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

In today’s edition we are tackling the following:

🚕 Uber and WeRide debut Middle East’s first driverless robotaxis on Yas Island.
📱 Apple gains momentum, closing in on Samsung.
📈 Robinhood and Susquehanna buy LedgerX to launch a new derivatives exchange.
🤝 Naver buys Dunamu in a $10.3 billion deal creating a fintech powerhouse.
🛒 EU pressures Shein to curb unsafe listings amid growing scrutiny.

TECHNOLOGY

• OpenAI Denies ChatGPT Caused Teenager's Suicide, Claims 16-Year-Old Misused Chatbot (NBC News) 

  ^{_{More: Futurism | Euronews}} 

  • OpenAI argues Adam Raine violated terms of service and misused ChatGPT after family sued over his April death.

  • Company cites bot provided 100-plus warnings and suicide hotline numbers, blaming user for bypassing safety measures.

  • Aggressive legal defense draws criticism as OpenAI faces eight similar wrongful death lawsuits over chatbot interactions.

• Apple Set to Become World's Top Phone Maker, Overtaking Samsung (Bloomberg) 

  ^{_{More: 9to5Mac | iClarified}}

  • iPhone 17 success and upgrade cycles drive Apple to 19.4% market share, reclaiming top spot first time since 2011.

  • Counterpoint Research projects 10% iPhone shipment growth versus Samsung's 4.6%, fueled by strong U.S. and China demand.

  • Cooling trade tensions and weakening dollar boost Apple purchases in emerging markets, extending competitive lead through 2029.

• Uber and WeRide's Robotaxi Service in Abu Dhabi is Officially Driverless (TechCrunch) 

  ^{_{More: CNBC | Electrek}}

  • Uber and WeRide launch Middle East's first fully driverless robotaxi service on Yas Island without safety operators.

  • Service marks first autonomous deployment outside U.S. on Uber platform, with expansion planned for Dubai and beyond.

  • Operations aim for breakeven economics, scaling to thousands of robotaxis across 15 cities over five years.

BUSINESS

• Shein Faces EU Pressure to Restrict Sales of Sex Dolls, Weapons (Bloomberg) 

  ^{_{More: France24 | Business of Fashion}}

  • European Commission demands information on how Shein prevents minors from accessing inappropriate content and illegal products.

  • Request follows French authorities' condemnation of childlike sex dolls and weapons sales on the platform's marketplace.

  • EU lawmakers call for easier platform suspensions as France pursues three-month ban and civil suits against competitors.

• Robinhood, Susquehanna to Launch Exchange to Expand Prediction Markets Offerings (WSJ) 

  ^{_{More: Reuters}} 

  • Companies acquire 90% stake in LedgerX exchange to establish futures and derivatives platform launching 2026.

  • Prediction markets became Robinhood's fastest-growing revenue line with 9 billion contracts traded by 1 million users.

  • Joint venture positions Robinhood to independently list and clear contracts beyond existing Kalshi partnership.

• Naver to Acquire Crypto Exchange Upbit's Parent Dunamu (Bloomberg)

  _{^{More: The Block | Cointelegraph}}

  • South Korean internet giant agrees to $10.3 billion all-stock acquisition of Dunamu, operator of nation's largest crypto exchange.

  • Deal creates $13.56 billion fintech powerhouse combining payments, digital assets, and AI-driven services with won-backed stablecoin plans.

  • Shareholder votes scheduled May 2026 with stock exchange date June 30, pending regulatory approvals and appraisal rights.

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MARKETS

WORLD

• Russia Says US Envoy Witkoff to Visit Moscow Next Week (Bloomberg) 

  ^{_{More: France24 | ABC News}}

  • Kremlin aide confirms preliminary agreement for Trump envoy to meet Putin alongside other U.S. administration representatives.

  • Visit follows leaked October call showing Witkoff coaching Russian officials on pitching Ukraine peace plan to Trump.

  • Trump defends envoy's approach as standard negotiation, says Witkoff may be joined by Jared Kushner in Moscow.

• Fire Engulfs Hong Kong Residential Towers, Killing at Least Four (Bloomberg) 

  ^{_{More: CNN | Al Jazeera}}

  • Fire spread rapidly across bamboo scaffolding in Tai Po housing estate, killing 13 including one firefighter.

  • Blaze engulfed seven buildings housing 4,800 people with extreme temperatures hindering rescue operations on upper floors.

  • Xi Jinping urges all-out rescue efforts as 700 residents evacuate to shelters, raising scrutiny of bamboo scaffolding.

• From 'Outsider' to Inmate: A Brazilian Banker's Sudden Collapse (Bloomberg)

  • Daniel Vorcaro's rise from regional TV host to banking elite ended with sudden downfall and imprisonment.

  • Former gospel show host threw lavish parties and amassed trophy properties before rapid collapse.

  • Story illustrates dramatic trajectory from outsider to established figure to convicted inmate in Brazilian finance.

