🤖 AI Privacy Push Heats Up

Update 2023-04-25

What’s in today’s Business Edge update?

Apple lost the appeal, and the court allowed external payment links in App Store while a tech group pushed for AI regulation in privacy legislation.

In other headlines, Arm is working on an advanced prototype chip before its IPO; First Republic loses a whopping $72B in deposits causing shares to plummet; Microsoft stops bundling Teams with Office to dodge antitrust probes and Einstein GPT is set to revolutionize Salesforce CRM.

Let’s get started!

🌍 Impactful news

The top news we spotted during the last 48 hours that can significantly impact the tech market, is sorted according to impact level.

Tech Group Advocates for AI Regulation in Privacy Legislation

BSA, a tech advocacy group backed by Microsoft, is pushing for rules to govern artificial intelligence (AI) use in national privacy legislation.

More:

• Represents business software companies such as Adobe, IBM, and Oracle

• Advocates for four key protections, including clear requirements for AI evaluation and risk-management programs

• Seeks to include AI rules in the American Data Privacy and Protection Act

_{Tags: #AI #Big Tech}

Read more about it at —> (read time: 4 minutes)

Impact: We classify this news as an Industry-wide Impact, as it involves significant regulatory implications for the AI industry and affects multiple sectors within the tech sector.

Apple Loses Appeal, Court Allows External Payment Links in App Store

Developers may soon include links for payments outside Apple's App Store, as a US appeals court upheld a ruling against Apple's restrictions. The decision is part of the ongoing legal battle between Apple and Epic Games.

More:

• The appeals court agreed with earlier ruling that Apple hasn't violated antitrust laws

• Epic Games CEO Tim Sweeney expressed optimism about the decision, stating they're working on next steps

• Apple may appeal the decision; it has 14 days to file an appeal

_{Tags: #Big tech #App store}

Read more about it at —> (read time: 3 minutes)

Impact: We classify this news as a Market Impact, as it affects a specific market segment within the tech industry and has moderate regulatory implications for the app market.

Einstein GPT Set to Revolutionize Salesforce CRM

Salesforce is introducing Einstein GPT, a generative AI technology that promises to drastically change CRM processes and enhance the roles of Salesforce Admins and Developers.

More:

• Einstein GPT is an AI-based concept built upon 8 years of development

• It combines the efficiency of computers with the thought processes of humans

• It will be able to compose life-like responses for customer service requests

• Human professionals remain crucial for successful AI implementation

_{Tags: #AI #SaaS #Cloud}

Read more about it at —> (read time: 4 minutes)

Impact: We classify this news as having an Industry-wide Impact. The introduction of Einstein GPT will potentially change the nature of Salesforce Admin and Developer roles, affecting the CRM industry as a whole. This advancement in AI technology will likely shape the way CRM processes are handled, with potential implications for other industries that rely on customer relationship management.

Microsoft to Cease Bundling Teams with Office to Avoid Antitrust Probe

Microsoft plans to stop automatically bundling its Teams video conferencing and messaging app with Office software to prevent an official antitrust investigation by EU regulators.

More:

• The move follows a 2020 complaint by rival Slack claiming anti-competitive practices

• Customers can now purchase Office with or without Teams

• Details on how to do this remain unclear, and a deal is not yet certain

_{Tags: #Big tech}

Read more about it at —> (read time: 2 minutes)

Impact: We classify this news as a Market Impact, as it affects a specific market segment within the tech industry and has moderate regulatory implications for the software market.

⚡️Quick news

Other news we have found of importance, but in a very short format.

First Republic Loses $72B in Deposits, Shares Plummet Amid Bank Turmoil

First Republic reported a $72 billion loss in deposits in Q1 due to panic after Silicon Valley Bank's failure. Despite a $30 billion rescue, stock prices fell by 21% in after-hours trading. The bank plans to reduce its workforce by 20-25% in Q2 to adapt.

_{Tags: #Finance #Venture capital}

Read more about it at —> (read time: 8 minutes)

Arm Developing Advanced Prototype Chip Ahead of IPO

UK-based Arm plans to develop a prototype semiconductor in partnership with manufacturers for use in mobile devices and laptops, aiming to showcase its advances and attract customers before its expected IPO.

_{Tags: #Big tech #IPO}

Read more about it at —> (read time: 4 minutes)

Global Fintech Funding Soars 55% in Q1, Thanks to Stripe's $6.5B Round

Global fintech funding rose 55% in Q1 2023, but the growth was mainly due to Stripe's massive $6.5 billion funding round, while the number of new unicorns fell drastically.

_{Tags: #Fintech #Venture capital}

Read more about it at —> (read time: 3 minutes)

Netflix Commits $2.5B to South Korean Film and TV Production

Netflix plans to invest $2.5 billion in South Korea over the next four years, focusing on creating movies and television shows, following the success of South Korean productions like Squid Game.

_{Tags: #Streaming}

Read more about it at —> (read time: 3 minutes)

Google Unveils Security LLM, Sec-PaLM, Rivaling Microsoft's GPT-4-based Copilot

Google Cloud announces Google Cloud Security AI Workbench, powered by Sec-PaLM, an LLM designed for cybersecurity, aiming to identify and contain malicious activity and coordinate responses.

_{Tags: #AI #Big tech}

Read more about it at —> (read time: 4 minutes)