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Top stories today:
- Kimi K2 Thinking, open-source model, released by China’s Moonshot
- Mercury grows to $650M annualized revenue, profitable for 3 years
- Apple said to plan major new satellite-powered features for iPhones
- Trump Media slump deepens as election bump fades, Q3 loss 2x’d
- Rigetti, D-Wave shares jump 1,900%+ as quantum bets grow
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 hallucinations):
1. Kimi K2 Thinking, open-source model released by China’s Moonshot, on par with GPT-5 Thinking
K2 Thinking achieved 44.9% on HLE with tools, 60.2% on BrowseComp, and 71.3% on SWE-Bench Verified, per the results shared by Moonshot:
The model reportedly cost $4.6M to train.
The model can execute 200-300 sequential tool calls.
Code and weights available on Hugging Face.
Available through Kimi.com in the chat mode, with its full agentic mode coming “soon.”
Also accessible through the Kimi K2 Thinking API.
Kimi K2 Thinking has surpassed Grok 4, Claude 4.5 Sonnet, and Gemini 2.5 Pro on the Artificial Analysis Intelligence Index
$0.60/M input and $2.50/M output pricing, vs. GPT-5’s $1.25/$10.
1T total parameters with 32B active.
Elon Musk is building the Tesla Smart Home.
Apple is doubling down with new Face-ID locks and smart displays.
The world’s biggest tech giants are battling for dominance in the $158B smart home market, growing 23% each year.
Big Tech is pouring billions— the race is officially on.
Just like how Google acquired Nest for $3.2 Billion and Amazon snapped up Ring for $1.2 Billion, investors are hunting for the next smart home breakout.
As Tesla and Apple race ahead, one startup is riding the wave—leading a massive, overlooked category - smart shades. And RYSE is dominating it.
RYSE checks every box:
10 granted patents
Over $12M in revenue
200% annual growth
RYSE is not just another smart gadget—it’s a prime acquisition target in a category with billion-dollar potential.
At just $2.25/share, investors can still get in early—before their next wave of growth.
The next Nest or Ring could be this.
Invest in RYSE now
*Sponsored by RYSE Inc. ($5,000 contracted). Prospective investors should review the offering materials for details, including all risk factors, before making an investment decision. Any investment involves significant risks, including the potential loss of the total investment. This advertisement is not an offer to sell or a solicitation of an offer to buy securities. This Reg A+ offering is made available through DealMaker. This investment is speculative, illiquid, and involves a high degree of risk, including the possible loss of your entire investment. Please read the offering circular before investing in RYSE.
3. Mercury grows to $650M annualized revenue, GAAP profitable for 3 years
GAAP profitable on both net income and EBITDA for 3 consecutive years.
“It's been a real roller coaster,” Mercury co-founder and CEO Immad Akhund said.
200K+ customers.
Mar.: Mercury raised $300M at a $3.5B valuation.
