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TikTok ban bill sees unanimous 50-0 House committee vote

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Top stories today:

  1. TikTok ban bill sees unanimous 50-0 House committee vote
  2. Inflection 2.5 launches, underperforms GPT-4 in testing scores
  3. Huawei 7nm chip breakthrough in 2023 relied on U.S. technology
  4. Rivian announces R2/R3 electric SUVs, $45K+, coming 2026+
  5. Instagram surpasses TikTok in worldwide downloads

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.

1. TikTok ban bill sees unanimous 50-0 House committee vote

The vote follows a lobbying effort by TikTok, which included sending prompts to users urging them to contact their member of Congress:

TikTok screenshot.

  • The House Energy & Commerce Committee voted 50-0 to pass legislation to force ByteDance to divest TikTok within 165 days or face a U.S. ban.

  • Some lawmakers said they had to turn their phones off, due to an extremely high number of calls.

2. Inflection 2.5 launches, underperforms GPT-4 in testing scores

  • 1M DAUs, 6M MAUs.

  • In contrast, Anthropic’s Claude 3 and Google’s Gemini have caught up to OpenAI’s GPT-4.

Our view: GPT-5 is the most likely candidate to significantly improve upon GPT-4

  • Llama 3 is also a possibility, although most likely they will just become the top open-source LLM.

  • Significant improvements upon the Transformers architecture are likely necessary to achieve anything close to an actual AGI.

AI is expected to make it easier to sell, more than shorten sales cycles

  • Leverage data analytics to optimize sales approaches and increase revenue.

  • Implement sales performance metrics to track performance and drive growth.

  • Streamline sales processes with automation tools for increased efficiency and productivity.


4. Huawei 7nm chip breakthrough in 2023 relied on U.S. technology

Illustration of Huawei leveraging U.S. companies for chip development.

  • The chip relied on U.S. tech from Lam Research and Applied Materials.

  • SMIC got this equipment before a U.S. ban in October 2022.

  • China appears to not have an alternative to ASML’s ultraviolet lithography systems.

5. Rivian announces R2/R3 lineup of electric SUVs, $45K+, coming 2026+

Read more: The Verge.

6. Instagram surpasses TikTok in worldwide downloads

This makes it more unlikely to see TikTok flipping Instagram as the world’s most-used video-based social network

7. X launches Articles, allowing for long-form text-based content

X screenshot.

  • 100K character limit, vs. 25K for “longer posts” feature.

  • Our view: after coming for videos, X now wants text-based creators to start posting directly on the platform. Tweets with links already have limited reach, and we expect that trend to continue.

8. DocuSign’s revenue +8% to $712M in Q4 FY24, as 87% of revenue comes from larger, direct sales

  • 4% net income margin ($27M).

  • Stock +10% in the pre-market.

9. Interesting videos, posts, and memes

10. Other headlines


  • OpenAI probe likely to link CTO Mira Murati to Altman’s firing.

  • Pixel 8 won’t get Gemini Nano due to “hardware limitations.”

  • Microsoft announces “New Era of Work” event on Mar. 21.

  • TSMC’s revenue +9% to $12.6B in Jan.-Feb.


  • VisionOS 1.1 launches with improved personas.

  • Reddit IPO expected for late March, pricing on 20th.

  • Broadcom's revenue +34% to $11.96B, stock -3% on lower guidance.

  • Amazon to stop underwriting loans for sellers in $140B Marketplace business.

  • LinkedIn premium subs did $1.7B in revenue in 2023.

  • Discord likely to go public, revenue at $600M.

  • citizenM has 14 tech-ready hotels stateside for the best night's sleep of your life.*

  • BetterHelp: professional online therapy to help you win at work.*

  • HubSpot: download the 2024 Sales Trends Report, for free.*


Tech & law

  • China raising $27B for new, largest chip fund to counter U.S.

  • Chinese cranes in U.S. ports found to contain potential espionage modems.

  • Apple to make it easier to switch to Android due to EU’s DMA.

  • Adult content companies sue EU over obligation under DSA.



  • Powell: “not far” from being appropriate to cut rates.

  • Disney sells out ad inventory for Oscars, ~$2M/30sec.

  • Boeing pay to be more tied to safety.


  • CBDC “nowhere near” being pursued: Powell.

  • Do Kwon to be extradited to Korea, not U.S., as court reverses decision.

  • Uniswap: making it easier to buy, sell and trade tokens on Ethereum.*

  • tea Protocol: click to subscribe to tea's newsletter and learn more about how to get rewards for your open-source contributions.*


U.S. politics

  • Biden’s SOTU address: attacks on “predecessor,” higher taxes on rich.

  • House passes bill requiring detention of migrants who commit theft.

  • Sinema joins Haley, Manchin in ruling out 3rd-party run.

  • No Labels expected to launch independent bipartisan ticket soon.

  • Trump’s request to delay $83M payment to Carroll denied.

  • George Santos to run for another NY House seat.


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