Top stories today:

1. xAI launches API for “grok-beta” model, more expensive than GPT-4o
2. Qualcomm unveils Snapdragon 8 Elite, calling it “fastest mobile CPU”
3. Musk sued over Blade Runner imagery during robotaxi unveiling
4. Chinese buybacks soar as government urges cash returns

0. Data and calendar

No major events today.

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

1. xAI launches API for “grok-beta” model, more expensive than GPT-4o

• $5/1M input tokens and $15/1M output tokens price.

• More expensive even than GPT-4o ($2.50 and $10, respectively), widely considered the best LLM.

• The API documentation refers to Grok 2 and Grok mini, though it’s not clear which Grok model is available.

• Function calling to use external sources such as databases and search engines supported.

3. Qualcomm unveils Snapdragon 8 Elite, calling it “world’s fastest mobile CPU”

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• Based on TSMC’s 3nm process technology.

• Up to 4.32GHz clock-speed with their 2nd-gen Oryon CPU.

• They claim 45% faster CPU performance and 44% less power consumption than last year’s Snapdragon 8 Gen 3.

• Also, 40% improved graphics performance.

• Dedicated Hexagon NPU with on-device multimodal GenAI assistant support.

• “In the coming weeks,” Snapdragon 8 Elite smartphones will be launched.

5. Musk sued over Blade Runner imagery during robotaxi unveiling

• Alcon Entertainment has filed a copyright lawsuit against Elon Musk.

• Musk allegedly used Blade Runner 2049-inspired imagery at the Oct. 10 event.

• Warner Bros. and Tesla are also listed as defendants in the lawsuit.

• Musk’s “highly politicized behavior” could damage the brand, Alon said.

• Blade Runner was long referenced by Musk.

• 2019: when Musk shared a link to the Blade Runner’s opening credits.

6. Chinese buybacks soar as government urges cash returns to shareholders

• $33B (RMB 235B) in buybacks, 2x increase for China’s mainland-listed shares in 2024 YTD.

• 2022 saw the previous record of $18.7B in buybacks.

• 20+ Chinese companies announced $1.4B+ in buybacks since Friday’s stimulus.

7. SAP shares hit record high as AI tools boost cloud sales

+62% YTD in early trade on Tue. to EUR 222.15 (~$241):

• €272B market cap.

• +25% YoY in SAP’s cloud revenue to $4.7B.

• +9% Q3 revenue to $9.71B.

• +13% net profit to $1.56B.

• ~10K jobs will be affected as part of a restructuring.

8. Mid-income households with 40%+ debt-to-income ratios on new mortgages rising across U.S.

58% of mid-income mortgage approvals in 2023 had 40%+ debt-to-income, the highest since 2018:

• Las Vegas had an even higher share, with 72% of such households.

• 3,000 for-sale homes in Philadelphia suburbs, -72% from 2 elections ago.

• 41% of Atlanta’s moderately priced homes bought by cash buyers, +22 p.p. from 2018.

Inventory for starter homes keeps declining as the cost of newly built homes is rising nationwide

• -19% YoY: inventory of sub-$300K homes, to 38K.

• -21%: $300–$500K homes, to 38K.

• -8%: $500K and higher homes, to 47K.

The share of cash buyers under the $300K-$500K segment is growing

9. Interesting videos, posts, and memes

10. Other headlines

AI

• SEC to increase scrutiny of AI tools used by brokers, advisers.

• Zip, AI B2B startup, raises $190M at $2.2B valuation.

• Physical Intelligence seeks to raise $300M at $2B for robots.

• Kneron, AI chip startup, is said to seek $300M at $1B valuation.

• Demis Hassabis on winning Nobel prize: interview.

Tech

• Meta tests facial recognition for spotting “celeb-bait” ads scams.

• Disney stops Hulu, Disney+ subscriptions through Apple’s App Store​.

• Tim Cook helped Nike hire Elliot Hill as CEO, becoming close adviser: sources.

Tech & law

• Biden admin proposes rules governing data transfers to adversarial nations.

Biotech

• Novo Nordisk’s oral diabetes drug cuts heart-related risks by 14% in study.

• Lykos agrees to FDA’s decision requiring new trial for MDMA drug approval.

• Terray raises $120M for AI-powered drugs, including Calico aging partnership.

• Lilly sues online vendors, medical spa over copycat weight-loss drugs.

• Longevity linked to anti-inflammatory diet, 7-8h sleep, and high exercise.

• Sickle cell gene therapy: 1st patient (12 years old) leaves hospital.

Business

• Disney to name CEO Bob Iger’s replacement in 2026.

• Oil prices dip as Blinken arrives in Israel for talks, China demand weighs.

• Lucid says stock sale will provide “cash runway” well into 2026.

Crypto

• Stripe confirms $1.1B acquisition deal for stablecoin platform Bridge.

• Chainlink partners with major financial players to improve corp. actions.

• Indonesia extends crypto exchange license deadline after regulatory updates.

U.S. politics

• Harris hits Trump over minimum wage after McDonald’s stop.

• Trump relies on billionaire donors to fund 2024 race against Harris.

• 15M Americans have voted early: Dems lead but less than in 2020.

World

• Russia hosts BRICS leaders, UN’s Guterres for summit.

• China holds live-fire drills in Taiwan Strait.

• Hezbollah sends rockets to Tel Aviv, briefly halting airport takeoffs.

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