🚀 Elon Musk's Twitter Transformation to X Corp

📝 Update 2023-04-12

Headlines for today’s Business Edge update.

• Microsoft Showcases Major Developments at Mobile World Congress 2023

• Amazon Increases Health and Personal Care Market Share to 6.1% in Q4 2022 as Wholesale Inventories Rise

• Buffett Cites Geopolitical Tensions as Reason for Quick Sale of Berkshire Hathaway's TSMC Stake

• Elon Musk Transforms Twitter into X Corp, Aiming for $250 Billion Valuation

• Microsoft Expands PC Game Pass to 40 New Countries, Including European Markets

• Ex-Twitter Executives Sue Company Over $1 Million in Unreimbursed Legal Expenses

• Google Integrates Search Feature into Bard Chatbot

• Poe Introduces Chatbot Creation Feature Using Simple Text Prompts and Potential Advantages from Quora Connection

• Alibaba Reveals Tongyi Qianwen, Its ChatGPT-Style AI Service for Multiple Platforms

• OpenAI Launches Bug Bounty Program to Enhance AI Security

• Elon Musk Purchases 10,000 GPUs for Twitter AI Project, Competing with OpenAI

• Visa Introduces Interoperable P2P Payment Service, Visa+

• Alphabet's CapitalG Leads $100M Investment in AI-powered Corporate Data Firm AlphaSense

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🐘 Big Tech

The Big Tech companies that move the market, FANG, and more.

Microsoft Showcases Major Developments at Mobile World Congress 2023

Microsoft revealed 12 significant product announcements at Mobile World Congress 2023, featuring demonstrations on topics such as multi-access edge compute use cases, network API collaboration with operator partners, and AI and analytics to enhance operator efficiency and resiliency.

Key observations from customer meetings and partner engagements include interest in monetization opportunities created by programmable networks, demand for strong TCO cases when adopting cloud-native technology, and the desire to understand the impact of AI developments on network resilience and efficiency. The company also highlighted partnerships in the ecosystem and the acceleration of plans for virtual RAN deployments.

Amazon Increases Health and Personal Care Market Share to 6.1% in Q4 2022 as Wholesale Inventories Rise

Recent economic data shows that US wholesale inventories increased in February 2023, indicating a potential slowdown for merchants in the coming months. With an increasing amount of inventory, markdowns are expected, and small and midsize businesses (SMBs) may feel the impact most significantly. Many retail SMBs are preparing for the worst, with 65% believing a recession will begin within the next year. The credit crunch could further hinder these businesses' ability to purchase inventory. As consumers' spending habits shift towards lower-priced merchants, wholesalers' inventory buildup may signal challenging times ahead for Main Street retailers.

Buffett Cites Geopolitical Tensions as Reason for Quick Sale of Berkshire Hathaway's TSMC Stake

Warren Buffett revealed that rising geopolitical tensions between China and Taiwan influenced Berkshire Hathaway's unusually swift sale of almost 90% of its $4.1 billion stake in Taiwan Semiconductor (TSMC), purchased in the third quarter of 2022. Buffett, known for holding stocks long-term, acknowledged TSMC as a well-managed company, but stated that Berkshire Hathaway had better investment options. As of December 31, Berkshire owned over $600 million in TSMC.

📈 Startups and technology

The latest from the world of startups and technology companies.

Elon Musk Transforms Twitter into X Corp, Aiming for $250 Billion Valuation

Twitter Inc. is now part of X Corp., following Elon Musk's $44 billion acquisition of the social media platform last fall. Musk envisions transforming Twitter/X into a wide-ranging service similar to China's WeChat, with ambitions to become the world's largest financial institution. In addition to peer-to-peer mobile payments and interest-earning features, Musk intends to offer a variety of services such as ride-hailing and food delivery. Although Twitter's current internal valuation is reportedly $20 billion, a 50% discount from its purchase price, Musk believes X Corp. has the potential to reach a $250 billion valuation.

Microsoft Expands PC Game Pass to 40 New Countries, Including European Markets

Microsoft has officially launched its PC Game Pass service in 40 additional countries, including many European, North African, and Middle Eastern markets such as Croatia, Iceland, Libya, Qatar, and Ukraine. This expansion brings the total number of countries with access to Game Pass to 86, as Microsoft aims to grow its subscription service beyond consoles. PC Game Pass offers access to Xbox PC games, hundreds of PC games, Bethesda titles, and an EA Play membership.

Ex-Twitter Executives Sue Company Over $1 Million in Unreimbursed Legal Expenses

Former Twitter CEO Parag Agrawal, former Chief Legal Officer Vijaya Gadde, and former Chief Financial Officer Ned Segal have sued the company for over $1 million in unreimbursed expenses related to federal investigations and other legal matters. The lawsuit claims that Twitter breached its obligations by refusing to advance the plaintiffs' expenses incurred in connection with several proceedings, including inquiries launched by the Securities and Exchange Commission and the Department of Justice. The plaintiffs, who current CEO Elon Musk fired after he acquired Twitter, seek an order requiring Twitter to advance all expenses incurred so far and reimbursement for expenses incurred in suing Twitter to obtain reimbursement for earlier expenses.

🤖 AI

Keeping you updated on the latest in AI.

Google Integrates Search Feature into Bard Chatbot

Google has introduced search suggestions to its Bard chatbot, allowing users to receive automated search phrases related to the topic discussed. By clicking the "Google it" button, users will receive suggestions for search phrases, and selecting a phrase will produce matching Google search results. Google CEO Sundar Pichai confirmed the company's plans to continue integrating large language models into search, hinting at bringing chatbots and search engines closer together. The update also aims to improve Bard's performance in math and logic questions.

