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

In today’s edition we are tackling the following:

📱 ChatGPT mobile app tops $2 billion in global spending since May 2023.
🏥 UnitedHealth jumps nearly 14% after Berkshire Hathaway investment.
🔥 Spain fights 14 wildfires, burning over 157,000 hectares.
📉 AI automation halves entry-level tech job openings since 2019.
📱 Meta AI app delivers inconsistent performance months after launch.

TECHNOLOGY

• Sam Altman on GPT-5 missteps, future AGI ambitions, and acquisitions

  • Altman acknowledged GPT-5’s rocky rollout, announced reinstating GPT-4o in response to emotional user attachment.

  • Shared expansion plans including ChatGPT-powered social media, consumer hardware, BCI ventures and data center investments.

  • Suggested potential interest in buying Chrome if available due to antitrust fallout, highlighting aggressive OpenAI growth vision.

• Meta’s AI app still struggles with uneven performance months after launch

  • Meta AI app continues delivering inconsistent user experiences and weak personalization despite lofty corporate AI ambitions.

  • App iteration seems rushed rebrand of smart-glasses companion, falling behind generative AI benchmarks and expectations.

  • Signals that Meta must rapidly close feature and quality gap to compete with market leaders like OpenAI.

• ChatGPT mobile app crossed $2B in consumer spending

  • ChatGPT mobile app has generated $2 billion in spending since May 2023, far outpacing AI app competitors.

  • Average revenue per install stands at $2.91, with lifetime installations around 690 million globally so far.

  • Monthly revenue is approaching $193 million, showcasing sustained user engagement and dominance in mobile AI app monetization.

BUSINESS

• Opendoor hunts for new CEO as Wheeler steps down, lifting shares

  • Carrie Wheeler stepped down as CEO; interim leader Shrisha Radhakrishna was appointed and a search began.

  • Opendoor stock surged over 10%, reflecting investor optimism amid leadership change and continuation of retail momentum.

  • Shareholders hope new leadership will guide the company through its ‘meme stock’ phase toward long-term growth stability.

• UnitedHealth shares soar after Buffett’s new stake provides a vote of confidence

  • Berkshire Hathaway acquired around 5 million UnitedHealth shares, causing stock to rise nearly 14% on investor reassurance.

  • The stake signals confidence in UnitedHealth’s recovery despite investigations and cost pressures weighing on earnings.

  • The bump lifted healthcare stocks broadly and reinforced Buffett’s track record of bold, countercyclical investments.

• Family offices pull back from private markets as equities regain favor

  • Family offices are shifting asset allocation from private equity toward public stocks amid liquidity and valuation concerns.

  • Executives cite high PE pricing and refreshed equity momentum as primary drivers of the capital rebalancing trend.

  • The change reflects risk recalibration and preference for more transparent, flexible investments in uncertain conditions.

MARKETS

WORLD

• Spain at 'extreme risk' of new wildfires as 14 blazes spread

  • Spain battles 14 large fires amid 40°C heatwave and strong winds, prompting extreme fire alerts nationwide.

  • The blazes have burned over 157,000 hectares—double the average—and disrupted transport and raised evacuation calls.

  • Officials reported arrests for suspected arson and illegal fire causes, highlighting widespread fire-risk conditions and unrest.

• Trump vows to free Jimmy Lai as Hong Kong court nears verdict

  • Closing arguments conclude in Jimmy Lai’s national security trial, a case drawing global attention and political pressure.

  • Trump pledges to secure Lai’s release if reelected, escalating tensions with Beijing ahead of the verdict.

  • The verdict could redefine Hong Kong’s media freedom, influencing U.S.–China relations and international human rights discourse.

• What a Russia–Ukraine ceasefire deal could mean for global markets

  • Markets anticipate that a possible ceasefire in Ukraine could stabilize commodities, spurring gains in oil and grain prices.

  • Currency and equity markets could rally as geopolitical uncertainty eases, boosting investor confidence globally.

  • Analysts warn that the ceasefire's terms and sustainability will determine longer-term economic implications across regions.

