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In Today’s Edition
Mistral AI Raises $113M Seed Round
IPO-Bound Mamaearth To Shut Momspresso’s MyMoney, Brand Marketing Vertical
AMD reveals new A.I. chip to challenge Nvidia's dominance
France wants Elon Musk to build Tesla factory in the country even as it threatens Twitter with a ban
Vodafone, CK Hutchison agree UK mobile business merger
Reddit communities with millions of followers plan to extend the blackout indefinitely
OpenAI rolls out big chatbot API upgrades for developers
Flexible brain implant tested in people for the first time
🚀Startups Nuts
Mistral AI, a four-week-old Paris-based startup co-founded by DeepMind and Meta alumni, has raised $113 million in seed funding to develop and apply large language models and generative AI, targeting an open-source approach primarily for enterprises. The investment round, led by Lightspeed Venture Partners, valued Mistral AI at $260 million. Mistral AI plans to create models with a focus on transparency and utility using publicly available data and allowing users to contribute their own datasets. It aims to release its first models for text-based generative AI in 2024
Top officials of Momspresso announced their decision to shutter MyMoney in April this year, while Mamaearth is also likely to shut down Momspresso’ brand marketing vertical. Mamaearth recently laid off some of the employees from the brand marketing vertical. In total, 80-100 employees from both the verticals lost their jobs. Mamaearth took the decision to shut the loss-making verticals because of its upcoming IPO as it does not want to invest more money in Momspresso, sources said.
🏭Business Nuts
AMD's MI300X GPU for artificial intelligence will be available for sampling later this Fall and start shipping in greater volumes next year. Nvidia currently dominates the AI chip market with an over 80% market share. While AMD hasn't disclosed a price for the chip yet, its release could put pressure on Nvidia's GPUs, which can cost $30,000 or more. Lower priced GPUs could help drive down the costs of AI applications.
France wants Elon Musk to build Tesla factory in the country even as it threatens Twitter with a ban
France is trying to convince Elon Musk to build Tesla’s next Gigafactory in the country, Jean-Noel Barrot, the nation’s digital minister told CNBC on Wednesday. “We have also invested in an ... entire sector of electric batteries, so we will try to convince him that France is the best possible place in Europe to establish the next Tesla factory,” Barrot said. Barrot nevertheless said Musk’s Twitter could face a ban in the EU, if it does not comply with the upcoming Digital Services Act.
Vodafone and CK Hutchison, which owns the Three UK mobile network, agreed to merge their U.K. businesses, following talks that have been ongoing since last year, the companies said Wednesday. Vodafone will own 51% of the combined business, leaving CK Hutchison the minority stake.
📱Tech Nuts
Moderators of many Reddit communities are pledging to keep their subreddits private or restricted indefinitely. The majority of subreddits were to resume on Wednesday, but a thread on the r/ModCoord subreddit indicates that a growing number will continue the protest. Not all subreddits will be able to go dark indefinitely for various reasons. More than 8,400 subreddits have gone dark. Reddit briefly crashed on Monday due to the protest.
OpenAI has announced a sizable update to its large language model API offerings. A 16,000 context window version of gpt-3.5-turbo is now available, allowing developers to process around 20 pages of text in a single request. A new feature called function calling allows developers to more easily build chatbots capable of calling external tools, converting natural language into external API calls, or making database queries. The offerings update includes many price reductions. Some models will soon be deprecated.
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🎁Miscellaneous
Precision Neuroscience, a startup co-founded by a founding member of Neuralink, has tested its safe, easy-to-place brain implant in people for the first time. The implant is made out of a flexible film and is placed into the space between the brain and skull through an incision less than a millimeter wide. It contains 10 times as many electrodes per square centimeter as a standard brain implant without requiring highly invasive surgery. The implant could read, record, and map the brain's electrical activity when tested on humans. Precision Neuroscience has yet to test its implantation procedure on people, but it has worked on miniature pigs.
💡What else are we reading and seeing?
😎Fun Fact
The term "money" is derived from the Latin word "moneta," which was the name of a Roman temple where coins were minted.
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