Big Tech Earnings Unveiled 🔥| Stability AI Dives into Text 🌊 | Google Faces ChatGPT, Bing Onslaught 🥊and more...

📝 Update 2023-04-24

What’s in today’s Business Edge update?

Hey there, tech enthusiasts! 🚀 In today's edition, we dive into Google's search supremacy, now challenged by ChatGPT and Microsoft's Bing. Also, AI image leader Stability AI ventures into the text generation space! 🌊

Meanwhile, Big Tech's Q1 earnings are on the horizon, Auto-GPT revolutionizes task automation, Webflow introduces AI-powered voice commands, and Google forms DeepMind by merging Brain and DeepMind.

Let’s get started 👇

🌍 News that moves the market

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

Google's Search Supremacy Threatened by ChatGPT and Microsoft's Bing

Google's dominance in online search is being challenged as OpenAI's ChatGPT gains popularity and Microsoft's Bing incorporates AI technology. Investors are concerned about the potential loss of market share for Alphabet's Google, which currently holds nearly 85% of the global search market.

More:

• Alphabet shares fell 4% after reports that Samsung is considering Bing as its default search engine

• Google's search business generated over $160 billion in sales last year

• Alphabet's AI research groups have been consolidated into one unit to accelerate progress

Read more about it at —> (read time: 5 minutes)

📝 Impact: We classify this news as having Industry-wide Impact due to the potential shift in market share within the search engine industry, which may lead to significant changes in the competitive landscape and affect online search and advertising revenues.

💎 Read our PRO article for a more in-depth view of this topic.

AI Image Leader Stability AI Ventures into Text Generation Space

Stability AI, known for its open-source AI image generation, is entering the text generation space with its Stable Diffusion machine language model. More highlights:

• Stability AI offers open-source alternative to proprietary AI like Microsoft and Google.

• StableLM, in Alpha stage, includes applications like Chit-Chat, Formal Writing, Creative Writing, and Writing Code.

• StableLM uses 3-7 billion parameters, compared to GPT-3's 175 billion.

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

📝 Impact: We classify this news as having an Industry-wide Impact, as Stability AI's open-source entry into the text generation market could influence other companies in the AI space and may lead to increased transparency in the industry.

💎 Read our PRO article for a more in-depth view of this topic.

Big Tech Earnings: Amazon, Microsoft, Alphabet, Meta to Report Q1 Results

This week, Amazon, Alphabet, Microsoft, and Meta are set to announce their Q1 earnings, potentially influencing major U.S. indexes. With a combined market cap of $5.1 trillion, these companies significantly impact the S&P 500.

More:

• Amazon, Alphabet, Microsoft, Meta: 18% to 70% increase in value this year

• Investors watching demand-related dynamics amid slowing demand and higher interest rates

• Alphabet and Microsoft report results on Tuesday, Meta on Wednesday, and Amazon on Thursday

Read more about it at —> (read time: 7 minutes)

📝 Impact: We classify this news as having a Market Impact, as the Q1 earnings of these tech giants can affect specific market segments within the industry and potentially influence broader markets.

💎 Read our PRO article for a more in-depth view of this topic.

Auto-GPT Revolutionizes Task Automation with OpenAI's Models

The open-source app Auto-GPT, created by game developer Toran Bruce Richards, is transforming task automation using OpenAI's text-generating models GPT-3.5 and GPT-4. It acts "autonomously" by interacting with various software and services, handling multi-step projects with minimal user input. While it has shown potential in automating tasks like advertising strategy development, debugging code, or creating business plans, it has limitations due to its reliance on language models and struggles with complex tasks.

More:

• Auto-GPT uses a companion bot to instruct GPT-3.5 and GPT-4 to achieve user-defined goals.

• The app can interact with online and local apps, software, and services.

• It relies on memory management, GPT-4, and GPT-3.5 for task execution, text generation, and file storage.

• Auto-GPT is available on GitHub but requires setup and an API key from OpenAI.

Read more about it at —> (read time: 6 minutes)

📝 Impact: We classify this news as having Market Impact, as it affects a specific market segment within the tech industry, involving moderate technological advancements and disruptions. It also has implications on consumer behavior within the market.

💎 Read our PRO article for a more in-depth view of this topic.

⚡️Quick news

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

AI-powered Web Design: Webflow to Introduce Voice Commands

Webflow plans to release AI-powered features that allow users to customize templates with verbal prompts, making website building more accessible and efficient. The new AI interface will also provide relevant documentation and respond to text prompts for direct changes.

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

Google Merges Brain and DeepMind to Form Google DeepMind

Alphabet's DeepMind and Google's Brain team are merging to create Google DeepMind, aiming to accelerate AI progress under the leadership of DeepMind CEO Demis Hassabis and Google's Jeff Dean as chief scientist.

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

Weaviate Raises $50M in Series B Led by Index Ventures, Focuses on Long-term Growth

AI infrastructure startup Weaviate raised $50 million in a Series B funding round led by Index Ventures, valuing the company at $200 million, prioritizing employee benefits and sustainable growth over a high valuation.

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

Google's Bard to Assist in Code Writing, Competes in AI Race

Google announces an update to its AI chatbot Bard, aiming to help users write, debug, and optimize software code in 20 programming languages as it competes with Microsoft's ChatGPT.

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

Moderna and IBM Partner to Revolutionize mRNA Science with Quantum Computing and AI

Moderna and IBM announce collaboration to advance mRNA research using quantum computing and generative AI, aiming for breakthroughs in future mRNA medicines. The partnership will explore AI models to optimize lipid nanoparticles and mRNA medicine design.

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

Deloitte Announces 1,200 Job Cuts in the US Amid Economic Turbulence

Deloitte plans to eliminate around 1,200 jobs, or 1.5% of its US workforce, with financial advisory roles facing higher layoffs due to a slump in M&A activity, according to the Financial Times.

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