu into accepting cease-fire.
Obamas endorse Harris for president.
Mexico's Sinaloa cartel sees 2 leaders arrested by FBI in TX.

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🗞️ SearchGPT launched by OpenAI