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SpaceX at $6B revenue, $0.2B profit run rate, after raising at $150B valuation

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Top stories today:

  1. SpaceX at $6B revenue, $0.2B profit run rate, $150B valuation
  2. Meta to release Code Llama, open-source code-generating AI
  3. Mortgage rate rises to 7.09%, highest in 20 years
  4. Bing remains at 3% market share, even with ChatGPT integration
  5. Americans wrongly ignore cancer, heart disease as main threats
  6. China fights CNY depreciation, sets trading band at record

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. SpaceX at $6B revenue, $0.2B profit run rate, after raising at $150B valuation

A 25x P/S multiple:

It also sold the Bitcoin it had previously purchased, writing down $373M and helping BTC's price go -7%

  • Elon also said SpaceX is on track to lift 80% of all mass to orbit, leaving China with 10% market share, and 10% for the rest of the world. - Twitter, WSJ

2. Meta to release Code Llama, open-source code-generating AI model

In contrast to most of its top competitors, who have closed-source, managed/cloud software:

Read more: The Information.

  • Recently launched and trusted by over 10,000 already.

  • Unlimited sending accounts & warmup.

  • Start for free, no credit card required. - Instantly

*Sponsored.

4. Average mortgage rate rises to 7.09%, highest in 20 years

Home prices are slightly down since 2022, but nothing compared to the 2007-2008 crash

5. Bing remains at 3% global market share, even with ChatGPT integration

  • Same level since ChatGPT was launched in November 2022. - WSJ, Statcounter

6. Americans wrongly perceive opioids, guns as major threats to health, while cancer, heart disease actually top the list

What people believe:

What is actually killing people (U.S. 2022 data):

7. China fights CNY depreciation, sets trading band at record differential from market expectations

The CNY is at its most depreciated level since 2008, as fears of a housing crash grow

8. Elon apologizes for not yet releasing shadow-banning tool, developing “underway”

9. 52% of young Americans believe moderate drinking is detrimental to health

Americans think marijuana is the least harmful of the most common legal substances

  • The evidence shows just a bit of tobacco can shave years off your life, while alcohol and marijuana's side effects are more significant when abused in higher quantities. - Wikipedia

10. Interesting tweets, memes, and videos

11. Other headlines

AI

  • Microsoft to offer open source models with Databricks, in blow to OpenAI.

  • Sakana AI: last Transformers co-author leaves Google to form startup.

  • Arthur Bench launches open-source tool to evaluate LLMs.

  • IBM Watson leader leaves and raises $60M for AI startup Elemental Cognition.

Tech

  • Instacart plans Sep. IPO, filing as soon as next week.

  • Microsoft to hold “special event” in NYC on Sep. 21, likely new Surfaces.

  • Ramp to raise $100M's at $5.5B valuation, from $8.1B in 2022.

  • Spotify paying white noise creators $38M/year.

  • WeWork landlords approach competitors, preparing for bankruptcy.

  • Match pauses background checks on Tinder and other apps.

  • Whatsapp to let users send HD photos.

  • Jack Dorsey quits Instagram, company he was an angel investor in.

  • Alphabet's Verily looks to spinoff, potentially in 2025.

  • India: top U.S. tech firms decry PC import curbs.

Biotech

  • Novartis plans Sandoz spin-off for Oct. 4.

  • Moderna: new Eris variant Covid vaccine effective in Phase 1 trial.

Business

  • Tesla cuts prices by as much as $10K in China.

  • China's 2023 growth forecast cut from 5.1% to 4.6%: Nomura.

  • China's EV car companies struggle to sell into Europe.

Crypto

  • FTX to have $175M claim in Genesis bankruptcy claim, after asking for $4B.

  • OpenSea disables royalty enforcement, makes creator fees optional.

  • Tornado Cash sanctions lawsuit ends with Treasury winning.

U.S. politics

  • DeSantis memo for debate: defend Trump, hammer Vivek.

    • Trump plots counterprogramming, potential surrender.

  • April 2026: when Trump's legal team wants Jan. 6 trial.

  • Biden “very obsessed” with Hunter coverage, “stuck” with son.

    • Only 36% approve of his handling of the economy.

  • Jared Kushner slow to invest $3B raised from Saudis, others.

  • Trump cancels event to refute Georgia allegations.

    • GOP Georgia state lawmaker calls for investigation into DA.

    • Grand jurors face threat after identities shared online.

  • Canadian sentenced to 22 years for mailing poison to Trump.

  • Proud Boys: prosecutors seek 27-33 years for seditious conspiracy.

  • San Francisco car thefts continue to alarm residents.

World

  • F-16s: U.S. approves sending Ukraine fighters from Netherlands, Denmark.

  • Belarus would use nuclear weapons in event of “aggression”: Lukashenko.

  • U.S., Korea, Japan leaders meet today at Camp David.

  • Another drone attacks Moscow building, no casualties.

  • Russia recruits spies to target weapons crossing Poland (80% of total).

  • Turkish companies use tankers to help Russia evade oil sanctions.

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