Top stories today:

1. Super Bowl LVIII: Chiefs win 25-22 vs. SF 49ers; Elon, Jack spotted
2. Waymo driverless car set on fire in San Francisco
3. Scams lead to record $10B lost in 2023 in U.S.
4. Equity risk premium lowest since early 2000s

0. Data and calendar

1. Super Bowl LVIII: Chiefs win 25-22 vs. SF 49ers; Elon, Jack spotted; record ratings expected

Elon Musk and Jack Dorsey were spotted at the Super Bowl in Las Vegas, the latter using a Satoshi T-shirt:

This Super Bowl is expected to have been the most watched, with 115M+ viewers, still below the 125M-150M who watched the moon landing

• Today: ratings should be released.

Taylor Swift dating Chiefs tight end Travis Kelce could have some positive impact on ratings

Her presence on Sunday night games came as Chiefs viewership was +28% higher than non-Chiefs viewership:

Pfizer's Super Bowl ad highlighted great scientists and underscored how Pharma needs better PR

• Watch more ads: The Verge.

2. Waymo driverless car set on fire in San Francisco

• Motive not confirmed, but it appears to have been an anti-tech riot.

• ~10 people involved, according to SF Fire.

• Multiple people filming the scene, meaning the evidence is out there.

4. Record $10B was lost to scams in 2023 in U.S.

5. Equity risk premium lowest since early 2000s

2 ways to measure Equity Risk Premium (ERP):

1. Higher estimate: S&P forward earnings yield / 10-year TIPS rate

2. Lower estimate: S&P trailing earnings yield / 10-year Treasury rate

We prefer a mix of the two: S&P trailing earnings yield (since forward earnings estimates are usually much higher than realistic ones — i.e. nominal GDP growth) / 10-year TIPS rate (since earnings should move with inflation, assuming all else is constant).

6. GOODY-2: AI that is so ethical it refuses to discuss anything

The artists at BRAIN took AI ethics to the extreme:

7. Digital advertising expected to continue to grow, as other ad types stall

8. Interesting videos, posts, and memes

9. Other headlines

AI

• NVIDIA starting custom chip unit.

  • CEO: countries must build sovereign AI infrastructure.

• Vercel announces integration with Perplexity.

• ASML showcases new $380M chip maker.

• MindStudio: start building AI apps in a single afternoon.*

*Sponsored.

Tech

• Disney, Fox, Warner sports streaming service could cost $50/mo.

• Bezos sells $2B in AMZN stock this week.

• Neuralink ditches DE, reincorporates in NV.

• Google One hits 100M subscribers.

• Vision Pro could take 4 generations to reach ideal form: Apple employees.

  • “Objection distortion” potential side effect of long term use.

• Runescape maker Jagex sold for ~$1.1B.

• Masterworks: invest in shares of paintings by Banksy and Picasso.*

*Sponsored.

Tech & law

• Abu Dhabi group G42 sells stakes in Chinese companies to appease U.S.

• Elon must testify in SEC Twitter probe: Court.

• Apple lobbying against right to repair 6 months after supporting it.

Biotech

• Reversing frailty linked to lower cardiovascular risk, mortality.

• Neurona raises $120M for cell therapy for neuro diseases.

Business

• 21% of economists think Fed policy is too tight, most since 2011.

• Reincorporating in NV, TX: a look at why some leave DE.

• Disney proxy fight to cost $70M as Peltz, Blackwells fight for seats.

Crypto

• NYAG expands crypto lawsuit to $3B, now suing DCG, Genesis, Gemini.

• Fireblocks lays off 3%, eliminating 21 employees.

• 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

• Ukraine, Israel aid advances in Senate by 67-27.

• Trump: would “encourage” Russia to attack non-paying NATO members.

  • Fast-track deportations in plans using 1798 Act.

  • NATO head Stoltenberg criticizes Trump.

• Defense Secretary Austin again in critical care.

• Congress approves $23B sale of 40 F-16s to Turkey.

• RFK Jr. could run as Libertarian, as they have ballot access.

  • Super PAC spent $7M on 30-sec Super Bowl ad.

World

• IDF rescues 2 hostages in Rafah.

• Hamas command tunnel founder under UN Gaza HQ.

• Elon denies Ukraine's accusation of Starlink offering services to Russia.

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