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Top stories today:
- Tesla shareholders approve up-to-$1T Elon bonus package
- Sacks rebuffs AI bailout idea after OpenAI CFO comments
- Lilly, Novo strike Trump deals to cut obesity drug prices
- Google Finance taps Kalshi, Polymarket to show market odds
- Synchron, Neuralink rival, raises $200M at ~$1B valuation
0. Data and calendar
All values as of 6 AM ET / 3 AM PT, other than S&P500 and NASDAQ close (4 PM ET / 1 PM PT).
All times are ET.
Listen to our AI-generated podcast summarizing todayās newsletter (beware of hallucinations):
1. Tesla shareholders approve up-to-$1T Elon bonus package tied to 10-year milestones
Taking Teslaās market cap from ~$1.5T to $8.5T the top milestone of the compensation plan.
Elon would receive equity equivalent to ~1% of Teslaās current shares for each tranche he unlocks.
75%+ of shareholders voted in favor of the pay package.
Elon is already Teslaās biggest shareholder, with a ~15% stake.
Tesla will likely need to build āa gigantic chip fabā for AI chips, possibly with Intel, Elon told shareholders.
China is expected to fully approve Teslaās Full Self-Driving in early 2026, Elon said.
+1% in Tesla stock in pre-market trading on Fri.
Elonās 2018 pay package ā previously the most valuable ā is currently tied up in a dispute before the Delaware Supreme Court
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3. Sacks rebuffs AI bailout idea after OpenAI CFO comments
A federal ābackstopā to help fund AI infra. was floated by OpenAI CFO Sarah Friar during a Wed. session.
She softened her stance later in a LinkedIn post.
OpenAI is not seeking a government backstop for its infra. commitments, she wrote.
Sam Altman later backed Friarās clarification, saying OpenAI ādid not formally applyā for U.S. loan guarantees.
4. Lilly, Novo strike Trump deals to cut obesity drug prices to $245/mo. for Medicare
Lilly stock edged up after the news:
The deals are in exchange for tariff relief for 3 years and wider Medicare access.
$50/month co-pay for eligible Medicare users starting 2026.
Current U.S. prices top $1K/mo. for these weight-loss drugs.
LillyDirect will offer a $50/mo. discount.
5. Google Finance taps Kalshi, Polymarket to show prediction market odds
Kalshi and Polymarket gain a valuable endorsement from Google through the deal.
Google has also integrated Deep Search to enhance finance queries with richer AI-generated responses
6. Synchron, Neuralink rival, raises $200M at ~$1B valuation
Double Point Ventures led the Series D round.
The funds will be used to run a clinical trial and develop a version of the implant that will access multiple brain regions.
More money will be needed to commercialize and launch the Stentrode device.
Stentrode has been tested on 10 people so far.
Safe but unclear on efficacy.
It sits near the part of the brain that generates movement to help people control computers with their thoughts.
7. GTA VI launch delayed again, now set for Nov. 19, 2026
The game was previously rescheduled to May 2026 from fall 2025.
+33% YoY in Take-Two Q2 FY26 revenue to $1.96B, vs. $1.72B estimated.
-7% in Take-Two stock in extended trading after the delay was announced.
8. Chinaās exports -1.1% YoY, worst since Feb., as tariffs hammer U.S. demand
China had +8.3% in exports in Sep., and +3.0% was estimated for Oct.
+1.0% in Chinaās imports in Oct., the slowest in 5 months, vs. +7.4% in Sep. and +3.2% expected in Oct., underlining soft domestic demand.
-25% YoY in Chinese shipments to the U.S., while those to the EU and SEA were +0.9% and +11%, respectively.
Chinaās trade surplus with the U.S. +8.5% YoY to $24.76B in Oct.
9. a16z, Sequoia Capital, General Catalyst top U.S. VC dealmakers in Oct.
a16z dominated U.S. post-seed rounds last month with 7 known deals
However, NVIDIA stood out as the spendiest lead investor in Oct., with $2.3B invested
Y Combinator held on its customary spot in seed investments last month, with 16 deals announced
10. Interesting videos, posts, and memes
11. Other headlines
AI
Googleās AlphaEvolve cracks unsolved math puzzles with Terence Tao.
Google to launch Ironwood, its most powerful AI chip, for public use.
Zuckerberg, Chan reshape philanthropy around AI, scientific research.
Athyna: Save $80,000 per year on every engineering hire.*
*Sponsored.
Tech
NVIDIA hit as U.S. moves to block scaled-back AI chip sales to China.
FBI tries to unmask owner of infamous Archive.is site.
Duolingo stock -25%, worst session ever, on soft guidance.
Starlink signs Wi-Fi deal with British Airways owner.
Airbnb Q3 revenue +10% YoY to $4.10B, +9% in Nights and Seats booked.
Tech & Law
Biotech
Dementia support enters new era as tech empowers independent living.
Shanghai longevity forum marks shift from aging metrics to repair science.
Business
Crypto
Ripple deal lifts Larsen to $15.3B, joins billionaire ranks.
Samourai Wallet co-founder gets 5 years in money-laundering case.
U.S. politics
SNAP payments to continue as judge orders full Nov. benefits.
Nancy Pelosi to retire from Congress after ~40 years.
Sen. Thune readies Fri. vote on GOP shutdown deal.
World
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