Good morning readers. Google is making it a little easier for everyone to travel. At least from a planning perspective. The company announced on Wednesday a number of updates centered around helping you build the perfect travel itinerary and trip ideas, all with the power of AI. Dubbed Search Generative Experience (SGE), the new feature (currently only available in the U.S. to those enrolled in Search Labs) draws on ideas from different websites, along with user reviews, photos and any other details people have submitted on Google for the places they’ve visited, things they’ve experienced. When you search “plan a week’s long trip in NYC that’s centered around the best restaurants and bars”, Google will build a sample itinerary that includes the best spots in town along with options for flights and hotels.

The only downside, Google hasn’t commented on whether this feature will get rolled out to the masses soon (if at all).

Let’s jump into today’s storylines.

In today’s digest:

• China tries to woo U.S. businesses back

• Headline Hustle: SBF will learn how much time he’ll spend in prison today for the collapse of FTX, SEC wins big in lawsuit against Coinbase, Amazon doubles down on Anthropic

• Disney and Florida’s legal truth

• Pulse Points: What’s Trending

WORLD

China rolls out the red carpet for American CEOs

Imagine if speed dating were a diplomatic strategy, where world leaders had mere minutes to charm and woo not just each other, but the entire global investment community. Well, China's Xi Jinping just pulled off the geopolitical equivalent of that with a marathon charm offensive aimed at U.S. business moguls. It’s like Tinder for international relations, but instead of swiping right, it’s about sliding investments across the Pacific.

China’s economy has seen better days

In a bold move to re-ignite the spark of foreign interest and stitch up the frayed seams of China-U.S. relations, Xi Jinping hosted a notable gathering in Beijing. This wasn’t your ordinary tea party; it was a power meeting with over a dozen of the U.S.'s corporate crème de la crème and top academics, with the economic future of the world’s two largest economies being discussed over cups of oolong (we assume).

That’s because China’s been feeling the pinch lately.

• Foreign Direct Investment (FDI) in the country has seen a not-so-small slump of nearly 20% in the early months of 2024, marking a continuation of a downward trend from the previous year.

• This dip is the result of a drink no investor wants to sip: slower growth, regulatory clampdowns, and geopolitical uncertainty.

Xi’s not hitting the panic button. Instead, he's rolling up his sleeves, ready to showcase China as the land of opportunity it once was. With talks of market reforms and open doors for investment, Xi is practically laying out the red carpet, hoping that global investors will bite. And with a 24-point action plan aimed at seducing foreign investment into high-tech sectors, it's clear China isn't playing hard to get.

Yet, skepticism lingers like a bad perfume. A recent survey revealed that 57% of U.S. firms are giving China's market liberalization promises the side-eye, skeptical of real change. Whether Xi’s smooth talk can translate into action remains to be seen.

Big picture: This charm offensive is Xi's pitch to the world that China's economic engine is still revving. By emphasizing the mutual benefits of U.S.-China collaboration, Xi aims to reassure global markets of China's economic resilience and strategic value as a partner.

IN THE KNOW

Headline Hustle

⌛️ Sam Bankman-Fried will learn how much time he’ll serve in prison today. FTX co-founder Sam Bankman-Fried awaits sentencing Thursday following his conviction for defrauding customers, investors, and lenders in the largest crypto collapse in history. Facing a maximum of 110 years, prosecutors seek 40 to 50 years, contrasting Bankman-Fried's plea for six and a half years. Manhattan federal Judge Lewis Kaplan, overseeing the case, previously revoked bail, emphasizing the gravity of the charges. Victims' testimonies urging a severe sentence weigh heavily. Bankman-Fried argues for leniency, citing his autism spectrum disorder. Thursday's hearing offers his final chance to address the court.

🪙 SEC wins big in lawsuit against crypto exchange Coinbase. The Securities and Exchange Commission (SEC) achieved a significant victory in its legal battle against Coinbase, with a judge ruling that the SEC's claims of the cryptocurrency exchange's involvement in unregistered securities sales can proceed to trial. Coinbase's stock dipped approximately 2.5% following the Manhattan federal court ruling. Judge Katherine Polk Failla emphasized the applicability of existing securities frameworks to crypto transactions, while also dismissing certain claims against Coinbase.

🤖 Amazon doubles down on Anthropic, invests another $2.75 billion. Amazon is doubling down on its largest external investment, allocating $2.75 billion to Anthropic, a leading San Francisco-based startup in generative artificial intelligence. Initially committing $1.25 billion in September, this marks the second tranche of a potential $4 billion investment. Despite Amazon's minority stake and absence from Anthropic's board, the deal highlights the company’s commitment to AI advancement. Anthropic's recent debut of Claude 3, outperforming industry benchmarks, adds momentum to Amazon's strategic collaboration, intensifying the competition in the AI race.

POLITICS

Disney's Florida feud finds a fairy-tale resolution

It looks like Disney and the Sunshine State have finally decided to bury the hatchet – or, at least, their legal briefs.

After over fifty years of Disney effectively ruling its Florida kingdom without question, Governor Ron DeSantis said, "not so fast," challenging the Magic Kingdom's autonomy and sparking a legal face-off that could've made Mickey Mouse's ears droop.

The bone of contention

A special tourism district that Disney had in its pocket, giving it control over Walt Disney World's development and governance. This all came under fire when Disney publicly opposed Florida's "Don't Say Gay" bill, leading DeSantis to dissolve Disney's control.

But like any good Disney tale, there's a resolution on the horizon. The two parties have reached a settlement that could spell the end of this saga, clearing the way for future developments in the Orlando area and possibly ending a related federal case.

• Under the settlement, Disney won't challenge the new Central Florida Tourism Oversight District's stance that previous agreements are void.

• This move opens the door to negotiations that could lead to a development agreement more in tune with the current political and social landscape.

Walt Disney World President Jeff Vahle sees this as the dawn of a "new chapter of constructive engagement," promising more investments and job creation in Florida. This settlement not only clears legal hurdles but hints at a future where Disney and Florida's leadership work hand-in-glove, potentially ending Disney's federal civil complaint against DeSantis.

It's a Disney ending, after all…where even the thorniest disputes can lead to a happily ever after, complete with economic growth and job creation.

SNIPPETS

Pulse Points

• A study suggests that the diabetes drug Ozempic could be produced for less than $5 a month, despite being sold by Novo Nordisk in the U.S. for close to $1,000 per month before insurance.

• Seven major gaming companies, including FanDuel and DraftKings, are forming the Responsible Online Gaming Association (ROGA) to promote responsible gaming and share information about problem gamblers for the first time.

• OpenAI is testing a payment model for creators in its GPT Store, which allows users to build custom AI assistants (and make money off them), fulfilling its promise to share revenue with builders.

• Oregon Governor Tina Kotek has signed one of the strongest right-to-repair bills, SB 1596, into law, requiring manufacturers to allow consumers and independent businesses to buy parts and equipment for device repairs, similar to laws in Minnesota and California.

• In the U.S., remote workers who are switching to in-office jobs are seeing as much as a 30% increase in their salaries, according to new research.

• Joe Lieberman, a former Connecticut senator and the first Jewish American on a major party's presidential ticket as Al Gore's 2000 running mate, passed away at age 82.

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