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  • Apple announces alternate app stores in EU, will charge €0.50/year for each download of alternate app store, apps with 1M+ users

Apple announces alternate app stores in EU, will charge €0.50/year for each download of alternate app store, apps with 1M+ users

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Top stories today:

  1. Apple announces alternate app stores in EU
  2. Elon’s xAI seeking to raise $6B at $20B valuation
  3. ASML favored China exports in 2023, despite secret U.S. push
  4. Children continue to spend hours on TikTok, Instagram, Roblox

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).

All times are ET.

1. Apple announces alternate app stores in EU, will charge €0.50/year for each download of alternate app store, apps with 1M+ users

Epic CEO Tim Sweeney called Apple’s efforts “a new instance of Malicious Compliance,” as he announces that an Epic Games Store with Fortnite is coming in 2024

Read more: MacRumors.

2. Elon’s xAI seeking to raise $6B at $20B valuation

It would become the 2nd most valuable generative AI startup, just behind OpenAI:

Read more: FT.

3. ASML favored China exports in 2023, despite secret U.S., Netherlands deal to curb shipments

  • Jan. 1, 2024: export restrictions on semiconductor equipment to China went into effect in the Netherlands.

  • The U.S. had secretly pressured the Netherlands to implement the deal earlier, but that was generally ignored.

  • China represented 39% of ASML’s shipments in Q4.

*Sponsored.

5. Children continue to spend hours on TikTok, Instagram, Roblox, minutes on educational apps

TikTok leads with 44% usage and 112 average minutes/day, as Instagram has 32% usage and 63 minutes/day

The leading learning app, Duolingo, is only used 9 minutes/day, in contrast

6. OpenAI cuts GPT-3.5 Turbo’s API (output) pricing by 25%, nearing Llama 2’s, distancing it from Claude Instant’s

7. China’s economy falls to 65% of U.S. GDP in 2023

8. PCE inflation expected at 0.2% MoM / 2.6% YoY today at 8:30 AM ET

6-month annualized core PCE has already fallen <2%:

  • PCE inflation: exp. 0.2% MoM / 2.6% YoY for December, from -0.1% / 2.6% in November.

    • Core PCE: exp. 0.2% / 3.0%, from 0.1% / 3.2%.

  • Jan. 31: next FOMC meeting. Today’s PCE will be the last inflation data before the Fed’s next move.

9. Global semiconductor revenue -8.8% YoY in 2023

10. Interesting videos, posts, and memes

11. Other headlines

AI

Tech

  • Apple’s next-gen CarPlay to debut in 2024.

  • Microsoft lays off 1.9K Activision, Xbox employees.

  • Spatial videos may be supported by Meta Quest 3.

  • Intel’s revenue +10% YoY to $15.4B, after 7 declining quarters.

  • Salesforce laying off 700 employees, ~1% of total.

  • Tea Protocol: Get rewards for your open-source contributions.*

  • Masterworks: invest in art with strong historical appreciation.*

  • Arrived: learn how to invest as little as $100 in fractional real estate, which has outperformed the S&P500 over the past 20 years.*

*Sponsored.

Tech & law

  • Taiwan building Llama 2-derived LLM to counter CCP’s models.

  • NSA buying U.S. domestic internet activity logs: unclassified letter.

Biotech

  • Weight loss drug wars: Eli Lilly vs Novo Nordisk.

  • Juvena gets FDA orphan drug nod for muscle regeneration therapy.

Business

  • JPMorgan’s Jamie Dimon promotes top managers, preparing successor.

  • Remote workers 35% more likely to be laid off: study.

Crypto

  • SEC again delays decision on Grayscale’s spot Ethereum ETF.

  • Craig Weight’s appeal refused by UK Supreme Court.

  • Su Zhu says 3-month prison time was “magical experience.”

  • Axiom, protocol leveraging ETH’s historical data, raises $20M Series A.

  • U.S. to sell $117B in BTC seized from Silk Road drug trafficker.

U.S. politics

  • Haley super PAC raises $50M in H2 2023, vs. $45M for Trump’s.

  • Voters who says economy is poor blame high inflation, cost of living.

World

  • China presses Tehran to rein in Houthi attacks: sources.

  • U.S., China working to make biz environment less volatile: Beijng.

  • U.S. secretly warned Tehran before ISIS terror attack that killed 80+.

  • Russian war chips: most are made by U.S., European companies.

  • Jake Sullivan to meet Chinese foreign minister, discuss Red Sea attacks.

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