• 7.7b world population. Of them: 🗒️ notes on overpopulation
5.7b adults → age > 15yrs (74%) peak child?

• 8.0b mobile connections, SIM cards (104%)
5.1b unique mobile phone users (67%)

• 6.7b w/ electric power (87%), ~1b to go!

• 5.5b TV users (71%)

• 5.4b w/ access to working toilets (70%) 🚽 in 🇮🇳

• 4.0b unique smartphone users (51%), new unit shipments -4%
2.4b Android, ~0.7b Chinese Android, 0.9b iPhones new kid in town
1H 2019 sales (units): 🥇Samsung, 🥈Huawei, 🥉Apple
Huawei: Android forced fork → new OS war?  a trade war won't stop Huawei
Xiaomi: #1 in India for the last 8 qtrs

• 1.5b cars (19%), of which EV=0.4%
car ownership is rising, not declining, on track to 2b just 4yrs!

• 1.3b PCs (16%) = 1.1b Windows, 0.2b Mac + Linux
47% of new PC sales (Q2 2019) = Lenovo + HP
0.4b tablets (4.7%)

• 170m smart watches (2.2%), 53m in USA

• 160m smart speakers (2.1%), 76m in USA (>1 per household)
outpacing adoption rates of smartphones

• Security Council’s permanent members:
2.4b Facebook (31%)
2.3b Christianity (29%)
1.8b Islam (23%)
1.5b WhatsApp (19%)
1.4b China (19%)

• Security Council’s non-permanent members:
1.4b India (18%)
1.1b Hinduism (14%)
1.1b WeChat (15%)
1.0b Instagram (13%)
1.0b TikTok (13%)  viral videos 101
710m QQ (9.1%)
510m European Union (6.6%)
490m Sina Weibo (6.3%)
330m Twitter (4.3%)
330m USA (4.2%)

• Not represented in the General Assembly:
1.2b non-religious (15%), aka “humanists”
1.0b people with no legal identification (13%)

• 4.5b active internet users (59% of world pop) growth is slowing  mobility report
3.4b active *mobile* internet users (77% of internet users)
37% of all mobile internet traffic = YouTube

• 3 separate *mobile* internets: 🇨🇳=850m 🇪🇺=300m 🇺🇸=270m
🇮🇳=580m choose b/w: govt surveilled, data protected, corp custodians

• 3.9b email users (89%), 3.5b active social media users (79%)  the at sign

• Wordpress ($3b) powers >33% of the *entire* internet
vs web porn traffic claims of 5% to 15%

• avg d/l speed: 28 Mbps mobile, 66 fixed broadband, 112 5G (🇰🇷)  
160m+ Americans can't access / don't use broadband speed FCC v $MSFT

• 3G coverage @ 95%, LTE > 70%, 5G rollout (IoT revolution) begins
🇺🇸Verizon=11 cities, 🇬🇧Vodafone=7, 🇩🇪D-Telekom=6 Samsung Galaxy S10 5G

• 2k+ satellites (comms + observation), growing +500/yr and accelerating
🇺🇸=901, 🇨🇳=299, 🇷🇺=153  full database

• satellite-based broadband constellations ("fiber" anywhere on Earth) 🛰️ in🚀
SpaceX's Starlink: 60/12k (7k FCC authorized)
Telesat: 0/300 (to be launched by Blue Origin)
OneWeb: 6/648, Viasat: 0/3, Amazon's "Project Kuiper": 0/3.2k

• ~1% of internet data on surface web (indexed by search engines)
~99% on deep web (not indexed), fastest growing data

• people/businesses continue relentless “march to the cloud”  white paper
public cloud storage ~30% to pass consumer devices (~35%) by 2020
to pass traditional data centers (~40%) by 2021

• $800b cloud market cap, on track to $1 trillion
Amazon’s AWS to build VW industrial cloud: data from 122 factories
Microsoft's Azure to move AT&T's non-networking infra to the cloud

• world’s most powerful supercomputer: IBM-built “Summit”

• Google quantum cpu faster than super computers: 200sec vs 10k yrs

• $0.025/GB cost of cloud storage (2019), vs $4.4k/GB in 1990

• ubiquitous 1TB: SD Card (Lexar), microSD card (SanDisk and Micron)
SSD: Nimbus Data 100TB ExaDrive DC100 SSD → 20k HD movies

• $0.05 cost of 1m transistors (2013), vs $527 in 1990
Moore's law still in effect, but chip-specialization driving price   Gordon Earle Moore
semiconductor co's racing to develop adv chips: 5G, AI, SDV, Robots
next-gen AI microchips funded by DARPA: keep USA ahead of China tech wins all wars

• Google Drive: 1b MAU (5m paying)  dev cheat sheet

• Dropbox: 600m users (13.6m paying), $8.3b mkt cap
fastest SaaS company to $1b/yr recurring revenues (🏁=8.3 yrs)
integration with Google G Suite + Office 365

• Box: 65m users (12.3m paying), $2.5b mkt cap

• every single asset in the world will be tokenized  dist ledger tech

• $220b network value of all 2.4k altcoins/tokens
11 crypto-assets w/ network value > $1b

• crypto exchanges by *verified* BTC ADTV: 🥇Binance 🥈Bitfinex 🥉kraken
Coinbase, Kraken et al develop the Crypto Rating CouncilCRC

• Coinbase: 30m users in ~40 countries, insured accounts
#1 crypto-custodian for institutions: $7b AUM, 120 clients

• anonymous/decentralized trust enabled by blockchains → still expensive
security of blockchain is linear to expenditure in mining power
vs door lock increases house security by more than cost of the lock

• Facebook-led digital currency Libra includes 28 companies (3 out) white paper
backed by fiat basket: 50% USD, 18% EUR, 14% JPY, 11% GBP, 7% SGD

• Bank of England's synthetic hegemonic currency → "end" USD dominance

• People’s Bank of China digital yuan: prototype ✔️, to launch

• adoption: 🇸🇪 RE registrar, 🇨🇦 grants, 🇪🇪 digital ID, 🇳🇿 legal tender Te Tari Taake
🇺🇸 Delaware: mandatory shareholder’s list → OK on a blockchain
🇺🇸 Ohio: businesses state taxes → pay w/ bitcoin @ ohiocrypto.com

