August 30th Newsletter

We're excited to introduce BEEHIV as our new newsletter platform this week. As we continue to make improvements, your feedback is invaluable. Now, let's dive into the week's market dynamics: Global markets are navigating a complex landscape, with U.S. GDP growth revised up to 3% for Q2. Oil prices fluctuate near $80/barrel for Brent, while high-yield debt markets anticipate $55-65 billion in issuances next month. In tech, Nvidia's earnings beat expectations with 122% revenue growth to $30.04 billion, but shares fell 6% on concerns of slowing AI momentum. Meanwhile, Telegram CEO Pavel Durov was arrested in Paris, adding uncertainty to the messaging platform's future. Warren Buffett's Berkshire Hathaway reach $1 trillion in market cap, becoming the first non-tech U.S. firm to do so. Meanwhile, Skydance Media's $8 billion Paramount acquisition looms, as Bronfman Jr drops his $6 billion bid.

Top 5 AI highlights

[1] 🚀 Bloomberg interviews Jensen Huang, CEO of Nvidia, post Q2 earnings. Hopper GPU drives growth, while Blackwell awaits Q4 launch. Watch it here.

[2] 📉 Super Micro's AI Bubble Bursts: Stock plummets 19% amid delayed annual report following Hindenburg's accounting allegations. See more on Yahoo Finance.

[3] 🍓 OpenAI's "Strawberry" Revolution: Anticipated fall release promises advanced reasoning capabilities; company officials gave a preview to officials at US AI Safety Institutes. Government collaboration underscores commitment to responsible AI development amidst ongoing debates. Details on PYMNTS.

[4] ⚖️ California's AI Safeguard Bill: SB 1047 passes Assembly, mandating harm prevention for large-scale AI developers. Musk-backed legislation faces Big Tech opposition, highlighting the growing tension between innovation and regulation in the AI landscape. More on Bloomberg.

[5] 💰 Nvidia's plan to join OpenAI alongside Apple and Microsoft: Potential $100M investment in $100B+ valuation round led by Thrive Capital. See more on Bloomberg.

Founder’s Corner -

Marc Andreessen’s Guide to Productivity

What we read and listened to this week

• Apple CFO Luca Maestri is to take a reduced role on Jan.1, 2025, replaced by Kevan Parekh Apple’s Vice President of Financial Planning and Analysis [TC]

• SpaceX launches paused after failed landing delays first commercial spacewalk [WSJ]

• Kroger-Albertsons merger faces court challenge over competition, impacts 710,000 employees [YF]

• Gen Z prioritizes perks over salary; 39% decline offers lacking benefits [NYP]

• Yelp sues Google, alleging antitrust violations after monopoly ruling [NYT]

AI M&A news

• Atlassian Acquires Rewatch: Enhancing Loom with AI-Powered Meeting Tools [TC]

Attached to this email, you’ll find a summary of this week’s highlights and the financial performance of select public companies, providing you with a snapshot of recent market movements.