Top stories today:

1. Reddit files for IPO, showing -$91M in net income for 2023
2. NVIDIA beats Meta’s record, adding $277B in market cap in 1 day
3. U.S. lands 1st spacecraft on moon since 1972
4. Chrome introduces Gemini-powered “Help Me Write” tool
5. Stable Diffusion 3 announced in early preview

0. Data and calendar

1. Reddit files for IPO, showing -$91M in net income for 2023

• $1.85B raised since inception.

• $10B valuation in its last (2021) round.

• $5B+ expected valuation.

• 1st social media IPO since Pinterest's in 2019.

• Reddit's most active users will be given the chance to invest in the IPO.

Sam Altman controls 8.7% of the company’s stock

• Sam Altman is the 3rd largest shareholder, behind Advance and Tencent.

2. NVIDIA beats Meta’s record, adding $277B in market cap in 1 day

• Nvidia shares closed +16% after strongly beating market expectations in its Q4 earnings.

• Nvidia’s competitors were also up: AMD +11%, Arm +4%, and TSM +3%.

NVIDIA closed at $1.96T market cap, making it the world’s #4 most valuable company

NVIDIA co-founder and CEO Jensen Huang is now the world's 21st richest

4. U.S. lands 1st spacecraft on moon since 1972

• Odysseus commercial lander from Intutitive Machines.

• Launched on a SpaceX rocket.

• $118M paid by NASA to Intuitive.

5. Chrome introduces Gemini-powered “Help Me Write” tool

• Launched in beta for English-speaking U.S. users.

6. Stable Diffusion 3 announced in early preview, could become best open-source text-to-image AI model

• Combination of a diffusion transformer architecture and flow matching.

• Waitlist available now.

7. Top 25% of TikTok users produce 98% of content

Calculating based on number of videos, regardless of views or length:

8. 52% of top news websites block OpenAI's crawler

9. Interesting videos, posts, and memes

10. Other headlines

AI

• Google updates AI features for advertisers with Gemini.

• Google’s AI image generator taken offline over failed historical images.

• Phind-70B claims to be on par with GPT-4 for coding.

• Waymo's driverless robotaxi application on hold until Jun. 19.

• Microsoft announces Generative Erase, AI feature to clean photos.

• Jasper, AI startup, buys Clipdrop from Stability AI.

• HubSpot: download 100 curated ChatGPT prompts, for free.*

*Sponsored.

Tech earnings

• Block's revenue +24% to $5.77B in Q4, stock +13%.

• Booking's revenue +18% to $4.8B.

• MercadoLibre's revenue +42% to $4.3B.

• Intuit's revenue +11% to $3.39B.

Tech

• AT&T restores signal after 10-hour outage, blaming software update.

• SubStack reaches 3M+ paid subscription.

• Microsoft brings Wi-Fi 7 support to Windows 11, in preview.

• Vice to cease publishing new stories on website.

• citizenM has 14 tech-ready hotels stateside for the best night's sleep of your life.*

*Sponsored.

Business

• Fed’s Waller, seen by some as top 2 at FOMC, sees “no rush” to cut rates.

• China's new home prices -1.2% YoY.

• JPMorgan CEO sells ~$150M of shares.

Crypto

• Eigenlayer gets $100M from a16z.

• FTX estate gets OK to sell 7.84% stake in Anthropic, worth $1B+.

  • $6.4B in cash at hand.

  • $323M EU lawsuit likely to be settled for $33M.

• Kraken seeks dismissal of SEC’s lawsuit, following Binance, Coinbase.

• tea Protocol: click to subscribe to tea's newsletter and learn more about how to get rewards for your open-source contributions.*

*Sponsored.

U.S. politics

• Trump seeks dismissal of classified docs criminal case, citing immunity.

  • Denied request to pay $355M+ in penalties.

• Trump 62%, Haley 37% in SC, as primaries happen tomorrow.

• Biden meets with Navalny’s widow, daughter.

• Hunter Biden case: ex-FBI informant charged with lying re-arrested.

World

• U.S. warns Russia not to deploy nuclear-armed space weapon.

• “Local officials” to govern Gaza in Netanyahu's post-war plan.

• Israel, Hamas hostage talks ongoing in Paris.

• U.S. sanctions 500+ new targets in Russia.

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