Top stories today:

1. OpenAI said to fight Google with web browser
2. Ripple, Kraken, Circle, a16z said to vie for seats on Trump’s council
3. Crypto tokens targeted by SEC rally on Chair Gensler’s exit
4. VC funding in crypto startups dropped to $3.1B in 2024 YTD
5. Apple said to be developing “LLM Siri” for conversational AI overhaul

0. Data and calendar

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

1. OpenAI said to fight Google with ChatGPT-based web browser

• Samsung devices may also get OpenAI AI integrations.

• OpenAI hired 2 ex-Google employees who were instrumental in the development of Chrome.

• The browser’s search would work with 3rd-party travel, food, real estate, and retail sites.

• Conde Nast, Redfin, Eventbrite, and Priceline could be early partners.

3. Ripple, Kraken, Circle, a16z said to vie for seats on Trump’s crypto council

• Jul.: Trump first promised the new council.

• Coinbase CEO Brian Armstrong recently met with Trump, signaling interest in the council.

• Digital asset policy and BTC reserve could be council’s key objectives.

• Some consumer groups warn crypto industry shouldn’t set its own rules.

4. Crypto tokens targeted by SEC rally on Chair Gensler’s exit

• BTC hit $99.5K and SOL $264, surpassing its 2021 high.

• Thu.: SEC Chair Gary Gensler announced his exit effective from Jan. 20.

• XRP, ADA, and SOL were previously targeted by SEC litigation.

• +47% of BTC’s gain was outperformed by XRP, ADA, and SOL since Trump’s win on Nov. 5.

5. VC funding in crypto startups dropped to $3.1B in 2024 YTD

• Crypto prices have been going up without a surge in primary offers.

• 2021: $21.5B in new crypto venture funding.

• 2024: 537 investment deals have closed so far, vs. 896 in 2023.

• 24+ M&A deals this year, but only 1 disclosed its value.

6. Apple said to be developing “LLM Siri” for conversational AI overhaul

• 2025: Apple is said to announce the overhaul with iOS 19 and macOS 16.

• Spring 2026: The new Siri is expected to be available for users.

• New Apple AI models will be used for the revamped Siri.

• Features like human-like interactions, text summarization, and precise app control.

• iOS 18 will carry a glimpse of it through a 1st-gen Apple LLM.

7. WhatsApp introduces voice message transcripts

• Rolling out globally over the “coming weeks”.

• English, Portuguese, Spanish, and Russian languages supported initially.

• 2023: Apple introduced transcripts on the Messages app.

8. Foreign holdings of Chinese bonds decline by RMB275.8B ($38B) in Sep.-Oct.

China’s 10-year bond yields temporarily surged from historic lows after Sep.’s stimulus package

9. PE deals in Germany +36% YoY to €65.9B in 2024 YTD despite shrinking economy

• 616 deals have closed YTD.

• €28B invested in Q4 alone, a decade-high and 2x from the €15.6B in Q2.

• 100 transactions in Q4, 60% of Q2’s deal count.

• ADNOC-Convesto (€14.7B) and TPG-GIC-Techem (€6.7B) were the 2024’s biggest deals.

10. Interesting videos, posts, and memes

11. Other headlines

AI

• Brave Search adds AI chat for follow-up questions after search query.

• Rabbit releases teach mode in beta for all R1 users.

Tech

• Google said to have canceled Pixel Tablet 2 due to demand concerns.

• Nick Pickles, ex-VP at X, joins Sam Altman’s Tools for Humanity.

Tech & law

• Amazon likely to face EU probe next year over DMA violations: sources.

• Texas AG investigates ad group sued by Musk for “boycotting” X.

• Snap files to dismiss New Mexico child safety lawsuit.

Biotech

• Enveda, AI drug discovery startup, raises $130M.

• Novartis signs $1.1B deal for muscular dystrophy biotech.

• MetaShape aims to use NAD+ levels against age-related diseases.

• McKinsey nears $600M settlement with DOJ over opioid claims: report.

Business

• Ken Griffin open to selling Citadel stake.

• DirecTV drops Dish takeover after bondholder pushback.

• American defense firms warned by U.S. intel. agencies of Russian sabotage.

Crypto

• Mara Holdings raises $1B for BTC acquisition.

• UK to release crypto, stablecoin rules early in 2025.

U.S. politics

• Matt Gaetz withdraws from Attorney General consideration.

• Pam Bondi, former Florida AG, nominated by Trump as new AG.

• Marjorie Taylor Greene to lead DOGE subcommittee in House.

• Warsh still favorite (66%) for Treasury, could go to Fed Chair in 2026.

World

• Iran says it will expand nuclear centrifuges after UN watchdog dispute.

• Ukraine says Russia deploying “new” missile as war escalates.

• China “willing” to engage in Trump dialogue as it backs exporters.

• ICC warrants for Netanyahu arrest “fundamentally” rejected by U.S.

• Bolsonaro indicted by Brazilian police over alleged 2022 coup attempt.

Was this newsletter forwarded to you? Sign up here. Liked it? Forward it to friends and get rewards (see below).

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.