Top stories today:

1. Sutskever’s AI startup Safe Superintelligence raises $1B at $5B
2. Anthropic challenges OpenAI’s ChatGPT Enterprise with Claude Enterprise
3. Harris proposes 33% capital gains tax on $1M+ earners
4. Biden said to consider blocking $14.9B US Steel takeover
5. AI companies capture 35% of U.S. startup investment, +169% since 2022

0. Data and calendar

1. Sutskever’s AI startup Safe Superintelligence raises $1B at $5B

• Only 10 employees are hired so far.

• a16z, Sequoia Capital, NFDG, and DST Global: among the investors.

• Safe AI systems planned with the new funding.

• Normal for-profit structure, unlike OpenAI.

• Potential new approach to AI: “Everyone just says scaling hypothesis. Everyone neglects to ask, what are we scaling?” Sutskever said.

• May: Ilya Sutskever left OpenAI, after being part of the group that temporarily ousted CEO Sam Altman.

2. Anthropic challenges OpenAI’s ChatGPT Enterprise with Claude Enterprise

• 200K lines of code, dozens of 100-page documents, or 2-hour audio transcripts in one prompt.

• 500K-token context window vs. ChatGPT Enterprise’s 32k-token window.

• GitHub integration is included in Claude Enterprise.

• Customer data won’t be used for AI training, Anthropic promised.

4. Harris proposes 33% capital gains tax on $1M+ earners

• Would be highest since 2018.

• $50K startup-expense deduction (10x from current $5k) for small businesses also officially proposed, after rumors yesterday.

5. Biden said to consider blocking $14.9B US Steel takeover, citing national security risks

-17.5%: US Steel shares saw their biggest decline since April 2017:

• Sat: CFIUS warned Nippon Steel the deal would harm the U.S. steel industry.

• Japan’s minister called it’s inappropriate to block the deal.

• Nippon Steel said it did not believe the deal created any security concerns.

• In line with the administration's broadly anti-M&A, antitrust-focused policy.

6. Qualcomm unveils 8-core Snapdragon X Plus chips for AI-powered Windows laptops

61%+ CPU performance with 179% less power consumption vs. Intel Core Ultra 7 155U (12-core), per Qualcomm:

• $700–$900 Copilot+ PCs targeted with the new chips.

• 45 TOPS NPU integrated for enhanced AI processing.

• Acer, HP, Lenovo, and Samsung are launching laptops based on the new chips.

7. AI companies capture 35% of U.S. startup investment, +169% since 2022

• $106M raised by non-AI startups in the U.S. this year.

• 29% of U.S. investments were made into AI startups in 2023.

• xAI, Waymo, and CoreWeave are among AI startups raising $1B+ in 2024.

8. HPE Q3 FY25 gross margins -4.1 p.p. to 31.8%, suggesting lower AI server profitability

HPE’s market capitalization dropped to $24.39B from its June peak of $28.07B this year:

• Exp. 33.4% in adjusted gross margins.

• Total revenue +10% to $7.71B.

• Operating profit +16% to $547M vs. $471M in Q3 FY24.

HPE’s AI server revenue in Q3 +39% to $1.3B

9. India overtakes U.S. as #2 in 5G handset shipments, behind China

10. Interesting videos, posts, and memes

11. Other headlines

AI

• You.com AI search engine raises $50M, launches “multiplayer AI” for collaborations.

• OpenAI’s SearchGPT struggles with shopping and local queries in initial tests.

• Microsoft announces Copilot event for Sep. 16.

Tech

• Tesla plans to release Full Self-Driving in China, Europe in 2025.

• Android 15 released, arriving on Pixel devices in coming weeks.

• YouTube to restrict teens’ exposure to weight and fitness videos.

• Lyft to sell bikes, scooter assets, laying off 1% of staff.

• a16z closes Miami Beach offices 2 years after opening.

• Pango Group to acquire Kaspersky’s entire U.S. base of ~1M users.

• Paylocity to buy corp spending platform Airbase for $325M.

Tech & law

• NVIDIA says it has “not been subpoenaed” by DOJ in antitrust probe.

• SpaceX evacuates employees from Brazil as Elon’s battles its top court.

• DOJ seizes 32 internet domains used in Russian influence campaigns.

• X wins injunction against California’s AB 587 anti-hate speech law.

• Internet Archive loses appeal in copyright dispute with publishers.

• Ireland’s DPC closes court proceedings against X over AI training.

Biotech

• Amgen targets liver and kidney diseases with obesity drug MariTide.

• Eli Lilly partners with Egypt’s Eva Pharma for rheumatoid arthritis drug.

Business

• Trump Media shares down YTD as lockup release date (Sep. 19) nears.

• Volvo Cars to deploy NVIDIA-powered software, “megacasting” for future EVs.

Crypto

• Harris not directly accepting crypto donations, PAC is: Coinbase.

• Uniswap probe leads to subpoenas for a16z and Union Square Ventures.

U.S. politics

• Liz Cheney endorses Harris.

• Harris campaign accepts debate rules including muted mics: sources.

• Trump campaign reports raising $130M in August.

• RFK Jr. sues to remove himself from Wisconsin’s presidential ballot.

World

• White House’s Finer discusses security, energy with Zelenskiy in Kyiv.

• Netanyahu: Israel will not leave Gaza corridor until it is secure.

• Malaysia PM pledges to deepen Russia ties.

• India, Singapore sign deals in semiconductors, cybersecurity, AI and 5G.

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