16 Silicon Valley Startups Raised $626.7M During Week of May 13, 2024

💪 Tech of Year 2024 is not AI, It’s GLP-1s. 🔥 Race Capital June Event Series. 🐢 The Exodus of China’s Wealthy to Japan. 😔 RIP Jim Simons

Edith Yeung

May 13, 2024

Happy Monday from beautiful and sunny San Francisco!

Here are a few great things to read/watch this week:

🔥 Race Capital June Event Series - To celebrate our San Francisco pop-up office this summer, my partners and I are hosting a series of events including:
- June 5 - The Venture Mindset Fireside Chat with Ilya Strebulaev, Professor of Private Equity at Stanford Graduate School of Business. Apply to attend (women investors, founders, and operators will receive priority admission)
- June 5 - 6 - Confidential Computing Summit Hosted by Opaque Systems ($100 Off with Promo Code Mom)
- June 12 - How to Build and Scale Your Developer Community with Google Cloud and Race Capital
🐢 The Exodus of China’s Wealthy to Japan & Businesses to the Middle East - 13,500 high-net-worth Chinese people migrated overseas in 2023. Meanwhile, Meituan, Alibaba, and Tencent are working to expand in Saudi Arabia and the UAE, where they would face less political scrutiny.
💸 RIP Jim Simons, Founder of Renaissance Technologies Dies at 86. Between 1988 and 2018, Renaissance’s flagship Medallion Fund produced gains of more than $100 billion and average annual returns of 66% before the firm’s unusually hefty investor fees. The annual gains were 39% after those fees, a performance that topped those of Buffett, Soros, Peter Lynch and other investors during that period. Read more on WSJ
💪 Tech of Year 2024 is Not AI, It’s GLP-1s. - I really enjoyed watching Scott Galloway’s Predictions for 2024 at OMR24. I didn’t agree with his opinion against TikTok, but I do agree with his thoughts on:
- TikTok will come for Netflix and Spotify. It is amazing to see that Bytedance is growing so much faster than Meta and Google.
- AI is not a venture business. It’s corporate venture. Microsoft added $1 Trillion in market cap because of AI.
- Tech of Year: GLP-1s. Lilly and Novo Nordisk’s GLP-1 revenue is 10X of OpenAI and Anthropic’s.
🎮 LinkedIn Launches New Games! - Pinpoint, Crossclimb, and Queens are all quite fun! Let’s play.