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Top stories today:
- OpenAI said to fight Google with web browser
- Ripple, Kraken, Circle, a16z said to vie for seats on Trump’s council
- Crypto tokens targeted by SEC rally on Chair Gensler’s exit
- VC funding in crypto startups dropped to $3.1B in 2024 YTD
- Apple said to be developing “LLM Siri” for conversational AI overhaul
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.
Listen to our AI-generated podcast summarizing today’s newsletter (beware of the few hallucinations):
1. OpenAI said to fight Google with ChatGPT-based web browser
Representational image generated using OpenAI’s DALL-E.
Samsung devices may also get OpenAI AI integrations.
OpenAI hired 2 ex-Google employees who were instrumental in the development of Chrome.
The browser’s search would work with 3rd-party travel, food, real estate, and retail sites.
Conde Nast, Redfin, Eventbrite, and Priceline could be early partners.
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3. Ripple, Kraken, Circle, a16z said to vie for seats on Trump’s crypto council
Jul.: Trump first promised the new council.
Coinbase CEO Brian Armstrong recently met with Trump, signaling interest in the council.
Digital asset policy and BTC reserve could be council’s key objectives.
Some consumer groups warn crypto industry shouldn’t set its own rules.
4. Crypto tokens targeted by SEC rally on Chair Gensler’s exit
BTC hit $99.5K and SOL $264, surpassing its 2021 high.
Thu.: SEC Chair Gary Gensler announced his exit effective from Jan. 20.
XRP, ADA, and SOL were previously targeted by SEC litigation.
+47% of BTC’s gain was outperformed by XRP, ADA, and SOL since Trump’s win on Nov. 5.
5. VC funding in crypto startups dropped to $3.1B in 2024 YTD
Crypto prices have been going up without a surge in primary offers.
2021: $21.5B in new crypto venture funding.
2024: 537 investment deals have closed so far, vs. 896 in 2023.
24+ M&A deals this year, but only 1 disclosed its value.
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6. Apple said to be developing “LLM Siri” for conversational AI overhaul
2025: Apple is said to announce the overhaul with iOS 19 and macOS 16.
Spring 2026: The new Siri is expected to be available for users.
New Apple AI models will be used for the revamped Siri.
Features like human-like interactions, text summarization, and precise app control.
iOS 18 will carry a glimpse of it through a 1st-gen Apple LLM.
7. WhatsApp introduces voice message transcripts
Rolling out globally over the “coming weeks”.
English, Portuguese, Spanish, and Russian languages supported initially.
2023: Apple introduced transcripts on the Messages app.
8. Foreign holdings of Chinese bonds decline by RMB275.8B ($38B) in Sep.-Oct.
China’s 10-year bond yields temporarily surged from historic lows after Sep.’s stimulus package
9. PE deals in Germany +36% YoY to €65.9B in 2024 YTD despite shrinking economy
616 deals have closed YTD.
€28B invested in Q4 alone, a decade-high and 2x from the €15.6B in Q2.
100 transactions in Q4, 60% of Q2’s deal count.
ADNOC-Convesto (€14.7B) and TPG-GIC-Techem (€6.7B) were the 2024’s biggest deals.
10. Interesting videos, posts, and memes
11. Other headlines
AI
Brave Search adds AI chat for follow-up questions after search query.
Rabbit releases teach mode in beta for all R1 users.
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Tech
Google said to have canceled Pixel Tablet 2 due to demand concerns.
Nick Pickles, ex-VP at X, joins Sam Altman’s Tools for Humanity.
Tech & law
Biotech
Business
Ken Griffin open to selling Citadel stake.
DirecTV drops Dish takeover after bondholder pushback.
American defense firms warned by U.S. intel. agencies of Russian sabotage.
Crypto
Mara Holdings raises $1B for BTC acquisition.
UK to release crypto, stablecoin rules early in 2025.
Downing Tech: consulting on decentralised technologies.*
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U.S. politics
Matt Gaetz withdraws from Attorney General consideration.
Pam Bondi, former Florida AG, nominated by Trump as new AG.
Marjorie Taylor Greene to lead DOGE subcommittee in House.
World
Iran says it will expand nuclear centrifuges after UN watchdog dispute.
Ukraine says Russia deploying “new” missile as war escalates.
China “willing” to engage in Trump dialogue as it backs exporters.
ICC warrants for Netanyahu arrest “fundamentally” rejected by U.S.
Bolsonaro indicted by Brazilian police over alleged 2022 coup attempt.
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