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Microsoft Considered Selling Bing to Apple

Plus: AI, Hardware, and Virtual Reality

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Cash Nut
September 29, 2023

In Today’s Edition

  • Temasek unit raises $3.3 billion in flagship fund investing in China

  • IPO Rebound to Continue Despite Drops in Arm, Instacart Shares

  • SpaceX Falcon Heavy May Launch NASA Psyche Mission to Metal Asteroid Next Week

  • Details emerge on Jony Ive and OpenAI’s plan to build the ‘iPhone of artificial intelligence’

  • AI, Hardware, and Virtual Reality

  • Working at a Startup vs in Big Tech

🚀Startups Nuts

Temasek-backed investment firm True Light Capital Pte. Ltd closed its first flagship fund at $3.3B. The True Light Fund I will invest in life sciences, technology, consumer, industrials, and business services sectors across the Greater China region. True Light will invest in private equity, public equity, and venture funds.

Investors are enthusiastic about IPO listings and shrugged off the dip in share prices of two recently listed firms, Arm Holdings and Instacart. Sidley Austin LLP's partner Frank Rahmani said, "The ultimate success of the IPO is not determined by the trading and closing price of the shares on the first few days following the IPO." Instead, investors' appetite for IPO listings is demonstrated by the level of stock subscription.

🏭Business Nuts

Microsoft considered selling Bing to Apple in 2020 in a deal that would have resulted in Bing replacing Google as the default search engine on Apple devices. Talks between the companies were only exploratory and did not progress. Apple did not move forward with the deal due to the money it earned from Google and because it thought that Bing would not be able to compete with Google in quality and capabilities. The Apple/Google deal is currently under scrutiny due to the antitrust trial between Google and the US Department of Justice.

A SpaceX Falcon Heavy rocket may be launching a spacecraft to explore the metal-rich asteroid Psyche as soon as October 5. The asteroid is estimated to be composed of up to 60% iron-nickel metals. It could be more valuable than the entire world economy. NASA has no plans to mine the asteroid. It will use data from the mission to get a more accurate idea of its potential value and learn more about what Earth's core might be like.

📱Tech Nuts

OpenAI is looking to use Apple former chief design officer Jony Ive's design firm LoveFrom to develop OpenAI's first consumer device. The project is aided by over $1 billion in funding from Softbank CEO Masayoshi Son. Ive and OpenAI CEO Sam Altman discussed the product during brainstorming sessions at Ive's San Francisco studio. The device will aim to provide a more natural and intuitive user experience for interacting with artificial intelligence.

This article looks at the most recent developments in technology and their implications. It covers ChatGPT's new voice and vision abilities, Meta AI, Emu, Meta Smart Glasses, the Quest 3, OpenAI's rumored device, and virtual reality.

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🎁Miscellaneous

Being in a startup can be good because it's very educational and you can make a lot of impact, but there is a lot of financial risk and stress involved and failure is always a possibility. Working in Big Tech feels more organized and benefits include internal transfers, financial stability, perks, and networking. However, employees may feel a lack of purpose, there is a lot of overhead and bureaucracy, and misaligned incentives around performance reviews can create pretty twisted political situations.

💡What else are we reading and seeing?

😎Fun Fact

The world's first recorded bank robbery occurred in 1865 in Liberty, Missouri, when thieves made off with nearly $60,000

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