Top stories today:

1. Tesla shareholders approve up-to-$1T Elon bonus package
2. Sacks rebuffs AI bailout idea after OpenAI CFO comments
3. Lilly, Novo strike Trump deals to cut obesity drug prices
4. Google Finance taps Kalshi, Polymarket to show market odds
5. Synchron, Neuralink rival, raises $200M at ~$1B valuation

0. Data and calendar

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

1. Tesla shareholders approve up-to-$1T Elon bonus package tied to 10-year milestones

• Taking Tesla’s market cap from ~$1.5T to $8.5T the top milestone of the compensation plan.

• Elon would receive equity equivalent to ~1% of Tesla’s current shares for each tranche he unlocks.

• 75%+ of shareholders voted in favor of the pay package.

• Elon is already Tesla’s biggest shareholder, with a ~15% stake.

• Tesla will likely need to build “a gigantic chip fab” for AI chips, possibly with Intel, Elon told shareholders.

• China is expected to fully approve Tesla’s Full Self-Driving in early 2026, Elon said.

• +1% in Tesla stock in pre-market trading on Fri.

Elon’s 2018 pay package — previously the most valuable — is currently tied up in a dispute before the Delaware Supreme Court

3. Sacks rebuffs AI bailout idea after OpenAI CFO comments

• A federal “backstop” 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 Friar’s clarification, saying OpenAI “did not formally apply” 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. China’s 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 China’s 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.

China’s 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

• Google’s 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.

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

• OpenAI faces 7 lawsuits claiming ChatGPT drove people to suicide, delusions.

• EU AI Act pause, simplification mulled amid Big Tech, U.S. pressure.

Biotech

• Dementia support enters new era as tech empowers independent living.

• Shanghai longevity forum marks shift from aging metrics to repair science.

Business

• Goldman elevates 638 to MDs with ~$400K base, hefty bonuses.

• a16z launches 8-week media fellowship for standout content creators.

• China eases rare earth export rules, but short of Trump expectations: sources.

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

• Israel escalates Lebanon strikes as tensions with Hezbollah rise.

• Venezuela resolution blocked by Senate, preserving Trump’s strike powers.

• Israel to scale back reservist forces as Gaza truce holds.

Advertise on the Bay Area Times

Disclaimer: The Bay Area Times is a news publisher. All statements and expressions herein are the sole opinions of the authors or paid advertisers. The information, tools, and material presented are provided for informational purposes only, are not financial advice, and are not to be used or considered as an offer to buy or sell securities; and the publisher does not guarantee their accuracy or reliability. You should do your own research and consult an independent financial adviser before making any investments. Neither the publisher nor any of its affiliates accepts any liability whatsoever for any direct or consequential loss howsoever arising, directly or indirectly, from any use of the information contained herein. Assets mentioned may be owned by members of the Bay Area Times team.

Please read our Terms of Service and our Privacy Policy before using Our Service.