OpenAI says its new AI model known as “Strawberry” can perform some human-like reasoning tasks. 🧠

Good morning. It's Friday, Sept. 13, and we're covering, Alibaba’s Taobao Launches AI-Powered English Version In Singapore, OpenAI Unveils New AI Model 'o1' For Improve Human Reasoning, Donald Trump Declines Another Debate With Kamala Harris and much more. First time reading? Sign up to get this newsletter: Sign up here. 

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MARKETS

Cryptocurrency Prices by Market Cap

• The global cryptocurrency market cap today is $2.03 Trillion, a 0.11% decrease in the last 24 hours.

• The total crypto market volume over the last 24 hours is $59.15B, which makes a 16.55% decrease.

• The total volume in Defi is currently $2.76B, 4.66% of the total crypto market 24-hours.

• The volume of all stablecoins is now $54.23B, which is 91.69% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 56.17%, a decrease of 0.06% over the day.

BUSINESS & FINANCE

Alibaba’s Taobao Launches AI-Powered English Version In Singapore

Alibaba's Taobao app launched an AI-powered English version in Singapore, quickly reaching the top of the country's Apple App Store. The update improves accessibility for non-Chinese users, though some issues, such as literal translations and currency display problems, remain. Singapore and Malaysia are the first markets to receive this update, reflecting Alibaba's global expansion strategy using Singapore as a cultural testbed. Despite minor issues, social media users embraced the new features, showing strong interest in the app’s expanded language capabilities.

Takeaway: Taobao and Tmall are Alibaba’s largest revenue generators, contributing 26.55 billion yuan ($3.65 billion) for the quarter ending June 30, marking a 6% year-on-year increase. Chinese companies increasingly leverage Singapore as a cultural testbed before targeting Western markets. Almost three-quarters of Singapore’s population is of Chinese descent, and about 20% of Malaysia’s population is ethnically Chinese. (Read Deeper)

Sequoia Capital Predicts AI Applications Will Outshine Models

Sequoia Capital partner Pat Grady shared insights at a Goldman Sachs event, predicting that the most successful billion-dollar AI companies will likely come from developing applications rather than building foundational AI models. While Sequoia has invested $150 million in models like OpenAI and xAI, it has spent much more on companies creating innovative products that utilize these models.

Takeaway: Grady cautioned investors against what he described as the "wowed-by-science effect," where the appeal of groundbreaking technology can sometimes overshadow business fundamentals. He stressed that while AI models are impressive, Sequoia is careful not to assume automatic success based solely on the brilliance of the underlying technology. (Read Deeper)

TECHNOLOGY & SCIENCE

OpenAI Unveils New AI Model 'o1' For Improve Human Reasoning

OpenAI has unveiled its latest AI model, "o1," designed to improve reasoning and self-fact-checking capabilities. The model is available in two versions, o1-preview and o1-mini, both accessible to ChatGPT Plus, Team users, and soon to educational and enterprise customers. Although more expensive and slower than previous models, o1 is trained using reinforcement learning to think more holistically before responding to tasks. This makes it particularly effective for complex reasoning tasks like legal analysis and coding.

Why It Matters: O1 outperformed OpenAI’s previous models in various tests, including solving math problems and coding challenges, but it has some limitations, such as hallucinations and slower response times. OpenAI intends to continue improving o1's capabilities, with plans to create models capable of reasoning for extended periods. (Read Deeper)

Tech Billionaire Completes Historic Private Spacewalk

Tech entrepreneur Jared Isaacman achieved a historic milestone by performing the first private spacewalk on Thursday, partnering with SpaceX for the mission. The spacewalk, part of Isaacman's five-day Polaris Dawn flight, tested new spacesuits and marked a significant advancement in commercial space exploration. Launched from Florida on Tuesday, the spacecraft orbited at an altitude of 460 miles (740 kilometers), which is higher than any previous manned missions since NASA’s moon landings.

