Jillian Deutsch / Bloomberg:
Franco-Italian chip company STMicro reports Q1 revenue down 18% YoY to $3.47B, below $3.63B est., and expects Q2 sales down 26% YoY to $3.2B, below $3.79B est. — – Chipmaker says slower automotive demand hurt recent sales — Full-year forecast lowered to $14 billion to $15 billion
A look at Saudi Arabia’s spending blitz to become an AI superpower, which has put the kingdom in the middle of an escalating global competition over AI (New York Times)
New York Times:
A look at Saudi Arabia’s spending blitz to become an AI superpower, which has put the kingdom in the middle of an escalating global competition over AI — More than 200,000 people converged on the Leap tech conference in the desert outside Riyadh in March.Iman Al-Dabbagh for The New York Times
Filing: Swiggy, which has a ~45.8% share of the Indian food delivery market, secures shareholder approval for a potential $1.25B IPO, slated for later in 2024 (Manish Singh/TechCrunch)
Manish Singh / TechCrunch:
Filing: Swiggy, which has a ~45.8% share of the Indian food delivery market, secures shareholder approval for a potential $1.25B IPO, slated for later in 2024 — Swiggy plans to raise $1.25 billion in an initial public offering and has secured approval from its shareholders …
Lenovo survey of 750 CIOs: 96% expect increased AI investment in the next 12 months and 42% don’t expect to show return on AI investments for the next two years (Vlad Savov/Bloomberg)
Vlad Savov / Bloomberg:
Lenovo survey of 750 CIOs: 96% expect increased AI investment in the next 12 months and 42% don’t expect to show return on AI investments for the next two years — READ MORE ON ARTIFICIAL INTELLIGENCE — Big Tech … SUBSCRIBE TO THE POWER ON NEWSLETTER — Startups
Sources: ByteDance execs have previously considered TikTok’s global operations to be worth ~50% of the company’s overall value, which would put it above $100B (Wall Street Journal)
Wall Street Journal:
Sources: ByteDance execs have previously considered TikTok’s global operations to be worth ~50% of the company’s overall value, which would put it above $100B — The answer depends partly on whether TikTok bundles the U.S. and international businesses, and if it includes its coveted algorithm
K Krithivasan, the CEO of Indian IT giant TCS, says there’ll be “minimal” need for call centers in as soon as a year, as AI chatbots take over much of the work (Financial Times)
Financial Times:
K Krithivasan, the CEO of Indian IT giant TCS, says there’ll be “minimal” need for call centers in as soon as a year, as AI chatbots take over much of the work — Chatbots will soon take over much of the work of human agents, forecasts chief of Indian IT group
Snowflake announces Arctic, an LLM optimized for enterprise tasks such as SQL generation, coding, and instruction following, with an Apache 2.0 license (Shubham Sharma/VentureBeat)
Shubham Sharma / VentureBeat:
Snowflake announces Arctic, an LLM optimized for enterprise tasks such as SQL generation, coding, and instruction following, with an Apache 2.0 license — Today, Snowflake announced the launch of Arctic, a large language model (LLM) optimized for complex enterprise workloads such as SQL generation …
Mark Zuckerberg says Meta AI assistant has been “tried” by “tens of millions of people” and it will take Meta several years to make money from generative AI (Alex Heath/The Verge)
Alex Heath / The Verge:
Mark Zuckerberg says Meta AI assistant has been “tried” by “tens of millions of people” and it will take Meta several years to make money from generative AI — The generative AI gold rush is underway — just don’t expect it to create profits anytime soon.
On Meta’s Q1 earnings call, Mark Zuckerberg said Threads now has more than 150M MAUs, up from 130M in February 2024 (Karissa Bell/Engadget)
Karissa Bell / Engadget:
On Meta’s Q1 earnings call, Mark Zuckerberg said Threads now has more than 150M MAUs, up from 130M in February 2024 — Mark Zuckerberg has speculated it could be Meta’s next billion-user app. — Meta’s Threads app now has more than 150 million monthly users, an increase of about 20 million new users since February.
TSMC unveils a new chip manufacturing technology called A16 and says it plans to start producing its ultra-advanced 1.6nm chips by 2026 (Cheng Ting-Fang/Nikkei Asia)
Cheng Ting-Fang / Nikkei Asia:
TSMC unveils a new chip manufacturing technology called A16 and says it plans to start producing its ultra-advanced 1.6nm chips by 2026 — Taiwan chip titan aims to secure leading position and capture AI demand — TAIPEI — Taiwan Semiconductor Manufacturing Co. says it will start production …
