Top stories today:

1. Google said to take on Anthropic with AI “Jarvis”
2. Apple said to overhaul Mac lineup with M4 chip this week
3. Oil falls 5% as Israel restricts Iran strike to military targets
4. U.S. labor market expected to have cooled in Oct.
5. Billionaires donate $695M, 18% of total funds raised in U.S. election

0. Data and calendar

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

1. Google said to take on Anthropic with AI “Jarvis” for browser-based tasks automation

• The AI would take over browsers for tasks like online research and purchases.

• Dec.: when its preview is speculated to be out.

• Also Dec.: when Gemini 2.0 as Google’s next flagship AI model is said to debut.

• Last week, Anthropic announced “Computer Use” capability for automation.

• The new moves could take AI agents to a new level.

3. Apple said to overhaul Mac lineup with M4 chip this week

• New 24-inch iMac, Mac mini, and MacBook Pro are expected.

• “Dramatic improvement in day-to-day use” is speculated via the M4 chip.

• Apple Intelligence will be across all devices.

• Last week, Apple SVP Greg Joswiak teased a “week” of Mac announcements.

Mac mini is speculated to get significant updates this time

• 2 revamped Mac mini versions are expected, including an M4 Pro variant.

• Smaller, Apple TV-like size.

• 5 USB-C ports in total, with 2 on the front.

• Ray tracing graphics technique to deliver more realistic images.

• In parallel, Apple is reportedly testing a blood-sugar app to help people with prediabetes.

5. Oil falls 5% as Israel restricts Iran strike to military targets

• Brent $73, West Texas Intermediate $69 after paring losses.

• Oct. 15: Israel assured U.S. it won’t strike Iranian oil site.

• Up to 4% of global oil supplies come from Iran.

• Israel is quietly boasting strategic gains from its counter-attack on Iran.

6. U.S. labor market expected to have cooled in Oct., hit by hurricanes, Boeing strike

• +111K payrolls are expected in Fri employment report, -50% of 2023 average 200K.

• 4.1% unemployment rate predicted, the same as in Sep.

• +0.3% MoM in average hourly earnings forecasted, down from 0.4% in Sep.

7. Billionaires donate $695M, 18% of total funds raised in U.S. election

Trump has been more reliant on allied super Pacs, which can take unlimited contributions:

• 34% ($568M) of Trump campaign funds came from U.S. elites, vs. 6% ($127M) of Harris funds.

• Harris groups outraised pro-Trump groups by $2.2B to $1.76B in total.

• 133 of 800 U.S. billionaires reportedly using wealth to sway election.

• Dustin Moskovitz, Reid Hoffman, and Michael Bloomberg are funding Harris.

• Tim Mellon, Elon Musk, and Miriam Adelson are among Trump backers.

8. VC deals in digital health space globally continue to decline

• 112 deals were closed in Q2 2024, vs. 149 a year ago.

• $1.5B raised in total in Q2, about the same that was raised a year ago.

• Foodsmart ($200M), Sword Health ($130M), and Pelago ($58M) were among the recent deals.

YTD, $3.1B has been raised by digital health startups

• 246 deals have been closed so far, vs. 617 in 2023.

Exits in the digital health space have been muted, with merely 16 deals closed in 2024 to date

• Truepill-LetsGetChecked worth of $525M was the recent deal.

• IPO window may be reopening, with some startups planning to go public soon.

9. China smartphone sales +2.3% in Q3, on track to see 1st annual growth in 5 years

• Vivo continued to lead the market with a 19.2% share.

• Huawei came 2nd, with a 16.4% share.

• -2.6% YoY by Apple, with a 13.5% share.

• Q4: updates in flagship models by all major brands are expected.

10. Interesting videos, posts, and memes

11. Other headlines

AI

• OpenAI says it won’t release “model code-named Orion” this year.

• Hong Kong unveils AI policy for finance, floats tax breaks for crypto.

Tech

• TSMC halted shipments to China firm after chip found on Huawei SoC: sources.

• Waymo raises $5.6B, led by parent Google.

• WeRide +7% after U.S. IPO.

• Accel files with SEC to tap thriving secondary market.

• General Atlantic opens Saudi office to scout Mideast deals.

• Saudi Aramco’s venture arm allocates $100M for AI investments.

Tech & law

• Delta sues CrowdStrike over update that prompted mass flight disruptions.

• Alibaba agrees to $433.5M settlement in shareholder lawsuit.

• Apple wins $250, but not much else, in patent trial vs. Masimo.

Biotech

• Neuralink rival Science Corp. says its eye implant restored vision in blind people.

• Eli Lilly gets nod to launch weight-loss drug Mounjaro in Hong Kong.

Business

• Boeing reportedly planning $15B capital raise as early as today.

• Lulu, top Gulf grocer, seeks up to $1.43B in Abu Dhabi IPO.

Crypto

• FTX settles suit against crypto firm Bybit for $228M.

U.S. politics

• Elon says $2T can be cut from budget in Trump’s Madison Sq. Garden rally.

• Harris woos minority votes in Philadelphia with Trump in NYC.

World

• Ukraine shaking down nightlife spots for draft.

• UK’s Starmer to embrace “harsh light of fiscal reality” in key budget.

• Japan in political turmoil after dramatic defeat for ruling party.

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