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In Today’s Edition
More Struggling SPACs Are Going Private
TikTok Sues to Block U.S. Ban
Disney shares drop nearly 10%
Some cases of Alzheimer's caused by two copies of a single gene
Uber and Instacart are partnering
Apple's Let Loose showcase was all about the iPad
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🚀Startups Nuts
Several companies that went public through SPAC mergers have experienced significant declines in their valuations and share prices, leading some, including 23andMe, to transition back to private ownership in an attempt to recover outside the public market's scrutiny. This trend reflects the challenges faced by companies post-IPO, especially those that debuted during the SPAC boom, as they navigate financial difficulties and seek to capitalize on potential upsides away from the public eye.
Other News
Wayve, a self-driving software developer, raised $1.05 billion
Akamai bought Noname Security for $450 million
Holistic Ai, a former DeepMind Alumni raises $200 M
Privateer, a space data startup, raised $56.5 million
🏭Business Nuts
TikTok has filed a federal lawsuit challenging the constitutionality of the new law requiring the sale or ban of the company. The suit seeks a court order preventing the US from enforcing the law. It accuses the US of trampling on TikTok's First Amendment rights under the banner of national security. Parent company ByteDance says it can't and won't sell its US operations by the deadline, leaving litigation as its best hope to remain in the US market. It claims to have taken measures to safeguard user data and prevent Chinese influence.
Other News
Disney shares drop nearly 10% despite news that streaming platform Disney+ brought in its first-ever quarterly profit.
Reddit shares jump over 14% in after-hours trading on news first-quarter revenue rose 48% from 2023; marks first quarterly earnings report since March initial public offering.
Uber and Instacart are partnering on a service that lets customers place restaurant orders through Instacart. Uber CEO Dara Khosrowshahi said both companies, independently and together, are a “threat” to rival DoorDash.
One in every 24 New York City residents is a millionaire. There are now ~350k seven-figure fat cats in the city, up 48% over the last decade.
TikTok filed a petition at the U.S. Court of Appeals today alleging the law trying to ban TikTok is unconstitutional because it stifles the First Amendment rights of its 170 million U.S. users.
Amazon to spend $9 bln to expand cloud infra in Singapore,The investment adds to the S$11.5 billion the company has already invested in the Asia Pacific Region till 2023, bringing its total planned spend to more than S$23 billion by 2028.
Hollywood had high hopes for Ryan Gosling’s The Fall Guy kickstarting a torrid summer blockbuster season, but the action-comedy flick underperformed expectations with a so-so $28.5m weekend debut.
Howard Schultz, the former CEO of Starbucks, had some thoughts on the company’s bleak earnings report, writing on LinkedIn that the chain must improve its in-store experience if it wants to keep its customers.
Redfin agreed to pay $9.5 million to settle federal lawsuits claiming home buyers paid inflated agent commissions under the longstanding broker fee structure that courts have overturned.
📱Tech Nuts
OpenAI is creating a new web-searching feature for ChatGPT that cites sources like Wikipedia and blogs, a source told Bloomberg. One version of the tool also displays relevant images alongside written answers. A previous report by The Information said OpenAI is developing a web search product, which could use Microsoft's Bing. Some social media users have noted the existence of a web page search.chatgpt.com, which was temporarily re-routed to chatgpt.com over the weekend.
Other News
Apple's Let Loose showcase was all about the iPad. The next iPad Pro will be powered by an M4 chip. It will use a new display tech called Tandem OLED, which layers two OLED panels on top of each other to provide richer colors and deeper blacks.
Apple has been developing AI chips for data centers, according to the WSJ. The custom server hardware would run AI programs in data centers, though it's unclear if the chips will ever be deployed. The project is internally code-named Project ACDC, or Apple Chips in Data Centers.
OpenAI is launching a tool to detect images generated by its DALL-E 3 technology. The image detection classifier “predicts the likelihood that an image was generated” with DALL-E 3.
Microsoft deployed a GPT4-based model, isolated from the internet, for U.S. intelligence agencies to analyze top-secret data securely.
Google unveiled its latest budget smartphone, the Pixel 8a, which incorporates Google AI tools such as Magic Editor, Circle to Search, and Best Take.
Nintendo's President has stated that a next-generation Switch console will be announced within this fiscal year.
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🎁Miscellaneous
Researchers have identified a genetic form of late-in-life Alzheimer's disease that occurs in people who inherit two copies of the APOE4 gene. The gene has been associated with the disease as a risk factor for Alzheimer's for years. A recent study suggests that having two copies of the gene is an underlying cause of Alzheimer's rather than just a risk factor. An estimated 15% of Alzheimer's patients carry two copies of APOE4. The gene can make symptoms begin seven to 10 years sooner than in other adults, but it also makes patients more prone to the dangerous side effects of some drug treatments. The discovery allows researchers to develop gene therapy or drugs specifically targeting the gene.
💡What else are we reading and seeing?
How novelty effects and Dopamine Culture rule the tech industry
We've been put in the vibe space
How to make decisions with a VC-mindset
How Boeing lost the space race to Elon Musk's SpaceX
A Useful Productivity Measure?
Tensions Rise in Silicon Valley Over Sales of Start-Up Stocks
How To Understand Things
😎TRENDING
The prison sentence of former Theranos CEO and convicted fraudster Elizabeth Holmes keeps shrinking. Her initial 11+ year term, which dropped by two years last July, just shedded another four months.
🔥 Few tools many people are finding useful
🐦Joke of the Day
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