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In Today’s Edition 

• OpenAI’s first acquisition is an enterprise data startup

• TikTok confirms it offered US government a 'kill switch'

• Apple could face a $38B fine 

• Microsoft has decided to end Project Natick

• OpenAI's GPT-5 Pushed Back To Late 2025, But Promises Ph.D.-Level Abilities

• Apple may delay introducing Apple Intelligence AI tools 

• AI Doesn't Kill Jobs? Tell That to Freelancers 

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🚀Startups Nuts

OpenAI’s first acquisition is an enterprise data startup

OpenAI acquired Rockset, a San Mateo, Calif-based provider of tools for real-time search and data analytics. Rockset had raised over $100m from Icon Ventures, Glynn Capital, Four River Partners, K5 Global, HP, Sequoia Capital, and Greylock

Other News

• BillionToOne, a Menlo Park, Calif., precision diagnostics company, raised $130m in Series D funding at a $1b valuation.

• Char.gy, a British EV charging network, raised £100m

• Particle Network, a modular blockchain developer, raised $15m in Series A funding

• Net Zero Co., a Swedish carbon removal startup, raised $5.5m in seed funding 

• The Lasso, a platform for dealerships to bid on cars, raised $5m in new seed funding

• Trampoline, a British home décor brand, raised $5m in seed funding

🏭Business Nuts 

TikTok confirms it offered US government a 'kill switch' 

TikTok offered the US government the power to shut the platform down in 2022 in an attempt to address lawmakers' data protection and national security concerns. It suggested a mechanism that would have allowed the government to suspend the platform in the US if it did not follow certain rules such as properly funding its data protection units and making sure that ByteDance did not have access to US users' data. The US government refused to engage in serious settlement talks after 2022. It ignored requests to meet for further negotiations and did not respond to TikTok's invitation for it to visit and inspect its Dedicated Transparency Center in Maryland.

Other News

• Apple could face a $38B fine.The European Union has charged Apple with violating the Digital Markets Act due to its App Store policies that hinder competition, marking Apple as the first company under these new regulations.

• Universal Music Group, Sony Music Entertainment, and Warner Records are suing AI companies Suno and Udio for massive copyright infringement related to the creation of original songs using generative AI technology.

• Microsoft has decided to end Project Natick, its underwater data center experiment, despite achieving favorable results with the submerged servers off the coast of Scotland.

• KPS Capital Partners agreed to sell Eviosys, a Swiss cans and closures manufacturer, for $3.9 billion to South Carolina's Sonoco Products.

• Alumis, a South SF-based precision immunology company, set IPO terms to 17.65m shares at $16-$18. It would have a $1b fully diluted market value, were it to price in the middle, and plans to list on the Nasdaq (ALMS).

• Ardent Health, a Nashville-based operator of acute care hospitals, filed for an IPO. The company, whose backers include Ventas (NYSE: VTR) and Equity Group Investments.

• Klarna, a Swedish payments firm valued by VCs at nearly $8b, agreed to sell its checkout unit for $520m to a group led by entrepreneur Kamjar Hajabdolahi.

• Inside Out 2 becomes 2024's highest-grossing film, pulling in $285M at the US domestic box office just over a week after opening.

• The US to ban sales of antivirus software products from Russia-based Kaspersky Lab beginning in July, citing national security concerns; company is the world's fourth-largest antivirus software firm by revenue.

📱Tech Nuts

OpenAI's GPT-5 Pushed Back To Late 2025, But Promises Ph.D.-Level Abilities 

GPT-5 will be significantly more intelligent than GPT-4. It is still at least a year and a half from release. The model will have advanced memory and reasoning capabilities and Ph.D.-level intelligence in specific tasks. A short video of OpenAI's Chief Technology Officer Mira Murati comparing the different GPTs is available in the article.

Other News

• OpenAI CTO Mira Murati stated that some creative jobs may disappear due to AI, but she believes these jobs might not have been necessary if their output was not of high quality.

• Multiple AI companies are bypassing a widely-used web standard to scrape publisher content for generative AI systems, according to content licensing startup TollBit.

• Apple may delay introducing Apple Intelligence AI tools, iPhone mirroring, and SharePlay screen sharing in the European Union this year because of the Digital Markets Act (DMA).

• The Internet Archive had to remove 500,000 books due to a successful lawsuit by book publishers, impacting its effort to provide free online access to numerous titles.

• Amazon mulls $5 to $10 monthly price tag for unprofitable Alexa service with AI revamp.

• Apple is reportedly negotiating with Meta to integrate Meta’s generative AI model into Apple's new AI system, Apple Intelligence, according to The Wall Street Journal.

• GPT-5 will be significantly more intelligent than GPT-4. It is still at least a year and a half from release. The model will have advanced memory and reasoning capabilities and Ph.D.-level intelligence in specific tasks.

🎁Miscellaneous

AI Doesn't Kill Jobs? Tell That to Freelancers 

Freelance jobs that require basic writing, coding, or translation are disappearing across job boards. The number of freelance jobs posted on online platforms in the areas in which generative AI excels has dropped by as much as 21% since the debut of ChatGPT and other generative AI models. Some companies are returning to freelancers as they are finding that AI-generated content isn't up to par - while AI-generated material may look good to those in marketing, it often reads as word salad to more knowledgeable people, especially on niche topics.

💡What else are we reading and seeing?

• Secrets of the ChatGPT Linux system

• The manager's unbearable lack of endorphins 

• Inside Netflix's bet on advanced video encoding 

• Fake Ozempic is on the rise 

• Watch prices are down over 40% since pre-owned peak in 2022

• Can you read a book in a quarter of an hour?

• How having a failure budget increases your chances of success

😎Fun Fact

On this day: In 1987, Soccer star Lionel Messi born 

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• Make Podcast - Effortlessly craft professional podcasts in minutes using AI

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