Meme coins surge, Apple’s AI facing delays, and self-driving heats up

Top News

• Meme coins surge: Crypto is back in the headlines thanks to its new status as a political football, but outside the mainstream lens, a plethora of meme coins are being created—so much so that a small exchange built to help folks trade them is seeing its own stock rise. Dune data shows just how many meme coins are being launched on Pump.fun, a website that could win an award for being so aptly named.

• Apple’s AI push could be delayed: Cupertino’s upcoming ‘Apple Intelligence,’ or AI technology that it showed off earlier this year could find itself a month delayed, Bloomberg reports. That means the new tech won’t launch alongside new iOS software later this year. iOS 18 is expected in September, while the company’s new AI tools could now land in October.

• Self-driving competition is heating up: With Waymo reaching new usage milestones and Cruise back in the mix, self-driving dreams are inching closer to becoming reality. Progress towards your next ride could accelerate further with Nuro having earned “approval to test its third-generation R3 autonomous delivery vehicle in four Bay Area cities,” TechCrunch reports. Nuro’s vehicles are more aimed at deliveries than moving people, but when it comes to self-driving, the more competitors, the better.

TWiST500

We’re adding two new names to the TWiST500 today: Quantinuum and Coast.

Starting with Quantinuum, the quantum computing startup is considering an IPO next year at a $10 billion valuation. That alone makes it ripe for inclusion. But when we consider that data indicates venture investment into quantum computing fell sharply last year, we are set with something akin to a conundrum: If Quantinuum can target a $10 billion IPO, why aren’t there more startups raising more capital today?

Quantinuum is itself the creation of a merger between Honeywell Quantum Solutions (hardware) and Cambridge Quantum (software), with Honeywell retaining a large stake. The company last raised $300 million earlier this year at a $5 billion valuation.

And then there’s Coast. The fintech startup recently made waves by raising twice in under a year, a feat that is very, very rare in 2024. Alex recently interviewed one of the company’s long-time backers, who noted that the round was part of a larger trend of venture investors undertaking a flight to quality. That’s about as big an endorsement of an upstart tech company as we can imagine, so onto the TWiST500 it goes.

A message from Squarespace:

Turn your idea into a beautiful website! Go to http://www.squarespace.com/twist for a free trial. When you’re ready to launch, use offer code TWIST to save 10% off your first purchase of a website or domain.

This Week in Startups

E1985: Etsy CEO Josh Silverman swung by the podcast to talk about how his company is reacting to the AI era. Etsy is best known for its hand-crafted goods that small creators sell. Jason and Silverman dug into how to build and maintain a unique marketplace, operating a company in a remote-friendly world, and how organic traffic flows are changing today.

E1984: Jason and Alex’s latest news roundtable dug into the Google-Wiz deal’s demise, new AI models from Meta, and even the latest UBI study. Wiz’s choice to pursue an IPO over a sale could yield greater returns down the road, but at what price is not clear. Meta’s new Llama 3.1 405b model, meanwhile, has put open-source AI at the front of the pack when it comes to performance, shaking up the artificial intelligence landscape for months to come.

E1983: Benchmark investor Sarah Tavel is back! Tavel and Jason discussed the critical role of governance and accountability in startups, and the relationship between hype, investment decisions, and startup promotion. And for the software fans, the venture capitalists discussed the challenges that SaaS faces in the market today. Tune in!

TWiST Partner Offers

• A new doc that brings words, tables and teams together. All your valuable data, plans, objectives, and strategies in one place. Go to https://www.coda.io/twist to get a $1,000 credit!

• Intercom’s AI-first service is the best thing to happen to your customers since you. TWIST listeners can get 90% off Intercom’s platform at https://www.intercom.com/twist

• Micro1 is an AI recruitment engine to hire world class engineers fast. Visit https://www.micro1.ai/twist to open a talent search and get a 2 week free trial per hire.

The TWiST500 newsletter is the new, updated, and improved TWiST Ticker.