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In Today’s Edition
Fidelity deepens valuation cut for SaaS startup Gupshup
Walmart pays $1.4 billion to buy Tiger Global’s remaining Flipkart stake
As Ford loses billions on EVs, the company embraces hybrids
Google’s RT-2 AI model brings us one step closer to WALL-E
A spectacular superconductor claim is making news. Here’s why experts are doubtful
So sweet, no spike
🚀Startups Nuts
Fidelity decreased its stake in Gupshup by over 20% in a month and by more than 50% since their original investment of $16.2 million in mid-2021. The U.S. asset manager valued its holding in Gupshup at $8.08 million at the end of June. Fidelity also slightly increased the value of its holdings in Reddit, Discord, Twitter-parent X Holdings, and Indian e-commerce Meesho in the same month.
Walmart has bought out Tiger Global's remaining holding of Flipkart shares for $1.4 billion. Tiger Global made a gain of $3.5 billion on an investment of $1.2 billion overall. Flipkart was valued at $35 billion in the secondary shares sale. Walmart held a 72% share in Flipkart as of last year. Flipkart needs another round of funding and may turn to Walmart for financing.
🏭Business Nuts
“X” is a familiar name for those familiar with Elon Musk’s history. Musk had envisioned X as a global financial nexus before PayPal. This article tells the story of the rise and fall of X’s previous incarnation. It is based on contemporary articles, published videos, and interviews with key players. The events surrounding X defined Musk’s approach to company control and ownership.
Ford executives said the automaker is working on a slate of new hybrid models. The comments run slightly counter to recent messaging from the Detroit automakers. “What the customer really likes is when we take a hybrid system that’s more efficient for certain duty cycles and then we add new capabilities because of the batteries,” CEO Jim Farley said after the company’s second-quarter earnings report. But even as it spends billions to ramp up EV production, it’s planning to bring more hybrid options to market, driven by the success of its current gasoline-electric options.
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📱Tech Nuts
Google's Robotic Transformer 2 vision-language-action model uses a large language model to allow robots to recognize patterns and perform actions even if those robots haven't been specifically trained to do the tasks. It can adapt on the fly in ways that are impossible to explicitly program. While the model shows a great ability to adapt what it has learned to new situations, it can't yet perform actions it hasn't physically practiced before. Google's ultimate goal for the project is to create general-purpose robots.
A claim about a new superconductor that works well above room temperatures and at ambient pressure has sparked a large amount of discussion on social media. The discovery would be one of the biggest ever in condensed matter physics if true. It would enable technologies such as levitating vehicles and perfectly efficient electrical grids. However, papers posted by the scientists making the claims are short on detail and many physicists are skeptical of their results. Other researchers will likely try to reproduce and confirm the results in a very short time.
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🎁Miscellaneous
Amai Proteins is a synthetic biology company that is gearing up to commercialize a microbially produced protein that is on average 3,000 times sweeter than sugar. The protein achieves its taste without the health hazards and off-flavors of other synthetic and natural sweeteners. It is based on a protein found in tropical berries and was inspired by extremophile organisms. Supertasters are unable to tell the difference between the protein and real sugar. Amai Proteins aims to launch its product in 2023 once it is recognized as generally safe by the FDA.
💡What else are we reading and seeing?
Twitter, now X, opens up its ad revenue sharing program with global creators
Wall Street pessimists are used to being wrong
How Netflix’s algorithms and tech feeds its success
Legacy admissions are pure capitalism
X logo officially replaces Twitter’s famous bird
Why the U.S. economy is so immune to rate hikes
Why Meta is giving away its extremely powerful AI model
Google, Microsoft, and Meta can’t stop talking about A.I. — here’s why Apple rarely mentions it
😎Fun Fact
Honeybees communicate with each other through "dance" movements to show the direction and distance to a food source
🐦Tweet of the Day
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