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

1. Polymarket, Kalshi said to seek fresh rounds at up to 2x jump in valuation

$12B-$15B is the valuation Polymarket is targeting for its next funding round.
$10B-$12B or higher are the valuations Kalshi is said to be discussing for its next round.
Relatedly, the NHL has signed multiyear licensing agreements with Polymarket and Kalshi to allow them to use its trademarks.

2. Google touts quantum leap as Willow chip runs algorithm 13,000x faster

Google.

The Willow chip ran the “Quantum Echoes” algorithm 13,000 times faster than the world’s best supercomputer, Google said.
The algorithm is verifiable and can be repeated on another quantum computer.
“The key thing about verifiability is it’s a huge step in the path toward a real world application,” Google Quantum AI’s staff research scientist Tom O’Brien said.
Medicine and materials science are among the potential applications of the breakthrough.
Alphabet shares rose as much as 2.4% Wed. on the announcement.

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