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Top stories today: - Trump announces crypto metaverse project The DeFiant Ones
- Apple unveils changes for EU users to comply with DMA
- Inflation expectations in U.S., UK, Europe drop to lowest level since 2022
- U.S. VC early-stage valuations more reasonable in 2023 vs. 2021/2022 peak
- Existing home sales +1.3% MoM to annualized 3.95M in July
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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. Trump announces crypto metaverse project The DeFiant Ones |
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Telegram channel of the project linked with the post. Trump sons Eric and Donald Jr. teased the platform earlier. Metaverse or tokenized real-world assets may be included.
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2. Apple unveils changes for EU users to comply with DMA |
iOS 18 & iPadOS 18 will get a new browser choice screen later in 2024: |
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27 EU member countries will get the changes. Browser choice screen debuted in EU on iOS 17.4. Update will bring the choice screen if Safari is set as default browser. New Default Apps section in Settings will also be available. App Store, Messages, Photos, Camera, Safari will be deletable.
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4. Inflation expectations in U.S., UK, Europe drop to lowest level since 2022 |
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5-year inflation swap rates: |
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5. U.S. VC early-stage valuations more reasonable in 2023 vs. 2021/2022 peak |
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Lower early-stage valuations correlate with above-average returns |
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6. Existing home sales +1.3% MoM to annualized 3.95M in July, after 4 months of decline |
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7. Israeli startups see two consecutive quarters of funding uptick after nosediving |
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Q3 on track to cross $1B, with 27 deals already closed. Q2 funding in Israeli startups back to $1B — same as Q2 2023. 60 vs. 120 deals in Q2 2024. -69% from Q3 2023 to Q4 2023 at $0.5B, as the Israel-Hamas war heightened.
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8. Interesting videos, posts, and memes |
 | The Man Taking on Tesla in the Race for Humanoid Robots w/ Brett Adcock | EP #116 |
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Disclaimer: we are indirect investors in Figure AI. |
 | Are We In An AI Hype Cycle? |
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 | Legal must-haves before raising capital with Becki DeGraw | Wilson Sonsini Startup Legal Basics |
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 | AI could help design and test F1 cars faster | TechCrunch Minute |
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9. Other headlines |
AI |
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Tech |
WeRide, China's self-driving startup, delays U.S. IPO. Abu Dhabi to get world's first airport with biometric boarding in 2025. Chinese robot makers chase Tesla on humanoid workforce for EVs. Stripe plans new employee tender offer at $70B valuation. Bolt investor accuses CEO of trying to enrich himself. Kioxia, Japanese chipmaker, files for Tokyo's biggest IPO of 2024.
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Tech earnings |
Baidu Q2 revenue flat at $4.7B, net income down 8% to $1B. Intuit Q4 FY24 revenue +17% to $3.2B, net income -122% to $20M. Workday Q2 revenue +17% to $1.9B, announces $1B share buyback.
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Tech & law |
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Biotech |
FDA approves updated Pfizer, Moderna COVID vaccines. DNA damage stopped by newly discovered protein, could be useful in humans. GLP-1 increases visceral adipose tissue metabolic activity: study. AstraZeneca may shift UK vaccine production to U.S. Tome winding down operations 1 year after launching with $213M. Blood test could help assess biological aging rate: research. Ex-GSK CEO joins BioAge board.
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Business |
Jackson Hole conference starts, Powell to speak today at 10 AM ET. Skydance accuses Paramount of breaching deal due to Brofman negotiations. U.S. Postal Service plans to save $30B with delivery, other changes.
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Crypto |
Richard Heart's civil case: SEC argues against motion to dismiss. Magic Eden launches mobile wallet and $ME token, diversifying into trading. Hong Kong crypto exchanges face roadblocks in getting full licenses.
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U.S. politics |
Harris accepts Dem. nomination in vibes-heavy, policy-lite speech. RFK Jr. withdraws candidacy in AZ, expected to endorse Trump today. Supreme Court partly revives Arizona proof of citizenship voter law. Trump threatens tariffs on migrant-refusing countries. Harris campaign launches Twitch channel, hires 175+ staff for digital work. Trump's $2.6B DJT selling restrictions expire on Sep. 25.
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World |
Taliban issues ban on women's voices, bare faces in public. Ukrainian drones strike Russian air base amid escalating Kyiv attacks. Venezuela top court ratifies Maduro victory as government tightens control. Modi visits Kyiv as Ukraine plans peace talks.
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