CONTENT

• China is killing the US on energy. Does that mean they’ll win AGI?

  • Casey Handmer argues AI’s energy demands could be met primarily by solar, challenging common natural gas assumptions.

  • Discusses building massive solar-powered data centers and overcoming regulatory barriers to clean energy adoption.

  • Explains why AGI’s value should be measured in total energy use rather than traditional GDP metrics.

• The sales playbook for founders

  • Tom Blomfield shares a B2B sales process from free trials to securing recurring revenue contracts.

  • Covers avoiding common early-stage mistakes and identifying genuine customer problems before building solutions.

  • Provides tactics for overcoming objections, securing financial commitments, and ensuring customer success post-sale.

• Vibe coding through the GPT-5 mess

  • Vergecast hosts dissect GPT-5’s underwhelming launch and challenges compared to GPT-4’s improvements.

  • Team shares personal ‘vibe coding’ projects, navigating AI limitations and making tools actually usable.

  • Corporate Shenanigans segment reviews recent tech industry moves, from Perplexity to Apple and Elon Musk.

FUTURISM

• AI is gutting the next generation of talent: In tech, job openings for new grads have already been halved

  • Entry level tech positions have been reduced by roughly 50 percent since 2019 due to widespread AI automation.

  • Internship to full-time conversion rates fell below 51 percent in 2023–24, particularly harming hybrid interns.

  • Experts warn reduced hands-on opportunities threaten leadership pipelines and future managerial capacity in tech sectors.

• AI is moving into the apartment market

  • AI is streamlining leasing, maintenance, and marketing, replacing manual processes with automation across multifamily housing.

  • Virtual leasing agents and automated underwriting tools help operators cut costs and improve efficiency in property management.

  • Adoption remains early and expensive, with fragmentation among landlords slowing AI’s broader impact in the rental sector.

• How data centers and grid strain affect U.S. infrastructure amid AI expansion

  • Experts observing AI hubs in China note U.S. grid limitations drastically hinder America’s AI infrastructure growth.

  • China’s vast energy reserves offer a strategic advantage; U.S. grid suffers from underinvestment and fragmented governance.

  • Without major infrastructure upgrades, the U.S. risks falling permanently behind in the global AI race.

EXTRAS

• Perplexity’s bid for Google Chrome could be just the beginning

  • Perplexity offered $34.5 billion in cash to buy Google Chrome amid DOJ antitrust remedy discussions.

  • The bid suggests Perplexity’s ambition for broader distribution amid limited user adoption despite intense tech buzz.

  • Offer raises questions about financial backing and whether it's a serious takeover attempt or opportunistic marketing strategy.

• Sam Altman admits AI is in a bubble as massive investments loom

  • Sam Altman acknowledged the current AI surge resembles a bubble, likened it to the 1990s dot-com era.

  • He warned some overfunded startups might fail but believes overall AI infrastructure investment will drive positive economic impact.

  • Altman projected OpenAI will spend trillions on data centers despite speculative market conditions.

• Norway spy chief blames Russian hackers for hijacking dam systems

  • Russia-linked hackers remotely opened a Bremanger dam floodgate for four hours, releasing millions of gallons of water.

  • Norway’s spy chief directly blamed Russian cyber actors; the incident marks escalating hybrid warfare targeting infrastructure.

  • Officials warn such sabotage aims to sow public fear and instability, signaling evolving security threats.

AND MORE

• China’s July industrial output and retail sales miss forecasts, slowing growth.

• U.S. consumer sentiment softens in August as households expect higher prices.

• Incogni helps to eliminate the fear of your details being found online.*

• Most economists expect Fed to cut rates in September and again later this year.

• New Zealand exodus hits 13-year high amid deteriorating economic conditions.

• Second senior Chinese diplomat detained, deepening uncertainty in top diplomatic ranks.

• Transit-tech firm Via files for U.S. IPO, signaling renewed market momentum.

• U.S. equity futures rise as UnitedHealth surges on rate-cut optimism.

• Playbookz turns LinkedIn profiles into authority (and revenue) magnets, and they guarantee 20k reach in 28 days or you don't pay.*