Myntra Restructuring 🤯, Noise Luna 💍, MSFT Valuation 📈

Catch up on the latest in tech, business and startups - all in 5 minutes. [Newsletter Banner] Daily News Roundup Welcome to today's edition of the NextBigWhat Daily News! Today's top stories include Myntra's restructuring, Noise's Luna Smart Ring, and Microsoft's valuation rising. 🔥 Help us reach your your friends and colleagues! Share the NextBigWhat newsletter. [Tweet it]( [Whatsapp]( Indonesia temporarily blocks Musk’s X domain over past violations 🌎 GlobalTech - Elon Musk’s X domain (Twitter’s rebrand) is temporarily blocked in Indonesia due to the previous owners breaking content laws. - X is working with Indonesian officials to resolve the block, indicating Twitter’s ownership of the domain. - The blockage means around 24 million users cannot currently access X.com, potentially benefiting competitors with no similar restrictions. Twitter Under Elon Musk Aims to Boost Ad Revenue by Enforcing $1000 Monthly Ad Spend for Brand Verifications 🌎 GlobalTech - Set to be implemented from August 7, Twitter will unverify brands failing to spend at least $1,000 monthly on ads. - The move comes in the backdrop of a 50% decrease in ad revenue, reported Musk earlier this month. - Efforts to reverse ad slump include offering discounted rates to some advertisers and new CEO appointment. Masters of Scale - Reid Hoffman: Dropbox’s Drew Houston (Podcast summary) [NBW Newsletter Ad]( Read how he outmaneuvered the big guys. Startups can succeed against established companies by identifying and utilizing their unique advantages, rather than trying to compete on the same terms. [Get it]( Meta’s Reality Labs reports Q2 losses surpassing $3 billion 🌎 GlobalTech - Reality Labs recorded a $3.7 billion operating loss in Q2. - The unit generated $276 million in sales, below the projected $421 million. - Despite losses, Meta shares rose by 5% following an 11% revenue hike and positive Q3 forecast. Prosecutors request incarceration for Sam Bankman-Fried over alleged witness tampering 🌎 GlobalTech - Bankman-Fried leaked ex-girlfriend Caroline Ellison’s diary entries to the New York Times, potentially undermining her credibility as a witness in his upcoming trial. - The Assistant US Attorney requested that the current home confinement be revoked and a gag order has been issued forbidding Bankman-Fried from discussing the case. - The Judge will decide whether to revoke Bankman-Fried’s bond conditions that allow him to continue staying under house arrest until his scheduled trial. Get NBW News: The short news app for busy professionals. [App Store]( [Google Play]( AutogenAI obtains $22.3M for its AI-enabled proposal writing tool 🤖 AI - AutogenAI raised $22.3M from Blossom Capital to enhance its generative AI platform that supports businesses in writing more compelling bids and pitches. - Despite being operational for less than a year, it has already secured 28 clients but the names remain undisclosed due to client secrecy policies. - The tool merges language models, client data, and the company’s self-developed interface to generate highly tailored proposals, potentially increasing procurement efficiency by 10% and reducing the bid writing time by 70%. Myntra Proceeds with Restructuring, Approx 50 Employees to be Laid Off 🇮🇳 IndiaTech - Flipkart’s e-commerce platform Myntra is restructuring, lay off predicted for about 50 employees, mostly in the private label business. - Affected employees could be offered alternate positions within the group; this comes after the resignation of key executives earlier this year. - Myntra’s FY22 financials reveal over 45% revenue growth to Rs 3,500 crore, but also a 39% increase in losses. Noise Unveils Luna Smart Ring with Multiple Health Metrics and Sleek Design 🇮🇳 IndiaTech - Noise has released Luna Ring, its first smart ring that can track over 70 metrics such as body temperature and heart rate. - The Luna Ring, powered by Philips Biosensing and available in seven sizes and five colors, can be pre-booked with a Priority Access pass for exclusive offers and discounts. - The ring boasts an ultra-light, corrosion-resistant, titanium body and advanced sensors, and it has a battery life of up to seven days after a 60-minute charge. India’s Gaming App Downloads Command 15% of Global Total in 2023, Struggles with Revenue Generation 🇮🇳 IndiaTech - India’s gaming market experiences 4.32 billion downloads in 2023, exceeding US and Brazil, but fails to rank in top 15 markets for revenue. - Casual games lead in downloads at 4.15 billion while Action genre declines to 3.9 billion; all genres report revenue decrease. - Despite Google Play’s dominance in downloads, the App Store leads in revenue, indicating higher average spending by iOS users. Microsoft’s Valuation Expected to Rise by $350 Billion due to AI Investments 🤖 AI - Due to the upcoming AI spending spree, Microsoft’s valuation might rise by over $350 billion, suggests Wedbush’s managing director Dan Ives. - Ives anticipates a ‘massive golden opportunity’ for Microsoft because of its AI investments, increasing his Big Tech stock target from $375 to $400. - The tech giant plans to ramp up its spending in the AI sector, with rising demand for its services and previous investments in OpenAI solidifying its leading position. OpenAI Pulls Down AI Text Detection Tool due to Accuracy Problems 🤖 AI - OpenAI discontinued its AI text detection tool due to low accuracy rates. - The tool, intended to detect academic cheating, had limitations and caused debate amongst educators. - Other AI detectors like Turnitin have also struggled for accuracy, leading to false accusations of cheating. ChatGPT is now available on Android 🤖 AI ChatGPT app is now available on Android and like the iOS app, it syncs your history across devices and brings the latest model improvements from OpenAI. With ChatGPT in your pocket, you’ll find instant answers, tailored advice, creative inspiration, professional input, learning opportunities. Byju Raveendran broke down in tears as crises engulfed the company 🇮🇳 IndiaTech - Byju Raveendran reportedly broke down in tears after a probe agency raided the Bengaluru offices of the company and linked the world’s most valuable education-technology startup with possible foreign exchange violations in April this year. - Prosus slashed the valuation of Byju’s to $5.1 billion from $22 billion last year © 2023 Zakti Techmedia Pvt. Ltd. All rights reserved. | [Unsubscribe](