The EU sticks it to Apple and Google, a VC devotes half his fund to Elon, and don’t tailgate in Suisse

StrictlyVC Briefing Doc - September 10, 2024 Main Themes: EU's Clampdown on Tech Giants: The European Court of Justice issued major rulings against Apple and Google, signaling increased scrutiny and potential ramifications for Big Tech. AI Developments and Disappointments: Apple's foray into AI features falls short of expectations, highlighting the ongoing struggle to deliver on the technology's vast potential. Investment Trends: VC funding remains robust across various sectors, including fintech, sustainability, healthtech, and AI, with notable rounds in both early-stage and growth-stage companies. Elon Musk's Influence: Musk's actions continue to draw attention, from concerns over election misinformation to attracting significant investment from a prominent VC. Important Ideas/Facts: EU vs. Tech Giants: The EU court upheld a $13 billion tax avoidance judgment against Apple, relating to its operations in Ireland. Google faces a €2.4 billion fine for abusing its dominant position in online shopping. These rulings demonstrate the EU's commitment to regulating Big Tech and ensuring fair competition. Apple's AI Shortcomings: Apple's new AI features, dubbed "Apple Intelligence," fail to deliver the groundbreaking impact promised by Tim Cook. While offering some time-saving shortcuts, the technology is seen as computationally demanding and lacking in transformative applications. Notable Funding Rounds: Form3: Cloud-based payment platform raised $60 million (Series C extension) at a $570 million valuation. Glean: Enterprise search and data management platform secured over $260 million (Series E) at a $4.6 billion valuation. Quantum Source Labs: Quantum computing startup raised $50 million (Series A) led by Eclipse Ventures. Elon Musk's Continued Impact: Musk's tweets about voter fraud have raised concerns about election integrity and sparked calls to purge voter rolls. John Hering, co-founder of VC firm Vy Capital, has committed over half of his firm's $8 billion fund to Musk's ventures, demonstrating strong confidence in the entrepreneur. Other Notable News: A coalition of state attorneys general is urging Congress to mandate warning labels on social media platforms regarding potential risks to children. Waymo's autonomous vehicles in Phoenix and San Francisco are reporting 48% fewer accidents per mile compared to human drivers. Quotes: Tim Cook on Apple Intelligence: "...'breakthrough capabilities' will have 'an incredible impact.'" Craig Federighi on Apple Intelligence: "...will 'transform so much of what you do with your iPhone.'" Overall Takeaways: The latest StrictlyVC report highlights significant developments in the tech world, from regulatory battles and AI advancements to notable funding rounds and the enduring influence of figures like Elon Musk. The EU's actions against Apple and Google underscore the increasing pressure on Big Tech to operate within established rules and regulations. Meanwhile, Apple's underwhelming AI launch serves as a reminder that the path to transformative AI applications remains challenging, even for industry giants. Despite these developments, VC funding remains strong, reflecting continued optimism in emerging technologies and innovative solutions across various sectors.