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In Today’s Edition
Andreessen Horowitz to open first office outside the U.S. in London in bet UK will become crypto hub
Lenskart Secures $100 Mn Funding From ChrysCapital
EU suggests breaking up Google's ad business in preliminary antitrust ruling
Mediterranean restaurant chain Cava is going public
The whole world wants A.I. and the market will deliver, Sam Altman says
Google is getting a lot worse because of the Reddit blackouts
Synthetic human embryos created in groundbreaking advance
🚀Startups Nuts
Andreessen Horowitz to open first office outside the U.S. in London in bet UK will become crypto hub
Andreessen Horowitz said it was looking to take advantage of what it sees as a more welcoming environment for crypto and Web3 entrepreneurs in the U.K. The U.S. has been heavily restrictive with its enforcement of companies and projects in crypto lately, announcing huge lawsuits against Binance and Coinbase last week. Andreessen Horowitz has been one of the most active investors in crypto and Web3.
The latest investment brings Lenskart's total capital infusion to nearly $850 Mn within the one past year. Earlier this year, Lenskart raised $500 Mn from Abu Dhabi Investment Authority (ADAI). The investment from ChrysCapital would help Lenskart's growth plans and strengthen its position as a global eyewear leader.
🏭Business Nuts
The European Commission has made a formal antitrust complaint against Google and its ad business. It says that the only way for Google to address competition concerns would be to divest part of its services. The Commission is concerned that Google may have used its market position to favor its own intermediation services. Google has the opportunity to reply to the complaint in writing and request a hearing. If found guilty, Google could be fined up to 10% of its global sales and be forced to change the way it operates.
Cava is expected to make its market debut on the New York Stock Exchange on Thursday. If its IPO performs well, other restaurant chains could follow its lead, ending the IPO drought. Brazilian steakhouse Fogo de Chão and Korean barbecue chain Gen Restaurant Group have both filed regulatory paperwork confidentially.
📱Tech Nuts
OpenAI CEO Sam Altman says that the market will deliver on the high demand for artificial intelligence. Models will get bigger and more efficient as companies grow their infrastructure. The cost of training and running large language models is significant, so companies are working to make the technology as affordable as possible. The AI industry will have to keep making research breakthroughs in order to lower its prices.
Over 8,000 subreddits went dark to protest Reddit's upcoming API changes. The blackout has affected the quality of Google search results. Appending 'Reddit' to the end of a search is a common technique people use to find things on Google. Reddit contains a wealth of information that is curated by its users, and it is often helpful to peruse comments to see recommendations, opinions, or links to relevant resources. Many subreddits are planning to stay dark indefinitely, leaving search results full of largely useless links.
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🎁Miscellaneous
Scientists have created synthetic human embryo models using stem cells without the need for eggs or sperm. The models do not have a beating heart or the beginnings of a brain, but they have the potential to form a full embryo. It is still not clear whether they can continue maturing beyond the earliest stages of development. Scientists are legally allowed to cultivate embryos for up to 14-days in the lab. There are no such laws for synthetic embryos, even if they are very much like normal embryos.
💡What else are we reading and seeing?
😎Fun Fact
The world's first known coins were made from electrum, a natural alloy of gold and silver, and were used in ancient Lydia (now part of modern-day Turkey) around 600 BC.
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