Sam Bankman-Fried found guilty on all 7 counts of fraud
Bay Area Times
November 03, 2023
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Top stories today:
- SBF found guilty on all 7 counts of fraud
- Top AI companies agree to give govt's right to test models
- Apple's revenue -1% to $89.5B in Q3, led by decline in Mac
- Longevity VC at $550M in Q3, almost 2x Q2
- Israel encircles Gaza City, Hezbollah leader to speak
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. Sam Bankman-Fried found guilty on all 7 counts of fraud
<5 hours necessary for jury to convict.
Feb. 1: government must inform the court on whether the 2nd SBF trial (scheduled to start in Mar.) will proceed.
Mar. 28, 2024: sentencing. After which, SBF can appeal. - Axios
SBF is expected to get a 20-30 year sentence, although it could go up to 105 years
2. Top AI companies agree to give global governments right to test AI models before release
Companies: OpenAI, Anthropic, Google, Google DeepMind, AWS, Inflection AI, Meta, Microsoft, and Mistral AI.
Governments: U.S., UK, Australia, Canada, the European Union, France, Germany, Italy, Japan, Korea, and Singapore.
Non-binding agreement. - POLITICO
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4. Apple's revenue -1% to $89.5B in Q3, led by decline in Mac sales, stagnation in all regions
Services was +16% to $22.3B, making up for Mac's -34% to $7.6B:
No regions reported large gains or losses
5. Longevity VC at $550M in Q3, almost 2x Q2 but much below previous years
6. Israel encircles Gaza City, Hezbollah leader to speak today at 9 AM ET
Hezbollah leader Nasrallah to speak today, could join war.
Blinken lands in Tel Aviv, meeting Netanyahu.
Wagner Group plans to send weapons to Hezbollah: U.S. officials.
“Pauses” for hostages, aid requested by White House.
Cease-fire “not on the table”: IDF spokesperson.
House approves $14B in military aid to Israel, Biden vows to veto.
Hamas official who called for more Oct. 7's contradicts himself.
Top law firms write letter to top schools calling out antisemitism.
74 Americans evacuated from Gaza: Biden.
U.S. drones flying over Gaza (mostly in south).
Saudis raise money for Palestinians but prohibit protests.
7. GPT-3.5-Turbo cheaper than running open-source model Llama 2: Baseten
8. Runway's Gen-2 updated with more realistic AI video
Read more: VentureBeat, X.
9. Midjourney’s Style Tuner lets you create your own art style
Read more: VentureBeat, Midjourney.
10. Yellen defends not having sold more 30-year bonds: duration longest in decades
Druckenmiller previously said Yellen made “the biggest blunder in history”: “When rates were practically zero, every Tom, Dick, Harry, and Mary in the United States refinanced their mortgage. Unfortunately, we had one entity that did not, and that was the U.S. Treasury.”
Yellen: “I disagree with that assessment. We have found in regular discussions with Wall Street professionals having regular and predictable issuance of maturities across the spectrum — both long, intermediate and short — is critical.” - Bloomberg
11. Interesting videos, posts, and memes
12. Other headlines
AI
Tech earnings
Booking's revenue +21% YoY to $7.3B in Q3.
Block's revenue +24% to $5.62B.
Moderna's revenue -46% to $1.83B.
Shopify's revenue +25% to $1.71B.
Coinbase's revenue +14% to $674M.
Palantir's revenue +17% to $558M.
Cloudflare's revenue +32% to $336M.
Buzzfeed's revenue -29% to $73.3M.
Tech
Starlink now cash-flow breakeven: Elon.
Google Adsense moving from CPC to CPM.
Sheryl Sandberg setting up VC firm with husband.
Amazon's clothing stores shutting down as focus goes to groceries.
Instagram launches A/B testing for Reels.
Amazon partners with Affirm for buy now, pay later.
Arm makes strategic investment in Raspberry Pi.
Jeff Bezos move from Seattle to Miami.
San Francisco sees more tech companies, VCs moving in.
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Tech & law
FTC says Amazon's pricing algorithm is illegal.
Meta: former employee says Zuck ignored warning on teen protection.
Uber, Lyft agree to pay $328M to settle labor allegations in NY.
Biotech
Elastin Bio: CEO interview.
Aqtual raises $16M for precision medicine platform.
Business
Charlie Munger interview with WSJ.
Crypto
U.S. politics
Minnesota SC unlikely to bar Trump from running based on 14A.
Trump's sons testify in NY fraud case.
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