ChatGPT Rival Emerges

Plus: 2023 Engineering Salary Expectations Trends Report 

Author

Cash Nut
June 27, 2023

In Today’s Edition

  • Another Markdown For BYJU’S: Prosus Slashes Valuation To $5.1 Bn

  • Microsoft considered acquiring Bungie and Sega to bolster Xbox Game Pass, internal emails show

  • DeepMind claims its next chatbot will rival ChatGPT

  • 2023 Engineering Salary Expectations Trends Report

  • AI is killing the old web, and the new web struggles to be born

  • When it Comes to Crypto, Turmoil in the U.S. Could be a Boon for Japan

🚀Startups Nuts

Prosus has valued its 9.6% stake in BYJU’S at $493 Mn, translating to a valuation of $5.1 Bn for the edtech giant. Last year, Prosus, which has invested $536 Mn in BYJU’S since 2018, cut the valuation of BYJU’S to $5.98 Bn. BYJU is embroiled in multiple crises currently and last week saw its three board members and statutory auditor resigning.

Prosus said its share of Swiggy’s trading loss increased to $180 Mn in 2022, driven by investment in Instamart. Swiggy’s overall revenue grew to around $900 Mn during the year from $600 Mn in the previous year. Prosus, which holds about 32% stake in Swiggy, said Instamart’s GMV grew 459% during the year.

🏭Business Nuts

Microsoft wanted to start acquisition talks with several game companies to expand Xbox Game Pass to more audiences, but it is unclear whether the strategy was approved. In an email seen by The Verge, Xbox chief Phil Spencer wrote to both Microsoft CEO Satya Nadella and Microsoft CFO Amy Hood, requesting strategy approval to approach Sega Sammy over a potential acquisition of its Sega gaming studios.

DeepMind is gearing up to challenge ChatGPT with a new chatbot called Gemini. Powered by techniques from the AI system behind the famous Go-victory, AlphaGo, Gemini aims to not only analyze text but also plan and solve problems. We may have an AI showdown on our hands!

📱Tech Nuts

This report focuses on the impact of minimum salary requirement trends on software engineers. Ongoing layoffs have created a saturated job market, making it easier for employers to attract candidates at a reduced cost. Workers are now emphasizing the importance of culture, career growth, work-life balance, and stability. Employees are likely to continue to place equal or more importance on these non-monetary benefits as the economy rebounds.

This article looks at the potential effects AI will have on the future of the internet. The web used to be a place where individuals made things, but then companies took over and created platforms. Layoffs and AI-generated content are killing these platforms. AI systems can scale effortlessly and their output may potentially overrun the platforms people use for news, information, and entertainment. The decisions that we make now will determine who makes information in the future, how it is accessed, and who gets paid for it.

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🎁Miscellaneous

Despite the continued regulatory crackdown on the crypto industry in the US, some Japanese crypto sector players believe it presents an opportunity for Japan to strengthen its presence and become a hub for the sector. Japan already has an established legal framework, providing protection to investors while enforcing strict regulations on crypto exchange operators. With the country's forward-looking approach to stablecoins and its promotion of web3 - decentralized web services as they have coined it - Japan aims to create a healthy industry ecosystem while attracting businesses from across the globe.

💡What else are we reading and seeing?

  • The case for printing $2 trillion to save the planet

  • Gucci bought perfume maker Creed to grow its luxury empire

  • JPMorgan cuts nearly 40 investment bankers as deal flow sours

  • Billionaire killed in race car crash

😎Fun Fact

The first known instance of crowdfunding can be traced back to 1713, when the author Alexander Pope used a subscription model to fund the translation of Homer's Iliad.

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