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

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

🚗 GM bets on compute & AI to compete with Chinese automakers.
🔐 The internet is having an especially rough day on the cybersecurity front.
⚖️ Judge orders Meta to pay $25B in Cambridge Analytica-linked privacy case.
🛒 Walmart welcomes AI shopping agents as rival Amazon shuts them out.
🕊️ Putin agrees to restart peace talks involving Ukraine & the U.S.

TECHNOLOGY

• GM bets on compute & AI to compete with Chinese automakers (CNBC)
  ^{_{More: TechCrunch, NY Times, Yahoo!}}

  • GM’s fourth-generation EV platform focuses on new battery chemistries, upgraded motors, and a central computing architecture.

  • As software increasingly sets vehicles apart, GM skipped the ride-and-handling details automakers usually tout.

  • The overhaul debuts in 2028 with the Cadillac Escalade IQ, and eyes-off highway driving arrives that year.

• The internet is having an especially rough day on the cybersecurity front (BBC)
  ^{_{More: Reuters, TechCrunch}}

  • AI-discovered PHP flaws knocked government websites offline, prompting the NSA to urge immediate updates or shutdowns.

  • An attacker compromised the open-source LLM proxy LiteLLM with code that targeted credentials and enabled remote access.

  • Node.js patched four high-severity flaws, while Indian certificate authority eMudhra had its private keys compromised.

• Meta’s Muse AI app passes 10M users, with shopping among top uses (TechCrunch)
  ^{_{More: CNET, Business Insider}}

  • Zuckerberg said about 25% of people who set up Muse now use it daily, boosting retention.

  • Over a quarter of engaged shoppers averaged purchases above $200, and payments partner Plaid called the activity unprecedented.

  • Users also connect Muse to email and calendars, which Zuckerberg says signals trust in its privacy protections.

BUSINESS

• Judge orders Meta to pay $25B in Cambridge Analytica-linked privacy case (CNBC)
  ^{_{More: Reuters, TechCrunch}}

  • A New Mexico jury found 43M violations of state consumer protection laws after a two-week trial.

  • The case covered a third-party app tied to Cambridge Analytica, privacy policies, and Meta’s efforts against misinformation.

  • Attorney General Raúl Torrez said the payout could build schools for 100 years; Meta plans to appeal.

• Walmart welcomes AI shopping agents as rival Amazon shuts them out (Axios)
  ^{_{More: TechCrunch, Business Insider}}

  • Walmart’s new Agent Gateway, an MCP server, lets approved agents search inventory and buy on users’ behalf.

  • Across Walmart and Sam’s Club, shoppers can buy usual items without sharing personal data with agents.

  • New tools also distinguish agent purchases from direct customer orders and let shoppers limit what agents can do.

• Meta plans to fund its AI buildout with a new stock class (The Verge)
  ^{_{More: TechCrunch, Yahoo!, Crypto Briefing}}

  • CFO Susan Li confirmed that the non-voting shares will go to all existing shareholders through a stock dividend.

  • Li said the shares could fund acquisitions, raise capital, and pay employees while protecting existing voting power.

  • Meta beat Wall Street expectations with $64B in quarterly revenue, up 26%, though expenses rose 68%.

MARKETS

WORLD

• Putin agrees to restart peace talks involving Ukraine & the U.S. (Reuters)
  ^{_{More: Firstpost, Business Standard}}

  • Talks could begin on or after November 10, following Putin’s ninth in-person meeting with envoy Steve Witkoff.

  • Russia freed retired U.S. teacher Stephen Hubbard as a goodwill gesture after Trump requested his release.

  • Putin also offered Washington help on Iran and discussed a possible China meeting with Xi and Trump.

• Ukrainian drones hit Russian data centers, disrupting key services & AI research (AP)
  ^{_{More: Washington Post, Seattle Times}}

  • Ukraine hit three Yandex data centers this month, plus one each for Sberbank and Facebook-like VKontakte.

  • The damaged facilities are central to Russia’s tech sector and could take a long time to repair.

  • Russia prides itself on its digital strength, from a sprawling e-commerce sector to ambitious AI plans.

• Riots cloud Macron’s final months as presidential hopefuls jockey to succeed him (AP)
  ^{_{More: Yahoo!, The Hill, WTOP}}

  • Macron attended a Celine Dion concert before a major protest, then flew abroad to secure a fuel deal.

  • Macron’s approval is at its lowest since 2017, below even levels during the ‘yellow vest’ protests.

  • He has not endorsed a successor, and polls show moderates trailing far-right and far-left contenders.

FUTURISM

• Tesla kicks off Optimus robot production in California as profit drops 43% (WSJ)
  ^{_{More: TechCrunch, Business Insider}}

  • Tesla called the Fremont-built units its first production-quality bots, made in space once used for EVs.

