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Intel CEO We’re going to build AI into every platform

Plus: An epilogue to my time working at Twitter 

Author

Cash Nut
July 28, 2023

In Today’s Edition

  • Sequoia Capital Slashes Crypto Fund as It Downsizes Amid Startup Crunch

  • European VC Medicxi raises $400M for ‘asset-centric’ biotech investing

  • An epilogue to my time working at Twitter

  • Intel CEO: ‘We’re going to build AI into every platform we build’

  • iPhone 15 Pro Action Button Options Potentially Revealed in iOS 17 Code: Flashlight, Shortcuts, Voice Memos, and More

  • Announcing OverflowAI

  • Japan’s population drops by nearly 800,000 with falls in every prefecture for the first time

🚀Startups Nuts

Sequoia is scaling back two of its funds as it, along with everyone else, continues to adjust to a challenging environment for crypto. The firm's crypto fund is shrinking from $585 million to $200 million, while its ecosystem fund, a fund of funds, will be pared down from $900 million to $450 million. This reallocation is part of Sequoia's continued response to the tectonic shifts in the market over the past year or so. It is also another example of the dire state of the venture and startup scene in light of interest rate hikes and concerns about the economy.

European life sciences investment firm Medicxi on Thursday said it raised $400 million, becoming the latest biotech-focused venture firm to boost its capital reserves so far this year. The firm will use the new funds to continue investing in “asset-centric” biotechs, or companies focused on one or two experimental medicines rather than broad drugmaking platforms.

🏭Business Nuts

This article from Esther Crawford talks about her time working at Twitter. Crawford sold her startup to Twitter in 2020. She describes the experience as both amazing and terrible. The company often felt siloed and bureaucratic and engineers had to act as politicians instead of just building. The article covers topics such as what it is like to work/interact with Elon Musk and the dangers of living in an echo chamber.

Intel's CEO was very bullish on AI during the company's Q2 2023 earnings call. The company plans to ship its first consumer chip with a built-in neural processor for machine learning tasks later this year. It plans to eventually integrate AI into everything it sells. Integrating AI into consumer chips will allow AI processing to happen at the edge rather than on the cloud, improving latency, bandwidth, and costs.

📱Tech Nuts

Apple has released the fourth beta of iOS 17 to developers. There are new code snippets contained within the beta that hint at functionality for the rumored Action button on the upcoming iPhone 15 Pro and Pro Max. The iPhone 15 Pro and Pro Max's Action button will reportedly replace the Ring/Silent switch and allow users to quickly access various functions and settings without unlocking the device or navigating to an app. There will likely be nine options for features that users can customer and assign to different actions - these are listed in the article.

Overflow AI is Stack Overflow's new plan to integrate generative AI into its platform. It includes adding new search capabilities, the ability to curate and build a knowledge base in minutes, Slack integration, a Visual Studio Code extension, and a dedicated location for AI resources and responses from experts. Developers interested in helping Stack Overflow test its new AI-powered features can register to help on the Stack Overflow Labs page. Stack Overflow aims to keep its developer community at the center and ensure that the people who contribute their knowledge are recognized for their efforts.

🔥Newsletter Spotlight

  • Check out Morning Brew - Get smarter in 5 minutes with Morning Brew (it's free) - Link

  • Pre-Money - Join 5000+ other investors who ready about up in coming start-ups, and have the opportunity to meet the founders - Link

  • Finance Homie - World's most interesting finance newsletter, getting you caught up with what went down each week across private equity, investment banking, and the public markets - Link

🎁Miscellaneous

Every prefecture in Japan posted a population drop in 2022. Japan's total population dropped by more than 800,000 last year. Other countries are likely set to follow Japan's lead. Japan's prime minister has called the trend a crisis, but national policies have so far failed to put a dent in population decline.

💡What else are we reading and seeing?

😎Fun Fact

The Eiffel Tower can grow up to 6 inches taller during the summer due to the expansion of the iron structure in the heat

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