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Netflix games move from mobile to the TV

Plus: From $40 billion to ‘going concern’ - WeWork warns of possible bankruptcy 

Author

Cash Nut
August 09, 2023

In Today’s Edition

  • Amazon in talks to become anchor investor in Arm ahead of IPO

  • More Trouble For BYJU’S As Aakash Founders To Terminate Share Swap Agreement

  • From $40 billion to ‘going concern’ - WeWork warns of possible bankruptcy

  • Nvidia reveals new A.I. chip, says costs of running LLMs will ‘drop significantly’

  • Google launches Project IDX, a new AI-enabled browser-based development environment

  • Hopes Dashed As LK-99 Confirmed Not To Be A Room-Temperature Superconductor

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🚀Startups Nuts

Amazon is in talks about becoming a cornerstone investor in Arm ahead of its initial public offering. Arm is planning to list on the NASDAQ in early September. It is aiming to raise $8 billion to $10 billion. Arm hopes that bringing cornerstone investors on board will strengthen ties with its top customers and boost the IPO's appeal.

The Chaudhry family, the founders of Aakash, will not swap their remaining 18% stake in Aakash for equity in the edtech giant. BYJU’S acquisition of Aakash was through a combination of cash and share deal, as per which the Chaudhry family would swap their stake in Aakash for Think and Learn. Earlier, BYJU’S sent a legal notice to the founders of the test prep chain due to their alleged resistance to complete the share swap.

🏭Business Nuts

WeWork has told the SEC that its losses and negative cash flow may result in bankruptcy. The company is heavy on debt and struggling to generate cash despite the number of large commercial buildings around the world that have its name on them. WeWork will need to improve its liquidity position and profitability or consider alternatives. The company's stock now has a market cap of below $500 million. It was once valued by SoftBank at $40 billion.

Netflix quietly released an iOS app called 'Game Controller' that says it allows subscribers to play games on their TVs. The company has still not released any games playable on a living room TV. The app currently says that the feature is still in beta. There have been no official statements about the app's release, but Netflix's leadership has been teasing a jump from mobile to the living room for a while now.

📱Tech Nuts

Nvidia has announced the GH200, a new chip designed to run AI models. It has the same GPU as the H100, but it pairs that GPU with 141 gigabytes of memory and a 72-core ARM central processor. The extra memory will allow larger AI models to fit on a single system and cut the cost of inference significantly. The GH200 will be available for sampling by the end of this year and for purchase in the second quarter of next year. Nvidia representatives have declined to specify a price for the chip.

Project IDX is an AI-enabled browser-based development environment for building full-stack web and multiplatform apps. It supports a range of frameworks, and languages like JavaScript and Dart. Support for Python and Go is still in the works. Project IDX uses Visual Studio Code as its base. It integrates with Firebase Hosting and allows developers to bring in existing code from GitHub.

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🎁Miscellaneous

The extraordinary claim that LK-99 is a room-temperature superconductor has been debunked. There is evidence that the material actually increases in resistance as temperatures lower. The diamagnetism seen in several videos isn't very interesting in itself as there are many diamagnetic materials without revolutionary applications. While LK-99 may not be a revolutionary superconductor, there are other new materials with revolutionary properties expected to come out in the next decade.

💡What else are we reading and seeing?

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  • Wall Street’s new WhatsApp fines take tab past $2.5 billion

  • If all you want is money, these financial advisors might say ‘no thanks

  • The obesity drug revolution just got real

  • 3 reasons why the stock market rally may be stopped in its tracks

  • Avoid these 10 confusing phrases at work

  • If you use these 9 phrases, you are more emotionally resilient than most

😎Fun Fact

The world's largest mushroom, covering over 2,385 acres (965 hectares), is a honey fungus in Oregon's Malheur National Forest

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