Top stories today:

1. TikTok ban bill to be voted in House today
2. CPI at 3.2%, core CPI at 3.8%, slightly above expectations
3. Google restricts Gemini from answering questions about elections
4. Startups cut headcount in 2023, prioritize ICs
5. Subscription apps' most common pricing: $10/mo, $30/yr

1. TikTok ban bill to be voted in House today, as ByteDance does not want to sell it

U.S. voters are generally split on the issue:

• “TikTok intends to exhaust all legal challenges before it considers any kind of divestiture.”

• House expected to approve bill.

• Senate is more uncertain, as the bill has no co-sponsors.

• Relatedly, ByteDance invested in Innostar Semiconductor, a chip firm backed by Beijing.

2. CPI at 3.2%, core CPI at 3.8%, slightly above expectations, yet markets still believe in a July rate cut

• CPI: 0.4% MoM / 3.2% YoY in Feb., vs. 0.4% / 3.1% exp., from 0.3% / 3.1% in Jan.

• Core CPI: 0.4% / 3.8%, vs. 0.3% / 3.7%, from 0.4% / 3.9%.

Monthly inflation came in at 0.4% for both core and broad, above the 0.16% necessary for the Fed to achieve its 2% goal

Markets price in 125 bps of rate cuts for the next 12 months, starting in June

4. Google restricts Gemini from answering questions about upcoming elections

• Currently active in the U.S. and being implemented in countries with upcoming elections within a few months.

5. Startups cut headcount in 2023, says Carta, as companies prioritize individual contributors over managers

60% of new hires were ICs, 35% managers, and 5% VP+, at startups worth less than $100M

6. Subscription apps' most common price points: $5/week, $10/mo, $30/yr

The most expensive categories are education, shopping, and business

• 1.7% of downloads become paying subscribers in 1st 30 days.

• Most trials are <=9 days.

• Trial start time <=24 hours.

• Game developers will continue paying a 5% royalty on revenue over $1 million.

• Exemptions apply to students, educators, hobbyists, and plugin makers.

9. Other headlines

AI

• OpenAI’s Mira Murati talks to WSJ on Sora.

• Meta releases specifications for 2 new 24k GPU AI clusters.

• Applied Intuition raises $250M at $6B valuation for AI vehicle software.

• Cognition AI, the software copilot, raises $21M from Founders, Elad Gil.

• Physical Intelligence gets OpenAI backing, building AI robots.

• Tavus raises $18M for its generative AI video startup.

• 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!*

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Tech

• Trump asked Elon if he wanted to buy Truth Social in 2023.

• Apple will allow users to download apps from website in EU.

• Chamath's VC firm hires law firm after firing two partners.

• Physicists: quantum system energy problem is perfect for quantum computers.

• Discord allows developers to build games and apps within chat.

• Tor Project introduces WebTunnel: a system to help evade censorship.

• citizenM has 14 tech-ready hotels stateside for the best night's sleep of your life.*

• Techpresso: get smarter about tech in 5 min.*

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Tech & law

• IRS's Direct File online tool launches in 12 states.

• Pentagon scraps Intel chip grant worth $2.5B.

Biotech

• Tierra Biosciences raises $11M for new AI-guided proteins.

Business

• United Boeing 777 forced to land after fuel leak.

• China Vanke hopes to prevent default with debt swap.

Crypto

• Coinbase plans $1B convertible note sale.

• Ethereum's Dencun hardfork expected today.

• Nigeria/Binance stand-off continues: authorities push for user data.

• Craig Wright committed perjury in UK: crypto alliance.

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

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U.S. politics

• Trump, Biden officially get enough delegates for nominations.

• House GOP majority drops to 218 × 213 as Ken Buck retires.

• Hur defends not charging Biden, but says he was not exonerated.

• Kennedy Jr. considering Aaron Rodgers, Jesse Ventura as VP.

World

• Putin’s warning: Russia “ready” for nuclear war if U.S. sends troops.

• Ukraine getting $0.3B from Biden admin despite Congress holdup.

• Drone attack in Russia hits oil refinery.

• Navalny's associate attacked with hammer outside home in Lithuania.

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