Anduril founder Palmer Luckey issued a warning to his staff last month: If he believes current or former employees are stealing confidential information from the nearly 2,200-worker defense tech startup, he will âshow no mercy.â Luckey sent the Slack message, a screenshot of which The Information viewed, after the $8.5 billionâvaluation company sued three of its former employees, accusing the trio of stealing trade secrets and breaching their employee contracts.... Read more âș
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The fall of FTX to the closing days of Sam Bankman-Friedâs criminal trial moved at breakneck speed, as my colleague Martin Peers wrote on Tuesday. Exactly a year ago on Wednesday, the public still did not know the details of the leaked Alameda Research balance sheet that kick-started FTXâs demise. The trial moved at a brisk pace too. Just four weeks ago, prosecutors labored over the basics of crypto, blockchain... Read more âș
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When I asked David Bennett, the chief customer officer of AI hardware developer Tenstorrent, about the future of startups like his, he was blunt: Most will go out of business.To survive, he recommends startups remain flexible and avoid boxing themselves into any narrow use case. Bennett isnât referring to some niche market, but rather, a wide-ranging group of tens of companies, from SiMa.ai to Cerebras, which have collectively raised billions... Read more âș
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A young man with a shaved head and leather jacket bounces up and down in New Yorkâs Union Square, chanting âTGIFâ as viewers send him a stream of tips costing a few cents each. For more than an hour, he reacts to each tip as it comes in, shouting about a âglizzyâ when a viewer sends him a hot dog, bobbing endlessly as he imitates a videogame character. Itâs quite... Read more âș
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The wheels of justice can turn quickly when conditions are right. Today the defense rested in the fraud trial of Sam Bankman-Fried. Closing arguments are scheduled for tomorrow, which means this case could go to the jury on Thursday. Itâs possible, then, that weâll have a verdict that same day. That would be one year exactly since crypto publication Coindesk broke the story about a key financial flaw in SBFâs... Read more âș
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Former FTX CEO Sam Bankman-Fried wrapped up testimony in his criminal case on Tuesday, capping off four days on the stand by downplaying his role in the misuse of billions in customer funds. In his testimony, Bankman-Fried emphasized his hands-off management style and at times deflected blame to other former executives at his crypto firms. His lawyers have argued that he acted in good faith and didnât knowingly misuse FTX... Read more âș
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Earlier today, I published a story about a flurry of acquisitions hitting creator economy startups. Some of these deals are wiping out investors or returning very little cash. For instance, when Patreon bought Moment earlier this month, the livestreaming events startup was running low on funds. The deal wonât return much to Moment investors, according to a person with direct knowledge of the deal. Moment had raised more than $12... Read more âș
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Generative artificial intelligence has exploded this past year. Weâve seen incredibly promising demosâbut when scaling to enterprise level, companies often encounter an increased level of uncertainty along with difficulty of implementation. How can organizations harness the power of this new technology while scaling it reliably and cost-effectively? In partnership with Comcast NBCUniversal LIFT Labs, The Informationâs Stephanie Palazzolo spoke with two generative AI pioneers for advice on successful scalin Read more âș
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The AI world (and my inbox) was rocked yesterday by President Joe Bidenâs long-awaited AI executive order, which covered a wide range of issues, from the use of AI in education to watermarking AI-generated content. (For a summary, check out my colleague Amir Efrati's piece here.)Now that weâve had 24 hours to marinate on the order, here are some thoughts from myself and the AI execs I chatted with. Overall,... Read more âș
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Fire-sale prices for startups. Investors hung out to dry. Founders pulling the rip cord even when theyâve still got cash left in the bank. The harsh realities facing creator economy startups are getting even harsher, prompting a stampede of founders looking for exits as they struggle to find growth and funding for their businesses. So far this year, there have been 35 completed or planned sales of companies in The... Read more âș
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Hereâs a question: Is the entertainment value provided by X, formerly known as Twitter, equal to what Netflix offers? Elon Musk wants to charge people roughly the same for an ad-free version of X that they pay for Netflixâs cheapest ad-free tier, around $16 a month. Itâs part of his effort to supplement Xâs much-diminished ad revenue with subscriptions. While Musk has so far made little progress in that effortâa... Read more âș
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Iâm Ann, and I cover e-commerce and retail for The Information. Lately, Iâve been hearing more about Flip, a TikTok-like shopping app thatâs been dominating my conversations with e-commerce founders, as well as my X feed, for the past few weeksâthanks to a costly way of getting new customers. The app, first launched in 2019, offers a scrollable feed of videos from creators and other users recommending and reviewing products... Read more âș
3
Mistral, an artificial intelligence startup founded by former Meta Platforms and Alphabet researchers, plans to raise an additional $300 million from investors just four months after raising $113 million in a seed round led by Lightspeed Venture Partners, according to two people familiar with the discussions. The round is expected to value the Paris-based startup, which is developing an open-source large language model and has framed itself as the âOpenAI... Read more âș
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Hereâs a simple but smart idea I heard about last week: Ask all your employees to use AI for every possible task for a week and see what tasks itâs useful or not useful for.That suggestion came from Rebecca Hinds, head of Asanaâs Work Innovation Lab, at our annual Women in Tech, Media and Finance conference, during a discussion on generative AI and hybrid work. Her statement might sound obvious... Read more âș
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As CEO of Twitter, Jack Dorsey was widely panned for his hands-off style, seen as contributing to the companyâs uneven growth and slow-to-evolve culture, which paved the way for last yearâs takeover by Elon Musk. Dorseyâs other public company, Block, originally known as Square, has a whole different problem: Its divisions feud so intensely they canât agree on even minor points of cooperation. For example, last year staffers from Square,... Read more âș
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After two years of boasting of plans to overtake Tesla, the world's major automakers are pulling back, spooked by flagging electric vehicle sales. This week, we look at the reality that the dual age of fossil fuels and combustion cars will be with us longer than many thought.For more than two years, Ford, General Motors and Volkswagen have followed a similar script: In just a few years, each company claimed,... Read more âș
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Hi, welcome to your Weekend.Itâs been 10 years since the movie âHerâ introduced us to a queasy future in which a man falls in love with his AI-powered digital assistant. Guess who loved that movie? Yup, Sam Altman, the father of ChatGPT. âThe things âHerâ got rightâlike the whole interaction models of how people use AIâthat was incredibly prophetic,â he said earlier this summer. So it should come as no... Read more âș
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âThereâs been 10 years of women that are championing other women,â singer-songwriter Katy Perry said to The Information CEO Jessica Lessin and a crowd of 232 women at The Estate Yountville in Napa Valley, Calif. âThe positive of social media is that it took the gatekeeper away.âŠItâs up to you to become that entrepreneur that you want to wanna be.â Perry was the headlining speaker at The Informationâs Women in... Read more âș
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Tech giants usually prefer to avoid Washington politicians and bureaucrats. Congressional hearings, Justice Department lawsuits and Securities and Exchange Commission probes are no fun. But a new generation of tech companies is finding governments are more likely to be customers than adversaries. Thatâs clear from the under-the-hood financial details we got this week on startups Anduril and Shield AI, which are selling a growing array of autonomous software and war-fighting... Read more âș
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Some observers saw Sam Bankman-Friedâs decision to testify in his trial on fraud charges as a Hail Mary pass. But he might not have had any other choice. Bankman-Fried began testifying before the jury Friday morning, the third witness called by his lawyers, following brief appearances by his Bahamas lawyer and an expert witness who testified about FTX accounts. Essentially, though, the former FTX CEO, who faces up to 110... Read more âș
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29.11.2024 11:32
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