• top patent filings: 🥇IBM 🥈Mastercard 🥉Bank of America

• JP Morgan + 330 banks = ETH-based blockchain to settle payments Quorum  wall st banks

• 5-10% interest on crypto backed loans: BlockFi, Binance, et al

• cpu power for AI training: 2x every 3.5mo, vs 18mo for Moore’s Law
80 co designing custom chips for deep learning acceleration AI chips

• reading comp w/unanswerable questions: human performance = 86.83
🥇Google+Toyota🇺🇸=89.73 🥈PINGAN🇨🇳=88.59 🥉Google+Toyota🇺🇸=88.10

• AlphaZero becomes world’s best Chess, Go, and Shogi player
starts from blank slate, no historical data, except game rules

• combinations of ingredients to form metallic glass:
scientists found 6k in 50yrs, vs ML → 20k in 1yr

• 3m scientific abstracts (1922-18) analyzed: insights to new materials 📝

• medical research/knowledge: 2x every 70 days (2020E) via deep learning
2x every 3.5yrs (2010), 2x every 50yrs (1950)

• DL accuracy 26 skin conditions ≈ USA board-certified dermatologists

• Paige.ai's "breakthrough" diagnoses prostate/skin/breast cancer > 98%

• DeepMind's acute kidney injuries accuracy > 90%

• "Smart city IoT" rationale allowing facial recognition tech deployment Megvii IPO
200m surveillance CCTV deployed by Chinese govt, 600m → 2020
UK court rules police OK to use facial recog to identify individuals

• 640m driving license photos scanned by FBI+ICE
Pentagon's laser: identify people from a distance by their heartbeat = 

• deepfake "fakes": cpu generated ppl, porn videos, impersonification   OMG

• 2.5m industrial robots 2018, installed base growing 15% YoY
robots per 10k employee: 🥇🇸🇬=830 🥈🇰🇷=775 🥉🇩🇪=340…🌎=99

• sidewalk delivery robots coming: Amazon's Scout, Postmates's Serve

• Boston Dynamic: Atlas’s does backflip, Handle’s stacks boxes  watch out Simone Biles

• SD-airplane Zipline: 128km/h speed, 160km range, 1.75kg cargo capacity sorry Maverick

• 1.3m hobbyist drone fleet (USA, 2018), 900k registered owner-hobbyists
0.3m commercial drone fleet (USA, 2018), 116k certified pilots

• Chinese drones rule the sky, DJI has ~70% mkt sh  pop!

• smartphones killed the Japanese cameras, but high-end lens up  in '12 we will sell...
Caltech world’s fastest camera, 1012 fps captures traveling light  alexa zoom in

• LiDAR "Moore's law": every 18mo → sensor resolution 2x, price 1/2x
$4k for Puck VLP-16, Velodyne’s cheapest LiDAR  S-1 imminent?

• Waymo to sell in-house developed LiDAR “Laser Bear Honeycomb”
launches Open Dataset, 1k 20s clips of sync camera+LiDAR data data for research

• 60+ carmakers issued autonomous vehicle testing permits by CA DMV  cali
Silicon Valley: 2m autonomous miles logged in 2018
Waymo: 10b miles in simulation, but 10m on real roads
Mobileye: 30 *billion* miles of real-world testing required  is it scalable?

• 15% of Earth’s seafloor mapped (100% goal → 2030)
Saildrone charges $2.5k/day/drone to collect ocean data

• 0.032$/kWh avg solar contract (incl Federal subsidy), -160x since 1976
learning rate: cost falls 29% for every doubling in capacity

• price of solar/wind so low → many subsidies no longer necessary cost of energy
Chinese cities: $ solar < $ elec national grid < $ coal-fired power

• 1.3TW of solar/wind installed (2018), plus 200GW by 2019E
second TW to cost <50%

• 10% of global energy consumption (2017) = renewable, 13% by 2023E

• USA coal power plants: closed > open. 25% of open → closed by 2025  tick tock tick...
1st time renewables gx 68.5 GWh > coal 60.1 GWh (USA Apr-2019)

• cumulative installed solar photovoltaic capacity (1H 2019)
🥇China=186GW 🥈USA=69GW 🥉Japan=58GW
USA: #2 source of new capacity additions in 1H 2019 (#1 natural gas)

• cumulative installed wind energy capacity (1H 2019)
🥇China=193GW 🥈USA=98GW 🥉Germany=60GW

• renewable energy employees (2018): 4m 🇨🇳, 1m 🇧🇷, 0.9m 🇺🇸
fastest-growing USA jobs: solar panel installers, wind turbine techs

• CA: carbon-free by 2045, currently at 32%, utilities → 60% by 2030
solar panel on all new homes, starting 2020

• USA states wind/solar gx: 🥇ND=54% 🥈KS=47% 🥉OK=43.4%
transition to renewable energy is fully underway: 18 states @ >10%

• 7m EVs currently on the road, plus 0.5m e-buses
EV fleet: 🥇🇨🇳=3.2m 🥈🇪🇺=1.5m 🥉🇺🇸=1.3m

• 1H 2019 sales: 🇨🇳=630k, 🇺🇸=230k, 🌎=1.4m
best-seller race, first to 500k sold: Tesla Model 3 vs Nissan Leaf  VIN tracker

• EVs to public charging st: 🇨🇳=3:1 🇪🇺=7:1 🇺🇸=19:1

• ChargePoint has 100k charging points (2.5m by 2025) fact sheet

• VW: $50b e-plan, EV-only plant in China → the [Chinese] people’s car
1m EV/yr goal 2025-2030, EV-only cars by 2030
Electrify America: 1.5k/2k fast chargers, 308/500 stations

• Toyota testing solar-powered Prius 57km range (47km/day avg USA driver)

• Porsche drops diesel, $8b by 2020 to electrify *entire* lineup Tycan Turbo

• top 10 economies ban non-EV cars “announcements”
by 2023: 🇮🇳 by 2030: 🇧🇷 🇮🇹 by 2040: 🇨🇳 🇩🇪 🇬🇧 🇫🇷 by 20😴: 🇺🇸 🇯🇵 🇨🇦

• 🇳🇴 (#1 EV per capita) 2025: 100%. 1H 2019 sales = 48% all-electric

• California ($7k subsidy) 1H 2019 sales = 8% zero emission vehicles
all public transit routes electric by 2040, EV-only purchases by 2029

