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Top stories today:
1. Elon’s Neuralink gets FDA nod to start clinical trial
2. Bipartisan debt ceiling agreement moving closer, with 6 days left until June 1
3. Poll: 58% of Americans heard of ChatGPT, 14% have tried it themselves

0. Data and calendar

1. Elon’s Neuralink gets FDA nod to start clinical trial

Neuralink has built a brain chip to “unlock human potential tomorrow”

The clinical trial’s indication is unclear, but the company says it is focused on quadriplegic patients

Our view: it’s great to see AI being applied to medicine

• The world needs more medicines, fewer iPhone apps. Most of the technological progress over the past 30 years has been in the digital world, with very few advances in medicine.

• Life expectancy in the U.S. has been stagnant over the past 20 years: after the Covid drop, it is at 77 years, the same level as in 2003:

2. Bipartisan debt ceiling agreement moving closer, with 6 days left until June 1

It appears the agreed cuts are small:

• Spending cap only for non-military, non-veteran discretionary expenditures, for 2 years. - NYT

• Defense spending +3% next year, in line with Biden’s request.

• Green and fossil fuel measures: “The accord would also include a measure to upgrade the nation’s electric grid to accommodate renewable energy, a key climate goal, while speeding permits for pipelines and other fossil fuel projects that the GOP favors.”

• IRS: cut $10B out of the $80B budget increase as part of the Inflation Reduction Act. - Bloomberg

Timeline for approval:

• Weekend: agreement.

• Tuesday: House vote.

• Wednesday: Senate vote + Biden signs.

• Thursday is June 1, the day Yellen said the U.S. would run out of money.

The House vote will likely be bipartisan, as some Republicans are expected to vote against it, deeming the agreement too weak. - POLITICO

• Some Dems want Biden to give a national address. - Semafor

The Treasury’s cash fell from $77B to $50B on Wednesday

3. Poll: 58% of Americans heard of ChatGPT, 14% have tried it themselves

Youth, education, and high-income correlate with knowledge of ChatGPT:

ChatGPT is being used for both entertainment and work

Previously, we reported that ChatGPT got to 1M users in 5 days, a record

4. OpenAI announces 10 $100K grants to crowdsource AI regulation

Read more: Techcrunch, OpenAI.

Our view: AI regulation makes sense for national security risks

• If there is a 1% chance of future AI killing humanity, it is worth having global governments regulate that risk.

  • The IAEA has successfully curbed nuclear disaster, so it should be a good model to follow.

  • But worries about unemployment are overblown. We have heard this before with every technology, and these predictions are always wrong, as they incorrectly assume people can’t change and learn new skills.

5. Official iOS ChatGPT app gets 500K downloads in the U.S.

• Less than previously launched GPT-based apps.

  • Although we would expect the official app to surpass the non-OpenAI ones, over the next few weeks.

• Now available in 40+ countries. - Macrumors

6. Google starts roll out of its Search Generative Experience

• Gradual rollout to U.S. English users. - 9to5Google

  • Sign up for the waitlist at Google Labs.

Our view: Google’s generative AI features are cool, catching up fast with OpenAI and Microsoft

• Never bet against Google. They are proving that they can quickly incorporate generative AI into their best-in-class search product. After all, they have all it takes: the talent, the technology, the history — of note, Google researchers created (and patented) Transformers technology, the T in ChatGPT.

• AI snippet answers make more sense than an AI chatbot for most search queries. For the overwhelming majority of searchers, users want a quick visual answer, not to waste time typing back and forth with a chatbot.

• The risk for Google is their slow release cycle: why can't anyone try this new Google Search now? Especially as New Bing just got publicly released.

7. ARK closed NVIDIA position in January, before it more than doubled this year

Our readers think NVIDIA will reach $1T market cap this month

It is currently at $939B:

Our view: the stock trades at impressive multiples

• The stock now trades at an unusual 197 P/E.

  • And a forward P/S of 21, assuming their $11B revenue guidance is correct.

  • (Nothing here is financial advice.) - WSJ

8. Twitter launches $5K/mo API tier

• Even charging academics: some reportedly have received emails from Twitter saying that they must delete all data they obtained with historic contracts unless they pay for the highest tier of its API, at $42K/mo. - iNews

Our view: these prices are too high, and are just killing most third-party apps using Twitter

• Instagram, Facebook, and most other social networks also have very restrictive APIs, or none at all, forcing users to access them through their main centralized app.

  • If that’s Twitter's goal, so be it.

9. Tesla Model Y is the #1 selling car in the world in Q3

10. Other headlines

Tech

• Spellbook, AI copilot for lawyers, raises $11M.

• Youtube shutting down Stories as it focuses on Shorts.

• JPMorgan developing IndexGPT, AI chatbot to give financial advice.

• Whatsapp could launch usernames, removing need for phone numbers.

• 3D printing companies Stratasys and Desktop Metal to merge.

• How Satya Nadella pushed Microsoft into investing in OpenAI.

Biotech

• BenchSci, which helps Pharma use AI for drug development, raises $95M.

• FDA approves fewer generic drugs in 2023 vs. recent years.

• Covid: 1st oral antiviral treatment, Paxlovid, approved.

• Top 20 highest-paid CEOs in biopharma.

Business

• Germany: a look at its recession, which risks spreading over Europe.

• Tesla opens Superchargers to Ford EVs, may open source more code.

• JPMorgan fires 1K out of 7K employees from First Republic.

• Chip companies seek more CHIPS ACt tax breaks, fewer regulations.

• $279M whistleblower award issued by SEC, a record.

• Credit Suisse to pay $926B to former Georgian prime minister.

• Brad Smith: a look at the Microsoft President, in charge of policy.

• The Messenger: interview with founder Jimmy Finkelstein.

• Future of media: Jim VandeHei column.

Crypto

• Worldcoin raises $115M Series C, with 2M users signed up already.

• Paradigm no longer a crypto-only VC; now, it does AI, others.

• Celsius: Fahrenheit group beats Novawulf, wins rights to manage assets.

• MAPS, OXY co-founder Alex Grebnev sued in UK court.

• Binance launches NFT loans, starting with “blue-chip” NFTs like Bored Apes.

• DCG closes institutional trading platform, as it negotiates with Genesis creditors.

U.S. politics

• EPA’s authority to regulate wetlands limited by new Supreme Court ruling.

• Oath Keepers founder sentenced to 18 years for Jan. 6 seditious conspiracy.

  • DeSantis says he may pardon some Jan. 6 defendants, Trump.

• Trump workers moved Mar-a-Lago boxes 1 day before FBI came looking.

• Hunter Biden’s IRS whistleblower cuts ties to Senate probe.

• DeSantis’s campaign raises $8M in 24h, vs. Trump’s $4M after indictment.

• 59% think FBI agents promoting false Russia-Trump claims should be prosecuted.

• U.S. vs. UK: graphs comparing its political parties.

World

• China’s Micron ban: no news coming from Commerce Secretary dinner.

• Wagner group hands Bakmut to regular Russian army.

11. Interesting tweets, memes, and images

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