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- Elon Musk diverting Tesla GPUs
Elon Musk diverting Tesla GPUs
Plus: Soccer legend Lionel Messi dropped his own drink
Cash Nut
June 05, 2024
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In Today’s Edition
Want to Build a Company That Lasts? Think Three-Layer Cake
Soccer legend Lionel Messi dropped his own drink line
It's not just you: Google seemingly scaled back AI Overviews after its rocky launch
Microsoft and Google collectively lay off hundreds of employees
Flawed, scandalous trials tank FDA expert support for MDMA therapy
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🚀Startups Nuts
Building a successful business requires a focus on three key elements: product excellence, go-to-market strategy, and operational excellence. Neglecting any of these areas can lead to failure, as evidenced by the high percentage of startups that don't make it past the five-year mark. Founders and CEOs must ensure a solid product foundation while also integrating effective sales, marketing, and management strategies to achieve sustainable growth and scale.
Other News
Xcimer, a nuclear fusion startup, raised $100 million
Twelve Labs, an SF-based AI company focused on video understanding, raised $50m in Series A funding
Eko Health, an Emeryville, Calif., developer of remote heart and lung disease detection tech, raised $41m in Series D funding
GetWhy, a market research startup that derives insights from video interviews, raised $34.5m in Series A funding
Sword Health, a New York maker of physical therapy hardware, raised $30m in new equity funding (plus launched a $100m employee tender) at a $3b valuation
Neural Concept, a Swiss provider of ML software for 3D design of machines, raised $27m
🏭Business Nuts
Elon Musk redirected 12,000 H100 GPUs ordered by Tesla to X. He had told investors in April that Tesla had spent $1 billion on GPUs in the three months of the year. Tesla has been developing its own in-house supercomputer for AI, but Musk has previously said that it would be redundant if the company could source more H100s.
Other News
The FAA has issued a launch license to SpaceX for its Starship Flight 4 test mission as the company has met all safety and other licensing requirements for the flight.
Neurotech company Elemind launched a headband designed to improve sleep by redirecting users’ brain waves. Elemind’s clinical trial found the device helped 76% of participants fall asleep faster.
Epoch Times CFO Weidong Guan is accused of having laundered $67m+ since 2020, at which point the media company’s revenue shot from ~$15.5m to $70m+.
Soccer legend Lionel Messi dropped his own drink line, Mas+ by Messi, a “next-generation hydration beverage.” Social media users were quick to point out that the branding looks a whole lot like Logan Paul and KSI’s Prime drink line.
The Tokyo government’s new dating app helps its citizens to find suitable marriage partners. Users must verify income and relationship status, interview with the app’s team, and sign a pledge that they’re in it for marriage rather than a fling.
BlackRock and Citadel Securities is planning to launch a new national stock exchange in Texas. The Texas Stock Exchange (TXSE) has raised ~$120 million and aims to begin operations in 2025, hosting its first listing in 2026.
📱Tech Nuts
Google has scaled back AI Overviews. The AI-generated answers are now appearing in around 11 percent of queries, down from around 27 percent when the feature was launched last month. The company is still in the process of refining the feature. AI Overviews are appearing most in health-focused searches, despite the company highlighting the tool's use for shopping, restaurant recommendations, and travel in its marketing.
Other News
Meta will refocus its core product suite to focus on the discovery of content relevant to younger audiences, put a greater emphasis on short-form videos within Facebook, and develop a professional mode to make the app more creator-friendly.
AI models trained on human speech can be repurposed to analyze dog vocalizations; approach may help provide insight into animal communications.
Microsoft and Google collectively lay off hundreds of employees in their cloud businesses as companies prioritize investment in AI.
🎁Miscellaneous
Advisors for the Food and Drug Administration have voted overwhelmingly against approving MDMA as part of a therapy for post-traumatic stress disorder. While results from clinical trials showed positive results, a deeper look at the data uncovered a large number of trial flaws that threw the validity of the positive results into serious question. The FDA is conducting an investigation into accusations of possible data manipulation during the trials. There were claims that some of the trial participants were discouraged from reporting negative responses to the therapy.
💡What else are we reading and seeing?
The battle of billionaires for AI's future
OpenAI insiders warn of a 'reckless' race for dominance.
As China's Internet Disappears, ‘We Lose Parts of Our Collective Memory'
My 33 years of business mistakes in 11 minutes
How to use Stoic principles to face life’s challenges
😎Fun Fact
On this day today The US moves off the gold standard (1933)
🔥 Few tools many people are finding useful
Fibery 2.0 - Product discovery & development platform
Kroolo - Productivity suite to save 10hrs a week
Underlord by Descript - An audio editing assistant that can do all the tedious stuff
AI Creator by Captions - The world’s first 3D avatar designed for content creation
Minion - Mini bot that’s happy to help with your tasks
🐦Joke of the Day
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