• $176/kWh avg Lithium-ion battery pack price, down 85% since 2010

• car dealers/suppliers brace for a lot of pain
$0.026/mi EV car maintenance vs $0.061/mi for conventional vehicles report

• e-bikes: Giant 600k by 2019E, Harley Davidson and Trek launching too

• USA: 5.9m biz (1-499 FTE), 19.5k (500+ FTE) newco? → Stripe Atlas, sorry lawyers
10k co w/ mkt cap > $300m, 8k co w/ mkt cap < $300m

• 7k listed co NYSE+NASDAQ → $50t mkt cap
57% of Fortune 500 co in 2000 → not F500 anymore, only 60 since 1955  GE's collision course

• top 5 co by mkt cap: hq=USA, exchange=USA, comp adv=tech/investments 🇪🇺
S&P500 mkt cap: Σ top 5 ≈ 15% ≈ Σ bottom 225
$1.7t cash + cash eq held by non-financial USA corp biz

• 2011-19 USA co fundraising: private mkt > public mkt, 1H 2019 → 5:1
SEC: to "take fresh look" pro retail access, wealth ⇏ sophistication  pro's performance

• $55b by USA VCs (1H 2019) 2.8k deals, vs $145b & 16.9k global VC 📝
9 states w/ $b+ VC ecosystem 2019E: 🥇CA=$61b 🥈NY=$16b 🥉MA=$10b📝 geo matters

• Long Term Stock Ex: USA's 5th nat sec exchange, HQ=San Francisco  

• $170b+ in underpriced IPO (1980-2019) → direct listing  follow the champion  podcast
investment bankers are neither bankers nor investors  

• $50b in P2P loans to 4m borrowers issued by LendingClub

• $15b raised by 2k tokens via Initial Coin Offerings
NVCA→SEC allow crypto + secondaries

• $4.6b pledged to 170k project via Kickstarter

• $3.1b in grants to 5.6k awards through main USA federal agencies

• $1.0b passed to 100k creators using Patreon

• learn to sell, learn to build. If you can do both → unstoppable

• college tuition USA 1978-2018 → 1,375% > 4x over­all inflation
online=mainstream: HBX rebrands to HBS Online, enrollment up 70%
investor day videos are the new free biz school full syllabus
50% of Apple’s USA employment 2018: people w/o 4yr degree

• AI-based + blockchain: LinkedIn’s fastest-growing skills

• STEM higher starting salaries, mid career social sci majors catch up
500k+ followers: $3.9k per YouTube video, $2.1k per Instagram post
Medium.com writers: 55%>$0, 8%>$100, #1>$14k, $4k+ best single story

• >25% of adults *unable* to use a cpu (1.4b people), vs 1b+ illiterate   you do not want to be >40yrs
25% of Goldman Sachs’ workforce (~10k) → computer engineers
30% of K-12 students in USA have a code.org account  compensation data

• 2k Coursera B2B partners, skill building offered by employers *up*  pgs 212-258
$0.7b budget by Amazon to retrain 100k workers into tech roles by 2025

• WeWork: #1 tenant in NYC w/ 0.7m mt2, #2 JP Morgan   investing your time > money
5G speeds to allow "real-time" virtual working, reinvent physical work?

• 15% of USA labor force (30m) = gig workers vs 3.6m cashier jobs  new index out
CA bill AB-5 'gig economy' contractors → employees take a page from their book
$1b/yr in Uber tips, but <100% to drivers. also at DoorDash, Amazon, ... UK 6-apr-2020

• USA labor mkt: 0.9 unemployed per 1 job opening (7m+ job openings)  AI wanted

• 1978 (42yrs ago) capitalism=illegal, entrepreneurship → death sentence  script for Hollywood movie

• China ’09 → #1 Exporter, ’13 → #1 Trader, ’17 → #1 Shipping+Ports

• #1 unicorn: ByteDance $75b > 2.3x SpaceX (1.5x $UBER)
“9-9-6” schedule of Chinese tech employee: 9am-9pm, 6 day/wk
~400 global unicorns: 🇺🇸=197 v 🇨🇳=98. Decacorns: 🇺🇸=12 v 🇨🇳=6 Internet Report

• Silicon Valley (10x innovation) terrified of China (20x), Europe (1x)  CN vs US
global VC: 🇺🇸>50%, 🇨🇳=15% (#1 Sequoia), VC fundraising: 🇺🇸2:1🇨🇳  现在申请
China R&D spending growing 18%/yr vs USA at 4%/yr  Taian Railway Station

• $0.9t new silk rd investments eat EU 🇬🇧🇨🇭🇩🇪 + EMkts 🇧🇷🇵🇰🇳🇬, 🇺🇸<10%
Min of Defense's white paper: "USA undermines global stability"  China's National Defense in the New Era
China-backed hackers targeting US-based cancer research centers

• Chinese government to pork industry: embrace the “ABCD” 📙
Artificial Intelligence, Blockchain Tech, Cloud Computing, Big Data
state oversight officials sent to 100 private firms: Alibaba, ...

• 11 Chinese IPOs in USA exchanges (1H 2019)
Shanghai Stock Ex launches Nasdaq-style tech exchange: STAR Market
London SE board unanimously rejects $37b takeover bid by Hong Kong SE  China in the world

• USA semiconductor companies “holding the fort” → ⏳?  Integrated Circuit Industries
trade war won't stop espionage/cyberattacks on USA mil+econ secrets  poaching employIPs
USTR findings: acts+policies+practices for tech transfer USA → China

• 1.2b/day Office users, #1 productivity service, #1 SaaS product
214m Office cloud subs > Σ Spotify + Amazon Prime, paying ~$99/yr
of which 35m Office 365 consumer subs
Office 365 > 2x G Suite’s penetration in businesses
>1b MS Word installs on Google Play Store
400m Outlook users (100m mobile), 300m Skype users

• 16% mkt sh (½ AWS, 2x Google) in cloud computing infra w/ Azure
16 consecutive qtrs at >60% QoQ rev growth
Azure to build Walmart and Walgreen's “cloud factory”

• 88% mkt sh in desktop operating system
1.7b/day Windows devices (installed base), 900m on Windows 10 alone

