Stripe returned to profitability last year in part by squeezing spending on sales and marketing. The executive in charge of growing sales to large customers isn’t sticking around to see how the slimmed-down strategy plays out. Mike Clayville, a former Amazon Web Services executive who became a marquee Stripe hire three and a half years ago reporting to founders Patrick and John Collison, left the payments giant last month, The... Read more ›
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Snap cut several senior executives in its layoffs announced on Monday, aiming in part to reduce the amount of stock based compensation it pays out to senior people, CEO Evan Spiegel told staff on Monday. The company said it would cut its workforce by 10%, or around 550 employees. Included in the cuts were Sam Corrao Clanon, director of content; Ding Zhou, vice president of content engineering; and Konstantinos Papamiltiadis,... Read more ›
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In October we predicted that resellers of graphics processing units, an emerging class of startups that provide Nvidia’s in-demand server chips to artificial intelligence developers, would soon be in trouble. Sure enough, three months later, one of those startups is giving up.On Thursday, the startup Banana, which raised $3.4 million in funding from investors such as Basecamp Fund and CapitalX, said it would shut down its main GPU reselling service... Read more ›
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Elon Musk’s X, formerly known as Twitter, has in the past couple of months been inundated with a wave of ads for porn sites and fake luxury goods. That might sound like a low-priority problem for X, as these ads—no matter how sketchy—could in theory bring in much-needed ad revenue. The problem is that the flood of ad spam, as insiders refer to it, has coincided with a surge in... Read more ›
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Welcome back to The Electric!A day doesn’t seem to go by without more bad news around electric vehicles and batteries, between canceled investments, clobbered share prices and tepid sales. This week, we examine one of the most provocative assertions of this period: that the industry has entered an arctic-like freeze—an “EV winter.” General Motors has discontinued the Chevy Bolt, but 2023 models remain on sale, including these at a Colma,... Read more ›
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Welcome to your Weekend!A few years ago, I went to India to see two friends get hitched on a beach in Goa, a ceremony that, like much of the country, offered a rich blend of ancient and modern. On that trip, I met the bride’s grandmother—Aaji to all, the Marathi term for your mom’s mom—and as I’ve seen her more since, I’ve come to treasure the stories she shares. She’s... Read more ›
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Investors appear to have taken leave of their senses—at least with regard to the value of Facebook parent Meta Platforms. The stock rocketed 20% today, a rise fueled by the company’s robust fourth-quarter results, giving Meta a market capitalization of $1.2 trillion. (Bloomberg reported that the market value of today’s gain was the single biggest in history!) The stock is now trading at 7.6 times forward sales, while Alphabet is... Read more ›
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What a special week! This week we sat across the table from two of our favorite digital media personalities, filmaker and YouTuber Casey Neistat and Ricky Van Veen, the co-founder of CollegeHumor and a VP of partnerships at Meta. Between the six of us, we covered everything from the downsides of true digital fame to how AI will and won't change creativity. Plus, the latest tech news of the week... Read more ›
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Here’s one common link between Steve Jobs, Larry Page and Eric Schmidt: They’ve all employed an executive coach, seeming to prove the point that everyone could use some advice—even the greats. The best coaches have “gravitas, experience, intellect and people skills,” said Jonathan Rosenberg, a former Googler who has studied the field and even worked with Silicon Valley’s most famous coach, Bill Campbell, the man who instructed each member of... Read more ›
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Shares of Meta Platforms stock soared 20% on Friday as investors applauded the company’s fourth-quarter results, which showed a strong ad recovery from its 2022 slump. But the enthusiasm of some investors was tempered by uncertainty about the returns Meta can get from the billions it is pouring into new generative artificial intelligence technology. During Meta’s fourth-quarter earnings call on Thursday night, company executives said capital expenditures on expanding servers... Read more ›
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Few places present a more vibrant study of contrasts than modern India, with the archaic and the modern, the wealthy and the poor, the digital and the physical all increasingly intersecting and interweaving. As so often happens, I watched these forces converge one December afternoon on a shady, tree-lined street in the posh Koramangala neighborhood of Bangalore, the country’s third-largest city and tech industry capital. Read more ›
3
Earlier this week, we published The Information’s AI Chip Database for Pro subscribers, tracking the 18 (and counting) startups that are challenging Nvidia in the fast-growing market for the graphics processing units that power artificial intelligence. In total, these companies have raised over $6 billion in funding.It’s a tall task to take on Nvidia—not to mention tech giants including Google, Amazon and Microsoft that are building their own AI chips—but... Read more ›
0
A venture capital firm backed by Chinese internet firm Baidu is in talks to sell a portfolio of stakes in a range of U.S. startups, including artificial intelligence robotics startup Machina Labs, whose customers include the U.S. Air Force, according to two people with knowledge of the matter. The firm, Baidu Venture, has been in discussions with multiple American investors interested in buying the stakes, these people said. The previously... Read more ›
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We got a trifecta of big tech earnings results today, with December quarter updates from Apple, Amazon and Meta Platforms. Of that group, Meta was the standout, reporting 25% growth in revenue to just above $40 billion, at the high end of what it had projected. Even better, Meta projected that revenue growth could accelerate further to as high as 29% in the first quarter, while the company declared a... Read more ›
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Mark Zuckerberg wants every creator to “have an AI that their community can engage with.”That’s part of his plans for the year, laid out during Meta’s fourth-quarter earnings call today.The announcements leaned heavily on artificial intelligence products and features, including that Meta AI—the company’s AI assistant—will become a bigger part of the company’s apps. “I would expect over the course of this year we are going to roll this out... Read more ›
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Elon Musk doesn’t abide by the norms of Silicon Valley, where startups looking to raise money hold formal pitch meetings, during which executives show off fundraising slide decks full of information about their businesses, and outline their expectations around check size and valuation.So when Musk posted a message on X last Friday, denying a Financial Times report that his artificial intelligence startup xAI was raising $6 billion at a $20... Read more ›
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A little-known startup that sells crucial data center components to customers like Amazon Web Services and Microsoft is aiming to become one of the first firms to go public off the back of the boom in generative artificial intelligence. Astera Labs, backed by Sutter Hill Ventures and Intel, has been meeting with prospective investors ahead of a potential March initial public offering led by Morgan Stanley and JPMorgan Chase, people... Read more ›
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Sam Altman’s younger brother Jack has raised a $150 million venture fund to invest in early-stage startups through his VC firm Alt Capital, the younger Altman said in an interview. The fund plans to lead or co-lead investments in startups right after they incorporate, with a focus on enterprise software, including artificial intelligence startups. The fundraising comes weeks after Jack Altman said he would step down as CEO of HR... Read more ›
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Meta Platforms CEO Mark Zuckerberg had a rough time testifying in Congress on Wednesday about social media’s mental health effects, but he must have cracked a smile after seeing the latest example of his company’s impact on the AI sector. For the past few months, AI founders and Meta employees have quietly speculated that Meta’s flagship open-source Llama model had been used by fast-rising Mistral, a Paris-based startup now valued... Read more ›
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Facebook parent Meta Platforms is testing the patience of its advertiser clients. After two rounds of layoffs over the past 14 months, Meta’s ad sales team is operating with fewer people, which ad executives complain is affecting the service they receive from the company. Sean Johnston, vice president of digital advertising at Closed Loop, an ad agency, said the amount of support his firm gets from Meta “changed dramatically” over... Read more ›
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Tech Wire Asia
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Business Insider
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21% 3 |
CNET
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8% 5 |
Eurogamer.net
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5% 0 |
Gizmodo
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4% 3 |
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28.11.2024 09:49
Last update: 09:41 EDT.
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