  • Musk expects a slow, bumpy ramp but claims Tesla will produce 20k robots weekly by late 2027.

  • He said the design needs durability improvements, and the AI needs significant work on open-ended tasks.

• Tesla plans to sell its Cybercab robotaxi to customers by year’s end (Reuters)
  ^{_{More: TechCrunch, CNA}}

  • The driverless vehicle has no steering wheel, and federal regulators are probing whether it meets safety standards.

  • Engineering VP Lars Moravy said current Cybercabs go to Tesla’s robotaxi fleet, and customer deliveries will start small.

  • Musk long pitched converting owners’ Teslas into robotaxis via software, but Full Self-Driving still needs human supervision.

• Recursive says AI largely built Flint, its new laptop coding model (TechCrunch)
  ^{_{More: WIRED}}

  • The company’s Eureka Machine research system helped a small team build Flint from scratch in under four months.

  • Flint is free on Hugging Face and runs offline, letting developers keep code private and avoid cloud fees.

  • Recursive, led by Richard Socher, raised $650M at a $4.65B valuation from backers including NVIDIA and GV.

• Explore the essential startup reading database*

  • Learning from the best is how you become the best. We've curated a list of top-notch articles, blogs, and readings that are pivotal for startup founders.

  • And here's the kicker: we've organized it all in a user-friendly Notion database for easy access and tracking. Double win!

  • As aspiring leaders and innovators, this list serves as a bridge to absorbing the knowledge that has propelled others to success.

CONTENT

• Anthropic’s 5% share giveaway, Clone’s muscle robot, & ElevenLabs’ voice heist (This Week in Startups)

  • Jason reviews Nathan Fielder’s A24 Theranos documentary ‘You Can See Everything,’ and Lon recommends HBO Max’s ‘Ren Faire.’

  • Clone Robotics CEO Dhanush Radhakrishnan explains why robots should look and move exactly like humans.

  • The hosts also revisit simulation theory after Odyssey placed an artificial fruit fly brain in a virtual world.

• Dylan Field: AI vs. designers, design as code, & democratized creativity (All-In Podcast)

  • Figma’s CEO shares its origin story and recounts the antitrust fight that sank Adobe’s $20B acquisition.

  • He weighs in on the ‘SaaS apocalypse’ and whether frontier AI companies threaten software firms like Figma.

  • Field argues taste and boldness win in the AI era, and discusses human agency and AI’s promise.

• How a wealth advisor spends $1M a year, including $300k on vacations (Moneywise)

  • Adam Katz’s father, a Bronx guidance counselor, died with $133k; Katz is now worth roughly $35M.

  • About 75% of his wealth is illiquid, while he deliberately holds 20% in cash.

  • He spends $100k yearly at restaurants, including $35k in tips, and follows a ‘three-digit rule’ for giving.

EXTRAS

• Blackstone’s Jas Khaira says concerns over AI buildout debt are overstated (TechCrunch)
  ^{_{More: Crypto Briefing, AInvest}}

  • Khaira leads BXN1, a San Francisco hub Blackstone launched this year to centralize its AI initiatives.

  • With $1.3T under management, the firm pitches flexible debt and equity financing to meet AI’s massive capital needs.

  • Blackstone calls itself the largest compute owner outside the hyperscalers and committed $5B to neocloud Crux AI.

• WordPress parent Automattic begins layoffs after board upheaval sparked executive exits (The Verge)
  ^{_{More: TechCrunch}}

  • Cuts have hit the communications and social teams, WordPress.com, and VIP enterprise, with insiders bracing for more.

  • CEO Matt Mullenweg survived a September ouster attempt, but the CFO, interim CFO, and legal chief left.

  • He also posted a departed executive’s private family health details in company Slack, shocking some employees.

• Airbnb limits checkout chores for guests, drawing backlash from some hosts (TechCrunch)
  ^{_{More: WIRED}}

  • Hosts can no longer require guests to strip beds, wash dishes, start laundry, or take out trash.

  • The rule applies to bookings made from November 20, after guests complained about chores despite paying cleaning fees.

  • One host warned the policy makes Airbnb too hotel-like and threatened to leave after 12 years.

AND MORE

• Waymo begins offering robotaxi rides at the Las Vegas airport.

• In AI-hungry Southeast Asia, the money goes beyond just subscriptions.

• Roko’s Basilisk skips the buzzwords and cuts straight to what moves markets, products, and careers.*

• Pascal aims to update heat pump technology that dates back 170 years.

• Oil jumps as the U.S. & Israel reportedly weigh fresh Iran strikes.

• For now, AI is more headache than productivity boost for managers.

• CSI 300’s 10-week rout drags Chinese stocks into bear territory.