🏆🤖Unpacking the Speculations Around China's AI Ambitions

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Good morning Opportunists. In today’s edition, we’re diving into China’s AI ambitions and the speculations surrounding its possible risks. Plus, we’ve got updates on Saudi Arabia’s groundbreaking $50 billion Mukaab project that’s set to redefine cityscapes, along with a new valuation milestone for Vinted, the secondhand fashion platform making waves across Europe. From monumental projects to market-shaking valuations, here’s what’s happening in the world of big ideas and even bigger investments.

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Trending AI, Science, and Money News

Unpacking the Speculations Around China's AI Ambitions

SThe U.S. government is increasingly wary of China’s use of AI to control its population, spread misinformation, and threaten the security of America and its allies, said White House national security adviser Jake Sullivan. Speaking at the National Defense University, Sullivan highlighted a new U.S. directive on AI aimed at addressing these concerns and providing secure alternatives for global partners, warning that China’s digital infrastructure could lead to mass surveillance and data vulnerability. [Source]

Mexico’s New Plan for Self-Sufficiency

Mexico's President Claudia Sheinbaum is introducing an agriculture plan aimed at reviving food self-sufficiency, with a focus on boosting production of staple crops like beans and corn and revamping government-run stores reminiscent of the 1980s. As part of her vision, Sheinbaum also announced a school ban on junk food, though past government attempts to shift consumer habits have shown limited success. [Source]

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Science and Technology

They Have Returned After 7 Months: SpaceX’s Dragon spacecraft safely returned a crew of Russian and American astronauts to Earth after a seven-month stint on the International Space Station, following multiple delays linked to Boeing’s Starliner capsule. This Crew-8 mission, SpaceX’s 13th crewed flight, involved over 200 experiments, including stem cell research and plant studies under microgravity, with future missions like Crew-10 scheduled for February 2025. [Source]

The $50 Billion Project has Begun: Construction has begun on the Mukaab in Riyadh, Saudi Arabia, a massive $50 billion project set to become the "world’s largest building," rising 1,300 feet high and 1,200 feet wide with space for 20 Empire State Buildings inside. This ambitious cube will house 104,000 residential units, 9,000 hotel rooms, retail, offices, and immersive AI-powered experiences, supporting Crown Prince Mohammad bin Salman’s Vision 2030 to modernize Saudi Arabia through sustainable, high-tech developments like NEOM, The Line, and other groundbreaking projects. [Source]

Trading with AI: Morgan Stanley is extending OpenAI's generative AI tools, now rolling out "AskResearchGPT" in its investment banking division to streamline access to the bank's vast research library. Already used by nearly half of its 80,000 employees, the tool has significantly boosted productivity by enabling faster client responses, though experts like Katy Huberty emphasize that human insight remains irreplaceable for nuanced analysis and client relationships. [Source]

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Business & Markets

Vinted: Lithuania's Vinted has reached a new valuation of €5 billion ($5.4 billion) following a €340 million ($367 million) secondary share sale led by TPG, with involvement from major players like Baillie Gifford and FJ Labs. This significant valuation jump highlights Vinted’s success, with record revenue growth of 61% in 2023, recent profitability, and geographic expansion beyond fashion into electronics—prompting competitive responses from giants like eBay in Europe. [Source]

Tesla Stock: Tesla’s recent profit surge is largely from increased revenue in vehicle servicing and its Supercharger network—despite Musk’s past claims that these wouldn’t be profit-driven. With a 90% year-over-year growth in service-related profits to nearly $250 million, Tesla now acknowledges Supercharger profits and service center margins as key contributors to its financial performance, diverging from Musk’s earlier promise to keep these costs minimal for customers. [Source]

22 Hours Daily: The NYSE announced plans to extend after-hours trading on its Arca electronic exchange to 22 hours daily, allowing trading from 1:30 a.m. ET to 11:30 p.m. ET on weekdays, pending regulatory approval. This shift, driven by global demand for U.S. equities, aims to compete with 24-hour trading on platforms like Robinhood and cryptocurrency markets, offering increased flexibility for global traders and potentially altering earnings announcements and trading dynamics. [Source]