Top stories today:

1. GPT-5.2 debuts as OpenAI’s “best model yet” amid Google pressure
2. OpenAI lands $1B Disney investment, brings 200+ characters to Sora
3. Google DeepMind launches enhanced Gemini Deep Research agent
4. Trump signs order creating national AI standard, curbing state power
5. Broadcom Q4 revenue +28% YoY to $18.0B, doubles AI chip outlook
6. Larry Ellison’s wealth drops $25B as Oracle shares slump 11%

0. Data and calendar

Listen to our AI-generated podcast summarizing today’s newsletter (beware of hallucinations):

1. GPT-5.2 debuts as OpenAI’s “best model yet” amid Google pressure

GPT-5.2 Pro has topped the ARC-AGI-2 leaderboard with 54.2% scores for $15.72/task:

• GPT-5.2 Instant, Thinking, and Pro are rolling out to ChatGPT users on paid plans.

• GPT-5.2 is also available in the OpenAI API to all developers.

• GPT-5.2 costs $1.75/M input and $14/M output tokens, vs. GPT-5.1’s $1.25/$10 and Gemini 3 Pro’s $2/$12 (<=200K tokens).

• GPT-5.2 has the same 400K context window and 128K max output tokens as GPT-5 and GPT-5.1.

• GPT-5.2 has a newer knowledge cutoff of Aug. 31, 2025, vs. Sep. 30, 2024 on the earlier GPT versions.

• GPT-5.2 Thinking hallucinates less than GPT-5.1, per OpenAI, and comes with improved reliability for agentic needs.

2. OpenAI lands $1B Disney equity investment, brings 200+ characters to Sora

• Disney will also receive warrants to buy additional OpenAI shares as part of the deal.

• Sora users can generate social videos with characters from Disney, Marvel, Pixar, and Star Wars and props.

• No character voices will be included, and long-form videos using Disney IP will not be allowed.

• OpenAI will implement responsible-use measures, including age-appropriate policies and content controls.

• A joint steering committee has been formed to monitor user creations for policy violations.

• Relatedly, Disney sent Google a cease-and-desist letter this week alleging large-scale copyright infringement.

4. Google DeepMind launches enhanced Gemini Deep Research agent

The Gemini Deep Research agent outperformed Gemini 3 Pro across multiple benchmarks, per Google:

• The agent lets developers embed Google’s SATA-model research capabilities into their apps.

• Already used for due diligence and drug toxicity safety research tasks by early customers.

• Google Search, Google Finance, Gemini app, and NotebookLM will get the agent integrated soon, Google said.

Google also released the DeepSearchQA benchmark to evaluate complex, multi-step research tasks

5. Trump signs order creating single national AI standard, curbing state power

• Trump said his admin will withhold federal broadband funding from states whose AI laws are deemed overly restrictive.

• “50 different regulatory regimes” would hamper AI growth, Trump argued.

• The move marks a win for OpenAI, Google, NVIDIA, and other tech firms, as well as a16z, that have lobbied to limit state-level regulation.

• The EO also directs AG to establish an AI Litigation Task Force to challenge state AI laws.

• AI and crypto czar David Sacks, along with Chamath Palihapitiya, stood beside Trump during the signing on Thu.

6. Broadcom Q4 revenue +28% YoY to $18.0B, tops $17.5B est., doubles AI chip outlook

• +22% YoY to $11.07B in semiconductor solutions revenue, including AI chip sales, topping $10.77B analysts’ estimate.

• A $73B backlog for custom chips.

• Anthropic was disclosed as the previously unnamed customer behind a $10B order tied to Google’s TPUs.

• $19.1B in Q1 FY26 revenue outlook, +28% YoY, vs. $18.3B consensus.

  • AI chip sales are expected to reach $8.2B in Q1, up ~100% YoY, Broadcom said.

Broadcom shares are +75% YTD in 2025, outperforming most chip peers

• The stock initially rose in extended trading Thu. before falling 4%+ during the earnings call.

7. Larry Ellison’s wealth drops $25B as Oracle shares slump 11%

• Oracle’s historic share slide pushed Ellison to 3rd place from 2nd on the Bloomberg Billionaires Index.

• The losses come as Ellison backs his son David’s hostile bid of $108B, $30-per-share hostile bid for Warner Bros. Discovery.

• Ellison’s Oracle stake is still worth ~$203B, and his net worth remains ~$95B higher than a year ago.

8. Terraform’s Do Kwon sentenced to 15 years in U.S. prison after fraud guilty plea

• Kwon must serve at least half the sentence before seeking transfer to South Korea, where additional charges await.

• The term exceeds prosecutors’ 12-year request and far surpasses the 5 years sought by his defense.

• Aug.: Kwon pleaded guilty to conspiracy and wire fraud tied to Terraform Labs schemes.

• The collapse wiped out ~$50B in crypto markets over three days in May 2022.

9. Global semiconductor revenue +14.5% YoY to record $216.3B in Q3 on AI demand

10. Global EV sales +6% YoY to 1.98M in Nov., +3% in China to 1.3M

North American EV registrations were -42% to 104.6K in Nov.

11. Interesting videos, posts, and memes

12. Other headlines

AI

• ChatGPT’s “adult mode” expected to launch in Q1 2026: Fidji Simo.

• Cursor launches Visual Editor for AI-powered design, vibe coding.

• AI ad disclosures mandated as NY tightens rules on digital likeness use.

Tech

• Taiwan unveils largest AI supercomputer built on NVIDIA Blackwell chips.

Tech & Law

• Apple loses contempt appeal in Epic case.

• Palantir widens Percepta lawsuit, alleges talent, customer poaching.

• Fortnite returns to Google Play in U.S. after court order.

• Reddit sues Australia over under-16 social media ban.

Biotech

• UK secures 0% drug tariffs in landmark U.S. deal.

• Subsense lands $10M advance non-surgical BCI platform.

• London’s Longevity Show unveils first slate of 2026 speakers.

Business

• Oil rises on Venezuela supply fears, still set for weekly loss.

Crypto

• DTCC gets SEC’s OK to offer blockchain-based securities service.

• XRP lands on Solana, Ethereum, others, boosting Ripple ecosystem.

• CFTC grants no-action relief to Polymarket, Gemini, PredictIt, LedgerX.

• Binance overhauls stablecoin trading with Trump-linked USD1.

U.S. politics

• Senate rejects dueling health bills as Obamacare deadline nears.

• Redistricting push by Trump rejected by Indiana Senate Republicans.

• Tax break boost planned by Trump admin for corporations.

• Biden land protections repealed by Trump in Alaska, other states.

• Bessent emphasizes economic growth in bid to ease regulation.

World

• Ukraine pitches Trump on peace plan as territorial tensions persist.

• Zelensky floats referendum over territory as U.S. pressure mounts.

• Ukraine security aid part of U.S. peace deal: Trump.

• Machado, Nobel peace prize winner, says U.S. helped her leave Venezuela.

• Venezuela to face more U.S. tanker seizures: sources.

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