Top stories today:

1. Shein confidentially files for U.S. IPO, as Reddit, Skims explore
2. Cyber Monday online sales expected at $12.2B in U.S.
3. Late-stage VC suffers most in Europe, with fewer rounds
4. iPhone shipments at 53% U.S. market share in Q3
5. Financial happiness means $1.2M net worth to Americans

0. Data and calendar

1. Shein confidentially files for U.S. IPO, as Reddit, Skims explore possibilities

• Shein's last valuation: $66B, in May 2023, from $100B in April 2022.

  • Estimated 2x P/S, 60x P/E.

  • Goldman Sachs, JPM Chase, and Morgan Stanley are the lead underwriters.

  • ETA: 2024.

  • Headquarters moved to Singapore, from China, in 2021.

• Reddit sought a $15B valuation when talking to investors in 2022.

• Kim Kardashian's Skims was recently valued at $4B and is also testing the waters.

2. Cyber Monday online sales expected at $12.2B in U.S., +8% YoY

• Today: actual numbers are expected.

3. Late-stage VC suffers most in Europe, with fewer rounds, lower valuations

Total capital invested fell by about half vs. 2021/2022, similar to the U.S.:

$100M+ rounds were particularly hit

Valuations of late-stage startups were also hit

Seed-stage startups have proved more resilient, with a median valuation of $6M for Europe, vs. $12M in the U.S.

4. iPhone shipments at 53% U.S. market share in Q3; Samsung 25%

5. Financial happiness means $1.2M net worth to Americans

• 59% say money can buy happiness.

• 71% say money would solve most of their problems.

• 73% experience financial stress.

6. TikTok encouraging creators to do 1min+ videos, rather than <15sec

• The goal is to emulate YouTube, which has been taking market share in short-form video.

• Users spend 50%+ of time watching 1min+ videos.

• Current max length is 10min, 15min is in testing.

7. 2.91M fly in U.S. on Sunday, a record, at +14% YoY

8. Elon in Israel: “I'd like to help” rebuild Gaza, comparing it to post-WW2 Germany, Japan

Elon spoke in a 23min X Spaces with PM Netanyahu:

• Antisemitic accusations from most of the media preceded the visit.

• Ceasefire extended until Thursday, from Tuesday.

• $53B: estimated cost of war, says Bank of Israel.

• Blinken confirms 3rd visit to Israel.

• Milei heads to orthodox tomb as 1st step in NY visit.

9. Interesting videos, posts, and memes

10. Other headlines

AI

• AWS launches new AI features: Transcribe, Personalize, Lex.

• Sports Illustrated posts fake AI articles written by fake AI authors.

• GAIA: new AI model benchmark.

• Google Deepmind Chief Scientist: interview.

• OpenAI: how much is it worth now? Matt Levine opines.

Tech

• Foxconn to invest $1.54B in India.

• Vargo's $4K XR-4 headset promises better passthrough than Vision Pro.

• AWS announces 3 new serverless offerings.

• YouTube Playables games arrive in beta for Premium users.

• $10B+ family office of Whatsapp co-founder: a look at Newlands.

• Salesforce products to be available at AWS Marketplace.

• Oxford Quantum Circuits raises $100M for compute-as-a-service.

• Amazon One Enterprise brings palm-scanning tech to business.

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Tech & law

• Amazon, iRobot deal: EU regulators have concerns.

• Bumble, Match suspend ads on Instagram after WSJ report.

• Meta's $5B privacy deal with FTC can move forward with revisions: judge.

• U.S. worried about Chinese ties of Emirati AI firm G42.

Biotech

• Loyal expects canine longevity drug approval in 2026.

• Amaranth Foundation publishes Bottlenecks of Aging report.

• Visceral fat linked to Alzheimer's amyloid aggregation.

• Cradle, AI protein designer, raises $24M.

• FDA approves 1st therapy for rare type of non-cancerous tumors.

Business

• Amazon seeks 50K sq. ft. in Miami, after Jeff Bezos's move.

• ‘Authentic’: Merriam-Webster's Word of the Year, ahead of deepfake, rizz.

Crypto

• CZ must wait for sentencing in U.S. for time being: judge.

• d/acc (decentralization acceleration) proposed by Vitalik Buterin.

• Binance's new CEO interview: no details on new headquarters.

• Terrorist groups reportedly using Bitcoin, Tron.

U.S. politics

• Trump's DC judge rules against subpoena for missing J6 cmte. records.

• New Trump book by Swan, Haberman expected in 2024/2025.

• Nikki Haley to meet billionaire Langone in NY for potential backing.

World

• Putin freezes salaries for non-military government employees.

• WSJ reporter's detention extended until at least Jan. 30.

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