Elon: Starlink never meant for offensive military action
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Top stories today:
- Elon: Starlink never meant for offensive military action
- Arm IPO 5x oversubscribed, valuation could be $54.5B+
- Instacart exp. to start IPO roadshow at $9B, down from $39B
- Meta wants Llama 3 to be as powerful as GPT-4
0. Data and calendar
All values as of 6 AM ET / 3 AM PT, other than S&P500 close (4 PM ET / 1 PM PT).
All times are ET.
1. Elon clarifies that Starlink was never meant to be used for offensive military action
On Friday, we reported that Elon shut off Starlink access in Crimea to Ukraine, with the goal of preventing a Ukrainian attack and potential escalation or nuclear war.
Secretary Blinken said he hoped Starlink would “remain fully available,” refraining from criticizing Musk
Walter Isaacson's biography of Elon is coming out tomorrow
You can pre-consume it via a video interview, a written summary, a Q&A with the author, and/or a new excerpt detailing Elon's relationship with Bill Gates:
2. Arm IPO 5x oversubscribed, valuation could be $54.5B+
$50B - $54.5B: original valuation range.
19 - 20 P/S (price-to-sales).
$64B: the valuation Softbank purchased 25% of Arm owned by Softbank's Vision Fund.
Wednesday: IPO pricing. - Reuters
Thursday: likely 1st trading day.
Relevance: 1st big tech IPO since 2022, which could ignite the return of the IPO market, necessary for startups to get liquidity.
Once accepted, Sidebar gives you a Personal Board of Directors, matching you with a small group of brilliant peers.
Users can message their group 24/7 and attend fast-paced meetings to solve their biggest challenges at work, faster.
Employer reimbursements possible: many Sidebar members get their membership fees covered by their employer.
4. Instacart expected to start IPO roadshow at $9B, down from $39B valuation in 2021
5. Meta wants Llama 3 to be as powerful as GPT-4
“Ready next year,” with training “in early 2024,” as Meta builds up its NVIDIA H100 stockpile.
“Several times more powerful” than Llama 2, which was trained on 70B parameters, vs. est. 1.5T for GPT-4. - WSJ
Meta's efforts are amazing for the open-source community, but Llama 3 may be dominated by GPT-5 or Google's Gemini
Gemini is expected for Q4 2023.
GPT-5 is still not in training, so we expect it to be launched in 2024.
6. Top chatbot AI prompt: “Take a deep breath and work on this problem step-by-step”
According to the latest paper from Google Deepmind:
7. Investors say higher rates will turn U.S. consumption negative in early 2024
The majority of investors blamed the declining availability of credit and high rates more than student loans or poor labor markets, according to the latest Bloomberg MLIV Pulse survey:
56% said U.S. consumption would turn negative “in early 2024”
8. Chart: Inflation caught up with wage growth since 2019
9. Interesting tweets, memes, and videos
10. Other headlines
Apple to launch iPhone 15 on Tue: titanium, periscope lenses, higher prices.
iPhone Mini may be discontinued.
U.S. v. Google kicks off in Washington, D.C. on Tue.
Twitter CEO Linda Yaccarino repeats opposition to antisemitism.
Insight Partners also seeking to sell portfolio startups.
Uber working on TaskRabbit-like “Chore” service.
Meta quietly shut down external facial recognition in glasses.
Threads: engineers detail how it was made, 66-person team.
SpaceX plans office in Dublin, largest English-speaking city in EU.
Range, backed by Google's AI Fund, has revolutionized wealth management.*
Tech & law
Djokovic wins U.S. Open 3-0, record 24th Grand Slam.
Biden abruptly ends speech: “going to bed.”
77% support age limits for elected officials, 45% want it at 70.
No Labels: Sen. Cassidy (R-La.) open to 3rd party ticket.
Vivek Ramaswamy: a WSJ profile, including how he made his billion.
Birthright citizenship: Vivek against it for children of illegals.
China won't invade Taiwan, Xi has “hands full”: Biden.
G-20 largely a success for India.
Ukraine expects to fly F-16s this winter.
Morocco earthquake death toll at 2,100+.
WSJ reporter, Whelan may be exchanged for convicted killer Krasikov.
Afghanistan fastest-growing maker of meth: UN.
Iran: 1M barrels of crude oil allegedly headed to China seized by U.S.
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