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Top stories today: - OpenAI introduces Realtime API to let devs build apps with fast AI voice responses
- NVIDIA releases NVLM 1.0 open-weights LLM to fight Meta, OpenAI
- Microsoft Copilot Vision, Voice reads your screen, speaks to you
- Apple said to soon begin production of new iPhone SE
- Samsung laying off 1K's of employees in overseas markets
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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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We are proud to be launching the Bay Area Times Daily, hosted by our very new Amy and Ian (our AI duo). We're still getting Amy and Ian up to speed (they still hallucinate a bit), but check them out below and reply back to this email letting us know what you think! |
| Bay Area Times Daily - Oct. 2, 2024 ► Play Online |
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1. OpenAI introduces Realtime API to let devs build apps with low-latency AI voice responses |
OpenAI gave a glimpse of the Realtime API with demo apps at its 2024 DevDay: |
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Public beta now available to all paid devs. Natural speech-to-speech conversations are claimed through the API. 6 preset voices are supported, similar to ChatGPT's Advanced Voice Mode.
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Additionally, OpenAI introduced vision fine-tuning on GPT-4o to custom train AI with images |
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OpenAI also launched a Model Distillation feature to fine-tune smaller models with the outputs of larger AI models |
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Prompt Catching was introduced, offering a 50% discount on inputs that the model has recently seen |
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Prompt Catching is automatically applied on the latest versions of GPT-4o, GPT-4o mini, o1-preview, and o1-mini.
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3. NVIDIA releases NVLM 1.0 open-weights LLM to fight Meta, OpenAI, Anthropic |
The LLM delivers competitive results against Llama 3-V 70B, GPT-4o, and Claude 3.5 Sonnet on various benchmarks: |
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Our view: NVIDIA doesn't have the incentive to threaten closed source players, unlike Meta |
Companies like OpenAI and Google are the largest purchasers of NVIDIA GPUs, so the chip maker likely wants them as allies. Meta has a higher incentive to undercut the closed models, as they don't make money from AI by selling access to models, but rather through better ads.
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4. Microsoft Copilot Vision, Voice allows your computer to read your screen, speak to you |
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Copilot Vision analyzes text and images on webpages to answer queries. Available as a Copilot Pro-exclusive, opt-in program. It deletes data immediately after the conversation, Microsoft claimed. Blocked from analyzing paywalled and "sensitive" content. U.S.-only availability at the moment.
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Copilot Voice offers audio responses in 4 synthetic voices for queries asked in English |
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New Zealand, Canada, Australia, the U.K., and the U.S. are its initial markets. Think Deeper has also debuted to let Copilot answer more complex problems. A limited number of Copilot Labs users in Australia, Canada, New Zealand, the U.S., and the U.K. have gotten the feature initially.
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Windows search has also been upgraded with AI, starting with an update coming to File Explorer in Nov. |
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Search for pictures using words on File Explorer will now be possible. "In the coming months," the AI experience will also be on the main Windows search interface. Click to Do feature also introduced to offer interactive overlay on screen to search from text and visuals, similar to Google's Circle to Search. Additionally, Copilot Daily has been launched to give spoken summary of weather and current events. Reuters, FT, and Axel Springer, among the paid content providers.
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Microsoft has also started rolling out its Bing generative search, introduced in July, to all U.S. users |
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5. Apple said to soon begin production of new iPhone SE without home button |
The new iPhone SE with an iPhone 14-like front design is rumored to be in the works: |
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Early 2025: ETA. Edge-to-edge display will take away the old home button design. New iPad Air models are rumored to come alongside the iPhone SE, with mostly internal improvements. The Magic Keyboard may also get an update for the new iPad Air. 2024-end: when a new iPad mini is said to debut — ahead of the new Airs.
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7. Samsung laying off 1K's of employees in overseas markets amid market challenges |
50%+ or 147,000 Samsung employees are based overseas: |
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~10% job cuts in Southeast Asia and Australia are reported. Management and support functions are largely impacted. Growing AI demand has challenged Samsung. Samsung stock -23% YTD. Recently, ~10% jobs Samsung trimmed in India and Latin America.
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8. Foreign investors remain bearish on China but hopeful after stimulus introduction |
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$4.2B was pulled from U.S.-domiciled China, Hong Kong, and Taiwan ETFs and mutual funds YTD. Chinese stocks were +7% on Wed. on stimulus optimism. 10-15% foreign share of trading volume in Chinese stocks. China's stock market turnover is 5x'd after the stimulus announced last week. External risks to China still exist, including the outcome of the U.S. election.
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9. BTC miner profit fell to "recent record" low during Sep |
-6% daily block reward gross profit in Sep from last month: |
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3rd consecutive month of drop in daily mining revenue and gross profit. Despite the moderate increase in BTC prices, the decline occurred. -50% block reward every 4 years in a pre-programmed halving event. Halving prevents inflation and maintains BTC's 21M token cap. $10B+ annual revenue loss is expected due to the halving this year.
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10. 8 new unicorns emerged worldwide in Sep., with $18.9B total valuation |
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964 unicorns makes the U.S. the dominating region, following 622 in Asia |
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900 unicorns are in the IT sector, followed by 319 in consumer products and services |
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11. Interesting videos, posts, and memes |
 | Juan Carlos Izpisua Belmonte, Altos Labs | All-In Summit 2024 |
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 | Monique Woodard, Fund of Funds Panel & The Pro-Rata Yacht! | E2018 |
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 | The Quest for Community-Trained Open Source AI Models |
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12. Other headlines |
AI |
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Tech |
Peak XV cut $2.85B fund by 16% 1 year after Sequoia split. Microsoft discontinuing HoloLens 2, with no replacement. Equinix signs $15B deal with GIC, CPPIB to build U.S. data center infrastructure.
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Tech & law |
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Biotech |
Lab-grown lung tissue paves way for advances in organ transplants. CVS Health to lay off nearly 2,900 employees in cost-cutting push.
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Business |
Nike's revenue -10% to $11.6B, expects Q2 revenue to fall by 8-10%. Saudi oil minister warns OPEC members of $50 oil if "overproduction" continues. McKinsey weighs asking North American employees to come to office more often. U.S. issues $2B electric vehicle tax rebates since Jan. 1: Treasury.
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Crypto |
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U.S. politics |
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World |
Netanyahu says Iran "will pay" for firing record 181 missiles at Israel. Former PM Bennett: Israel must destroy Iran's nuclear program now. U.S. says we will help Israel exact "severe consequences" from Iran. EU condemns Iran's attack on Israel, urges regional ceasefire. Ukraine forces withdraw from strategic outpost as Russian troops advance. Russia plans emergency public warning tests on Wed.
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