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Top stories today: - OpenAI could release Strawberry AI as part of ChatGPT in 2 weeks
- Harris jumps from 46% to 50% on betting markets after debate with Trump
- CPI, core CPI projected to continue to slow down
- Polaris Dawn astronauts reach farther from Earth than anyone in 50+ years
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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 could release Strawberry AI as part of ChatGPT in 2 weeks |
 | ChatGPT-generated graphical representation of Strawberry AI model. |
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Strawberry is said to be better to use for complex queries than the existing GPT-4o. Included the ability to "think" before responding. 10–20 seconds of thinking before delivering results. Initially, it will be text-only, unlike most AI models that are multimodal. Differential pricing could also be there.
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3. Harris jumps from 46% to 50% on betting markets after debate with Trump |
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Watch the full debate here |
 | Full Debate: Harris vs. Trump in 2024 Presidential Debate | WSJ |
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4. CPI, core CPI projected to continue to slow down, out at 8:30 AM ET |
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CPI: exp. 0.2% MoM / 2.5% YoY in Aug., from 0.2% / 2.9% in Jul. Core CPI: exp. 0.2% / 3.2%, from 0.2% / 3.2%.
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Markets price in 67% odds of a 25 bps cut on Sep. 18 and 33% odds of a 50 bps one |
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5. Polaris Dawn astronauts reach farther from Earth than anyone in 50+ years |
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SpaceX's Crew Dragon traveled 755 miles above Earth's surface. Sarah Gillis & Anna Menon set a record for farthest space travel by women. Yesterday: SpaceX launched Polaris Dawn, led by Jared Isaacman. Tomorrow: spacewalk is expected with the 4 astronauts.
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Relatedly, Elon criticized the FAA's 60-day consultation process for approving Starship |
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6. 23% of all PE deals in U.S. in 1H 2024 were growth equity deals, surpassing leveraged buyouts |
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7. Global bond yields slide to 2-year low this week over slowdown fears |
3.3% yield on investment-grade debt, lowest since September 2022: |
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8. Repo financing by hedge funds crosses $2T in March 2024, ~2x the levels of Sep. 2022 |
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Multi-strategy hedge funds 2x their borrowings over past 4 years to $2T+ |
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FICC financing revenue among top 12 banks grows steadily at 9%+ to $26.1B in 2023 |
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9. 10-year breakeven inflation rate falls to 2.02%, lowest closing level since 2021 |
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10. Employee ownership in PE funds +172% since 2019: Carta data |
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Growth in employee stakeholders has slowed since 2022 |
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B2B and healthcare dominate PE companies with employee stakeholders |
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11. Interesting videos, posts, and memes |
 | In conversation with Sergey Brin | All-In Summit 2024 |
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 | How Paranoid Thinking Can Fuel Technological Advancement |
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 | The iPhone 16 is here — but it's not finished | The Vergecast |
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12. Other headlines |
AI |
Glean, AI startup offering search capabilities, raises $260M+ at $4.6B. AWS announces $10.45B investment in UK for AI, cloud infrastructure. Facebook admits to scraping Australians' public data for AI training. Senate leaders urge FTC to investigate AI summaries for anti-competition. Chinese companies rolling out models to dominate AI-powered driving.
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Tech |
PlayStation 5 Pro announced, out on Nov. 7 for $700. Oracle founder Larry Ellison's net worth rises by record $14B in a day. GameStop's Q2 FY24 revenue -31% to $798M, net income hits $15M. MariaDB, which went public in late 2022, acquired by PE firm K1. Jack Ma urges Alibaba to trust in markets, innovation on 25th anniversary. Dell warns job cuts will continue as margins remain under pressure.
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Tech & law |
CA mandates protections for violence survivors in connected vehicles. Big tech execs to testify at Senate hearing next week about election issues. Nike shareholders vote against workers' rights proposal.
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Biotech |
Vitalism Foundation has new Media page with conference talks, interviews. Weight-loss market to get 16 new drugs by 2029, hit $200B by 2031. Novo Nordisk's experimental weight-loss pill has side effects in early trial. Gilead inks $35M deal with AI drug firm Genesis. Bain launches $3B fund for life science companies.
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Business |
China lawmakers review plan to raise retirement age. Buffett's BofA sales slow after price declines. REA Group says Rightmove rejected $7.3B takeover offer. Goldman Sachs to hand off $2B credit card book to Barclays. Honda cuts jobs in China, suspends production for about 2 weeks at 3 plants.
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Crypto |
Caroline Ellison, ex-Alameda CEO, asks for no prison sentence. Tron, Tether, TRM Labs start financial crime fighting force. tZero Group becomes 2nd crypto firm with U.S. broker-dealer status. UK regulator charges first individual with running illegal crypto ATM network. Singapore to allow cashless bets in casinos but not crypto.
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U.S. politics |
Harris attacks Trump on abortion, immigration in ABC debate. Trump calls for government shutdown if voting laws remain same. Taylor Swift endorses Harris for president after debate. Trump plans to rethink NATO relations, troops to Mexico if he becomes president.
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World |
Israel offers Hamas leader Sinwar safe exit in exchange for hostages. Iran to be sanctioned by U.S. over ballistic-missile deliveries to Russia. Blinken set to visit Ukraine on Wed. in show of support for Kyiv. Russia's steady advance threatening Ukraine's East. Ukraine targets Moscow in biggest drone attack yet. IMF, Ukraine reach deal to provide access to some $1.1B.
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