Top stories today:

1. OpenAI secures $4B revolving credit line to get $10B+ in liquidity
2. iPhone SE 4 to debut with Apple’s first 5G modem in spring 2025
3. Google’s AI Overviews will now surface ads
4. Gemini 1.5 Flash-8B now production-ready, with 50% lower price
5. Oil set to see biggest weekly gain since Feb. 2023
6. Elon predicts AGI in “couple of years,” wants to build “supersonic jet company”
7. Employment report expected to show 150K new jobs, out at 8:30 AM ET

0. Data and calendar

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

1. OpenAI secures $4B revolving credit line to get $10B+ in liquidity

• $2B additional credit line option is also available.

• ~6% interest: what OpenAI would be paying on the credit (SOFR + 1%).

• The credit line "strengthens our balance sheet and provides flexibility to seize future growth opportunities," OpenAI CFO Sarah Friar said.

• Wed.: OpenAI announced its $6.6B funding, valuing the company at $157B.

Relatedly, OpenAI has introduced a “canvas” interface for ChatGPT

• Canvas brings a window with a workspace for writing and coding projects.

• The window pop-ups automatically based on user queries.

• ChatGPT Plus and Teams users can experience Canvas.

• Next week: Enterprise and Edu users will also get the new interface.

• Free users may get the interface later — once it’s out of beta.

• OpenAI’s canvas works similar to Anthropic’s Artifacts.

3. iPhone SE 4 to debut with Apple’s first 5G modem in spring 2025

The new iPhone SE model is said to have the iPhone 14’s display resolution and an OLED panel: