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THE DAILY INDEX

Technology, AI, software, security, crypto and business

Across today’s newsletters

Today’s Index

SPACEX'S $17 BILLION DEAL PLUNGES MUSK DEEPER INTO WIRELESS MARKET

SpaceX is paying $17 billion for the rights to use some of EchoStar's spectrum for cellphone service. The deal gives SpaceX access to two license blocks that allow carriers to provide ground-based 5G cellphone and broadband service in the US. The spectrum will be used as a foundation for Starlink's direct-to-cell business and may be shared with telecom partners. EchoStar will use the funds to retire debt and fund operations.

OPENAI EXECUTIVES RATTLED BY CAMPAIGNS TO DERAIL FOR-PROFIT RESTRUCTURING

Some of California's biggest philanthropies, nonprofits, and labor groups are joining forces to push back on OpenAI's plan to restructure into a for-profit company. This has concerned OpenAI executives and resulted in discussions about moving out of the state. OpenAI's proposed plan is being investigated by Attorneys general in California and Delaware. The startup could potentially be sued for breaking nonprofit law and may be required to pay a settlement as a condition for the restructure.

HOW I SOLVED A DISTRIBUTED QUEUE PROBLEM AFTER 15 YEARS

Jeremy Edberg, formerly responsible for Reddit's infrastructure, discusses the challenges and limitations of traditional task queues using RabbitMQ for operations like Reddit's vote processing. While they do have scalability and flow control benefits, they are also fragile and have the potential for data loss due to queue failures. A better solution is durable queues that checkpoint task status to a persistent store like Postgres, as this can enable the resumption of failed jobs and prevent data loss.

FINANCIAL SERVICES FIRM WEALTHSIMPLE DISCLOSES DATA BREACH

Canadian financial services firm Wealthsimple disclosed a data breach detected on August 30 that exposed the personal information of fewer than 30,000 customers (less than 1% of its 3 million client base) through a compromised third-party software package. The stolen data included contact details, government IDs, financial account numbers, Social Insurance Numbers, IP addresses, and dates of birth. No passwords or customer funds were compromised. Wealthsimple is providing affected customers with two years of free credit monitoring, dark-web monitoring, identity theft protection, and insurance. It confirmed the incident was unrelated to recent Salesforce breaches.

FIDELITY LAUNCHES TOKENIZED TREASURY FUND ON ETHEREUM

Fidelity has quietly launched the Fidelity Digital Interest Token (FDIT) on Ethereum, a tokenized version of its Treasury money market fund that has already accumulated over $200 million in assets since beginning operations in August. The move puts Fidelity in direct competition with BlackRock's BUIDL fund, which dominates the tokenized Treasury market with over $2 billion in assets under management, as part of a broader $7 billion tokenized Treasury ecosystem that includes offerings from Franklin Templeton and WisdomTree. Despite currently having only two holders, FDIT marks another major traditional finance player adopting blockchain infrastructure to improve market efficiency, reduce settlement times, and cut costs. McKinsey analysts project that tokenized securities could reach $2 trillion in market value by the end of the decade.

INSIDE SPOTIFY'S PLOT TO TAKE DOWN APPLE

Apple's position as a gateway to the digital world is being severely imperiled by efforts from rival tech companies like Epic Games and Spotify. The EU Commission leveled a $2 billion fine against Apple for conduct against Spotify and others in March last year and introduced new laws to limit Apple's control over the App Store. These moves are being copied in other parts of the world, putting billions of dollars of profit at risk. The uncertainty comes at a time when iPhone sales are under pressure and investors are worried that Apple is failing to keep up with AI innovations.

TAKEDA NEARS FIRST THERAPY FOR ROOT CAUSE OF NARCOLEPSY

Takeda Pharmaceutical has developed a drug that significantly improves outcomes for narcoleptic patients. The drug, called oveporexton, could become the first treatment to target the root cause of the chronic sleep disorder. Patients who take the drug experience increased daytime alertness, fewer episodes of sudden muscle tone loss, and overall improvement in quality of life. No serious side effects have been reported, but some patients report insomnia and increased urinary urgency and frequency. The company plans to file for regulatory approvals globally by March.

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