Gm. My first experience with Tesla’s Autopilot came courtesy of my friend on the Golden Gate Bridge. I’ve never been that scared driving, but damn was it a rush when it didn’t yeet me off the bridge. If Tesla can actually make FSD happen, it might be the car that finally takes me away from my beloved Chevy Trailblazer.

— Stephen Flanders

🏠 TECH

The First FSD Demo

Tesla’s Full Self-Driving (FSD) has become a bit like Bigfoot or the Loch Ness Monster. You hear a lot about it, and you want to believe it’s true, but the real-world evidence for its existence is severely lacking.

That looks to be finally changing for FSD.

Because we now have a 45-minute demo of FSD in action.

A Good Showing

The demo comes the only way it could for an Elon-run company: live-streamed on X by the boss man himself.

Yep, Elon live-streamed 45 minutes of himself getting chauffeured around California by his personal Tesla Model S to 10 million people around the world.

What they saw turned out to be quite impressive, as it was able to smoothly handle a construction area with dozens of cones, red lights with unprotected left turns, speed bumps, bicyclists, and roundabouts.

It was such a good showing that Elon only had to intervene once in the entire 45 minutes, albeit it was a potentially scary situation where the car appeared to be running a red light at a busy intersection.

Thanks AI

As is the case with most major breakthroughs these days, AI had a lot to do with it.

FSD used to contain over 300,000 lines of code. Tesla was basically trying to code for every single thing that could happen on the road. Obviously, this is not possible.

In contrast, the new version of FSD (v12) that Elon displayed has about 300,000 fewer lines of code. Instead, it uses AI and countless hours of video footage to train the car much like you would a human. If it comes across a scenario it hasn’t explicitly seen before, the AI simply determines the right course of action from the prior video footage.

In other words, the car has eyes, a memory, and a brain which allows it to gradually improve its driving ability.

It doesn’t get much cooler than that.

The Big Picture: Elon’s been boasting about FSD since 2016. 7 years later, it may finally become reality.

🏠 CRYPTO

Bitcoin ETF SZN Might Be Here

When BlackRock filed for a spot Bitcoin ETF back in June, it kicked off a summer of spot ETF applications. Fidelity, Bitwise, Valkyrie, ARK invest, HashDex, … you get the point.

But none of these applications are as important as the OG Bitcoin ETF: Grayscale.

Grayscale is the operator of the Grayscale Bitcoin Trust, which basically operates as a Bitcoin futures ETF. It’s a cool product, but it comes with issues, mainly the fact that shares of GBTC trade at a huge discount relative to BTC due to uncertainty that investors will ever be able to redeem their GBTC holdings.

For this reason, Grayscale has been attempting to get GBTC transferred into a spot ETF for years, as doing so would then enable people to redeem their GBTC into BTC, instantaneously destroying the discount.

However, the SEC has always shot them down. But they may not be able to anymore, as a federal court ruled that they must give Grayscale another look.

As Circuit Judge Neomi Rao put it:

In other words, the SEC had no good reason to deny Grayscale. If they can regularly approve Bitcoin future funds, they should be able to approve materially similar Bitcoin spot funds.

Let’s hope the SEC finally agrees.

The Bottom Line: With big traditional players getting involved and legal wins like this, it appears that a spot Bitcoin ETF is inevitable.

🏃‍♀️ QUICKIES

What else is going on?

• The SEC is now bringing the fight to NFTs.

• ChatGPT now comes in enterprise form.

• The iPhone 15 is coming out on September 12th.

• The app formerly known as Twitter landed a license for crypto payments.

Stat: 100WPM: How fast Zuck claims he can type inside a VR headset. Forget the fight, let me get an Elon and Zuck type off.

Rabbit hole: Tools For Thought Should Evolve Building Blocks (Subconcious)

😂 WACKY AI WEDNESDAY

@mraiproducer

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🤥 3 LIES & A HEADLINE

News is so weird these days. Three of these headlines are fake stories from The Onion while one is actually true. Can you spot the truth amongst the fakes?

A. Extremely Rare Spotless Giraffe Born In U.S. Zoo

B. MLB Announces Second Pitch Clock

C. New Poll Finds Most Americans See Biden As Too Old To Effectively Lead Conga Line

D. Scientist Successfully Teach Gorilla To Buy Beer For Underage Teens

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3 LIES ANSWER

A.