• $26b+ for LinkedIn (2016): 645m profiles, 30m companies

• $7.5b for GitHub (2018): outbids Google, Amazon, Tencent, Atlassian

• Cortana to be replaced by Microsoft Search
Word’s Resume Assistant (powered by LinkedIn) writes your resume
real-time translator: powerpoint (60 langs), Skype (10 langs)

• 110m/mo active Minecraft players, 65m/mo Xbox Live users

• $9b spent in R&D (1H 2019)
$1b committed to OpenAI (nonprofit AI research)
samples cashier-less technology to Walmart and other retailers

• $210b cash on balance sheet > New Zealand's GDP

• 2.3b devices sold, 1.5b active (0.9m = iPhones)
64% of Americans own an Apple product

• #1 dx channel: Google pays $12b/yr → default search eng on iOS devices
new ruling in India: Apple can sell its devices online

• iPhone: #1 product of all times, 1.7b cumulative sold (since Q2 07)
vs 400m Sony Walkman, 130m Nokia 3310  40yrs old
installed base grows at 206k/day vs 225k/day pop growth

• iPhone, #1 signal of USA wealth, $700+ avg price vs $260+ for Android
83% of USA teens: iPhone. Next phone? → 86% iPhone
iMessage lock-in: high school group chats  Gen Z

• 80m Apple Watch sold cumulatively, 2019E: 27m > Σ Swiss watchmakers

• AirPods → fastest growing product, 40m+ by Q2 2019, 60m by 2019E  blockbuster

• iPad = 89% of tablets >$200 in USA, 29% global mkt sh (Q2 2019)

• $26b in App Store revenue (1H 2019), 1.8x Play Store

• 0.4b Apple Pay users. Apple Card (GSachs+MCard) → iOS Wallet

• 90m Apple News readers. Apple News+ = 300 publications @ $10/mo

• $8b in R&D in 1H 2019 (3.7m spent on lobbying)
500m devices w/ Siri, 300 open positions @ Siri division
Project Titan: 70 SD-cars, 140 drivers, Tesla VP of Eng → Apple  

• #1 company by R&D spending: $17b in 1H 2019, vs $29b in 2018 climate pledge

• #1 e-retailer USA: ~40% mkt sh (10x Walmart), 4% of *all* USA retail
60% units sold = 3rd-party: 600m SKUs, vs 120k Walmart, 4k Costco
Apple to sell directly on Amazon (iPhones, iPads, and Apple Watches)
Lady Gaga's new line of cosmetics: exclusively on Amazon

• 105m prime members >Costco: $1.4k/yr prime member vs $1k non-prime  under 10yrs

• #1 fulfillment co: 65 Amazon Air planes, 6k trailers, 125k e-vans  largest order ever 
carries 45% of own USA shipments, bldg own air traffic mgmt system
FedEx to end Amazon's ground-delivery + USA air cargo contracts

• #1 cloud infrastructure provider: AWS=33% mkt sh
$16b in 1H 2019 rev > Σ cloud (MSFT+GOOG+IBM+BABA)

• #1 smart speaker USA: 55% mkt sh (70% June sales), 60m Echo’s sold
1k/s Echo Dot on CyberMonday, 10k people working on Alexa

• #1 ebook seller USA: 83% mkt sh, audible.com $ > Σ 1-5 NYC publishers

• #2 largest private employer in USA by FTE (#1 Walmart)  they have to be smart
100k warehouse robots “employed”, 1:3 warehouse employees
avg Go store: $1.5m/yr ≈ 150% convenience store w/ cashiers 

• #3 in ads (9% mkt sh): $2b/qtr business (heads-up Google/Facebook)
2/3 of *product* searches start/end on amazon.com vs 20% Google

• #4 online grocery USA: 26% mkt sh vs Walmart=35%

• 9 products with 1b+ MAU each:
Search, Android, Maps, Chrome, YouTube, G Play, Gmail, Drive, Photos

• >80% mkt sh in online search (desktop+mobile) mmm
>50% of searches end in zero-clicks: search engine → walled-garden  charts!
15% searches = new: ppl looking for something no one has ever looked
Google Flights USA mkt sh 25% (9% in 2017), vs Kayak at 26%

• Android overtook Windows as the *internet* most used OS (Nov-2017)
launched in nov-2007, now 40%+ mkt sh, 2.5b active Android devices

• 2b Chrome installs in active use
#1 browser across all devices (63%+ mkt sh), vs Safari (#2, 16%) browser wars!

• 2b MAU on YouTube, 490 channels w/ 10m subs

• 1b devices with Google Assistant, but 17% mkt sh on smart speakers
4m+ Google Home sold in Q2 2019, now behind Amazon and Baidu
chose not to form a partnership w/ Huawei on smart speaker

• leading employer of AI talent (Google acq DeepMind in 2014)
13% ICML papers → Google/DeepMind author, up from 6.3% in 2017

• Waymo’s fleet >16m self-driving kms on pub roads, 16b in simulation
logged more kms than all other competitors, vs Uber <5m kms

• $12b+ spent in R&D in 1H 2019 climate pledge?
$7m in lobby expenditure, #1 tech company (#2 in USA) 📝 Mr. Thiel

• 2.7b/mo used at least one Facebook-family app
#1 mobile platform by marketer’s budget spent, ahead of Google
65%+ mobile social traffic, 22% digital ad revenue
90m biz profiles, 7m/mo active advertisers, 100b/day messages

• Facebook: 2.4b MAU, 1.6b DAU  bday reminder = killer feature

• Messenger: 1.3b MAU with 500 FTE, 20b/mo biz-ppl messages
goal: never dial a 1-800 number again
56% of people rather message than call customer service
400m/mo call/video chat, 90m businesses, 300k/mo bots

• WhatsApp: 1.5b MAU with 250 FTE, 65b/day messages
click-to-chat button on website → message a business
Business API → biz respond using WhatsApp (Uber✔️)

• Instagram: 1b MAU with 700 FTE, 500m/day stories
25m biz-specific profiles, 2m/mo active advertisers using Stories
130m/mo users tap on a shopping ad  the facebook mall

• blockchain subsidiary Calibra led by D. Marcus (ex $PYPL), 100 FTE  Libra (as in not Gemini)
founding member of Libra Association with 27 others corps
global currency network launch is planned to be in 2020

• $6b R&D in 1H 2019
purchased ~90 companies over the last 15 years treason?

