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OpenAI reportedly nears $1 billion in annual sales

Plus: Google Pixel 8: all of the leaks and rumors so far 

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Cash Nut
August 31, 2023

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In Today’s Edition

  • Runway raises $27M to make financial planning more accessible and intelligent

  • Isometric has secured $25 million to develop a registry and science platform that is aimed at promoting carbon removal

  • State officials want Shein to prove it doesn’t use forced labor before it goes public

  • Google Pixel 8: all of the leaks and rumors so far

  • Microsoft is discontinuing Visual Studio for Mac after major overhaul

  • 3 key tips for maximum impact, and what do Big Tech engineers even do?

🚀Startups Nuts

Runway, a San Francisco-based startup, raised $27.5M in series A funding led by Initialized Capital. The cloud-based platform automates financial forecasting by integrating with 100+ data sources and using AI to generate insights and recommendations. The goal is to make financial planning easier and more accessible for everyone in a company.

Isometric secured $25M to create a carbon removal registry and science platform. They aim to establish order in the emerging carbon removal industry, using the funds to develop their team and products. Isometric focuses on a long-term carbon removal credit issuance registry, while also facilitating transparency and accountability in the industry through a science platform. They partnered with Lower Carbon Capital and Plural, offering a more viable alternative to carbon offsetting.

Checkout Mode Mobile

It Took 15 Years to Disrupt the $martphone🤳

Tech Startup With Traction: Turn your phone from a cost to an income source. Intriguing idea, isn't it? This is why, we have our eyes on the launch of Mode Mobile’s Pre-IPO Offering. It’s the latest in a series of impressive raises among smartphone innovators, likely spurred by Apple’s recent $3+ trillion valuation.

Mode saw 150x revenue growth from 2019 to 2022, a leap that has made them one of America’s fastest growing companies. Mode is on a mission to disrupt the entire industry with their "EarnPhone," a budget smartphone that’s helped consumers earn and save $150M+ for activities like listening to music, playing games, and ... even charging their devices?!

Over 11,000 investors already acquired shares — and with only days remaining prior to their bonus tier closing, allocations are limited.

*Disclosure: Please read the offering circular at invest.modemobile.com. This is a paid advertisement for Mode Mobile’s Regulation CF Offering.

🏭Business Nuts

Sixteen attorneys general sent a letter to SEC Chair Gary Gensler asking the agency to ensure Shein can independently verify it doesn’t use forced labor before it’s permitted to go public. The company said tests show about 2.1% of Shein’s cotton comes from banned regions, which is far below the industry standard. The fast-fashion retailer told CNBC it has stopped sourcing cotton from China altogether as part of its efforts to get that number to zero.

OpenAI is reportedly on track to generate more than $1 billion in revenue over the next 12 months. The company is estimated to be currently generating more than $80 million per month in revenue. It generated $28 million for all of last year. The higher-than-expected revenue estimates raise questions about the accuracy of OpenAI's most recent valuation of around $28 billion. OpenAI's launch of an enterprise version of ChatGPT will further boost revenue.

📱Tech Nuts

It looks like Google is gearing up for its October hardware event. This page contains a collection of articles with leaked information about the upcoming line of Pixel phones. The Pixel launch event is set for October 4. Updates to the devices include a revamped camera app UI, Audio Magic Eraser, and a way to sharpen blurry videos. It appears that the first leaks about the device were from Google itself.

Microsoft has announced plans to discontinue Visual Studio for Mac after August 2024. The company will redirect its resources to optimize Visual Studio and VS Code for cross-platform development. Microsoft will provide Visual Studio for Mac with security updates and platform update compatibility for the next 12 months. It will also provide runtimes, workload updates, and unofficial rudimentary support for .NET 8 in Visual Studio for Mac.

🔥Newsletter Spotlight

Weekly diary of building my $100M empire. Unique tactics, business psychology, and dad jokes

🎁Miscellaneous

A tweet about how numerous talented people who have worked years at a FAANG company don't have much to show for it recently went viral. It sparked a discussion about whether it is possible to make an impact in Big Tech. This article presents three strategies for making an impact in any company no matter what size. It covers what Big Tech engineers actually work on and the pros and cons of working in Big Tech vs startups. It is possible to make an impact anywhere.

💡What else are we reading and seeing?

  • Amazon will let you pay with your palm at Whole Foods - but there’s a catch

  • Workers want AI to help with burnout

  • Shein faces scrutiny over forced labor before IPO

  • Goodbye Great Resignation: The labor market returns to pre-pandemic normalcy

  • Nvidia is AI king, but threats to its reign abound

  • 6 mindset strategies I wish I’d known earlier in my career

  • Use the timeline technique to make forward progress in your business

  • Get more done with the 3-3-3 Method

  • How To Cultivate Conversational Intelligence

  • We Analyzed Millions of ChatGPT User Sessions

😎Fun Fact

A "jiffy" is an actual unit of time, representing 1/100th of a second

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