Friday's jobs report has US economy on edge.

AI startup with no product valued at $5B!

Techonomy Barista
September 06, 2024

We’re the Techonomy Barista, your daily grind of bytes, bits, and ’bout-to-be-big ideas. 💡

People waiting outside the US Federal Reserve in expectation of an improved economy.

What we have for you today:

Calendar covers high-impact events for the five largest economies. All times in EST.

Source: BLS, Techonomy Barista analysis.

Friday's jobs report is expected to show a gain of 165,000 payrolls. That's like finding an extra fry at the bottom of the bag after you thought you finished them all. 🍟
The stock market's playing "Red Light, Green Light" as traders try to guess the Fed's next move based on mixed labor market signals. 🚦
US companies added fewer jobs than a cat naps in a day, hitting the lowest level since early 2021. But hey, at least we're not in a "Great Resignation" anymore.
Jobless claims came in at 227,000, slightly below estimates of 230K. Looks like the economy's trying to ghost the recession fears.
Treasury yields dipped slightly, probably taking a breather from all the economic drama. The S&P 500 futures, meanwhile, are as indecisive as someone picking a Netflix show.

Source: The NY Times

TikTok's gearing up for the 2024 U.S. presidential election like it's prepping for prom night - new landing pages, in-feed videos, and tighter security for verified political accounts. 🔖
The app's become a news hotspot for millions of Americans, joining the ranks of Meta, Google, and X in the "How Do We Handle Election Content Without Losing Our Minds?" club.
TikTok's Elections Center has been visited over 7 million times since January. Apparently, Gen Z is more interested in voting systems than dance challenges these days.
The company's formed a 13-member U.S. Elections Integrity Advisory Group. It's like the Avengers, but for fighting misinformation and AI-generated content instead of alien invasions. 🧑‍💼
While other social media giants are scaling back on election safeguards, TikTok's doubling down on media literacy efforts. It's the overachiever in a class full of slackers. 😃

Source: Techonomy Barista analysis, Crunchbase

Ex-OpenAI bigwig Ilya Sutskever's new startup, SSI, just bagged a cool $1 billion 💰 to build AI that won't accidentally turn us into paperclips.
With 10 employees and a $5 billion valuation, SSI is like the Tesla of AI safety - overvalued, understaffed, but hey, at least they're trying to save the world!
Top VCs are throwing money at SSI faster than you can say "AGI apocalypse," proving that FOMO is still alive and well in Silicon Valley.
SSI's hiring process involves hours of "good character" vetting, because apparently, saving humanity requires both a PhD and the moral compass of a saint. 👼
Sutskever's new "mountain" involves a different approach to scaling AI. Maybe this time, instead of just making the models bigger, they'll make them nicer?

Source: Nikkei, Techonomy Barista analysis.

Nvidia's splashing billions of yen (USD $137M) into Sakana AI, proving that even chip giants can't resist the lure of sushi-grade tech. 🍣💰
Sakana AI swims from startup to unicorn faster than you can say "wasabi". Japan's got a new speed record! 🦄
Sakana's AI strategy: Why go big when you can go smart? It's like origami for algorithms - small, efficient, and impressively intricate 🧠📊
Nvidia's CEO Jensen Huang is practically doing the "Nvidia shuffle" over this partnership. Who knew AI could make chip makers so giddy?
As tech giants battle for AI supremacy, Nvidia's choosing to go fishing in Japan. Looks like they've caught a big one! 🎣

Credit: Money Control.

India's trading accounts, just hit a whopping 170 million mark in August. That's more accounts than people in Russia or Japan! 🌏
August saw 4.2 million new trading accounts, even with the market doing the cha-cha. Looks like volatility is the new aphrodisiac for investors.
Since January 2023, India's added 60 million new trading accounts. That's like adding a whole new country of stock enthusiasts. 🚀
Experts say it's all about the 'financialization of assets'. Fancy way of saying Indians are finally realising stocks aren't just for suits,
While some worry about overvaluation, others see it as India's 'Carpe Diem' moment in the stock market. FOMO is real, folks!

Credit: WSJ

India and Singapore are joining forces in the semiconductor world, like two tech-savvy superheroes teaming up to save the digital universe 🦸‍♂️
They're not just making chips; they're cultivating talent and fostering innovation. $588 billion in chip sales this year?
That's more zeros than a binary code convention! Singapore's bringing decades of chip-making wisdom to India's tech tandoor. It's like "Chips and Curry: The Remix." 🍟🍛
Talk about a power couple! 💪💑 This collaboration isn't just about chips - it's a full tech buffet including AI, 5G, and cybersecurity. They're going all-in on the digital future 🎰🔮
With a $21 billion investment plan, India's not playing around. Modi's Singapore trip wasn't just for the chili crab - he's serving up a feast of tech collaborations.