Nvidia shares spike 26%

Walmart will offer pet telehealth in latest bid to compete with Amazon

Author

Cash Nut
May 25, 2023

In Today’s Edition

  • Europe is producing more startup ‘mafias’ than ever despite tech rout

  • Walmart will offer pet telehealth in latest bid to compete with Amazon

  • Nvidia shares spike 26% on huge forecast beat driven by A.I. chip demand

  • Best Buy shares rise on earnings beat

  • iOS 17 will turn locked iPhones into smart home-style displays, report says

  • TikTok CEO Says Oracle Has Begun Reviewing Its Source Code

  • Brain waves can tell us how much pain someone is in

  • Brain And Spine Implants Restore Movement in a Man Paralyzed by an Accident

🚀Startups Nuts

Of Europe and Israel’s 353 venture-backed unicorns, 221 have spun out 1,171 new tech-enabled startup companies with employees at these firms leaving to start up their own ventures, according to a new report from VC firm Accel. The biggest examples of companies whose former talent established new startups include Spotify, which spawned 32 new companies, Delivery Hero, which generated 32, and Criteo, from which 31 new startups were born. The development mimics the trend of startup “mafias” in the United States, where companies like PayPal indirectly helped produce huge businesses like Tesla and Palantir.

Walmart is partnering with veterinary telehealth provider Pawp to offer Walmart+ subscribers free access to virtual veterinarians for a year beginning Tuesday. The retailer’s foray into veterinary telehealth comes as the company looks to better compete with Amazon and hold on to higher-income customers by making its subscription service more valuable. Some veterinarians say pet telehealth could be risky for animals while others say it helps bridge the access to care amid a nationwide vet shortage.

🏭Business Nuts

Nvidia reported first-quarter earnings for its fiscal 2024 on Wednesday, with a stronger-than-expected forecast that drove shares up 26% in extended trading. Nvidia CEO Jensen Huang said the company saw “surging demand” for its data center products.

Best Buy topped Wall Street’s fiscal first-quarter earnings expectations but missed on sales. The retailer affirmed its full-year outlook. The company expects weaker spending on electronics, as inflation hits household budgets. The retailer affirmed the outlook it shared in March. It expects full-year revenue of between $43.8 billion and $45.2 billion, a decline from its most recent fiscal year, and a comparable sales decline of between 3% and 6%.

📱Tech Nuts

iOS 17 will reportedly have a new feature that turns locked iPhones into smart home displays. The interface will display information such as appointments, the weather, and notifications. It will operate similarly to smart home devices from other companies. Apple is also planning to introduce significant changes to the iPhone's Wallet app, enhancements to its location services, a dedicated journaling app, and a feature that lets users stream media in sync with other users while on a FaceTime call together.

Oracle has begun its review of TikTok's source code. The US-based software company is now the default destination for US user data. TikTok is developing a European local-hosting initiative with data centers in Ireland and Norway. The company claims that the Chinese government has never asked it for US user data and that it wouldn't provide the information even if asked. TikTok has not eased its push on monetization despite its legal troubles.

🎁Miscellaneous

Researchers from the University of California have developed a technique for recording chronic pain-related brain signals. The technique could aid in the creation of personalized therapies for patients. It involves using a machine learning model that analyzes brain activity from electrodes implanted in patients with chronic pain. The model was able to predict how patients would score the severity of their pain. The next step in the research is to try to track the same signals in a non-invasive way.

Researchers from the Swiss Federal Institute of Technology Lausanne have helped a man who had been paralyzed for over a decade to walk again. The man had previously been able to walk with the help of a front-wheel walker, but he had reached a neurological recovery plateau. The treatment involved implanting two devices into the patient, one above the brain and one to the part of the spinal cord responsible for triggering motion in his legs. The devices allow the brain's signals to bypass the injured section of the patient's cervical spinal cord, enabling the patient to walk, stand, climb stairs, get across varying terrains, and stand at the bar to enjoy a beer with his friends.

💡What else are we reading and seeing?

  • I tried the AI novel-writing tool everyone hates, and its better than I expected

  • The Strange Story of the Teens Behind the Mirai Botnet

  • Automated Market Making and Arbitrage Profits in the Presence of Fees

😎Fun Fact

The world's first stock market crash occurred in 1637 and was known as the "Tulip Mania" in the Netherlands, where tulip bulbs were traded at extremely high prices before the market suddenly collapsed.

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That’s it from our side for today.