Welcome back to your daily memorandum talking tech, business, AI, markets, and more. 🗞️

In today’s edition, we are tackling the following:

🍎 Apple is building an AI web search for Siri to rival OpenAI.
📱 Instagram finally launched the iPad app optimized for tablets and Reels.
✈️ Sumitomo-led group to acquire Air Lease in $7.4B deal.
🌍 Lisbon funicular derailment kills 15, injures 18 in crash.
🤖 Switzerland releases Apertus, an open-source AI model trained on public data.

TECHNOLOGY

• Apple Plans AI-Powered Web Search Tool for Siri to Rival OpenAI, Perplexity

  • Apple is building World Knowledge Answers, an AI search for Siri launching next year to challenge OpenAI and Perplexity.

  • Apple is discussing using Google’s Gemini on Apple servers to power answers, with potential Safari and Spotlight integration.

  • Move underscores Apple’s broader AI push, centering a revamped Siri with planning, search, and summarization capabilities across devices.

• Instagram is coming to iPad, 15 years later

  • Instagram launches a dedicated iPad app on September 3, optimized for tablets after years of user requests.

  • App opens directly to Reels, while Stories remain, and a Following tab offers algorithmic and chronological feeds.

  • Tablet layout adds side-by-side comments on videos and dual-pane DMs, with similar designs coming soon to Android tablets.

• Remarkable’s new digital notepad is smaller than a paperback

  • Remarkable unveils Paper Pro Move, a 7.3-inch color E Ink notepad prioritizing portability, roughly iPad Mini-sized.

  • Ships at $449 with Marker or $499 with Marker Plus, offering magnetic charging and two-week battery life.

  • Includes 64GB storage, handwriting conversion, toolbar repositioning, and note search, with advanced tools behind a $2.99 subscription.

BUSINESS

• xAI’s CFO Steps Down, the Latest in a String of Executive Departures

  • Mike Liberatore, xAI’s finance chief, stepped down after only a few months, having joined the company in April.

  • His exit follows other high-level departures, including the general counsel and co-founder leaving for AI safety ventures.

  • xAI faces turbulence amid controversies involving its Grok chatbot and ongoing leadership instability.

• Polymarket Passes Regulatory Hurdles for US Launch, CEO Says

  • Polymarket received key regulatory approval in the US via a CFTC no-action letter, enabling its return.

  • This follows the platform’s acquisition of QCEX and the launch of prediction markets after prior bans were lifted.

  • Donald Trump Jr. recently joined as an adviser amid speculation around political influence and regulatory easing.

• Trump administration doubles down on Big Tech antitrust cases despite Google setback

  • The DOJ, led by Gail Slater, presses on with antitrust cases against Google, Apple, Meta, and Amazon despite setbacks.

  • A judge blocked Google's breakup but ruled against exclusive deals and mandated greater data sharing.

  • The administration maintains hardline enforcement even while courting tech executives and pursuing deregulation elsewhere.

MARKETS

WORLD

• Lisbon funicular derailment kills at least 15 and injures 18

  • Lisbon declared a national day of mourning after the historic Elevador da Glória funicular derailed and crashed into a building.

  • At least 15 people died and 18 were injured, including five critically, and a child among them.

  • Authorities are investigating the cause after witnesses reported the funicular lost control and slammed into a building.

• UAE warns Israeli West Bank annexation could collapse Abraham Accords

  • Emirati officials cautioned that any Israeli annexation of West Bank territories would imperil the Abraham Accords.

  • The warning underscores fragile normalization achieved under the Trump-mediated UAE-Israel agreement.

  • UAE diplomats reiterated their commitment to the two-state solution and urged caution to preserve regional stability.

• Rubio and Sheinbaum forge a US-Mexico security partnership against cartels

  • US Secretary of State Rubio and Mexican President Sheinbaum announced a new bilateral task force targeting organized crime.

  • The agreement includes stopping arms and fuel smuggling and enhancing cross-border coordination while respecting sovereignty.

  • Sheinbaum highlighted crime reductions under her administration and recommitted to joint public safety efforts.

CONTENT

• I copied TikTok trends and made millions with AI

  • Ben Benkhin explains how Wombo and Dream reached 250M+ downloads by simplifying complex AI models for mainstream users.