Takeaway: Isaacman and SpaceX engineer Sarah Gillis conducted the spacewalk from a SpaceX capsule at an altitude of 460 miles, a height greater than previous manned missions. The spacewalk was brief, lasting less than two hours, with the hatch open for about 30 minutes. Isaacman tested the spacesuit's functionality, while Gillis followed with similar tasks. Despite technical glitches and the inherent risks of spacewalking, the mission was successful. ( Read Deeper )

AROUND DE WORLD & POLITICS

Donald Trump Declines Another Debate With Kamala Harris

Donald Trump has ruled out participating in another debate with Kamala Harris before the November election. Trump claimed victory in their recent debate, arguing that Harris’s call for a rematch indicates her perceived loss. He criticized the debate moderators and stated that another debate is unnecessary. Harris and her campaign are pushing for a second debate, emphasizing the importance of presenting clear choices to voters.

Takeaway: The debate, held in Philadelphia, saw Harris challenge Trump with personal attacks and criticisms. Despite Trump’s claims of winning, various polls suggest Harris performed better. Trump’s stance on additional debates appears to contradict previous statements from his campaign, which had indicated he would participate in multiple debates. The debate was watched by 67.1 million people, surpassing previous viewership numbers. (Read Deeper)

North Korea Reveals Uranium Enrichment Facility

North Korea has disclosed a previously secretive uranium enrichment facility, revealing its commitment to expanding its nuclear arsenal. Kim Jong Un visited the facility and urged an increase in nuclear weapons production. The site, which may or may not be part of the Yongbyon complex, is the first uranium enrichment facility disclosed since 2010. Kim stated the need for more centrifuges and advanced technology to boost production.

Takeaway: South Korea condemned the move, viewing it as a serious threat to international peace. The facility's images provide valuable data for estimating North Korea's nuclear material reserves, which could potentially increase its nuclear capabilities further. Current estimates suggest North Korea could produce between six to 18 new nuclear devices annually. (Read Deeper)

ENTERTAINMENT & SPORTS

Paris Saint-Germain Ordered To Pay Kylian Mbappe €55 Million

Kylian Mbappé has won a legal victory against Paris Saint-Germain (PSG), with the club being ordered to pay him €55 million in unpaid wages and bonuses. The decision comes after Mbappé, who left PSG at the end of June, was involved in a dispute over the compensation owed to him by the Ligue 1 champions. As Mbappé transitions to his new role at Real Madrid, where his start has been somewhat mixed, his legal team will handle the ongoing dispute, allowing him to focus on his performance on the field. (Read Deeper)

Chad McQueen, ‘The Karate Kid’ Star, Dies At 63

Chad McQueen, the son of legendary actor Steve McQueen and known for his role as "Dutch" in The Karate Kid series, passed away at 63 in Palm Springs. His family released a statement expressing their grief and highlighting his dedication as a father and passion for racing. McQueen was celebrated for his portrayal of Dutch, a key Cobra Kai member in the 1984 and 1986 films. Though his acting career was less prominent than his father's, he achieved success in auto racing and founded McQueen Racing. A severe crash in 2006 ended his professional racing career, but he remained active in the field. McQueen is survived by his wife, Jeanie, and children Chase, Madison, and actor Steven McQueen. (Read Deeper)

PODCAST(WHAT WE ARE LISTENING TO)

• Andrew Mason was a 27-year-old with a degree in music when he co-founded one of the fastest-growing companies of all time: Groupon. Its deep discounts on everything from sushi rolls to plastic surgery soon became a ubiquitous part of life in cities across the world.. (Listen)

EXTRA BREVITI

• A viral video from China shows tourists on the Qiantang River being swept away by a tidal bore while distracted by their mobile phones. (Read More)

• Lesaka Technologies, a NASDAQ-listed South African fintech firm, is set to complete its $85 million acquisition of fintech startup Adumo in October 2024. (Read More)

• The Airport Fire in Riverside and Orange counties has slowed due to improved weather conditions but continues to threaten homes as it burns across 23,453 acres. (Read More)