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Top stories today: - NVIDIA, Apple, Microsoft in talks to join OpenAI's ongoing $100B+ round
- ChatGPT now has 200M+ weekly active users, 2x from Nov. 2023
- Brazil blocks Starlink accounts to force X to pay fines
- Alibaba launches Qwen2-VL vision AI model, claiming #1 worldwide
- Q2 GDP revised up from 2.8% to 3.0%
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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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1. NVIDIA, Apple, Microsoft in talks to join OpenAI's ongoing $100B+ round |
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-$5B net result is what OpenAI is estimated to be losing per year. More compute and general expenses would be where the money is spent. Apple recently partnered with OpenAI for its AI features. OpenAI CFO informed employees about the round, without sharing specifics.
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2. ChatGPT now has 200M+ weekly active users, 2x from Nov. 2023 |
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2x usage of OpenAI's automated API since GPT-4o mini release. Meta's Llama models usage also grows "sharply." Llama 3.1 release 2x'd cloud service providers' usage between May–Jul.
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4. Brazil's supreme court justice unilaterally blocks Starlink accounts to force X to pay fines |
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"Criminal masquerading as a judge," Elon lashed out at Brazilian judge Alexandre. The fight started over Elon's allegations about the judge undermining free speech. Moraes threatened to block X if it doesn't appoint a new legal representative by Thu night.
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5. Alibaba launches Qwen2-VL vision AI model, claiming to be better than GPT-4o, Claude 3.5 Sonnet |
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Qwen2-VL-72B, Qwen2-VL-7B and Qwen2-VL-2B are 3 variants. 20min+ video understanding and multilingual support. 7B and 2B variants are open-sourced under Apache 2.0 license. 72B model will be available later through an API. Independent analyses are TBD: we eagerly await Artificial Analysis and LMSYS Chatbot Arena to test them.
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Qwen2-VL-7B excels in DocVQA and multilingual text understanding from images |
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6. Q2 GDP revised up from 2.8% to 3.0% |
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7. Global smartphone shipments forecast to +5% in 2024 after 2 years of declines |
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1.23B smartphone units to be shipped in 2024. MEA, Caribbean LATAM, and India should drive the growth. 2017: record 1.6B smartphones shipped. 2028: Over 50% AI smartphones expected.
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Relatedly, U.S. smartphone sales +5% YoY in Jul., driven by Samsung and Motorola |
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-4 p.p. Apple sales share to 49% due to low upgrade rates. Samsung's sales +23%, driven by the Galaxy A15 5G. Motorola +42% over the latest Moto G-series.
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8. PE investments in defense and aerospace hit nearly $4B this year |
Some of the largest PE deals in defense since 2019: |
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$1.35B Héroux-Devtek the largest PE deal in 2024 so far. 51 deals closed this year. North American represents 95% of PE defense and aerospace deals.
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9. Intel exploring business splits to cope with historic slump |
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Grim earnings report this month brought a $32B fall in Intel's market value. Split of product-design and manufacturing businesses in discussion. Morgan Stanley and Goldman Sachs involved in advising on possibilities. Sep. board meeting may get a clear picture on the way forward.
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10. New NVIDIA chip may not be packing for transitions per size |
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11. Interesting videos, posts, and memes |
 | Anthropic CEO Dario Amodei on AI's Moat, Risk, and SB 1047 |
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 | The Future of Software, AI, and Tax, Lessons Scaling Zero to One | Michelle Valentine, CEO of Anrok |
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 | The step by step guide to starting a business from $0 |
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 | AI can't spell strawberry. Here's why | TechCrunch Minute |
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12. Other headlines |
AI |
Alexa to be powered by Anthropic's Claude starting in Oct. Apple's AI crawler blocked by FB, Tumblr, NYT, FT, others. Magic raises $320M for coding-focused AI tools. Codeium enterprise AI coding tool startup raises $150M at $1.25B. Atlassian acquires Rewatch, AI meeting note taking, screen recording tool.
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Tech |
Dell explores to sell SecureWorks again after unsuccessful earlier attempts. Tencent, NetEase reconsider or scale back Japanese game studio investments. X caught blocking NPR links, saying news site "unsafe." Macron defends having given fast-track citizenship for Telegram CEO. Google rolls out Gmail Q&A feature on Android for paid Gemini users. Zepto, Indian quick commerce platform, raises $340M at $5B.
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Tech earnings |
Dell Q2 FY25 revenue +9% to $25B, net income +85% to $841M. Autodesk Q2 FY25 revenue +12% to $1.51B, net income +26% to $262M. MongoDB Q2 FY25 revenue +13% to $478M, net loss +45% to $55M.
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Tech & law |
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Biotech |
FDA approves Emergent's smallpox vaccine to limit mpox spread. Merck scraps 2 late-stage trials of cancer drug Keytruda. J&J files for FDA approval of $6.5B autoimmune drug. FDA to consolidate drug center's AI efforts. WHO invests mpox test makers for emergency review.
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Business |
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Crypto |
U.S. House Committee plans crypto hearings in Sep. Jailed FTX exec withdraws request to enforce plea deal. Elon Musk, Tesla win dismissal of dogecoin rigging lawsuit. Naver launches crypto wallet in partnership with Chiliz. Bridge aims to build stablecoin global payment network raises $40M.
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U.S. politics |
Harris in 1st interview: says flip-flops are in line with her values. Trump plans to axe Biden's clean power rules, speed plant approvals. Harris donors pushing her to scrap 25% unrealized gains tax. Trump's new book says Zuckerberg plotted against him in 2020. Pentagon approves more military support to Secret Service for campaigns. Trump's lawyers request NY criminal case to move be moved to federal court. Trump now 52% on Nate Silver's model forecast.
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World |
Israel, Hamas set 3-day pauses in fighting for polio vaccinations. U.S. state funding yielded 100s of patents for China-based researchers. F-16 fighter jet crashes in Ukraine, killing Ukrainian pilot. Japan plans $2B defensive satellite network.
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