Top stories today:

1. ChatGPT testing ‘Memory’ feature
2. CPI, core CPI surprise to the upside, delaying rate cuts
3. Lyft stock temporarily +65% due to typo in guidance
4. Shopify's revenue +24% to $2.1B in Q4
5. Zuckerberg posts video saying Quest is better than Vision Pro

0. Data and calendar

1. ChatGPT testing ‘Memory’ feature

• Being tested this week with 100K’s of users, with a potential expansion “soon.”

• Can be turned on and off in Settings.

It works through system prompt engineering behind the scenes, according to some user reports

2. CPI, core CPI surprise to the upside, delaying expectations of rate cuts to June

• CPI: 0.3% MoM / 3.1% YoY in Jan., above 0.2% / 2.9% expected, from 0.3% / 3.4% in Dec.

• Core CPI: 0.4% / 3.9%, vs. exp. 0.3% / 3.7%, from 0.3% / 3.9%.

Rate cuts are now expected in the Fed’s June meeting, rather than in May

4. Lyft stock temporarily +65% due to typo in guidance, closes at +16%

• EBITDA margin guidance was 1st published as +500 bps over 2024, and was then corrected to +50 bps.

• Bookings were +17% YoY to $3.72B in Q4, vs. $3.67B expected.

• Revenue was only +4% to $1.22B, in line with expectations.

• Net result of -$26M, from -$588M in Q4 2022.

• ~30% market share in U.S., vs. 70% for Uber.

5. Shopify's revenue +24% to $2.1B in Q4

• Gross margin: 50% in Q4 2023, from 46% in Q4 2022.

• Free cash flow margin: 21%, from 5%.

• Free cash flow: $446M, from $90M.

The stock still fell 13% due to guidance of ”a low-teens percentage rate” in Q1

6. Mark Zuckerberg posts video saying Quest is better than Vision Pro

• He criticizes the Vision’s motion blur, weight, wires, field of view, ergonomics, and others.

• He claims Quest is better at video games, being an open system, social interactions — the “vast majority of things.”

• Our view: can you ever imagine Steve Jobs or even Tim Cook doing a video like this? Comparisons are usually an admission of guilt, but many believe it shows Zuckerberg’s tenacity.

7. NVIDIA surpasses Amazon as world’s #6 most valuable company

• NVIDIA is +50% YTD.

• 7 companies are worth $1T+.

8. All NATO members bordering Russia fulfilled commitment of spending 2%+ of GDP on military

9. Interesting videos, posts, and memes

10. Other headlines

AI

• Bret Taylor raises $110M for AI agents startups.

• OpenAI founding member Andrej Karpathy departs.

• Google Gemini can store your chats for 3 years, even if deleted.

• Sarah Silverman’s suit against OpenAI mostly dismissed.

• Patent Office: AI cannot be inventor, can help humans.

• Apple shows AI model capable of animating SVG images.

• MindStudio: free webinar to start building AI apps in a single afternoon.*

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Tech earnings

• ASML’s net sales €27.6B in 2023.

•  Instacart’s revenue +6% to $803M, laying off 7% (250 employees).

• Robinhood’s revenue +29% to $467M, below expectations.

Tech

• Vision Pro now has 1K apps.

• Bezos sells $4B in Amazon stock in 4 days.

• Pete Distad, former Apple exec, could head Disney, Fox, Warner JV.

• SpaceX flight carrying NASA payload to moon delayed to Thu morning.

• Foundry Group, $3.5B AUM, won’t raise another fund, shutting down.

• Sony to IPO its financial arm in Oct. 2025.

• Waymo recalls, updates software after 2 cars crashed into same truck.

• Masterworks: invest in shares of paintings by Banksy and Picasso.*

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Tech & law

• Tesla’s Mexico factory tapping Chinese suppliers, worrying U.S.

• Oct. 2026: judge set date for FTC v. Amazon trial.

• EU's “gatekeeper” rules won't impact iMessage, Bing, Edge.

Biotech

• BioAge raises $170M for weight loss drug that preserves muscle mass.

• Rapamycin review: low dose linked to safety, efficacy unclear.

Business

• Boeing gets 45-plane order from Thai Airways.

• Jon Stewart gets 1.85M viewers on Daily Show, most since 2018.

• IRS sues FDIC over Silicon Valley Bank’s alleged $1.4B tax debt.

• Paramount lays off 3% of staff, firing 800 employees.

Crypto

• Phantom, Solana wallet, hits 3.2M MAUs.

• Coindesk was sold to Bullish for ~$75M.

• $290M hack hits PlayDapp.

• Aptos implements passwordless passkey authentication for transactions.

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

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U.S. politics

• House speaker rejects $95K Ukraine, Israel bill, no alternative yet.

• Democrat wins House seat vacated by George Santos.

• Mayorkas impeached in House on 2nd try by 214-213.

• Biden attacks Trump’s comments on NATO, pushes Ukraine aid.

• Trump adviser: no NATO protection for countries with militaries <2% of GDP.

• Defense Secretary Austin released from hospital.

• Kushner plans to sit out potential 2nd Trump admin.

World

• Gaza ceasefire talks in Cairo enter 2nd day as IDF borders Rafah.

• Pro-Hamas hackers targeted Israeli engineers before Oct. 7.

• Hamas returning to power in Northern Gaza: IDF colonel.

• Russia’s alleged use of hypersonic missiles being investigated by U.S.

• Ukraine says it destroyed another Russian warship.

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