Top stories today:

1. Telegram quietly removes privacy claim from FAQ
2. Trump confirms plan for Elon-led Government Efficiency Commission
3. OpenAI now has 1M paid users for ChatGPT’s business versions
4. Global VC funding -23% YoY to $18B in Aug., weakest month in 2024
5. Broadcom’s revenue +47% $13.1B in Q3 FY25
6. Founder-led startups grow faster in value than non-founder-led ones

0. Data and calendar

1. Telegram quietly removes privacy claim from FAQ, as Durov acknowledges cooperation with France

One mention of Telegram chats being private and untouchable by legal requests was removed from Telegram’s FAQ:

• A question on copyright complaints still contains that line, suggesting that Telegram is now open to breaking private chat encryption for claims of more serious “illegal content”, but not of copyright violations.

• Telegram is not end-to-end encrypted by default, unlike Signal and WhatsApp.

Durov called his arrest “misguided,” and denied Telegram is an “anarchic paradise”

• “We take down millions of harmful posts and channels every day,” he said.

• “Hot line” was provided to French authorities for contacting Telegram.

• “No innovator will ever build new tools if they know they can be personally held responsible for potential abuse of those tools.”

3. Trump confirms plan for Elon-led Government Efficiency Commission

• “Complete financial and performance audit” of the government will be done by the commission.

• 15% corporate tax rate for companies that build in America was proposed by Trump, vs. 21% today (and 35% pre-Trump).

• Economic Club of New York was where Trump made the announcement.

• Sovereign-wealth fund plans were also revealed.

• Making the U.S. the world's crypto capital also reiterated.

Relatedly, Trump lost $4B in wealth amid the slump of Trump Media, of which he owns about 60%

Trump Media’s market cap fell to $3B over the past months, from a high of $9B:

• Trump’s net worth is now estimated at ~$4B: $2B from Trump Media and $2B from his real estate.

4. OpenAI now has 1M paid users for ChatGPT’s business versions

• Aug. 2023: ChatGPT Enterprise debuted for businesses.

• Anthropic and other competitors introduced similar business offerings recently.

• Relatedly, ChatGPT subscriptions of up to $2K/month were said to be in consideration to cover outsize costs.

5. Global VC funding -23% YoY to $18B in Aug., weakest month in 2024

• -36% MoM from $28.4B in July.

• North America represented 66% of global funding in Aug.

• Asia 25%.

24% of startup funding ($4.3B) went into AI in August

6. Broadcom’s revenue +47% $13.1B in Q3 FY25, as lower than expected guidance disappoints investors

The stock is -9% in the pre-market:

• $14B revenue guidance for the next quarter, vs. $14.04B expected.

• $12B in AI sales guided for 2024, from $11B previous.

• Non-GAAP net income hit $6.1B, as the GAAP net result was -$1.9B, including a non-cash -$4.5B tax provision.

7. Founder-led startups grow faster in value than non-founder-led ones in 5 years

• 22.4% annualized value creation by founder-CEOs in 2024, vs. 4.7% by non-founder CEOs.

• $3.6M higher median valuation growth for founder-CEOs in 2024 fundraising.

• Paul Graham recently talked about the virtues of running a startup in “founder mode.”

• Google, Uber among companies hiring external CEOs once they get mature.

8. Healthcare PE funds in North America, Europe deliver similar returns to other PE funds

9. Interesting videos, posts, and memes

10. Other headlines

AI

• Bing partners with StopNCII to block deepfake-created revenge porn.

• NVIDIA’s AI chips cheaper to rent in China than U.S. despite Washington sanctions.

• YouTube announces AI tools to protect creators’ likeness from being copied.

• Google rolls out Ask Photos in “early access” to select users in U.S.

• Applied Digital raises $160M from NVIDIA, others for AI compute leasing.

Tech

• X VP of global affairs Nick Pickles leaving company after decade.

• Apple clears WeChat update for iOS as talks over App Store fees continue.

• Intel considers selling part of its 88% stake in Mobileye.

• Qualcomm has explored buying portions of Intel’s design business.

• Salesforce buys security startup Own for $2B.

• Qualcomm’s working with Samsung, Google on mixed-reality smart glasses.

Tech & law

• U.S., UK, EU, and others sign high-level AI safety treaty.

• New export controls on quantum, semiconductors likely coming.

• Amazon challenges labor board’s structure in lawsuit over union election.

• Xockets, backed by Yahoo co-founder and Intel CTO, suing NVIDIA, Microsoft.

Biotech

• Lykos CEO resigns after MDMA drug rejection.

• eGenesis raises $191M to advance xenotransplantation into clinic.

• Fake Ozempic spreads as criminal groups leverage forged batch numbers.

• Abbott follows Dexcom with OTC glucose monitor launch in U.S.

• China detains AstraZeneca staff over alleged unapproved drug transport.

Business

• Verizon buys Frontier in $20B deal to boost fiber network.

• CFIUS worries about steel supply after Nippon-US Steel deal.

• Larry Ellisson will own 77.5% of Paramount after Skydance deal.

• Japan pledges $2.4B to support domestic EV battery production.

Crypto

• Visa, Santander picked by Brazil’s central bank for second phase of CBDC pilot.

• UK says 87% of crypto registration applications failed to meet standards.

U.S. politics

• Hunter Biden enters guilty plea to avoid tax trials.

• Trump’s election campaign “not relevant” to his 2020 case, judge says.

World

• U.S., China commanders to discuss conflict prevention “in next few weeks.”

• Gaza talks stall over details of hostages-for-prisoners swap: U.S. officials.

• Macron names Brexit negotiator Barnier as new prime minister.

• Putin’s flagship Arctic gas project struggles to attract customers.

• Zelensky overhauls cabinet with 9 new ministers, top diplomat.

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