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Netflix’s Next Act Is Investing in Video Games

Plus: This Fusion Reactor Is Held Together With Tape

Author

Cash Nut
July 17, 2023

In Today’s Edition

  • Reliance Set To Acquire Alia Bhatt’s Ed-a-Mamma

  • Vietnam’s digitalization efforts fuel startup scene

  • Tesla Finally Builds First Cybertruck At Gigafactory Texas

  • Elon Musk threw nine-figure promises at top AI researchers

  • Engagement on Instagram's Threads Has Cratered

  • This Fusion Reactor Is Held Together With Tape

🚀Startups Nuts

The children’s wear brand is valued at INR 150 Cr reportedly, which sells its products online and across Lifestyle and Shoppers Stop outlets. Founded in 2020, Ed-a-Mamma manufactures and sells children’s wear, teens' wear and maternity wear. Reliance has been working aggressively to capture the online retail market with its latest venture Tira being launched earlier this year.

The Southeast Asian nation hopes to become a high-income economy by 2045 by focusing on its digital economy. Recent years have seen the government announce a number of supportive measures for tech startups, drawing interest from investors. Fintech, retail, health care and payments solutions were the most in-demand sectors for funding, according to a recent report by venture fund Do Ventures and the National Innovation Center.

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🏭Business Nuts

The first Tesla Cybertruck electric pickup has been built at Gigafactory Texas. Elon Musk estimated in May that Tesla could sell between 250,000 and 500,000 Cybertrucks a year when production reaches full pace. The Cybertruck's unique design will likely make it one of the most photographed vehicles on the streets when deliveries begin. Production of the Cybertruck is expected to be limited until 2024. Tesla claims to have more than 1.6 million preorders for the vehicle.

Netflix's release of Oxenfree II is likely the beginning of a long-term plan to focus on video games. The company has previously identified video games as its biggest competition in the market for attention. It has bought several game studios and established two. Netflix now has around 67 games in its library with 86 more in development. The company is taking a slow and steady approach, but its gaming efforts are gaining momentum.

📱Tech Nuts

The pressure for xAI to compete is intense. Elon Musk appears eager to leapfrog over his new company's deep-pocketed competitors. He recruited top AI talent to the new company with equity he claimed was already worth billions of dollars. Musk's aims with xAI include creating an artificial intelligence that can 'understand the true nature of the universe', a goal that might take some time to achieve.

Analysts say that user engagement on Threads has dropped off, with data showing a 20% drop in daily active users and a 50% drop in time spent on the platform over the weekend. The app gained well over 100 million users since its release on July 5. Meta has implemented VPN blocks to stop people in the EU from using Threads until the company overcomes issues with EU regulations. A Meta spokesperson said that the company is currently focusing on ensuring stable performance, delivering new features, and improving the experience.

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🎁Miscellaneous

The Sparc fusion reactor is being built on the site of a former US Army Reserve base near Boston. It will use extremely strong electromagnets created by high-temperature superconducting tape to control plasma during a fusion reaction. The use of the tape will theoretically allow for the construction of high-performance tokamaks much smaller and cheaper than other approaches. It will take 10,000 kilometers of the tape to construct the 18 toroidal field magnets used in the Sparc fusion reactor.

💡What else are we reading and seeing?

  • Stablecoins: The Next Financial Platform

  • Google is standardizing interview questions so I am forced to retire my bootleg interview questions

  • Johns Hopkins economist says inflation is history for the U.S

  • The era of tech layoffs is evolving in an interesting way

  • The Nasdaq-100 index is getting a makeover

  • Why Warren Buffett’s weird calendar habit is so effective

😎Fun Fact

Koalas sleep around 20 hours a day due to their low-calorie diet of eucalyptus leaves, which provide little energy.

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