Top stories today:

1. Neuralink shows quadriplegic patient controlling cursor
2. Fed keeps rates at 5.25% - 5.50%, suggesting 3 cuts in 2024
3. Reddit prices IPO shares at $34, valuing it at $6.5B
4. Apple expected to be sued by DOJ for antitrust as soon as today

0. Data and calendar

1. Neuralink shows quadriplegic patient controlling cursor via brain-computer interface

• “Blindsight is the next product after Telepathy,” said Elon Musk, co-founder of Neuralink.

• “It's not perfect. I would say we have run into some issues,” said the patient.

• Neuralink devices contain more electrodes than competitors, yet others have shown similar capabilities.

2. Fed keeps rates at 5.25% - 5.50%, suggesting 3 cuts in 2024, as S&P +1% to a new all-time high

• Bond holdings reductions also to be slowed “fairly soon,” according to Powell.

Most Fed officials expect 2 or 3 rate cuts this year

S&P 500 was +1% to 5,224.62, rising to an all-time high after the Fed’s 2PM announcement

4. Reddit prices IPO shares at $34, top of $31-$34 range, valuing it at $6.5B

• $519M raised.

• Reddit sold 15M shares, existing shareholders sold 7M.

• $91M net loss in 2023, from a $159M loss in 2022.

In other tech IPO news, Astera Labs was +72% on its 1st trading day, hitting a $9.5B market cap

Read more: CNBC.

5. Apple expected to be sued by DOJ for antitrust as soon as today, stock -1% in pre-market

• Accusations are that Apple blocks rivals from using hardware and software features on the iPhone.

6. 80% of websites have Google trackers, 35% for Microsoft, 28% Facebook

7. Interesting videos, posts, and memes

8. Other headlines

AI

• Cohere nears $500M funding at $5B valuation, $22M ARR.

• Stability AI: key members of research team leave British AI unicorn.

• GitHub introduces AI-powered code-scanning tool for automated fixes.

• Google uses AI to forecast riverine flooding 7+ days in advance.

• HubSpot: download the guide on how to use AI for better results, for free.*

• RAD AI: AI marketing leader, 3X growth, trusted by Hasbro & MGM. Invest in AI today!*

* Sponsored. Disclaimer: This is a paid advertisement for RAD AI’s Regulation CF offering. Please read the offering circular at invest.radintel.ai.

Tech

• Temu parent PDD’s revenue +123% YoY to $12.35B.

• Amazon execs see Temu, Shein as major threats, rather than Walmart, Target.

• Micron’s revenue +58% YoY to $5.82B.

Tech & law

• TikTok ban bill likely to see Senate hearing, which could derail it.

• FBI resumes outreach to social media companies over foreign propaganda.

• Privacy bill approved in House by 414-0.

• Meta, Microsoft, Match, X critique Apple's new EU App Store policy.

Biotech

• Loyal, longevity startup for dogs, raises $45M.

• Ultrahuman smart ring raises $35M Series B, at $35M ARR.

• Centenarians puzzlingly lack autoimmunity.

Business

• Switzerland unexpectedly cuts rates from 1.75% to 1.5%.

• Taiwan raises benchmark rate from 1.875% to 2%.

• Galderma prices IPO at 53 Swiss francs, at CHF12.6 market cap.

• Apollo offers $11B for Paramount’s Hollywood studio.

Crypto

• FTX CEO: SBF’s behavior criminal, harm was vast.

• Do Kwon’s appeal of Korea extradition rejected by Montenegro court.

• BlackRock launches asset tokenization fund on Ethereum.

• $6B China fraud: UK woman found guilty of laundering Bitcoin.

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

*Sponsored.

U.S. politics

• Defense spending to +3%, domestic spending flat in new bill.

• Republican Study Committee proposes cuts to Social Security, Medicare.

• Assange, DOJ exploring guilty plea to end 14-year legal fight.

• Biden admin to forgive more $5.8B in student debt.

• Biden campaign has $71M of cash, Trump $33M.

• Marco Rubio potential Trump VP, but 15 are on shortlist.

• Truth Social could make Trump $3.5B after public listing.

World

• Netanyahu assails Schumer to Senate GOP.

• EU may give Ukraine $3B/year of interest from frozen Russian assets.

• Hypersonic missile tested by U.S. bomber.

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.