Poe Introduces Chatbot Creation Feature Using Simple Text Prompts and Potential Advantages from Quora Connection

Poe, a platform for creating and interacting with chatbots powered by large language models (LLMs), has introduced a new feature allowing users to create chatbots using simple text prompts. Users can choose a base LLM, such as Claude Instant or ChatGPT, and add a user-generated prompt to create a custom chatbot for various purposes and personalities. The feature aims to make chatbot creation more accessible, requiring no coding skills, and is available for free. Poe plans to launch an API for advanced bot development and hosting, and its new feature places it in direct competition with Character.AI, another AI startup focusing on chatbot creation. The global conversational AI market is predicted to reach $13.9 billion by 2028.

💎 PRO Quora Connection: Ownership and Potential Exclusive Dataset

Poe is owned and operated by Quora, the popular question-and-answer platform founded by Adam D'Angelo, who is also the former Chief Technology Officer of Facebook. Although Poe does not currently have exclusive access to Quora's dataset, the connection to Quora could offer potential advantages in the future as the company explores ways to leverage this vast dataset. Quora's dataset comprises millions of questions and answers across a wide range of topics, languages, and cultural contexts.

If Poe were to gain exclusive access to Quora's dataset, it could enable the platform to develop more knowledgeable, diverse, and context-aware chatbots than its competitors. Furthermore, the integration of Quora's dataset into Poe's chatbot creation process could result in more accurate and contextually relevant responses generated by the chatbots.

The Interesting Part: Unique Datasets as a Competitive Advantage

The possibility of gaining exclusive access to Quora's dataset in the future could give Poe a significant edge in the competitive AI chatbot market. As other AI chatbot creators strive to develop more sophisticated and engaging digital assistants, having access to unique datasets, such as Quora's, could potentially provide a true competitive advantage in terms of knowledge and context-awareness.

This advantage could enable Poe to create chatbots that are not only better at understanding user queries but also at providing more accurate, relevant, and engaging responses. In turn, this would allow Poe to differentiate itself in the rapidly growing conversational AI market and attract users and developers looking for a more advanced and user-friendly chatbot creation platform.

As the demand for personalized and immersive chatbot experiences continues to grow, the connection between Poe and Quora, and the potential access to unique datasets, could prove to be a crucial factor in determining the platform's success in the chatbot space. With the possibility of leveraging exclusive data and a user-friendly chatbot creation process, Poe is well-positioned to make a significant impact on the conversational AI market.

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Alibaba Reveals Tongyi Qianwen, Its ChatGPT-Style AI Service for Multiple Platforms

Alibaba has unveiled Tongyi Qianwen, a ChatGPT-style large language model set to be integrated into its Tmall Genie smart speakers and DingTalk workplace messaging platform. The company plans to expand the AI-powered service to all Alibaba applications, including e-commerce and mapping services. Initially, Tongyi Qianwen will be made available to enterprise customers for testing. Alibaba's cloud computing clients will also have the option to build customized large language models using the new technology.

OpenAI Launches Bug Bounty Program to Enhance AI Security

OpenAI states that they are committed to developing safe and advanced AI systems. To enhance its security, the company is inviting security researchers, ethical hackers, and technology enthusiasts to identify and address vulnerabilities in its systems. OpenAI has launched a Bug Bounty Program to recognize and reward the valuable insights of these researchers. Partnering with Bugcrowd, a leading bug bounty platform, the program offers cash rewards ranging from $200 for low-severity findings to up to $20,000 for exceptional discoveries. By participating in the Bug Bounty Program, researchers will play a crucial role in making OpenAI's technology safer for everyone.

Elon Musk Purchases 10,000 GPUs for Twitter AI Project, Competing with OpenAI

Elon Musk reportedly bought 10,000 GPUs for a Twitter AI project, following the hiring of former DeepMind researchers. The GPUs, to be used in one of the company's data centers, demonstrate Musk's commitment to the development of a generative AI trained on Twitter's extensive data. Potential applications for the technology include enhancing search functionality and rebuilding the platform's advertising business. This development comes amid ongoing tensions between Musk and OpenAI, the artificial intelligence research organization he co-founded in 2015.

 💵 Fintech

What is up in the world of Fintech?

Visa Introduces Interoperable P2P Payment Service, Visa+

Visa is partnering with several financial and payment companies, including PayPal, Venmo, Western Union, TabaPay, i2C, and DailyPay, to launch Visa+, an interoperable peer-to-peer (P2P) payment service. Designed to simplify money transfers between different payment platforms, Visa+ will enable real-time transfers between PayPal and Venmo users in the U.S. later this year. Visa will act as the connecting infrastructure, allowing users to create unique payment handles linked to their PayPal or Venmo accounts without requiring a Visa card. The service aims to expand to other use cases and platforms, with general availability expected in mid-2024.

💰 Venture Capital and M&A

Follow the market trends in Venture Capital and the latest tech M&A.

Alphabet's CapitalG Leads $100M Investment in AI-powered Corporate Data Firm AlphaSense

Alphabet's late-stage VC arm, CapitalG, has led a $100 million investment round in corporate data firm AlphaSense, raising the company's valuation to $1.8 billion. AlphaSense, which competes with FactSet and Bloomberg, provides data to inform corporate and investment strategies. The company is developing a feature to automatically summarize financial documents using large language models (LLMs), benefiting from advances in generative AI. AlphaSense, which exceeded $100 million in annual recurring revenue in 2022, plans to use the funding for hiring salespeople and improving its technology.