Top stories today:

1. Reddit's EBITDA -$69M in 2023, -7% margin on $800M revenue
2. Palantir's net income at $93M (15% margin), stock +17%
3. Ad revenue in Big Tech sees strong Q4, after weak Q4 2022
4. OnlyFake makes fake AI-generated IDs for $15
5. Starship Robot raises $90M for last-mile robots

0. Data and calendar

1. Reddit's EBITDA -$69M in 2023, -7% margin on $800M revenue

• Valuation of $5B+ still likely.

2. Palantir's revenue +20% to $608M, net income at $93M (15% margin), stock +17%

• U.S. commercial revenue +70% YoY to $131M in Q4.

• Stock now eligible to join S&P500, after 4 consecutive quarters of profits.

3. Ad revenue in Big Tech sees strong Q4 in 2023, after weak Q4 in 2022

4. OnlyFake underground website makes fake AI-generated IDs for $15, highlighting need for better KYC systems

• Our view: KYC systems must integrate with governments’ APIs to connect physical IDs to official databases.

  • A verification code or a QR code leading the KYC checker to a government website confirming the document are potential solutions, already adopted in countries like the UK.

5. Starship Robot raises $90M for last-mile robots

• $230M in total raised money.

• 6M deliveries made in 80 locations in U.S. and Europe.

  • Amazon made 333x more Prime deliveries in 2023, 2B.

• Partners: Bolt, Co-Op, Grubhub, others.

6. San Francisco 49er's condensed formation may have made them the #1 team

7. Interesting videos, posts, and memes

8. Other headlines

AI

• Roblox launches AI-based real-time translation for multiplayer game.

• Semafor working with Microsoft on AI to help aggregate stories.

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

*Sponsored.

Tech

• Snap to lay off 10%, eliminating 500 employees.

• Nintendo's revenue -6% to $4.0B, profits +18% to $0.9B.

• Vision Pro's YouTube app “on the roadmap,” but no specific dates.

  • Forgetting password may require visit to Apple Store.

• Amazon partners with Reach for customer data before Google kills cookies.

• Valentine Day's tech gifts guide.

• Sign up for Underdog Fantasy, the easiest place to play Fantasy Sports!*

• BetterHelp: professional online therapy to help you win at work.*

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

*Sponsored.

Tech & law

• Beijing plans to produce national 5nm chips this year.

• Google's ad antitrust jury trial scheduled for Sep. 9.

Biotech

• Novo Nordisk buys Catalent for $16.5B to increase Wegovy production.

• Fractyl raises $110M IPO, announces GLP-1 gene therapy candidate.

• Karl Pfleger interview on longevity, investments.

• Wealth correlates to life expectancy: study.

Business

• China stocks +3.5% as rumors of potential stimulus mount.

• Boeing's largest union to demand 40% raise over 3-4 years.

• Sequoia Capital's evergreen fund now manages $17.8B.

• NYCB's dividend slash led by pressure from watchdog OCC.

• College financial aid applications -57% YoY due to glitches.

Crypto

• Do Kwon's CFO Chang-joon extradited to South Korea by Montenegro.

• Farcaster reaches 19K DAUs after Frames launch.

• Oobit, crypto payments app, raising $25M from Tether, Solana's Yakovenko.

U.S. politics

• $118B Senate bipartisan bill may not pass on Wed.

• Biden threatens to veto House GOP's $18B Israel-only bill.

• Trump's federal election trial could extend into 2024: Judge Chutkan.

• Trump wants to debate Biden “immediately.”

• Nikki Haley requests Secret Service protection after threats.

World

• King Charles treated for undisclosed cancer discovered during surgery.

• Tucker Carlson's car seen leaving Kremlin, fueling Putin interview rumors.

• Iran-allied milita kills 6 soldiers of U.S.-allied milita in Syria.

• 2 Houthi sea drones struck by U.S. forces.

• Blinken on 5th Middle East trip since Oct. 7.

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