FUTURISM

• Pony AI's Loss Widens as it Seeks to Triple Robotaxi Fleet (Bloomberg)

  _{^{More: TechCrunch | CnEVPost}}

  • Chinese autonomous vehicle company plans to triple fleet to 3,000 robotaxis by end of 2026 globally.

  • Revenue jumped 72% to $25.4 million quarterly but net loss widened 46% to $61.6 million.

  • Guangzhou operations achieved unit economics breakeven as company expands into eight new countries including Qatar and Singapore.

• This Video of a Robot Playing Basketball is EXTREMELY Impressive (Futurism) 

  ^{_{More: Interesting Engineering | DNYUZ}}

  • Hong Kong University researchers teach Unitree G1 humanoid basketball skills using SkillMimic AI framework.

  • Robot performs dribbling, passing, and layups after thousands of simulated drills, maintaining balance when blocked.

  • World's first real-world basketball demonstration by humanoid showcases rapid progress in athletic robot capabilities.

• IBM Delivers New Quantum Processors on Path to Advantage and Fault Tolerance (IBM) 

  _{^{More: Network World | Harvard Gazette}} 

  • IBM's Quantum Nighthawk processor features 120 qubits with increased connectivity, enabling circuits 30% more complex than predecessors.

  • Quantum Loon demonstrates all hardware elements needed for fault-tolerant computing, completing error correction milestone a year ahead of schedule.

  • Real-time error decoding achieves 10x speedup over current approaches, positioning IBM for quantum advantage by end of 2026.

CONTENT

• Ilya Sutskever—We’re Moving from the Age of Scaling to the Age of Research (Dwarkesh Podcast)

  • Explains model jaggedness, human-like generalization gaps and why scaling alone cannot resolve fundamental capability inconsistencies.

  • Describes emerging research on emotions, value functions and structured self-play shaping behavioral designs.

  • Argues transformative AI progress now depends on research taste, deployment-driven learning and disciplined alignment breakthroughs.

• Google vs. Nvidia: Is the AI Chip King Finally Under Threat? (Prof G Markets)

  • Examines Meta’s talks to buy Google’s AI chips and how that shift could meaningfully challenge Nvidia’s hardware dominance.

  • Features Patrick Moorhead analyzing competitive forces across accelerators, cloud ecosystems and novel architectures redefining the AI chip race.

  • Includes Santiago Roel Santos on Bitcoin’s recent drop while outlining broader crypto expectations heading into 2026 and beyond.

• Why the World’s Wealthiest Are Sending Their Gold to Singapore (WSJ)

  • Details rising global gold demand and why high-net-worth investors increasingly prefer secure offshore storage facilities in Singapore.

  • Shows rare access inside The Reserve vault near Changi Airport, emphasizing extensive security infrastructure and immense bullion capacity.

  • Explains motivations for holding physical gold as prices surge and investors pursue geopolitical protection for concentrated wealth.

EXTRAS

• Microsoft AI Data Center Rejection vs Support (CNBC) 

  ^{_{More: WebProNews | Data Center Frontier}}

  • Wisconsin villages reject Microsoft data center expansions citing noise, energy consumption, and environmental concerns over agricultural land.

  • Caledonia planning commission sees 40 of 49 speakers oppose rezoning, with horseback businesses citing safety threats.

  • Rural pushback signals pivotal shift as municipalities leverage zoning ordinances against hyperscale computing sprawl.

• EU States Back Away from Forcing Big Tech to Detect, Remove Child Pornography (Reuters) 

  ^{_{More: Economic Times | The Star}}

  • European Council adopts less prescriptive position on child protection legislation, avoiding mandatory detection requirements.

  • Decision represents victory for U.S. firms like Google and Meta plus anti-surveillance activists concerned about privacy.

  • Position marks wider pushback against regulation led by Trump administration, requiring negotiation with EU lawmakers.

• SpaceX's First Version 3 Super Heavy Starship Booster Buckles Under Pressure During Initial Tests (Space.com) 

  _{^{More: Orbital Today | NextBigFuture}} 

  • Booster 18 suffered catastrophic damage to liquid oxygen tank during pressure testing, delaying Version 3 debut originally planned for January.

  • Setback raises questions about Starship's readiness for NASA's 2027 Artemis 3 moon mission with alternate lander options being considered.

  • SpaceX plans maiden V3 flight from Texas before inaugural Kennedy Space Center launch expected mid-2026.

AND MORE

• Global equities rise on soft U.S. data and rate-cut expectations.

• UK prepares budget with significant tax increases.

• Global GDP forecasts improve on stronger China outlook.

• Reading these letters will give you a look inside the minds of some of the greatest leaders of our time.*

• Yen strengthens on possible rate hike.

• Solar supply chains feel pressure from rising China exports.

• Oil prices hit lows as Ukraine–Russia peace plan progresses.

• Foxconn partners with OpenAI to build new AI hardware.

• Tsavorite wins over $100 million in pre-orders for new AI chips.