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In Today’s Edition 

• Social Capital's 2023 Annual Letter

• Fed Chair Powell says inflation has been higher than thought

• Amazon Web Services CEO to step down

• Google is redesigning its search engine — and it's AI all the way down 

• Google I/O 2024: Here's everything Google just announced

• New gel breaks down alcohol in the body 

🚀Startups Nuts

Social Capital's 2023 Annual Letter

In Social Capital's sixth letter, Chamath Palihapitiya discusses the firm's investments across technology and company life cycles since 2011. Highlighting 2023's economic trends, he notes the end of cheap capital and AI's impact on company building, giving advice on product-market fit and capital allocation. He also explores rate hikes, a banking crisis, and generative AI's rapid growth.

Other News

• Bot Co, a robotics startup, raised $150 million

• Atlan, which uses AI to bring order to “data chaos” at enterprises, raised $105M

• CRMBonus, a marketing automation platform, raised $75 million

• Kings League, a Spanish soccer competition, raised $65 million

• Artisan, a builder of AI employees, $7.3M

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🏭Business Nuts 

Fed Chair Powell says inflation has been higher than thought

Fed Chair Jerome Powell reiterated Tuesday that inflation is falling more slowly than expected, likely keeping interest rates elevated for an extended period. “We did not expect this to be a smooth road. But these [inflation readings] were higher than I think anybody expected,” Powell said in Amsterdam. “What that has told us is that we’ll need to be patient and let restrictive policy do its work.” Tuesday brought a fresh round of discouraging inflation data, when the producer price index rose a higher-than-expected 0.5% in April.

Amazon Web Services CEO to step down

Adam Selipsky, CEO of Amazon Web Services, is stepping down from his role next month after leading the business since 2021. Matt Garman (currently VP of Sales, Marketing and Global Services) will take over as AWS CEO on June 3.

Other News

• The Biden administration announced increased tariffs yesterday on Chinese products, the latest expansion of US duties on goods manufactured in the world's second-largest economy. Imports of electric vehicles will see the steepest increase in tariffs, quadrupling from 25% to 100%.

• Meta is leaving the enterprise comms business, shutting down Workplace, its Facebook-for-organizations product that’s existed in various forms over the past decade.

• Comcast is rolling out a new streaming bundle that includes Peacock, Netflix, and Apple TV+ at a discounted rate for cable, broadband, and mobile subscribers. The move follows the company’s loss of 487k cable subscribers in Q1.

• Dating app Bumble’s latest ad campaign tried to attract new users with messages like “You know full well a vow of celibacy is not the answer,” which prompted backlash across social media. They’ve since issued an apology post on Instagram.

• Walmart to lay off hundreds of corporate employees, require majority of remote workers to return to office most days.

• The U.S. Department of Education announced interest rates on federal direct undergraduate loans will be 6.53% for the 2024-2025 academic year, compared to 5.5% for this year. Rates haven’t been this high in more than 20 years.

📱Tech Nuts

Google is redesigning its search engine — and it's AI all the way down 

Billions of Google users will soon see AI-generated summaries at the top of many of their search results. The AI Overviews are designed to take out the hard work of searching so users can focus on the important things. Google announced several other AI-powered features at its I/O developer conference, such as a feature in Lens that lets users search by capturing a video, a planning tool that can generate trip itineraries and meal plans with a single query, and suggestions within search results. While similar products have come under scrutiny for summarizing content and not directing users to the actual sources of information, Google says that early data shows that the new way of searching will actually lead to more clicks to the open web.

Google I/O 2024: Here's everything Google just announced

Google kicked off its I/O developer conference with a two-hour presentation containing a rapid-fire stream of announcements. This article summarizes these announcements into an easy-to-read list. The announcements include Firebase Genkit, an addition to the Firebase platform aimed at making it easier for developers to build AI-powered applications in JavaScript/TypeScript; LearnLM, a family of generative AI models fine-tuned for learning; AI-generated quizzes on YouTube; a new discovery feature for apps in Google Play; scam call detection; Ask Photos, a feature that lets users search across their Google Photos collection using natural language queries; and much more.

Other News

• OpenAI's co-founder and chief scientist Ilya Sutskever, is officially leaving the company. Sutskever helped lead the coup against Sam Altman and then later changed his mind. His employment status had been ambiguous since the ouster. Jakub Pachocki, the company's director of research, will be OpenAI's new chief scientist.

• Google reveals Project Astra, an AI-powered app that can answer queries based on an object in the camera's field of vision.

• Meta is in the early stages of designing AI-enabled headphones called “Camerabuds,” which feature outward-facing cameras to detect surroundings and power real-time AI features.

• Unitree Robotics has unveiled the G1 humanoid robot with a significantly reduced price of $16,000, which is 90% cheaper than its predecessor.

• Google and Apple are introducing an anti-stalking alert for Android 6.0+ and iOS 17.5 that will notify users if they're being tracked by devices like AirTags.

🔥Newsletter Spotlight

🎁Miscellaneous

New gel breaks down alcohol in the body 

A protein-based gel developed by researchers at ETH Zurich can break down alcohol in the gastrointestinal tract without harming the body. The gel, made from whey protein fibrils, uses individual iron atoms to convert alcohol in the intestine into harmless acetic acid. It has been shown to reduce blood alcohol levels in mice by up to 50%. The gel is only effective as long as there is still alcohol in the gastrointestinal tract, so it can't help with alcohol poisoning. While it has yet to be tested in humans, the researchers are confident it will be a success, so they have already applied to patent the gel.

💡What else are we reading and seeing?

• Why do people get brain freeze?

• The streaming wars are over 

• AMC set to cash in on meme stock traders driving shares higher 

• What the meme stock surge is telling us about the economy

• Private equity escapes major antitrust lawsuit 

• 10 active recovery practices to fight burnout

• How Jeff Bezos wanders to boost productivity

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