• largest games company in the world: by revenue and users
#1 by users (China): League of Legends (PC) + Honor of Kings (mobile)
400m/mo PUBG Mobile players (50m DAU) > 250m from Fortnite

• #1 smartphone community (China): 1.1b+ MAU on Weixin & WeChat
WeChat = the OS for the entire Chinese economy
1m mini apps that run inside WeChat, one with 250m users
WeChat app ecosystem = 50% Apple App Store (2.1m apps)

• #1 mobile payment platform (China): 0.8b MAU, 1b/day tx
100m users on wealth mgmt platform LiCaiTong: $110b AUM
810m MAU on QQ (short+mini videos), 550m MAU Qzone (blogs)

• >100m digital content subs, 50% YoY +
TencentVideo @ 97m subs, #2 iOS video app by rev (60% of Netflix)
#1 news services by MAU, #1 online content library/publishing

• active investment portfolio of 700 co: 120+ unicorns, 60+ IPOs
$4.5b → DiDi, $1.8b → Tesla, $1.4b → Flipkart, $150m → Reddit
owns 12% of investment bank China International Capital Corp (CICC)

• $2b in R&D (1H 2019), cloud infra revenues 2x in 2018, reach $1.3b
computing center for driverless tech with BMW
post ZTE block → support China’s chip industry w/ semiconductor R&D

• Prosus (Nasper's arm owns 31% Tencent) IPOs on Euronext Amsterdam  prospectus

• most valuable USA car makers: GM = 1.2x Tesla = 1.5x Ford  valuation model
Tesla’s FTEs = 23% GM, = 21% Ford

• best car ownership experience try again Europe
buy online + over-the-air *software* updates
NHTSA gives five-star safety ratings in all categories to S,X,3
v10: autopilot w/ “summon”, sentry/dog/theatre-modes, pano glass roof

• 245k vehicles delivered in 2018, 95k in Q2 2019 (ATH) → 7k/week leaked email

• Shanghai plant, aim for 1k/week 2019E. goal 500k/yr  sorry Panasonic
🇨🇳's Ministry of Industry and IT: Tesla exempt from 10% purchase tax

• Model S @ $80k, 592km range (WR any EV) #1 by mkt sh (37% USA)
faster than Ferrari/Lamborghini, Model S 100D 0-60mph in 2.4s

• Model 3 @ $39k, 496km range, 0-60mph in 3.2s, 260km/h top speed
#1 passenger vehicle in CA, IIHS: top marks, Euro NCAP: 5★ rating  safest car ever

• Model X @ $85k, 520km range (WR any electric SUV), #2 by mkt sh

• Model Y (2020E) @ $58k, “roomier” model 3 crossover

• Roadster 2G, to be quickest production car ever: 0-60mph in 1.9s
reservations at $50k, ‘Founder Series’ → $250k *upfront*

• $0.7b R&D 1H 2019: 2k Semi truck pre-paid reservations, starting $150k 📷 with 🧠
proprietary data + chips + footage + GPS = new products eg. insurance 📝
V3 Supercharger: 1.5k/cars/day, Megapack: 3 MWh utility-scale battery

• first digital/unforgeable/scarce commodity in the history of the world  just 9pgs

• stock-to-flow model shows statistical significance w/ BTC mkt value
gold and silver also in line with the model  read twice

• 1 BTC > 5.75x Gold oz, bitcoin overtook gold in Mar-2017

• 10yrs old BTC: 18m circulating (86%), 3m to mine ($8.4k+ ea!)

• 51% attack cost: $16b in hardware, $11m/day in electricity consumption
strongest computing network in the world = bitcoin
attacked 1k/x/day, impenetrable for 10+ yrs

• bitcoin’s “electricity-hungry” consumption ≈ 0.32% world ≈ 🇦🇹
Thermodynamics 101: "energy can neither be created nor destroyed;
energy can only be transferred or changed from one form to another"

• $4b/yr spent by miners in securing the network

• market is smaller, but more efficient/regulated, than reported  nice job Bitwise
$70b BTC mkt cap → ~$270m spot volume (0.39% daily turnover)
$6.7t Gold mkt cap → ~$37b spot volume (0.53% daily turnover)

• <0.1% avg price deviation (1 exchange vs aggregate top 10 exchanges)
$91m BTC futures volume (CME + CBOE), pre Bakkt Bitcoin Futures
TDAmeritrade (among USA's oldest/largest brokers) offers BTC futures

• $GBTC most actively traded stock on OTCMarkets on 7-May-2019  btc 101
$2.5b = Grayscale Bitcoin Trust's AUM  #dropgold

• Pension funds ($3,356b)  300 ranking
$1,365b 🇯🇵 Government Pension Investment Fund
$579b 🇺🇸 Federal Retirement Thrift Investment Board
$573b 🇰🇷 National Pension Service of Korea
$462b 🇳🇱 National Civil Pension Fund Netherlands
$377b 🇺🇸 California Public Employees

• Corporate ($693b): cash+ST+LT investments
$210b Apple
$142b Berkshire Hathaway
$137b Microsoft
$121b Alphabet
$82b China Mobile

• Robo-advisors ($239b)  classic
$140b Vanguard PAS
$41b Schwab Intelligent
$20b Wealthfront
$20b TD Ameritrade
$18b Betterment

• Private vehicles ($179b): (strategy)
$108b Softbank Vision Fund II (PE)
$21b Blackstone IX (RE)
$20b Brookfield Infrastructure Fund IV (Infra)
$18b Global Infrastructure Partners IV (NR)
$13b GS Mezzanine Partners VII (Debt)

• University endowments ($162b)
$41b Harvard
$34b UTexas
$30b Yale
$30b Stanford
$26b Princeton

• Foundations ($128b): non-profit
$52b Bill & Melinda Gates
$31b Wellcome Trust
$20b H. Hughes Medical Institute
$13b Garfield Weston
$13b Ford Foundation

• CEOs ($1,188m): salary+bonus+stock/options
$513m E. Musk - NASDAQ:TSLA
$256m B. Kennedy - NASDAQ:TLRY
$147m R. Iger - NYSE:DIS
$142m T. Cook - NASDAQ:AAPL
$131m N. Arora - NYSE:PANW

• Musicians ($610m): not only touring
$185m Taylor Swift 🇺🇸
$150m Kanye West 🇺🇸
$110m Ed Sheeran 🇬🇧
$84m Elton John 🇬🇧
$81m Beyoncé Knowles 🇺🇸

