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Trump escalates EU tariff threat after targeting China, Canada, Mexico

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Top stories today:

  1. Trump escalates EU tariff threat after targeting China, Canada, Mexico
  2. OpenAI unveils Deep Research, o3-powered AI agent
  3. Sam Altman says OpenAI is on “wrong side of history” in open-sourcing
  4. DeepSeek’s AI cost $1.6B, far exceeding claimed $6M, research shows
  5. ChatGPT WAUs, subscribers 3x’d to 350M, 15.5M in 2024

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 today’s newsletter (beware of hallucinations):

ERRATUM: The headline “U.S. startups raising ≥$1M post-seed -75% to 62 in 2024” misrepresented the data, as 2023-2024 cohorts are still too early to assess for post-seed trends. h/t to our reader, J.M.

1. Trump escalates EU tariff threat after targeting China, Canada, Mexico

The euro dropped below $1.02 to a 27-month low following Trump’s renewed tariff threats

  • S&P futures are -1.4%, BTC -6% (since Sat.) to $96K, likely already pricing in high chances of a reversal.

Trump invoked the IEEPA on Sat. to impose a 25% tariff on Canada and Mexico and 10% on China

* Disclaimer: Please read the offering circular at invest.modemobile.com. This is a paid advertisement for Mode Mobile’s Regulation A offering. A reservation of the ticker symbol is not a guarantee that we will be listed on the Nasdaq. Any IPO timing is unknown, general steps to be accepted have not been undertaken at this point, and that listing is not guaranteed.

3. OpenAI unveils Deep Research, o3-powered AI agent for generating comprehensive reports

Deep Research outperforms all models in the Humanity’s Last Exam benchmark, slightly ahead of o3’s preview (25.7)

Separately, o3-mini has debuted as OpenAI’s new small reasoning model

  • $4.40/M output tokens, vs. DeepSeek’s $2.19/M.

o3-mini medium scored 89 on the Artificial Analysis Quality Index, behind o1

o3-mini lags behind o1 and GPT-4o in agentic tasks and on MLE-Bench, per OpenAI

The model also underperformed on multilingual capabilities

4. Sam Altman says OpenAI is on “wrong side of history” in open-sourcing tech

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