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In Today’s Edition
What Makes for Successful Consumer Founders?
Salesforce (CRM) closed down over 7% due to Bloomberg's report
Lockheed Martin has been awarded a $17 billion contract
Samsung has outpaced Apple to reclaim the global smartphone market share
California is Losing Tech Jobs
Got tinnitus? A device that tickles the tongue helps this musician find relief
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🚀Startups Nuts
This research analyzes the characteristics and backgrounds of founders at the helm of consumer unicorns, challenging conventional wisdom about what makes a successful consumer founder. Key findings include that most successful startups have an average of 2.2 cofounders with 7-9 years of experience, are headquartered in California or New York, and often have at least one repeat founder. Engineering expertise is less critical than commonly believed.
Other News
Andreessen Horowitz continues to be loaded: The legendary VC firm raised $7.2B for its latest funds, which will invest in AI infrastructure, AI apps, gaming, and companies that boost American national interests.
ShareChat, a social media startup, raised $49 million
Nourish, a telenutrition startup raised $35 million
Anrok, a sales tax compliance software company, raised $30 million
PipeDreams, a home service provider, raised $25.5 million
🏭Business Nuts
Elon Musk sent a memo to Tesla employees saying that the company will lay off more than 10% of its global workforce. Tesla had 140,473 employees as of December 2023. Its shares have fallen 31% year to date. Electric vehicle sales are gaining popularity worldwide, but the company is facing more competition now than ever. It is also dealing with other challenges, such as logistical problems caused by Yemeni Houthi maritime attacks in the Red Sea and production suspension at its gigafactory near Berlin due to suspected arson at a nearby electricity substation. A copy of the memo from Musk is available at the end of the article.
Other News
Salesforce (CRM) closed down over 7% due to Bloomberg's report of a potential acquisition of Informatica, raising concerns about regulatory scrutiny.
Goldman Sachs exceeded forecasts with a 28% leap in Q1 net income, driven by strong trading and dealmaking performances. The firm's shares spiked up to 6%, reflecting renewed confidence in its core financial operations.
The S&P 500 fell sharply below the 5,100 mark as tech giants like Microsoft ($MSFT), Apple ($AAPL), and Nvidia ($NVDA) faced sell-offs due to increasing bond yields and economic data that may delay Federal Reserve rate cuts. Increased options buying and robust US retail sales signal a mixed outlook for equities as inflation concerns persist.
Lockheed Martin has been awarded a $17 billion contract by the U.S. Missile Defense Agency to develop the Next Generation Interceptor, aimed at defending against intercontinental ballistic missile threats. This significant contract win comes as Lockheed faces reductions in F-35 orders and cancellations in other defense projects.
Researcher data shows Samsung has outpaced Apple to reclaim the global smartphone market share throne. Apple ascended to top phonemaker status in December, but iPhone shipments dropped 10% in Q1.
Carro, a Singapore-based used-car marketplace preparing to IPO, is seeking a $1.5B+ valuation. We’d shell that out in an instant for its showstopping tool dubbed the “Shazam of engines,” which listens to a motor’s sounds to analyze its health.
📱Tech Nuts
This article takes a close look at how California's tech industry has changed over the last few years as well as how this has impacted the state itself and the rest of the tech industry in the US. Many of the tech industry's traditional hubs have suffered significantly since late 2022, with nowhere more so than California. The state has lost its share of US employment across wide swaths of the tech industry. Its share of jobs in subsectors like software publishing and computer system design has fallen to some of the lowest levels on record. The drop has been especially pronounced within Silicon Valley.
Other News
Adobe released Acrobat AI, an AI assistant that can summarize documents, provide citations, and more for $4.99/month. It also launched a free beta version for mobile devices.
Stanford University releases its annual artificial intelligence index report, finds AI systems now match or exceed human performance on a number of basic tasks.
OpenAI has expanded into Asia with its first Tokyo office. Tadao Nagasaki was hired as president of OpenAI Japan to oversee commercial, marketing efforts, and team building in the country.
Former U.S. Treasury Secretary Steven Mnuchin wants to partner with an AI company to rebuild TikTok's algorithm, should he manage to acquire the app. The ex-Trump cabinet member is forming an investor group to try and buy TikTok as the U.S. Senate weighs a bill that could force its sale.
Microchip Technology acquired Neuronix AI Labs to improve its AI edge solutions. Neuronix is known for its technology that optimizes neural networks for better efficiency on FPGAs
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🎁Miscellaneous
Lenire is a device that treats tinnitus using electrical stimulation of the tongue. Approved by the FDA in March last year, the device consists of a plastic mouthpiece with stainless steel electrodes. A clinical trial found that 84% of participants who tried Lenire experienced a significant reduction in symptoms. While the device costs around $4,000, more than 80% of the participants in the clinical trial said they would recommend the device to a friend with tinnitus. It is unclear how long the benefits last as clinical trials have only evaluated the device over a 1-year period.
💡What else are we reading and seeing?
Blackstone leads $2 billion private loan for data center firm
World’s busiest airport rankings
Meta wants its VR tech in schools
Wall Street traders keep underestimating America’s economic strength
5 uncommon strategies to become a more flexible thinker
20 bookshelves that will make you look smart
How to declutter, according to professional organizers
😎Fun Fact
US is the Biggest Oil Producer in the World
🐦Joke of the Day
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