Bloomberg:
Sources: SoftBank is in advanced talks to acquire Graphcore, a struggling UK-based chip startup once valued at $2.8B that reported just $2.7M in 2022 revenue — – Ongoing discussions with SoftBank have become more advanced — British semiconductor startup was once valued at $2.8 billion
Analysis: the tech-dominated list of top 50 companies whose stocks made the biggest percentage gains in 2020 have since collectively lost $1.5T in market value (Stephanie Stacey/Financial Times)
Stephanie Stacey / Financial Times:
Analysis: the tech-dominated list of top 50 companies whose stocks made the biggest percentage gains in 2020 have since collectively lost $1.5T in market value — Top 50 biggest stock gainers hit by painful decrease since the end of 2020 as lockdown trends fade
TikTok vs. US filing: ByteDance founder Zhang Yiming owns a 21% stake in TikTok’s parent company, and is living in Singapore while keeping Chinese citizenship (Zheping Huang/Bloomberg)
Zheping Huang / Bloomberg:
TikTok vs. US filing: ByteDance founder Zhang Yiming owns a 21% stake in TikTok’s parent company, and is living in Singapore while keeping Chinese citizenship — – Zhang has a 21% stake in the world’s most valuable startup — Chinese tech founders have built up a presence on the island
Sources: Getir faced pressure from investors to cut costs and refocus on Turkey; a source says Mubadala and G Squared have agreed to invest as much as $200M (Bloomberg)
Bloomberg:
Sources: Getir faced pressure from investors to cut costs and refocus on Turkey; a source says Mubadala and G Squared have agreed to invest as much as $200M — – Getir CEO Salur came under investor pressure to cut costs — Leadership and country managers disagreed on some strategies
Sources: OpenAI has been aggressively trying to poach Google employees for a team working on a ChatGPT feature to search the web and show results with citations (Kylie Robison/The Verge)
Google says “rare issues at Google Cloud” caused a week-long private cloud outage at UniSuper, an Australian pension fund for the education and research sectors (Georgia Butler/DatacenterDynamics)
Georgia Butler / DatacenterDynamics:
Google says “rare issues at Google Cloud” caused a week-long private cloud outage at UniSuper, an Australian pension fund for the education and research sectors — Google problems resulting in an inadvertent misconfiguration of UniSuper’s systems
Amit Midha, CEO of Alat, a $100B investment fund focused on AI and chips backed by Saudi Arabia’s PIF, says the fund will divest from China if the US asks (Bloomberg)
Bloomberg:
Amit Midha, CEO of Alat, a $100B investment fund focused on AI and chips backed by Saudi Arabia’s PIF, says the fund will divest from China if the US asks — – The $100 billion Saudi investment fund says US is top partner — Alat will announce two US company partnerships by end of June
Researchers say they have unlocked a kind of sperm whale “alphabet” with the aid of machine learning, a breakthrough in understanding cetacean communication (Brian Heater/TechCrunch)
Brian Heater / TechCrunch:
Researchers say they have unlocked a kind of sperm whale “alphabet” with the aid of machine learning, a breakthrough in understanding cetacean communication — Researchers at MIT CSAIL and Project CETI believe that they have unlocked a kind of sperm whale alphabet with the aid of machine learning technologies.
Coupang reports Q1 revenue up 23% YoY to $7.1B, adjusted EBITDA up 17% YoY to $281M, vs. $283.3M est., and net income down 95% YoY including Farfetch losses (Yoolim Lee/Bloomberg)
Yoolim Lee / Bloomberg:
Coupang reports Q1 revenue up 23% YoY to $7.1B, adjusted EBITDA up 17% YoY to $281M, vs. $283.3M est., and net income down 95% YoY including Farfetch losses — – Shortfall overshadows stronger-than-expected sales growth — E-commerce company’s Farfetch acquisition weighs on net income
iRobot appoints Gary Cohen as its new CEO after Colin Angle resigned in January 2024 and forecasts 2024 revenue with a midpoint of $837.5M, vs. $829.8M expected (Arsheeya Bajwa/Reuters)
Arsheeya Bajwa / Reuters:
iRobot appoints Gary Cohen as its new CEO after Colin Angle resigned in January 2024 and forecasts 2024 revenue with a midpoint of $837.5M, vs. $829.8M expected — iRobot (IRBT.O) appointed Gary Cohen as chief executive officer on Tuesday to head the robot vacuum maker’s turnaround efforts.
