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Top stories today: - OpenAI releases o1 as its new AI model with "reasoning" abilities
- AirPods Pro 2 gets FDA approval to serve as hearing aids
- Adobe revenue +11% to $5.41B in Q3 FY24, guidance misses estimates
- Global new unicorn count flat in Aug., with 8 +$1B-valued startups
- Meta continues to dominate global VR headset market with 80% share
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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. OpenAI releases o1 (codenamed Strawberry) as its new AI model with "reasoning" abilities |
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o1-preview & o1-mini are available for ChatGPT Plus & Team users. Enterprise and Edu users will get access early next week. TBD: o1-mini will be available for free but no release date disclosed. "Completely new optimization algorithm and a new training dataset specifically tailored for it."
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Writing code and solving multistep problems is easier with o1 |
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o1 improves over GPT-4o on a wide range of benchmarks |
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o1 costs 3-4x more than GPT-4o to devs |
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o1 is more manipulative than GPT-4o |
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o1 carries a "medium" rating for chemical, biological, radiological and nuclear weapon risk, according to OpenAI.
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Our view: this appears to be the 1st large jump in model type and quality since GPT-4 was launched in March 2023 |
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o1 is likely still a Transformers model, possibly with clever chain-of-thought prompting and fine-tuning. OpenAI is suggesting that o1 is something completely novel, but that could be marketing speech. We'll wait to see independent benchmarks and whether other LLM builders launch similar models. Relatedly, ChatGPT crossed 11M paying users, making $225M+ monthly or $2.7B annually.
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3. AirPods Pro 2 gets FDA approval to serve as hearing aids |
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4. Adobe revenue +11% to $5.41B in Q3 FY24, sales guidance falls short of estimates |
The stock was -8% in the pre-market: |
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$5.55B revenue guidance for the next quarter, vs. $5.6B expected. $550M recurring creative software revenue guidance, vs. $561M expected. Non-GAAP net income +11% to $2.08B.
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FireFly AI usage is +6x YoY to 12B images made with Adobe's generative models |
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5. Global new unicorn count flat in Aug., with 8 startups crossing $1B valuation |
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6 unicorns emerged in the U.S., 2 in China & 1 in India in Aug. Yinwang Smart Technology: the biggest-valued startup of the month at $16B. Transportation, web3, and AI: among the sectors that saw new unicorns in August.
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7. Meta continues to dominate global VR headset market with 80% share in Q2 |
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Meta +37% YoY in Q2. Apple's Vision Pro shipments saw "significant sequential decline." Sony surpassed Apple for the 3rd position. -4% YoY overall global VR headset shipments in Q2.
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8. Anduril unveils autonomous cruise missile family Barracuda to take on Chinese munitions |
 | Introducing: Barracuda-M Family of Cruise Missiles |
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-50% production time, with 95% less tools and 50% fewer parts over the competition, according to Anduril. 3 Barracuda variants in testing with air-breathing and turbojet engines. Barracuda-100 (85nm range) for helicopter or ground launches. Barracuda-250 (200nm range) for weapon bay and fighters. Barracuda-500 (500nm range) for cargo aircraft and fighters.
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9. Interesting videos, posts, and memes |
 | Building OpenAI o1 |
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 | How To Convert Customers With Cold Emails |
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 | In conversation with Travis Kalanick | All-In Summit 2024 |
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 | In conversation with Megyn Kelly | All-In Summit 2024 |
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10. Other headlines |
AI |
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Tech |
YC plans to expand to 4 smaller cohorts per year from 2025. Meta, TikTok, Snap team up over a program to cut violating suicidal content.
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Tech & law |
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Biotech |
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Business |
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Crypto |
Trump to launch World Liberty Financial crypto platform on Sep. 16. Ethereum's Vitalik Buterin urges Layer-2 networks to decentralize further. Circle is moving its headquarters to New York City.
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U.S. politics |
Trump 60% odds on Nate Silver's forecast despite 2 Harris +5 national polls. Trump says no more debates with Harris. Georgia judge dismisses two criminal counts against Trump. Kalshi starts taking election bets after judge clears way. Trump says he will end all taxes on overtime if elected. Trump gag order upheld by New York's top court in hush money case.
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World |
Ukraine's use of long-range weapons in Russia poised to be approved by Biden. China calls for ending wars in Ukraine, Gaza, as Beijing seeks global clout. North Korea shares first photos of banned uranium enrichment site. China, Russia chide West at annual security forum in Beijing. UAE to ask Trump to fulfil F-35 deal if he's re-elected: sources.
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