• Actors ($356m): not only movies
$89m Dwayne Johnson (47yrs)
$76m Chris Hemsworth (36yrs)
$66m Robert Downey Jr (54yrs)
$65m Akshay Kumar (52yrs)
$58m Jackie Chan (65yrs)

• Athletes ($420m): ex-endorsements
$92m Canelo Alvarez 🥊
$92m Lionel Messi ⚽
$81m Russell Wilson 🏈
$80m Aaron Rodgers 🏈
$75m Neymar ⚽

• Authors ($207m): books + movies rev
$86m James Patterson
$54m J.K. Rowling
$27m Stephen King
$21m John Grisham
$19m Jeff Kinney, Dan Brown (tied)

• Billionaires ($465b): TGP=The Giving Pledge  philantropy in 10 charts
$108b Jeff Bezos
$107b Bill Gates - TGP  Inside Bill's Brain
$97b Bernard Arnault
$82b Warren Buffet - TGP
$71b Mark Zuckerberg - TGP

• GDP ($48t): 2019E, current prices
$21.3t 🇺🇸 USA  peacekeeping
$14.2t 🇨🇳 China
$5.2t 🇯🇵 Japan
$4.0t 🇩🇪 Germany
$3.0t 🇮🇳 India

• Military power: 0=perfect score
0.0615 🇺🇸 USA
0.0639 🇷🇺 Russia
0.0673 🇨🇳 China 🐉 vs 🦅
0.1065 🇮🇳 India
0.1584 🇫🇷 France

• Fiat currencies: avg daily trading (Forex trading)
$4.5t (90%) 🇺🇸 dollar
$1.5t (31%) 🇪🇺 euro
$1.0t (21%) 🇯🇵 yen
$0.7t (12%) 🇬🇧 pound sterling
$0.4t (7%) 🇦🇺 dollar

• SWF ($3,812b): non-pension, “rainy days” + “future gen”
$1,074b 🇳🇴 Norway “Oil Fund” SWF
$940b 🇨🇳 China Investment Corporation
$696b 🇦🇪 Abu Dhabi Investment Authority
$592b 🇰🇼 Kuwait Invest Authority
$509b 🇭🇰 Hong Kong Monetary Authority Investment Portfolio

• Rich individuals (150k): net worth > $30m
81k 🇺🇸 USA
25k 🇨🇳 China + Hong Kong
18k 🇯🇵 Japan
16k 🇩🇪 Germany
10k 🇨🇦 Canada

• Gold reserves ($982b): tonnes in central banks at $1,495/oz 💰 gold fever
$429b 🇺🇸 USA
$178b 🇩🇪 Germany
$129b 🇮🇹 Italy
$128b 🇫🇷 France
$118b 🇷🇺 Russia

• 200m/mo use digital dating services
15%+ of top 20 apps by iOS revenue: dating

• USA: 48% created a dating profile, 39% of heterosexual couples met online desintermediating friends
algorithms shape the apps and websites you use to find love  algorithm  really?

• Match Group owns 3 of top 10 apps (by rev): Tinder, Pairs, Match.com
9m+ paying users altogether

• Tinder: 50m MAU, 5m+ paying, #1 (non-game) app by global rev Q2 2019
Q2 2019 results: $0.5b in rev (18% YoY), 41% EBITDA mg, 0.5m new subs
male liked 60%+ female profiles, female liked <5% of male profiles educated women

• Rimberg Intl owns 2 of top 10 apps: Bumble and Badoo
60m Badoo (w/ 450m registered), 50m on Bumble

• Facebook Dating available in 20 countries incl USA
suggests other Facebook Dating users as potential matches

• 10m MAU on ‘compensated dating’ app Seeking Arrangement
8m sugar babies, 2m sugar daddy/momma

• 20k girls using MyGirlFund.com, chat/flirt for money college "fund"

• 1/7 kids ages 12-17 = sent a sext (sex+text), + 4%/yr ea year of age

• MindGeek owns 24 .com sites: PornHub, RedTube, YouPorn… and AgeID
Pornhub (launched 1mo before iPhone): 100m/day visits, 22m reg users

• porn is the biggest development in sexuality research ever

• NYC sets $17.22/hr min wage for ride-hailing drivers medallions+suicides+bailouts=M.Lewis’s new book?
65k ride-hailing drivers vs 50k drivers (13k yellow cabs)

• first studies: car traffic ↑ bus rides ↓, specially under 5kms trip distances
Uber+Lyft vehicles = 2-13% of vehicles in 6 major USA cities

• Uber: 71% USA mkt sh, 35% x̄ fare take-rate, 800+ cities, 60+ countries
1m trips (100k users) w/ JUMP bikes/scooters in SF post acq
moves more people than airline industry, Uber Air → 2020✌️  thx, pass
Uber Freight: 1k biz, 400k drivers, hiring 2k ppl in Chicago HQ

• Lyft: 27% USA mkt sh, 38% x̄ fare take-rate, 95% USA pop coverage greed is good?
acq Motivate = 80% USA bike-share → Citibike utilization goes 3x

• 4m e-bikes in 🇩🇪 (~10% household) threshold for mass adoption
25% families w/ 2 children in Copenhagen: cargo bike replaces car  history lesson  volkswagen 2.0

• street/sidewalk wars: micromobility → fastest tech adoption in history

• e-bikes flatten hills. In 🇨🇳: 700m/rides/day > 2x 300m conventional
SF allows 1k/scooters/co: JUMP, Lime, Spin, Scoot (Bird). 2x coverage

• 70 cities w/ Lime's 🚲+🛴 → 100m rides: 0 to 50m:18mo, 50m to 100m:5mo -$100m/qtr

• Boeing tests VTOL flying taxi prototype, rumored to be for Uber

• 16yr old SpaceX: 64% mkt sh (80 rockets launched), cargo + passengers

• USA House bill: $5M for Hyperloop Cleveland→Chicago (550kms in 28min)

• Boring Co 1st contract: 1km shuttle around Las Vegas Convention Center elon

• Stanford develops 'quantum' mic, picks up phonons prev undetectable  the voice revolution

• people speak ~150 words/min vs type ~40 words/min
voice speech recognition tech → open source  proper english

