Top stories today:

1. SoftBank completes $22.5B OpenAI investment
2. NVIDIA said to be in advanced talks to acquire AI21 for $2B–$3B
3. Retro Biosciences reaches clinic with first autophagy drug trial
4. Tesla estimates -15% YoY in Q4 car deliveries to ~423K
5. Warner Bros. said to plan rejecting Paramount offer next week
6. Trump Mobile delays “T1” gold smartphone launch, citing shutdown

0. Calendar

No major events today.

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

1. SoftBank completes $22.5B OpenAI investment, finalizing $41B commitment

• SoftBank previously invested $7.5B in OpenAI.

• Late Mar.: SoftBank committed up to $41B, including an $11B syndicated co-investment from other backers.

2. NVIDIA said to be in advanced talks to acquire AI21 for $2B–$3B

• Google had also previously explored acquiring AI21, sources said.

• NVIDIA’s primary interest appears to be AI21’s workforce of~200 employees.

• The deal would resemble an acquihire, focused more on talent than technology.

• It would mark NVIDIA’s 4th significant acquisition in Israel and its 2nd-largest after the $7B Mellanox deal.

4. Retro Biosciences reaches clinic with first autophagy drug trial

RTR242 has entered a Phase 1 trial to restore lysosomal function:

• The candidate aims to help neurons clear toxic proteins and restore more youthful cellular function.

• The Phase 1 study is a randomized, double-blind, placebo-controlled trial in healthy volunteers.

• The trial is being conducted in Adelaide, Australia.

• Retro is also exploring cell therapies, including an approach to rejuvenate the brain’s immune cells.

5. Tesla estimates -15% YoY in Q4 car deliveries to ~423K

• Q4 deliveries were estimated at 440,907 vehicles by Bloomberg.

• Tesla has expected -8% YoY annual deliveries at ~1.6M.

Tesla’s delivery outlook for the next three years is also below Bloomberg consensus

• Tesla stock is still +14% YTD through Mon. close, despite the sales slowdown.

6. Warner Bros. said to plan rejecting Paramount offer next week

Warner Bros. shares were little changed on Tue. following the report:

• Paramount has yet to raise its earlier bid, a key concern for the Warner Bros. board.

• Dec. 8: Paramount offered $30/share in cash, three days after Warner Bros. accepted Netflix’s deal.

• Paramount later amended the offer twice, most recently adding Larry Ellison’s $40.4B personal guarantee.

• Next week: the Warner Bros. board is set to meet to decide.

7. Trump Mobile delays “T1” gold smartphone launch, citing government shutdown

• Trump Mobile’s customer service team confirmed the delay in deliveries.

• Jun.: the “U.S.-made” smartphone was unveiled at $499 to take on Apple and Samsung flagships.

• Aug.: The device was initially slated to debut.

8. OpenAI stock pay averages $1.5M per employee, far outpacing peers

9. Chinese AI firms fuel Hong Kong IPO rush as 25 companies list in Dec., most since 2019

10. Chinese carmakers take 12.8% of Europe EV sales in Nov., hybrids top 13% despite EU tariffs

11. Interesting videos, posts, and memes

12. Other headlines

AI

• ByteDance plans ~$14B on NVIDIA AI chips in 2026, +18% YoY: sources.

• Manus’ China break seals Meta’s $2.5B deal, $500M retention pool: report.

• xAI adds third site, nears 2GW training compute.

• GroqCloud bids to top $1B after NVIDIA licensing deal: report.

• Z.ai seeks $560M Hong Kong IPO at $6.6B valuation.

Tech

• NVIDIA seeks TSMC boost for H200 output amid 2M+ China orders: report.

• CXMT, China’s top DRAM maker, files for $4.2B IPO.

Tech & Law

• Intellexa sanctions on executives lifted by U.S.

• China plans tighter AI curbs to protect children.

Biotech

• CardioKG uses AI heart maps to speed drug discovery.

• TruDiagnostic tops consumer at-home aging test list.

Business

• Fed officials lean toward further rate cuts, timing uncertain.

• China’s economy set to hit 5% growth goal in 2025: Xi.

Crypto

• Cypherpunk buys $28M of zcash, now owns 1.7% of supply.

• Grayscale files for 1st U.S. Bittensor ETP.

• Bitwise files with SEC for 11 single‑token “strategy” crypto ETFs.

U.S. politics

• U.S. Coast Guard chases tanker as crew paints Russian flag.

• Medicaid data can be shared with ICE under Trump admin, judge rules.

World

• Iran protests enter third straight day as students join in.

• UN approves 7% budget cut to $3.45B, slashes 2.9K jobs.

• India’s Modi draws Ukraine criticism for endorsing Putin claims.

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