In Today’s Edition

• The Rise of FTX, and Sam Bankman-Fried, Was a Great Story. Its Implosion Is Even Better

• Jio Continues To Add Telecom Users, Vi Loses 2 Mn Customers In February 2023

• Tesla Bot can walk very slowly and pick up stuff now

• Google zeroed in on these 3 categories of climate companies to boost

• ONDC Not A Significant Near-Term Threat For Zomato: Kotak

• Here's what happened during OpenAI CEO Sam Altman's first hearing on artificial intelligence

• iPhones will be able to speak in your voice with 15 minutes of training

• Tweaking Vegetables’ Genes Could Make Them Tastier—And You’ll Get to Try Them Soon

🚀Startups Nuts

The Rise of FTX, and Sam Bankman-Fried, Was a Great Story. Its Implosion Is Even Better

/

FTX's founder, Sam Bankman-Fried, is the focus of several charges leveled by federal prosecutors. These include money laundering, bribery, and orchestrating a fraudulent scheme that resulted in the multibillion-dollar misappropriation of customer money. Bankman-Fried has pleaded not guilty. Michael Lewis was originally planning to just check out Bankman-Fried as a favor to his friend in the fall of 2021, but he ended up receiving a front-row seat to the scandal. His book about Bankman-Fried is set to be released on October 3.

Jio Continues To Add Telecom Users, Vi Loses 2 Mn Customers In February 2023

Jio added over 1 Mn users in February 2023, while Vi lost over 2 Mn subscribers during the month. Jio maintained its dominance in terms of market share, capturing 37.41% of the wireless subscriber market, with Airtel and Vodafone Idea completing the podium. India's wireless teledensity decreased slightly to 84.40% in February 2023 from 84.52% in January 2023.

🏭Business Nuts

Tesla Bot can walk very slowly and pick up stuff now

Tesla revealed new footage of their Tesla Bots during its shareholder meeting event. The video shows the bots in a production-ready chassis. The new model can move independently and has updated features, including motor torque control, environment discovery, memorization, and object manipulation. The bot was first revealed last year in a deconstructed form and was unable to walk forward or perform any manual labor. The video is available in the article.

Google zeroed in on these 3 categories of climate companies to boost

Thursday marked the third Demo Day for climate-based startups participating in a Google accelerator program. The 12 companies showcased fell within three broad categories: Artificial intelligence, electric vehicle infrastructure, and providing companies with more and better data about decarbonizing their operations. For example, Agrology helps farmers adapt to climate change with AI, Cambio uses AI to help companies decarbonize large commercial buildings, and Voltpost converts lampposts into electric vehicle chargers.

ONDC Not A Significant Near-Term Threat For Zomato: Kotak

We see only a limited impact of ONDC on Zomato in the near term; the long-term impact is tough to call: Kotak Institutional Equities. The brokerage firm retained a ‘buy’ rating on Zomato with an unchanged target price of INR 82. The optimism towards Zomato from Kotak Institutional Securities comes days after Motilal Oswal expressed a similar opinion.

📱Tech Nuts

Here's what happened during OpenAI CEO Sam Altman's first hearing on artificial intelligence

Lawmakers at the Senate Judiciary subcommittee on privacy and technology stressed the importance of avoiding the errors Congress made at the dawn of social media during a hearing on Tuesday. OpenAI's Sam Altman testified at the hearing. Senators from both sides of the aisle stressed the need to establish guardrails for the technology before any harm is done. Although there weren't any specific proposals, the lawmakers discussed new regulating agencies and licensing AI. Altman agreed that a new system to deal with AI was needed. Some lawmakers noted that it was refreshing for industry executives to push for regulation as strongly as Altman did.

iPhones will be able to speak in your voice with 15 minutes of training

Apple has revealed a bundle of new accessibility features to be released later this year, possibly with iOS 17. Personal Voice will allow people to create synthesized voices with just 15 minutes of audio. The feature uses on-device machine learning to keep data private and secure. Assistive Access will offer streamlined versions of core apps to lighten cognitive load. A new detection mode in Magnifier is designed to help users interact with physical objects using numerous text labels.

🎁Miscellaneous

Tweaking Vegetables’ Genes Could Make Them Tastier—And You’ll Get to Try Them Soon

Plant breeders are using new gene-editing technology to make vegetables taste better. Most breeding decisions favor plant traits that benefit growers rather than consumers. There is a growing interest in prioritizing flavor when breeding new vegetables as technologies like CRISPR and DNA sequencing become cheaper and more accessible. Some companies are using these tools to develop tastier veggies, while others are using more traditional techniques. This article discusses several efforts to change how our vegetable taste.

💡What else are we reading and seeing?

• The race to bring generative AI to mobile devices

• ZestMoney, where did it go wrong?

• Airbnb CEO says his $75 billion company was rejected by investors—until a $40 box of cereal turned things around

😎Fun Fact

The world's largest financial market is the foreign exchange market, also known as forex or FX.

Enjoy The Cash Nut? Consider forwarding it to a co-worker, colleague, classmate, or whoever you think might be interested.

If you have any comments or feedback, just respond to this email!

That’s it from our side for today.