Elon Musk sues OpenAI

Plus: How scientists are using sound waves to hack the brain 

Author

Cash Nut
March 04, 2024

In Today’s Edition 

  • AI startups require new strategies: This time it’s actually different 

  • Disney's $8.5 billion Reliance merger is a streaming wars win 

  • NASA canceled a $2B satellite refueling project due to “poor performance

  • Apple analyst Ming-Chi Kuo found that of the 1% of Apple Vision Pro customers who return the device

  • Dune: Part Two opened with an expectations-shattering $81.5m weekend in the US

  • How scientists are using sound waves to hack the brain 

🚀Startups Nuts

AI startups require new strategies: This time it’s actually different 

The typical dynamics between startups and incumbents that applied in previous technology revolutions like mobile and the Internet do not apply in AI. Incumbents are spending historic amounts of money and time embracing AI technology - they have the data, talent, and funding. There isn't really an 'AI market' - the market for chatbots and SEO tools is the same as before, just with more competition. AI startups that don't embrace this reality will likely fail.

Other News

  • FogPharma, a biotech, raised $145 million

  • Argá Medtech, a heart tech developer, raised $58.6 million

  • B.well, a patient engagement platform, raised $40 million

  • Bioptimus, a biotech AI startup, raised $35 million

  • Hellas Direct, a Greek insurer, raised $33 million

  • FlowGPT, an app store for GPT models, raised $10 million

🏭Business Nuts 

Disney's $8.5 billion Reliance merger is a streaming wars win 

The merger is expected to have more than 750 million viewers in the rapidly growing Indian market. Asia's richest man, Mukesh Ambani, will control the venture and inject $1.4 billion into its growth strategy, while his wife, Nita Ambani, will become the chairperson. Disney acquired Indian streaming service Hotstar and Star TV channels in 2019 and had exclusive streaming rights to cricket's lucrative Indian Premier League (IPL), which it had turned into a paid service by 2020. The IPL is one of the world's top cricket leagues, attracting first-class players from every corner of the globe.

Other News

  • Foreign-born workers made up 18.6% of the civilian labor force in 2023, up from 15.3% in 2006, according to Bureau of Labor Statistics data. While immigration poses some challenges, it's a net benefit to the U.S. economy, economists say. Without foreign-born labor, the U.S. labor pool would shrink because of lower birth rates and an aging workforce, making it harder to finance programs such as Social Security.

  • The US national debt is settling into a staggering new pattern: increasing by ~$1T every 100 days

  • NASA canceled a $2B satellite refueling project due to “poor performance” from lead contractor Maxar. The project’s goal was docking with aging satellites and restoring them for greater longevity

  • Dune: Part Two opened with an expectations-shattering $81.5m weekend in the US (it added another $97m internationally). Its opening weekend doubled the first film’s pandemic-dented $40m debut.

📱Tech Nuts

Elon Musk sues OpenAI and CEO Sam Altman over contract breach

Elon Musk is suing OpenAI and its CEO Sam Altman, among others, claiming that they abandoned the company's founding mission to develop artificial intelligence for the benefit of humanity. Musk, one of the co-founders of OpenAI, stepped down from the firm's board in 2018. The lawsuit alleges that OpenAI's focus on maximizing profits for Microsoft breaks its agreement to ensure that AGI benefits all of humanity. Its aim is to compel OpenAI to adhere to the Founding Agreement and return to its mission to develop AGI for the benefit of humanity.

Other News

  • Apple analyst Ming-Chi Kuo found that of the 1% of Apple Vision Pro customers who return the device, 20-30% do so because they can’t figure out how to set it up.

  • Meta will delete all Oculus accounts on March 29. Any users who haven’t switched to Meta accounts will lose their apps and purchases. Meta acquired Oculus in 2014, back when it was still called Facebook.

  • Waymo is bringing its robotaxis to Los Angeles, in addition to its operations in San Francisco. Waymo said its approach to LA will be “incremental” and involve working closely with officials and locals.

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🎁Miscellaneous

Researchers in South Korea have found a way to influence the formation of connections between neurons using ultrasound stimulation. Ultrasound waves can penetrate deep into the brain with surprising precision. The technique mimics brain waves common during learning and memory processes. It could lead to new medical treatments and make learning easier for everyone.

💡What else are we reading and seeing?

😎Fun Fact

Top 20% Account for 40% of Spending

Share of US Consumer Spending, By Income

🐦Joke of the Day

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