- Front Research
- Posts
- Biden Signs Bill: ByteDance to Sell or Lose TikTok in US
Biden Signs Bill: ByteDance to Sell or Lose TikTok in US
+ We are launching a new service called Focus
Kristoffer Lindström
April 25, 2024
TECH BRIEF
Stripe, valued at $65 billion, has announced plans to separate payments from its other financial services and introduce numerous embedded finance features and AI tools. The shift in strategy will enable clients to use Stripe's services without becoming payment customers. Notable updates include enhanced AI in the checkout and fraud prevention tools and significant updates to its embedded finance product, Stripe Connect. Furthermore, it is introducing usage-based billing to broaden its services further.
Cloud data warehouse giant, Snowflake Inc., has entered the generative artificial intelligence arena with its open-source large language model, Arctic. Touted as the most open, enterprise-grade LLM, Arctic is optimized for a wide range of enterprise use cases. It's also among the top performers, with its detailed training and benchmark results available under an Apache 2.0 license. This move signals Snowflake's transition from being solely a data supplier to offering end-to-end AI-enabled solutions.
Apple has released OpenELM, a series of eight small, open-source AI models. Four of these models are pre-trained and the other four fine-tuned for better relevancy. These models, designed for on-device operation, range from 270 million to 3 billion parameters. Despite not leading the sector in performance, they are efficient and work well, especially the 450 million parameters model. The models are the company's latest offerings in its streak of open-source AI releases.
Google's SVP overseeing Search, Prabhakar Raghavan, has warned of a "new operating reality" with fewer resources amid concerns over softening revenue and user engagement for Google's core product. Shortened project timelines are planned to increase the company's responsiveness. Critics argue this may disrupt SEO strategies and warn of misguided priorities, alleging a conscious degradation of the search engine to boost revenue, making it " less reliable" and "less transparent".
Meta Platforms saw strong Q1 2024 financial results, with revenue growing 27% year-over-year to $36.46 billion. Net income more than doubled from $5.7 billion in 2023 to $12.36 billion in 2024. The firm reported steady growth across its apps and progress in metaverse construction. The number of daily active users grew 7% year-over-year, and ad impressions delivered across Meta's apps increased by 20% from 2023.
President Biden signed a bill ordering TikTok's parent company, ByteDance, to sell the app within a year or face it being banned. The legislation, included in a package that also provides aid for Ukraine and Israel, was approved overwhelmingly by the House and Senate. TikTok plans to challenge the bill in court, arguing that it has invested heavily in protecting US data.
Spotify CEO, Daniel Ek, revealed that the company faced operational challenges following the layoff of 1,500 workers in December. However, the company has managed to rebound, reporting a Q1 2024 profit of $210 million, a significant turnaround from a $241 million loss in the same period the previous year. This follows 2,300 job cuts in three layoff rounds last year.
Apple's CEO Tim Cook subtly indicated a potential Apple Pencil 3 launch at their special event on May 7. Anticipated features may include Find My integration and interchangeable magnetic tips. New iPad Air and iPad Pro models featuring M2 and M3 chips respectively, are also expected to be unveiled.
Reply