Financial Times:
Interviews with 24+ current and ex-ByteDance staff: the Beijing-based company has increasingly taken a grip over TikTok’s operations, leading to a culture clash — Insiders say ByteDance exerting increasing influence over platform despite US pressure over ownership
The US awards Micron up to $6.1B under the CHIPS Act, to support an up to $125B investment to build a “megafab” in New York and Idaho over the next 20 years (Ben Glickman/Wall Street Journal)
Ben Glickman / Wall Street Journal:
The US awards Micron up to $6.1B under the CHIPS Act, to support an up to $125B investment to build a “megafab” in New York and Idaho over the next 20 years — Micron Technology MU -.60%decrease; red down pointing triangle is receiving up to $6.1 billion from the federal government …
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. (Jillian Deutsch/Bloomberg)
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
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.
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 …
