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Amazon reportedly investigating Perplexity AI

Plus: Nike shares fall 20% after weaker full-year forecast

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Cash Nut
June 29, 2024

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🏭Business Nuts 

The drop in Nike's shares is the largest daily decline on record and erased roughly $28B in market value. The drop comes after the footwear company announced it expects sales to fall 10% in the current quarter amid softer sales in China. Analysts had forecast a 3.2% drop in quarterly sales. Nike also expects fiscal 2025 sales to drop, a reversal from its previous growth forecast.

Other News

  • Bytedance’s Instagram-style app has garnered roughly 13,000 global IOS downloads since its June 18 launch. 

  • Andrew Ng raises $120 million for the second fund of his AI startup incubator, the AI Fund. A filing with the SEC shows that the AI Fund’s second fund, AI Venture Fund II, has so far amassed $69.75 million from 13 partners — leaving around $50 million to be invested.

📱Tech Nuts

Amazon Web Services is conducting an investigation into Perplexity AI after Wired reported that Perplexity’s web crawler, hosted on AWS, bypasses the Robots Exclusion Protocol, which specifies whether bots can access certain pages. Wired found that this crawler visited various websites, including The Guardian, Forbes, and The New York Times, hundreds of times to scrape content, and noted that Perplexity's chatbot produced responses closely paraphrasing their articles with minimal attribution.

Other News

  • Meta CEO Mark Zuckerberg announced on Thursday that the company will begin to surface AI characters made by creators through Meta AI studio on Instagram. The tests will begin in the U.S. 

  • OpenAI has developed a model called CriticGPT that evaluates ChatGPT's responses, focusing initially on detecting bugs in computer code generated by the AI assistant.

  • Mark Zuckerberg criticized competitors who build closed AI platforms, suggesting they act as if they are "creating God" by monopolizing AI technology.

  • Google announced Gemma 2, a new generation of lightweight AI models designed for high performance and efficiency, available in sizes of 9 billion and 27 billion parameters. The 27B Gemma 2 model delivers performance comparable to models more than twice its size, while the 9B version exceeds Llama 3 8B and other similar models in performance.

  • Meta's research team has open-sourced the Meta Large Language Model Compiler, which could significantly transform how software is compiled and optimized.

🎁Miscellaneous

The Food and Drug Administration said a widely used treatment that heats milk for at least 15 seconds at 161 degrees Fahrenheit kills the bird flu virus in cow’s milk. The virus, known as the H5N1 avian influenza, was first detected in cows in March, though the FDA has said the risk to the public remains low.

💡What else are we reading and seeing?

😎Fun Fact

On this day: In 1995, the US Space Shuttle docks with the Russian space station for the first time

🔥 Few tools many people are finding useful

  • Liftoff is an AI-powered mock interview tool

  • DragGAN allows users to control GANs

  • Gamma enables users to create content with minimal formatting

  • ChatPlayground.ai allows users to engage with multiple AI

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