The great entrepreneur Mark Cuban will join us for a chat with yours truly. (With two native Pennsylvanians on the bill, I promise it’ll be about more than the relative merits of yinz vs. youse.) 

We’ll follow that with a panel discussion about agentic AI led by colleague Jason Del Rey and featuring Land O’Lakes CTO Teddy Bekele, Salesforce EVP Lenore Lang, and OpenTable CTO Sagar Mehta.

You won’t want to miss it. Register your interest here. —Andrew Nusca

Want to send thoughts or suggestions to Data Sheet? Drop a line here.

TikTok launches last-ditch Supreme Court effort to prevent U.S. ban

TikTok yesterday asked the U.S. Supreme Court to step in on an emergency basis to block the federal law that would ban it in the country on Jan. 19—unless, of course, its Chinese parent company agreed to sell it to an approved buyer.

Chief Justice John Roberts oversees emergency appeals.

The court could choose to temporarily freeze the law so that the justices can evaluate it for First Amendment and other issues. It could also reject the appeal and allow the law to take effect as scheduled, exposing app stores and hosting services that continue to offer TikTok to potential fines.

Whatever happens, it’s up to the Justice Department to enforce the law. President-elect Donald Trump takes office one day after the law goes into effect. 

During his campaign, Trump promised to “save TikTok”—a reversal—but his true position has been less clear. The President-elect said Monday that he has “a warm spot in my heart” for the service; he met with TikTok CEO Shou Chew the same day.

Google DeepMind unveils Veo 2 video generation AI model

Just a week after OpenAI finally released its Sora video generator, Google DeepMind has released the second version of its contender, Veo.

Veo 2, which arrives seven months after the original Veo, ups the resolution to 4K while (Google promises) gaining a better grasp on realistic physics—still a widespread problem for AI video generators. Sora is still stuck on 1080p, while the popular Runway is even further behind with 720p exports.

With these tools becoming ever more realistic, there’s clear potential for misuse. Sora visibly marks its output with an embedded animation in the lower right corner, but a Veo 2 video only has an invisible watermark.

That’s useful for figuring out if a political ad is using AI-generated video, but not so much if someone is trying to use fake video to defraud someone who isn’t going to check for signs of provenance. —David Meyer

Apple stock hits record high as JPMorgan dismisses AI worries

Apple stock, which closed at a record $251.04 on Monday, has gained more than 50% since April.

That’s when it bottomed out around $165 when the company launched Apple Intelligence—the name for its phone-based AI service—to underwhelming reviews. 

Overall, shares are up 35% on the year, outpacing the S&P 500’s 28% gain, and letting Apple reclaim its spot as the world’s most valuable company. All of this reflects there is plenty of optimism surrounding Apple, despite flagging iPhone sales, which account for about half of the company’s revenue.

JPMorgan’s Samik Chatterjee says it’s warranted. He believes an AI revenue boost will arrive with the expected launch of the iPhone 17 in 2025. Even if that doesn’t pan out, Chatterjee wrote in a note published Monday, there is still a strong bull case for the stock that hinges on the resilient revenue from Apple’s services business.

Apple currently trades at around 34 times its projected earnings for the next 12 months. That makes the stock equivalent to or more expensive than that of nearly all of its fellow tech giants in the so-called Magnificent Seven, apart from Amazon (40 times) and Tesla (140 times). —Greg McKenna

Volkswagen, Rivian are working on OS for 2026 EVs

Volkswagen is working with Rivian to build an operating system for VW’s electric vehicles from 2026.

That revelation isn’t exactly a surprise: In June, the companies announced a joint venture supported by a multibillion-dollar investment. But a more detailed plan is beginning to come into view.

Why would one of the world’s largest automakers partner with a Southern California EV upstart? Blame Tesla and the wave of Chinese electric car companies. Profits at VW—which owns Audi, Bentley, Lamborghini, Porsche, and even motorcycle maker Ducati—have been softening and its substantial EV investments haven’t helped. 

Like its peers, VW has been forced to build, buy, or partner for its digital technology. A 2020 attempt to pursue a “build” strategy led to the Cariad software division and quite a bit of internal handwringing as digital and legacy businesses collided.

Enter Rivian. The 15-year-old company—in which Amazon has a 16% stake—has been struggling as factory expenses pile up and investors shy away from pure-play EV companies. A VW tie-up might just be what both companies need as automakers like GM and Ford, and even Tesla, see softer sales than their investments warrant.

More data

—Waymo to test Tokyo robotaxis in early 2025. It’s the company’s first international market.

—Amazon ignored warnings of warehouse injuries. Senate committee report revelations.

—Tesla self-driving hardware attracts complaints. Computer failures in new vehicles.

—EU signs multibillion-euro contract for satellite network to rival SpaceX’s Starlink.

—Masa Son, Trump agree to $100 billion U.S. investment. The SoftBank CEO “doubles down,” as he’s wont to do.

—Temu is the most-downloaded app in U.S. App Store. Chinese peer TikTok was No. 3.

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