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Top stories today:
- Baidu releases Ernie X1 reasoning AI model to counter DeepSeek R1
- iPhone 17 āAirā said to pave way for āportlessā iPhones
- Chinaās consumption picks up, with retail sales +4% YoY in Jan.-Feb.
- South Koreaās chip exports to China -31.8% YoY in Feb.
- Big Tech stocks hit monthly lows but fail to attract cautious buyers
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 todayās newsletter (beware of hallucinations):
1. Baidu releases Ernie X1 reasoning AI model to counter DeepSeek R1
$0.28/M token input and $1.10/M token output price, vs. R1ās $0.55/M token input and $2.19/M token output price.
Will āsoonā be available on the Qianfan platform.
Accessible through the Ernie chatbot.
Baidu has also released Ernie 4.5, which they say is on par with DeepSeek V3, GPT-4o, and GPT-4.5
Ernie 4.5 will also be open-sourced from Jun. 30, Baidu announced.
Baidu plans to integrate Ernie 4.5 and X1 into its search, Wenxiaoyan app, and other services.
$0.55/M token input and $2.2/M output token price, vs. GPT-4oās $2.5/M token input and $10/M output token price.
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3. iPhone 17 āAirā said to pave way for āportlessā iPhones
~6.6ā Dynamic Island-style display with slim, iPhone 16 Pro-like borders and ProMotion support.
Completely port-free iPhone was the original idea but dropped to avoid EU regulations.
A19 chip with redesigned silicon components, reducing the phoneās depth by ~2mm.
Appleās C1 modem, first introduced on the iPhone 16e.
6.9ā display was initially tested but dropped over āBendgateā fears.
2026-27: āMore meaningful changesā in the iPhone design are expected.
4. Chinaās consumption picks up, with retail sales +4% YoY in Jan.-Feb.
The retail sales growth exceeded economist forecasts in the best reading since Oct.
+5.9% YoY in the industrial output.
The consumption growth was boosted from the trade-in drive in the country
Fixed-asset investment growth was +4.1%, the fastest since the gain in the 1st 4 months of 2024
However, property investment was -9.8%.
5. South Koreaās chip exports to China -31.8% YoY in Feb. as U.S. controls tighten
Jan: -22.5% YoY in South Koreaās chip exports to China.
South Koreaās total chip exports -3% YoY in Feb.
2024 rally in chip exports to China helped fuel South Koreaās economic growth.
China received ~2/3rd of South Koreaās entire tech exports as of 2024-end.
SK Hynix and Samsung operate semiconductor plants in China.
6. Big Tech stocks hit monthly lows but fail to attract cautious buyers
Magnificent7 index trades at 26x expected 12-month profits.
Valuations are still far from the 2018/2022 lows.
2025E earnings growth fell to +22% from 24% in mid-Jan.
+34% earnings growth posted by the group in 2024.
+12% in the entire S&P 500 is projected for this year from the 10% last year.
The Nasdaq 100 has rebounded 6 times since its record close 17 sessions ago, but gains have been short-lived
7. UK to crack down on illegal content across online platforms
Online Safety Actās illegal content codes are now effective.
Sun.: Tech firms had the deadline to assess user risk of encountering illegal content.
Fine of Ā£18M or 10% of global revenue, whichever is higher, for non-compliance.
Mar. 31: tech companies need to submit risk assessments on harms to Ofcom.
8. DeepSeek reportedly forbidding some employees from traveling abroad
Zhejiang government is said to be screening investors before in-person meetings.
Some staff has been asked to surrender passports by DeepSeek and parent High-Flyer Capital.
Those employees had access to confidential or state secrets, the company said.
The sudden changes raise questions about DeepSeekās future success.
9. Y Combinator startups fastest growing, with whole batch 10%+ WoW, thanks to AI
āThatās never happened before in early-stage venture,ā Y Combinator CEO Garry Tan said.
95% of the code was AI-generated in 25% of the current cohort.
80% of the YC companies presented this time were AI focused.
Robotics and semiconductor startups were among the few remaining.
10. Klarna files for IPO, showing +24% YoY in revenue
93M active consumers and has 675K+ merchants.
In talks with banks and a payment network for new products and services.
Seeking to raise at least $1B in the IPO.
Targeting $15B+ valuation in the listing.
11. Interesting videos, posts, and memes
12. Other headlines
AI
Crusoe, startup behind Stargate data center, strikes 4.5GW energy deal.
āOpen-sourceā AI model licenses often carry concerning restrictions.
Athyna: Accounting Talent is Drying Up ā But Weāve Got You Covered.*
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Tech
Alphabet spins off Taara laser-based internet project from āmoonshotā hub.
DocuSign shares +14% on strong earnings, AI boost.
Telegramās Durov departed France temporarily: report.
Tech & Law
Biotech
NIH officials urged to scrub mRNA references on grants, scientists say.
Cellinoās regenerative medicine ties up with Matricelf to take longevity ahead.
Founders Longevity Forum London reveals first wave of speakers.
Business
Reciprocal, sectoral tariffs both coming Apr. 2: Trump.
Crypto
FTX faces $1.5B claim expansion from 3AC as U.S. court allows.
OKX suspends DeFi service after EU scrutiny.
David Sacks sold $200M in crypto-related holdings before taking WH job.
U.S. politics
Trump says will speak with Putin on Tue. to discuss ending Ukraine war.
Palestinian activist, Mahmoud Khalil, should stay detained in Louisiana: judge.
Voice of America, other agencies gutted by Trump order.
Biden pardons āvoidā because of autopen usage: Trump.
White House reportedly ignored judgeās order to turn back deportation flights.
World
Houthi fighters in Yemen targeted by wave of Trump strikes.
Russia overpowers bold Ukrainian military venture in Kursk.
Ukraine allies agree to step up economic pressure on Russia.
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