• 160m installed smart speakers, 26m sold Q2 2019, 2016-2020E CAGR = 48%

• 77m/mo use voice assistants in cars (USA), vs 46m/mo on smart speakers
Sherpa.ai claims 5m users (85% Spanish-speaking), working w/ Porsche  siri→sherpa
Garmin launches car navigation Speak, powered by Alexa
Tencent w/ Chang’an Automobile Group: in-car version of WeChat

• 60m Amazon’s Echo shipped since Q1 2017, 6.6m in Q2 2019 (25% mkt sh)
100m Amazon devices with Alexa installed
UK’s NHS offers basic medical advice for common maladies via Alexa

• 11m Baidu's smart speaker installed, #2 in Q2 2019 sales (17% mkt sh)
DuerOS on 400m devices (150m in Nov-2018), 2k skills

• 42m Google’s speakers shipped since Q1 2017, 4.3m in Q2 2019
1b installed Google devices that “allow” voice commands w/ Assistant

• Microsoft's Xbox (~50m installed) supports Cortana, Alexa, G Assistant

• Sonos One G2: compatible w/ Alexa, Siri, G Assistant, starts at $199

• Alibaba’s Tmall Genie: 18m sold since Q1 2017, starts at $79

• Apple’s HomePod: 4m sold in Q4 2018, starts at $299  who to trust?

• Facebook Portal video calling devices, "Hey Portal" and Alexa too  acq by cisco

• text messaging → most used data service in the world
26b/day SMS vs WhatsApp=65b/day, WeChat=45b/day

• 55% of USA households no longer have landlines
Zipwhip text-enables landlines, serves 3.8m numbers across 20k biz

• migration to VoIP deadline: 🇨🇭by ’19 🇳🇿🇦🇺🇩🇪 by ’22 🇬🇧 by ’25 🇫🇷 by ’30

• 2m+ developers on Twilio’s cloud communication API
$1b ARR threshold passed, WhatsApp = $45m = 7% of 2018 rev  go TWLO go

• most pictured iPhone (2017): #1 scenery, #2 info I need to remember

• 2.8k Unicode approved emojis v 470k entries in Merriam-Webster  emoji support
people using emoji > English language. most used 😂 > 2.1x ❤️  rosetta stone 2.0
web content languages: 🥇English>50% 🥈Russian=6% 🥉German<6%
'OK' most spoken word globally (in use for ~yrs)

• NSA collected metadata on 530m phone calls in 2017, 3.5x 2016
FCC proposal to carriers “track 911 caller’s locations ~3 meters”

• open source Signal Protocol powers the encryption of:
Facebook’s WhatsApp, Microsoft’s Skype, Google’s Allo  hackers

• 12m DAU on Slack vs 13m DAU Microsoft Teams (91 Fortune 100 co)  s-1

• Zoom @ $21b, underdog founders, oversaturated/unsexy videoconf mkt

• 70m MAU podcast users USA. NPR's 2020E: podcasts revenue > broadcast  follow the money

• 85m MAU on Apple News (330m on Reddit). Snap/Facebook to launch "news"  paywall is the new black

• $300b+ digital ad industry, (68% mobile): 1st time >50% of total full yr report

• USA: Google/Facebook duopoly 90% → 60%, + Amazon → 69%
$88b triopoly > $85b Σ tv + radio + print
WhatsApp: ads within Status feature launching 2020  ads=$

• placement on Amazon (10% results) 'advertising', Walmart: 'marketing'  yes/no?
Amazon marketplace sellers mislabel: FDA approved, UL certified, ... bad behaviour

• $72b spent on the lottery (USA 2017), $220/yr/adult

• GrubHub updates restaurant listings w/ GrubHub-owned phones/domains

• Adobe developing img manipulation detection → spot photoshopped  MUST read

• 50%+ of USA women >25yrs → dye their hair, 7% in 1956
40% of those → blonde. Naturally genetic blonde rate: ~2%  smoking prohibited

• 40% of internet traffic → “non-human” signals, 55% of emails = SPAM

• 47% internet users globally use ad-blockers, Adblock Plus @ 120m MAU  duck duck go
4m using browser extensions that sell your every click
54% sites supporting 2-Factor authentication  2FA

• Brave re Google "data not anonymized" → "shares personal info"  workaround=cheating?

• Linux Foundation: Confidential Computing Consortium to set standards

• 12b stolen emails/passwords on the black mkt, $60 = scanned passport

• FBI: 25% victims wire money to fraudsters, FCC: 50% of calls = SPAM

• malware attacks to biz + critical infra: +200% in 1H 2019 vs 1H 2018  on the rise

• when cash tx <7% → cost to manage cash > mg profit on that cash sale  too little too late
🇸🇪=13%, 🇺🇸=30%, 🇬🇧=21% (branches @ -1k/yr, ATMs @ -300/mo) e-krona  too fast

• 18-sept-1958: birth of the most valuable network effect of all times  must read
Visa + Mastercard + Amex > 96% mkt sh, get paid ~3%/tx
~$350/yr on bank fees by avg middle-income USA consumer  good 101
USA poor: 10% of income = fees+tx costs = spent on food = $140b/yr

• 1.7b remain unbanked (17%), 50% in 🇧🇩🇨🇳🇮🇳🇲🇽🇳🇬🇵🇰 untapped mkt!

• Bitcoin surpassed PayPal in transacted volume at $1.3t/yr  must read

• PayPal: 290m accts, 22m merchant, $PYPL mkt cap $122b > $100b $AXP
PayPal Checkout conversion = 2.9x other digital wallets
1st international company to obtain payments license in China go west

• Square: 90m customers, 15m/mo w/ Cash App, $5b in loans since 2014

• Stripe ($35b) in 34 countries: supports WeChat-Alipay-SquareCash etc
Stripe Capital new loans product, customer repays from sales  no paperwork

• 380m+ Apple Pay users, 1b tx/mo: growing 4x faster than PayPal
Apple + GSachs + MCard = Apple Card: 1-3% in cash back

• WhatsApp: P2P payments/remittances in India, mobile wallet in 🇮🇩  uber too

• China: people pay w/ phones > USA pop. 🥇TenPay(WeChat)=910m  face=pay

• 31% adult pop covered by credit bureaus, 400+ rating agencies in USA
260m w/ Ant Financial credit scores vs 200m w/ FICO scores

