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- OpenAI eyes $100B+ valuation
OpenAI eyes $100B+ valuation
Plus: Tata Group of India no longer is planning an IPO
Cash Nut
August 29, 2024
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In Today’s Edition
Nvidia Revenue Jumps 122% in Positive Sign for Tech's A.I. Boom
Telegram CEO Pavel Durov has been indicted in France
ChatGPT and GPT-4 could get a sweet upgrade this fall
Google Meet's new AI-powered feature, “take notes for me
World-first lung cancer vaccine trials launched across seven countries
🚀Startups Nuts
OpenAI is reportedly in talks to raise funds at a valuation of more than $100 billion, substantially higher than the company's previous $86 billion valuation. Investors include Thrive Capital and Microsoft. The financing will be OpenAI's biggest outside infusion of capital since Microsoft invested nearly $10 billion in January last year. While OpenAI's revenue eclipsed $3.4 billion early this year, the company is on track to lose nearly $5 billion by year end. It has already burned through $8.5 billion on AI training and staffing.
Other News
Miris, a Culver City, Calif., provider of spatial content streaming solutions, raised $26m
Swiss-Mile, a Swiss maker of wheeled-legged robots, raised around $20m at a valuation north of $100m
Pylon, a B2B customer service platform, raised $17m in Series A funding
Bland AI, a conversational AI platform for enterprise phone calls, raised $16m in Series A funding
Uniqkey, a Danish cybersecurity startup, raised €5.35m
🏭Business Nuts
Nvidia recently reported that its sales and profits had more than doubled during the last quarter. The company also projected that sales in the current quarter will increase by 80% compared to a year ago, exceeding earlier estimates. Nvidia's revenue was $30.04 billion last quarter, and its net income rose to $16.95 billion. It will spend $50 billion on repurchasing its own shares. Nvidia now supplies more than 90% of the chips essential to building AI, but competition is on the rise, with other companies developing custom chips to lessen their dependence on Nvidia.
Other News
Apple is cutting 100 jobs in its digital services teams - laid off employees have 60 days to find another job in the company.
Telegram CEO Pavel Durov has been indicted in France on charges including web-mastering an online platform in order to enable an illegal transaction in an organized group, complicity in drug trafficking, distribution of child pornography, and providing cryptology services without making required declarations to government officials.
The Better Meat Co. will receive a $1.4m grant from the US Department of Defense to boost production of Rhiza, its fungi-based protein, and develop it without common allergens.
Yelp has filed an antitrust lawsuit against Google, accusing the company of maintaining a monopoly in local search services by favoring its own inferior products over competitors.
Delivery Hero is prepping a Dubai IPO in Q4 for Middle Eastern unit Talabat
Tata Group of India no longer is planning an IPO for its Tata Play content distribution platform, after buying out minority backers like Temasek, per Bloomberg.
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📱Tech Nuts
OpenAI is reportedly planning to launch a new AI as part of a chatbot this fall. Codenamed Strawberry, the AI has advanced mathematical reasoning, programming, and other skills that allow it to answer questions on more subjective topics, like marketing strategies. It can be used to generate high-quality synthetic training data for training large language models. The model could help OpenAI obtain the data it needs to train the GPT-4's successor.
Other News
Google Meet's new AI-powered feature, “take notes for me,” has started rolling out today, summarizing meetings for Google Workspace customers with specific add-ons and initially announced at the 2023 Cloud Next conference.
Anthropic has published the system prompts for its latest AI models, including Claude 3 Opus, Claude 3.5 Sonnet, and Claude 3.5 Haiku, to demonstrate transparency and ethical practices.
The new Alexa AI, set to launch around mid-October, will feature a "Smart Briefing" that provides daily, AI-generated news summaries based on user preferences.
OpenAI, Adobe, and Microsoft now back a California bill that mandates tech companies to add watermarks to AI-generated content, with the bill set for a final vote in August.
Daily News for Curious Minds
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🎁Miscellaneous
BioNTech has begun trials for BNT116, an mRNA lung cancer vaccine, in 34 research sites across the UK, US, Germany, Hungary, Poland, Spain, and Turkey. The vaccine works by presenting the immune system with tumor markers to prime the body to fight cancer cells expressing those markers. It aims to strengthen a person's immune response to cancer while leaving healthy cells untouched. The treatment is simple to deliver - patients receive a round of shots every week for six consecutive weeks and then every three weeks for 54 weeks.
💡What else are we reading and seeing?
🔥 Few tools many people are finding useful
GPT Engineer - Build apps for the web 10x faster
Figgy - Instantly turn your Figjam into a website
PromptMage - Simplify and manage your LLM workflows
Velvet - Warehouse OpenAI and Anthropic logs to PostgreSQL
Sharechat - Share your chats with AI characters as unique stories with the community
🐦Joke of the Day
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