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Top stories today: - Google to open Android for 3rd-party stores, judge in Epic Games case rules
- FTX's liquidation plan approved by judge to pay back customers 119%+
- Samsung issues rare apology for missing preliminary operating earnings
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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. Google to open Android for 3rd-party stores, judge in Epic Games case rules |
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From Nov. 1, 2024 - 2027: Google must stop mandatory its billing for Play Store apps. Full Google Play app access must be given to rival third-party stores. Android devs can share alternative payment options with users. Users also get the links to download apps outside of the Play Store. Devs can set their own prices, independent of Play Billing.
Google said it would appeal the verdict as the ruling will cause "unintended consequences" for consumers.
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Epic Games CEO Tim Sweeney called the order a "victory" |
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Aug. 2020: when Epic Games first sued Google over alleged Play Store antitrust practices. Apple was also sued by the game developer, but it mostly won. 30 days: a 3-person committee will be set up by Epic and Google to review disputes. Notably, the injunction is limited to the U.S. only.
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3. FTX's liquidation plan approved by judge to pay back customers 119%+ |
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FTX will repay 119% back to 98% of its customers (those who held $50K or less), within 60 days of yet-to-be-defined effective date. $50K+ customers will get 100% + 9% annual interest (from Nov. 2022), and will likely start receiving their money back in 2025. Dates are still TBD: "The Debtors will separately announce in due course the Plan's effective date and estimated first distribution date." FTX had $12.6B in cash in June, but estimates it will reach $14.7B - $16.5B after all recoveries are complete. $11.2B in creditors, as per a May estimate.
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4. Samsung issues rare apology for missing preliminary operating earnings |
Samsung's preliminary operating profits were 9.1T won ($6.8B) for Q3, less than the expected 11.5T won: |
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Revenue was also less-than-expected: $59B (79T won), vs. $61B (82T won) exp. "These are testing times," Samsung's core chip head Jun Young-hyun said, promising to overhaul the organization.
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Samsung currently lags in the high-bandwidth memory market meant for AI, with their stock underperforming YTD |
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5. Online gig platforms struggle as workers migrate back to office |
Fiverr and Upwork, once soaring during the COVID lockdowns, are now facing slowdowns: |
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Focus in on profitability, to convince investors. Fiverr has a 33% take rate, Upwork 18%. Fiverr and Upwork boosted paid services and premium listings to drive revenue.
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Annual VC funding in the online gig space since 2022 is -2/3rd, after 3x'ing between 2020 and 2021 |
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Freelance platforms raised $1.84B in 2023, -69% from $5.99B in 2022 386 deals were closed in the domain during the year, vs. 610 in 2022.
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6. Global tablet market +15% in Q2, as Apple continues to dominate the market |
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Recent Apple and Samsung launches helped boost tablet shipments. +92% shipments by Xiaomi. +49% by Huawei despite being limited to China.
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7. VC funding in Asia hit its lowest in Q3 since 2015 |
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-44% YoY: VC investments in Asia summed $13.2B in Q3, from $23.8B a year prior. -23% in deals closed to 1,509. Q1 2015 had $13B in funding, the prior lowest on record. China led the Asian countries, but with -61% raised to $6B. Japan saw +58% in VC funding in the country to $1.3B.
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Angel and seed rounds continued to lead in number of deals, but with 23% fewer deals (862), vs. 1,152 a year prior |
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508 were early stage deals closed during the quarter, vs. 652 previously. 127 late stage deals, vs. 153 previously.
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Late-stage VC funding in Asia -62% to $5.8B, from $15.3B |
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Early stage VC funding in Asia was stagnant: -17% YoY to $5.6B in Q3 |
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Seed funding in Asia was +6% YoY to $1.8B |
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8. China's stock rally cools after reassessing stimulus bets |
China's benchmark CSI 300 Index closed +5.9% hours after reaching +11%, following a weeklong break: |
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Last week, interest-rate cuts and stock market support were announced to boost the Chinese economy. Trading apps were temporarily frozen amid a surge in volumes on Tue. China said it's confident in reaching its economic targets for 2024.
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China's turnover has grown to record high, with $486B (3.43T yuan) in Shanghai and Shenzhen |
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9. Interesting videos, posts, and memes |
 | Eiso Kant, CTO @Poolside: Raising $600M To Compete in the Race for AGI | E1211 |
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 | Hacking Meta's AR glasses, a shakeup at Initialized, and the best startups of the decade | E2021 |
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 | The Content Format That Will Make You Rich in 2025 with Samir from "Colin and Samir" |
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10. Other headlines |
AI |
Geoffrey Hinton, John Hopfield share Nobel prize in physics. TikTok launches AI-powered ad tool to take on Google and Meta. Foxconn to make Blackwell AI servers in Mexico. Rabbit CEO interview on AI agents, experiences with LAM, hardware iterations.
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Tech |
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Tech & law |
Supreme Court rejects Musk's X appeal over secret DOJ Trump warrant. Uber, Lyft bid to avoid California driver suits denied by Supreme Court. FCC decision to deny Starlink nearly $900M being probed by House panel. UK establishes Regulatory Innovation Office to speed up deep-tech approvals. Appeals Centre Europe to handle EU disputes with Facebook, TikTok. Amazon's FTC antitrust case to move forward.
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Biotech |
Zealand, Boehringer win FDA breakthrough status to treat fatty liver. FDA sued for pulling Lilly's weight loss drug from shortage list.
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Business |
Boeing, striking union to continue negotiations on Tue. Trump Organization to develop $1.5B golf course and hotel project in Vietnam. China hits out at EU brandy imports in tit-for-tat after EV tariff vote.
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Crypto |
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U.S. politics |
Harris +4% in NYT/Siena polling. Trump 53% on Polymarket, Harris 55% on Nate Silver's forecast Elon PAC paying $47 for referrals of swing-state voters. Elon plans to campaign more for Trump in Pennsylvania: source. Harris to propose new Medicare home care benefit for seniors. U.S. intel. agencies expect foreign actors to question election's validity.
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World |
Israel not expected to attack Iran nuclear sites, to focus on smaller targets. Israel's Gallant travelling to D.C. on Wed. Hezbollah, Hamas military operations continue in Lebanon, Gaza. Emirates cancels all flights to and end from Iran.
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