• everything the internet did to media is happening to retail
8.4k retail stores to close 2019E > 6.2k in 2008. But 11.3k to open  full list
NY retail vacancies 2x in 10yrs, 80% of Sears stores (2000) → close  forever dead  bye-rneys

• 1% goods sold in Africa on screen, if @ 10% (≈USA/Europe) → $75b boom

• Kylie Jenner (age=22) fully owns $360m/yr biz, world’s youngest $b
front-office = 150m Instagram followers, back-office → Shopify  insta mall
Shopify: 0.8m merchants, 175 countries, stock up 1,833% since IPO

• consumer goods’ ARPU: global avg = $0.6k = China
🥇USA=$2.0k 🥈UK=$1.6k 🥉Korea=$1.5k ... South Africa=$90 (ninety)

• China: $1.9t online sales 2019E, 80% mobile, 35% of retail sales
$31b Alibaba’s singles day: $1b→1min 25s, $10b→1hr 1min, 90%=mobile

• USA: $0.6t online sales, 40% mobile, 16% of retail sales
reminder: Amazon has a low single digit mkt sh of USA retail
$7.9b Cyber Mon (36% mobile), $6.2b Black Fri ($1b w PayPal mobile)

• Apple App Store: $26b revenues (1H 2019), 2.2m apps
Apple App Store revenue per download = 5.2x Google Play

• Google Play Store: $14b in revenues (1H 2019), 3.3m apps

• Walmart's $98/yr unlimited grocery delivery from 1.4k stores  mkt rumours
e-commerce unit to lose $1b/yr on $21b+ revenue 📝

• Costco’s simple 40yrs old formula works  so good

• 9 in 10 USA homes were pay-tv subs (2010), but NPS score < 0
streaming service subs > cable TV subs. UK TV viewers: -50% since 2010
avg daily min spent (USA): 226min mobile > 216min TV

• 2019 original program budget: $15b NTFX, $6b AMZN, $6b AAPL, $3b HBO

• Netflix (Oscars=6): 165m paid subs globally, #2 non-game app by revenue 📝
USA: 60m paid subs > 47m subs Σ top 6 cable companies
Netflix compression tech: 3.3x Amazon Prime, 7.0x Apple iTunes
wins $200m deal w/ “Game of Thrones” creators, outbids Amazon/Disney
signs $60m three-project deal with Beyoncé

• >50% top 50 Netflix shows → owned by rivals launching streaming services

• Disney+ live Nov-12, $7/mo ($70/yr), bundle w/ ESPN+ & Hulu → $13/mo  the power of magic
catalog: Disney/Pixar/Marvel/StarWars/NatGeo. Hulu: 27m USA subs
ESPN 86m USA cable TV subs, ESPN+ for $5/mo → 2m paid subs in 1yr
Disney 2019: 7 films grossing > $8b, 40% USA box office mkt share CEO Bob  try to cross that moat
300m MAU by Disney-owned Hotstar in 🇮🇳, 3m paying users > 2x Netflix chasing growth

• Amazon (Oscars=3): movie library is 4x Netflix, 10x Hulu not everything that shines is gold

• Apple TV+ premiers Nov-1 in 100 markets: $5/mo 🇺🇸, £5/mo 🇬🇧, €5/mo 🇪🇺  make it rain

• 140m global HBO subs, 8m HBO Now subs (USA). 2020: HBO Max → "Friends"

• 1.5m YouTubeTV subs @ $50/mo cable-free live TV is here (70 networks)  move fast, win deals

• >100m paying subs to iQiyi, <100m Tencent Video Subs streamed 15b+ times

• 1% of performers take 60% of all concert-ticket revenue (1982: 26%)  superstars!
$70 avg ticket in USA (1981: $12), >inflation, driven by superstars
everyone on the road = issue with bands getting tour buses

• streaming = 50% industry’s source of revenue  global report

• top 3 labels (Vivendi+Sony+Warner) streaming rev: $960k/hr

• >60m paid streaming subs USA (1H 2019), streaming rev +26%  1H 2019
80% industry source of revenue = streaming

• USCRB "give songwriters 44% pay hike to 15%" by 2023, apply retroactively

• Spotify: 110m paid sub global, 230m MAU, 10% podcast mkt st (USA)  really good
~8% equity swap w/ Tencent Music Entmt (650m+ MAU, 30m+ paying)
$20.5b Spotify mkt cap vs $20.9b TME mkt cap

• Tencent Music to buy 10-20% of Universal Music Group (owned by Vivendi)

• Apple Music: 60m paid subs global, 28m in USA (> 26m for Spotify)
launches web player (beta) to subs: any device w/ browser, no iTunes
all Apple Music catalog, users libraries, 100k global radio stations
35% iPhone customers → Apple Music subs; 30% → Apple Podcasts subs

• 30m+ Amazon Unlimited subs, growing @ 70% YoY > Spotify/Music/YouTube turbo growth

• YouTube Music available in 80 countries, videos/audio/lists all in one
free with ads or $10/mo, $5/mo for students, $15/mo family pack

• Winamp returns w/ mobile/desktop app, reached 60m users in 2011

• Brokerage: 6m accts on $0 fee app Robinhood  pioneers get arrows on their backs

• Car lease: 45k/mo users of Fair vehicle leases

• Cycling: 0.5m Peloton subscribers cycling from home

• Food stamps: Propel manages food benefits of 2m/mo Americans

• Governments: 2k gov'ts use analytics/visualization SaaS OpenGov

• Grammar: 20m/day checking grammar on Grammarly

• Gym: 5.5m Fitness Blender subscribers

• Homework: 150m students on Q&A network Brainly (35 markets)

• Locksmith: 2k KeyMe smart-kiosks across USA

• Lost & found: 20m Tile trackers sold  feature or company?

• Meditation: 2m paying subscribers on Calm app

• Muslims: 12m/mo pray using Muslim Pro app

• Neighborhoods: 250k neighborhoods on Nextdoor ($2b)

• News: 3.8m NYT digital-only paying subscribers (81% of total)

• Period: 30m women track their period with Flo app  data talks

• Pets: 200k vetted dog sitters on Rover

• Policy: 315m users petitioning governments on Change.org

• R&D: 170k scientists using research workflow mgmt Benchling

• Religion: 270k communities on Pray.com

• Textbooks: 250k students using online textbooks by Packback  inflation mmm