India & Tesla 🔋, Ola Val Cut 💸, Meta Blocks News 📰

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 India's Tesla strategy, Vanguard's Ola valuation cut, and Meta Blocks news response. 📰 Help us reach your your friends and colleagues! Share the NextBigWhat newsletter. [Tweet it]( [Whatsapp]( Steve Jobs’ son, Reed Jobs, creates VC fund Yosemite to finance cancer treatments 🌎 GlobalTech - Reed Jobs established Yosemite inspired by his father’s fight with pancreatic cancer. - The venture capital firm aims to raise $400 million and has already raised $200 million from investors, including MIT and venture capitalist John Doerr. - Yosemite, following a dual-structure model, will offer grants to scientists for research and provide startup funding. Despite PC market slump, AMD exceeds estimates and plans AI-enhanced growth 🌎 GlobalTech - AMD’s fiscal Q2 showed an 18% decline in revenue but surpassed estimates on sales and profits. - Leveraging its status as a high-end GPU manufacturer, AMD plans to expand in AI-related research, envisioning it as both a sector and PC market demand driver. - Amid segment declines, AMD’s embedded unit, selling less powerful chips and networking parts, grew by 16%, and the company has introduced an AI-focused MI300X chip. Attention Attention Tech Hiring Managers & Recruiters [NBW Newsletter Ad]( Hire Tech Talent That Delivers | QUICK. SIMPLE. FREE OF CHARGE Highly Skilled Candidates | Zero Offer Drops | Immediate Joining | 1 Day Hiring Process [Hire Now]( Meta Blocks News in Response to Canada’s Online News Act 🌎 GlobalTech - Meta is blocking access to news links on Facebook and Instagram in Canada in response to the country’s Online News Act which requires tech companies to pay publishers for news. - The blockade includes both Canadian and international news, causing a near-total news blackout for Canadians using Meta products, which Meta says is to comply with the law. - This comes just weeks after Google also removed Canadian news links from its search results in response to the legislation. Twitter’s TweetDeck rebranded as ‘XPro’ 🌎 GlobalTech - Twitter has rebranded TweetDeck to ‘XPro’, following the renaming of ‘tweets’ to ‘posts’. - Changes appear on the landing page and site name, but URLs still reference the original nomenclature. - XPro will soon require a Blue subscription for usage, a change announced by the company. Get NBW News: The short news app for busy professionals. [App Store]( [Google Play]( Instagram Considers Labeling AI-Generated Content Amid Safety Concerns 🤖 AI - Instagram may soon label posts created using AI tools to help users identify AI-generated content. - Companies like Meta have pledged to adopt safety measures, like watermarks for AI-generated content, to prevent misinformation. - Meta, Microsoft, Google, and OpenAI are working together on AI technology advancements and safety measures. LinkedIn Reportedly Exploring AI-Powered Job Coach 🤖 AI - Web developer Nima Owji hints at LinkedIn’s potential AI job coach feature. - Microsoft, LinkedIn’s owner, continues focussing on AI development, recently making its Bing GPT-4 chatbot public. - LinkedIn stays silent on the AI Coach tool, mentioning continuous exploration of ways to enhance user experience. Meta Plans AI Driven Instagram Images and Chatbots Sparking Privacy Concerns 🤖 AI - Meta has code in Instagram for AI-labelled images, and intends to deploy AI chatbots on their platforms. - Chatbots, named ‘personas’, are expected to gather more personal data, potentially escalating privacy issues. - There’s also fear of generative AI chatbots spreading misinformation as observed in past iterations. India Encourages Tesla to Partner with Local Firms, Mirroring Apple’s Strategy 🇮🇳 IndiaTech - Tesla is considering building a factory in India, with a focus on a $24,000 car. - The Indian government advises Tesla to partner with local firms over Chinese suppliers amid strained India-China relations. - Tesla’s expansion efforts are stifled by slow regulatory approvals in China, its largest foreign base. Vanguard Slashes Ola’s Valuation by Over Half 🇮🇳 IndiaTech - Vanguard reduced the value of its shares in Ola’s holding firm, Ani Technologies, by 51.6%, marking the ride-hailing startup’s total valuation to roughly $3.5 billion. - The reduction joins a trend of major investment firms lowering the valuations of Indian startups, highlighted by Invesco, Prosus, and Fidelity’s recent reevaluations. - These valuation cuts underline the impact of challenging global market conditions on Indian startups, despite varied valuation methods among investors. GST collections in July increase 11% YoY achieving second highest fiscal level 🇮🇳 IndiaTech - GST revenues in July reached Rs 1.65 lakh crore, showing 11% YoY increase and marking the fifth time that the gross GST collection exceeded Rs 1.6 lakh crore. - Contributions included Rs 29,773 crore in CGST, Rs 37,623 crore in SGST, Rs 85,930 crore in IGST, and Rs 11,779 crore in cess. - Among states and territories, highest GST growth noted in Jammu and Kashmir (27%), Delhi (25%) and Himachal Pradesh and Chandigarh (23% each). Indian startup funding sees significant drop in July 2023 🇮🇳 IndiaTech - Startup funding in India fell significantly in July 2023 with 80 startups raising around $461 million, the lowest monthly total in 30 months. - None of the growth-stage startups managed to raise over $50 million for the first time this year, with Bengaluru startups fetching the bulk of total funding. - Despite the downturn, some positive developments included sizable ESOP payouts by Flipkart and Swiggy, and ESOP buyback plans announced by multiple startups. Persistent Systems expands Google Cloud partnership, releases generative AI solutions 🤖 AI - Indian IT company Persistent Systems launched a suite of generative AI solutions powered by Google Cloud. - The partnership aims to provide businesses with AI technologies designed to identify and implement advanced technologies at scale. - Persistent Systems’ modernisation accelerator will reduce time and costs, improving market reach and business outcomes. © 2023 Zakti Techmedia Pvt. Ltd. All rights reserved. | [Unsubscribe](