Microsoft Hits $3T 🏦, eBay Job Cuts 🔻, Apple's EV Project Titan 🚗

Catch up on the latest in tech, business and startups - all in 5 minutes. [Newsletter Banner] Daily News Roundup Welcome to today's NextBigWhat Daily News where Microsoft touches $3 trillion market cap, eBay downsizes due to insufficient growth, and Project Titan, Apple's EV, is set for a 2028 release. 🏦🔻🚗 Help us reach your your friends and colleagues! Share the NextBigWhat newsletter. [Tweet it]( [Whatsapp]( Microsoft briefly surpasses $3 trillion market cap for the first time - Microsoft’s stock rose to $405.63, pushing its market capitalization over $3 trillion, but closed at a valuation of $2.99 trillion. - The tech giant briefly overtook Apple, the first company to reach $3 trillion, backed by its investment in AI through OpenAI. - Analysts attribute Microsoft’s success to AI optimism, with shares gaining nearly 57% in 2023 and up 7% this year. Apple intensifies AI efforts with startup acquisitions and new hires - Apple is acquiring AI startups and hiring staff to develop on-device AI for future iPhones, according to a Financial Times report. - The tech giant is working on optimizing large language models (LLMs) for mobile devices, with a focus on generative AI that operates locally rather than relying on cloud services. - Apple plans to unveil generative AI-based tools at the Worldwide Developers Conference in June, potentially including an LLM-powered Siri. The ultimate guide to starting and scaling your startup! [NBW Newsletter Ad]( Bundle of 7 courses 64% off! Learn everything to grow your business [Enroll 👊]( Microsoft assembles team to develop smaller, cost-effective AI models similar to OpenAI - Microsoft is developing its own small language models, similar to OpenAI’s ChatGPT, but less resource-intensive. - The project, led by Microsoft’s CVP Misha Bilenko and top developers, could lead to Microsoft’s independence from OpenAI. - The move raises questions about the future relationship between Microsoft and OpenAI, and the environmental impact of AI technology. Google suspends Google Play System Update to address Pixel storage bug - Google has reportedly paused the January 2024 Google Play System Update due to a storage bug affecting Pixel devices. - The bug, which caused issues like internal storage not mounting and camera crashes, is believed to be linked to the Dynamic Common Library Apex (DCLA). - To temporarily fix the problem, Google has disabled DCLA, which may increase the size of some modules but should resolve the dependency issue. Be the smartest thinker in the room with BigIdeas app (delivers bite-sized ideas from world's best podcasts, books.) [App Store]( [Google Play]( Indian firms receive government approval for direct listing on GIFT-IFSC’s international markets - The Indian government has permitted public Indian companies to directly list securities on GIFT International Financial Services Centre’s (GIFT-IFSC) international exchanges. - The move aims to provide Indian companies with access to cheaper foreign capital, stimulate foreign investment, and diversify the investor base. - While Indian residents are not allowed to trade or invest in shares of Indian companies on these international exchanges, non-resident Indians and entities from countries sharing a land border with India can, subject to government approval. Google’s Pixel phone update introduces new health features and AI tools - Google’s first 2024 update for Pixel phones includes a working thermometer, available only for the Pixel 8 Pro, which can scan your forehead for temperature and integrate results with Fitbit. - The update also introduces an AI-powered circle to search tool, Photomoji for turning photos into emojis, Magic Compose for text, and a Quick Share icon for sharing content with nearby devices. - Alongside the update, Google is releasing a mint green colorway for the Pixel 8 and Pixel 8 Pro. Apple’s electric vehicle project, Project Titan, set for 2028 release - Apple’s Project Titan, an electric vehicle project, is set to release in 2028 after facing several setbacks since its inception in 2015. - The initial plan for a fully autonomous vehicle has been scaled back to a Level 2+ system, similar to Tesla’s Autopilot, due to regulatory constraints and challenges. - Despite pressure from the board and skepticism within the company, Apple may enhance autonomy through future software updates, aligning with evolving regulations. Microsoft aims to create more affordable, smaller AI language models - Microsoft is forming a team to develop cheaper, smaller AI technology that requires less processing power than OpenAI’s tech. - The new team will likely be part of the Azure cloud unit, potentially led by corporate vice president Misha Bilenko. - Microsoft has also launched its Copilot Pro subscription, offering AI-powered Office features and access to the latest language models. Income tax returns in FY23 double over the past decade, says CBDT - The Central Board of Direct Taxes (CBDT) reported a 104.91% increase in Income Tax Returns (ITRs) filed in FY23 compared to 2013-14. - Net direct tax collections rose 160.52% from FY14 to FY23, with the government aiming to collect ₹18.23 lakh crore from direct taxes in the next fiscal. - The direct tax-to-GDP ratio increased from 5.62% to 6.11%, while the cost of collection decreased from 0.57% to 0.51% of the total collection. eBay to lay off 1,000 employees due to insufficient growth - eBay announced plans to cut 1,000 jobs, approximately 9% of its workforce, due to challenging economic conditions. - CEO Jamie Iannone stated that the company’s headcount and expenses have outpaced business growth, necessitating organizational changes. - The layoffs follow a trend of job cuts by other organizations, and come amidst controversies including a $3 million corporate cyberstalking case. Cricket NFT platform Rario to launch new product following shutdown - Rario, a cricket NFT platform, is shutting down its current product and launching a new one in March, following the departure of its co-founders and many employees. - The company cited industry headwinds, a crash in the NFT sector, and management failures as reasons for not meeting expectations, and has put a new management team in place. - Rario, which spent significantly more than it earned in FY23 and wrote off NFTs worth Rs 458 crore, assures customers that their wallet cash balances are safe and withdrawable until March 31, 2024. NODWIN Gaming purchases Comic Con India - NODWIN Gaming has bought Comic Con India for Rs 55 crore in a cash and share swap deal with co-founders Jatin Varma and Karan Kalra. - The co-founders will continue to operate the business under NODWIN Gaming, and the Comic Con India team will become NODWIN shareholders. - The acquisition aims to create a unique platform for gaming enthusiasts and pop culture fans, with plans to expand the number of festivals and their reach across India. © 2023 Zakti Techmedia Pvt. Ltd. All rights reserved. | [Unsubscribe](