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- OpenAI valued at $80 billion
OpenAI valued at $80 billion
Plus: Reddit has signed a deal with an unnamed large AI
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In Today’s Edition
Figma’s CEO on the Company’s Failed Sale to Adobe
AI is like Water: Necessary, Ubiquitous, and so Similar
SoftBank founder is reportedly looking to raise $100B
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🚀Startups Nuts
OpenAI has reportedly reached a valuation of over $80 billion following a deal with VC firm Thrive Capital. The valuation marks a nearly 3x increase in less than 10 months and makes OpenAI the 3rd highest-valued tech startup in the world. The deal involves a share sale under a tender offer and allows employees to cash out their shares in the company.
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Other News
RedBird IMI bought All3Media for $1.45 billion
DraftKings bought Jackpocket, a lottery ticket app, for $750 million
Firefly Bio, a protein-focused biotech, raised $94 million
Orienspace, a Chinese rocket launch startup, raised $83.5 million
Antithesis, a software testing startup, raised $47 million
🏭Business Nuts
Figma CEO Dylan Field shares the challenges he faced after regulators blocked the sale to Adobe. Despite losing some of the early employees and facing a valuation cut to $10 billion, Figma's financial position has strengthened. It is now cash-flow positive and its annual recurring revenue has increased by 40 percent to $600 million in 2023. Furthermore, Figma has benefited from a substantial $1 billion breakup fee paid by Adobe.
Other News
Apple to be fined almost $540M by the European Union over claims policies regarding Apple Music on iPhones were anticompetitive
SoftBank founder (and multi-billionaire) Masayoshi Son is reportedly looking to raise $100B to launch ‘Project Izanagi,’ an AI chip venture to compete with NVIDIA and push towards AGI.
Reddit has signed a deal with an unnamed large AI company for access to its user-generated content platform. The deal is worth about $60 million annually. It is still subject to change as Reddit's plans to go public are still in the works.
BYD, China's leading electric vehicle company, has posted two years of million-car growth in sales. The company was originally a battery manufacturer when it showed off its first model in 2007. It passed Tesla in worldwide sales last year and is currently building assembly lines in Brazil, Hungary, Thailand, and Uzbekistan.
📱Tech Nuts
Technology alone is no longer enough to provide a competitive advantage for GenAI companies. This makes GenAI and bottled water similar, as the underlying product is essentially the same. The key differentiators must come from factors such as user experience, distribution, perceived value to customers, branding, and marketing.
Other News
Apple is building a new AI coding tool for Xcode to rival Microsoft's GitHub Copilot, aiming to improve developer efficiency and potentially reduce costs
ElevenLabs teased a new AI Sound Effects feature, allowing users to generate audio via text prompts and showcasing the outputs in use with demos from OpenAI’s Sora release.
The NBA teased an ‘NB-AI’ voice assistant, which will transform live games into personalized experiences — such as turning a highlight into a fan’s favorite movie scene.
🎁Miscellaneous
The FDA has approved an antibody drug called omalizumab (brand name Xolair) as an injection to lessen allergic reactions to foods in people ages 1 and up. The drug works by binding to a class of antibodies called immunoglobulin E, preventing them from triggering an allergic response. It doesn't eliminate food allergies, but it will help reduce the health impact if accidental exposure occurs. The drug's effects are not universal - in studies, around 17% of the people receiving the drug showed no significant improvement in their sensitivity to allergy-triggering food.
💡What else are we reading and seeing?
Companies make 2024 the year of cost cuts
Exposing the costs of social media
10 lessons learned after business failure
Paying Employees with Monopoly Money
🐦Joke of the Day
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