  • His ‘copy what works’ strategy studies viral formats, adds unique spins, and makes interfaces simple and engaging.

  • Monetization relies on subscriptions and ads, with 2% of paying users sustaining growth while others drive virality.

• Jack Altman & Martin Casado on the Future of Venture Capital

  • Discussion highlights a16z’s evolution into specialized platforms and the growing importance of media in venture capital strategy.

  • They emphasize AI infrastructure’s staying power, noting competition now centers on talent acquisition rather than traditional dominance.

  • Open source and distribution remain critical advantages as coding, board dynamics, and leadership adapt to new industry pressures.

• Giving founders brutally honest feedback

  • Sam Parr and Shaan Puri dissect common founder mistakes, offering practical advice for launching businesses with minimal capital.

  • They explore unexpected comebacks of old-school models like print media, milk delivery, and community-focused education ventures.

  • The conversation mixes blunt feedback with actionable lessons, highlighting resilience and fundamentals as timeless advantages.

FUTURISM

• Mistral is reportedly on the cusp of securing a $14 billion valuation

  • Mistral AI is finalizing a €2 billion funding round that will raise its post-money valuation to about $14 billion.

  • The company was founded by former DeepMind and Meta researchers and builds open-source language models, plus its chatbot Le Chat.

  • This funding would make Mistral one of Europe’s most valuable startups and a growing rival to US AI leaders.

• Pixel phones can now stream music at the same time

  • Pixel 8 and newer phones now support Auracast, letting users stream audio simultaneously to two LE Audio headphones.

  • Google is expanding compatibility across Sony devices, hearing aids, Samsung Galaxy, and Xiaomi, with emphasis on accessibility features.

  • Pixel Buds Pro 2 add Adaptive Audio, balancing external sound awareness with protection from sudden spikes in noise levels.

• Switzerland releases its own AI model trained on public data

  • Switzerland unveiled Apertus, an open-source language model released on Hugging Face with full documentation, weights, and training data.

  • Apertus was trained only on public data under European copyright rules and voluntary ethical AI standards with opt-out compliance.

  • Supporting 1,800 languages in 8B and 70B parameter versions, it aims to rival large models like Meta’s Llama 3.

• The Guide To Global Accounting Hiring

  • Understand why hiring CPAs is harder than ever and how the shortage impacts your team.

  • See how firms are hiring in Latin America to fill critical roles with bilingual, top-tier accountants.

  • Download the report now to protect your finance operations with actionable insights.

EXTRAS

• Jury slams Google over app data collection to the tune of $425 million

  • A federal jury awarded $425 million in compensatory damages to users whose disabled tracking was still collected by Google.

  • The class action involved nearly 100 million users and 174 million devices affected over eight years of data collection.

  • Jurors ruled Google violated privacy assurances but did not act with malice, so no punitive damages were awarded.

• OpenAI boosts size of secondary share sale to $10.3 billion

  • OpenAI expanded its secondary share sale from $6 billion to $10.3 billion, valuing the company at $500 billion.

  • The share sale is open to current and former employees with at least two years of service.

  • Major investors like SoftBank, Dragoneer, and Thrive Capital are participating in the transaction.

• Amazon ends Prime Invitee free shipping outside households

  • Starting October 1, Amazon will end its Prime Invitee program, blocking shipping benefits from being shared with non-household members.

  • Amazon is replacing it with Amazon Family, which limits benefit sharing to one other adult and four teens in the same household.

  • Former invitees can sign up with a discounted $14.99 first-year Prime membership offer through December 31, 2025.

AND MORE

• Bond yields climb to multi-year highs, though markets calm slightly from a recent rout.

• Starbucks expands AI-powered inventory scanning across more than 11,000 U.S. stores.

• 160k+ readers from Google, TikTok, OpenAI, and Deel love Open Source CEO deep dive business content.*

• Burberry to rejoin FTSE 100 as part of upcoming index reshuffle.

• S&P 500 and Nasdaq futures rise after Google avoids forced Chrome sale; jobs data awaited.

• U.S. job openings drop to a 10-month low, reinforcing rate-cut expectations.

• Trump warns U.S. may need to unwind trade deals if Supreme Court rules against tariffs.