😓 OpenAI's $3B Law Suit, 🎮 Nadella; No Game Exclusivity, 👩‍⚖️ Google & EU on AI Regulation

Hello and welcome!

Here are the top headlines in today’s update:

From our sponsor:

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🌐 Big Tech

🔗 Nadella Denounces Gaming Exclusivity Deals (3-minute read)

Microsoft's CEO, Satya Nadella, expressed disdain for exclusive deals between game companies and consoles, marking a shift in gaming industry norms. This comes amidst an ongoing court hearing where the Federal Trade Commission (FTC) is trying to halt Microsoft's $68.7 billion acquisition of Activision Blizzard, fearing a potential monopoly. Despite differing views on subscription services, Activision's CEO remains hopeful for the deal.

🔗 TikTok Now, BeReal Clone, Discontinued (3-minute read)

TikTok is discontinuing TikTok Now, its clone of BeReal, only nine months after its official launch. The feature was designed to foster authentic connections but faced dwindling popularity. Although no specific reason was given for the discontinuation, it comes as BeReal experiences a significant drop in daily active users.

🔗 Global Social Media News Slump (4-minute read)

Social media's role as a news source is declining, largely due to Facebook's global news pullback. While consumption on vertical video platforms like TikTok and Instagram has increased, it hasn't compensated for the decline. This shift correlates with a decrease in traffic referrals to news and media companies from social networks, mostly attributable to Facebook.

🔗 Android Unveils Bold Rebrand (2-minute read)

Google is yet again revamping Android's brand identity, introducing a new logo that features a 3D-rendered bugdroid head and capitalized 'A' in Android. This modernized look marks a notable shift from the brand's historically lowercase logo.

🚀 Startup Scene

🔗 Techstars Plans $150M Accelerator Fund (3-minute read)

Techstars, the prominent startup accelerator, is seeking $150 million for its new accelerator fund as shown in recent SEC filings. The fund, Techstars Accelerator 2024, comes as the existing Techstars Accelerator 2021 nears the end of its deployment period. While exact details remain under wraps, the fund is expected to be used for accelerator-stage and post-accelerator investments, a strategy that echoes previous funding approaches.

🔗 Cart.com Joins Unicorn Club (2-minute read)

Following a $60 million Series C funding round, Austin-based end-to-end e-commerce service provider Cart.com is now valued at $1.2 billion. The funds will support customer demand, international expansion, and product development.

🔗 Shein's Influencer Factory Tour Backfires (3-minute read)

In an attempt to repair its image, Shein invited influencers to tour a factory in China. The move faced criticism from social media users who questioned the authenticity of the influencer endorsements.

🔗 Reddit Pressures Mods to Reopen Subreddits (3-minute read)

Reddit is exerting pressure on moderators to reopen subreddits that have gone private, giving them deadlines and warning of consequences for non-compliance.

🤖 AI & Emerging Tech

🔗 AI Overwhelms Internet Platforms (10-minute read)

AI-generated text is increasingly disrupting internet platforms, raising serious concerns about the quality of online information and increasing workload for site moderators. Misinformation, bot-generated content, and "AI-generated junk" are becoming commonplace, eroding the trustworthiness and usefulness of the web.

🔗 Google Engages EU on AI Regulation (7-minute read)

Google is in constructive dialogue with the European Union over AI regulations. The company's cloud division leader Thomas Kurian confirmed their commitment to building AI responsibly and ensuring the differentiation of human and AI-generated content. Google has recently revealed a watermarking solution for AI-generated images.

🔗 Microsoft, OpenAI Face $3B Privacy Suit (4-minute read)

Microsoft and OpenAI face a $3 billion lawsuit filed by 16 individuals alleging privacy violations due to the AI products, ChatGPT's data collection and disclosure methods. The complaint suggests that both companies have failed to adequately obtain consent or give notice foor collecting and sharing personal information.

🔗 ChatGPT Integrates Bing on iOS (2-minute read)

OpenAI's iOS app, ChatGPT, now allows paid users to access Bing's search results. The new feature is part of ChatGPT Plus's recent update, following Microsoft's significant investment into OpenAI.

💡Insights & Analysis

🔗 Gmail's Mail Merge Streamlines Mass Emails (4-minute read)

Gmail's latest feature integrates with Google Sheets, enabling users to automate and streamline the sending of mass emails with individual parameters. Users can add up to 1,500 recipients from a spreadsheet, with each email featuring an unsubscribe link. This update will also fully absorb multi-send into mail merge, with the feature initially limited to Gmail on the web.

⚡ Quick links

🔗 Stitcher Podcast App To Close (1-minute read)

Podcasting pioneer Stitcher, acquired by SiriusXM in 2020, is scheduled to cease operations on August 29. Though Stitcher's podcast production companies will continue operations, SiriusXM plans to integrate podcasts into its flagship subscription service.

🔗 DoorDash Introduces Hourly Rates (2-minute read)

DoorDash is changing courier payments, offering an optional guaranteed hourly rate and tips. This option comes along with a new location-sharing feature for improved courier safety.

_{“Net Return" refers to the annualized internal rate of return net of all fees and costs, calculated from the offering closing date to the date the sale is consummated. IRR may not be indicative of Masterworks paintings not yet sold and past performance is not indicative of future results. See important Regulation A disclosures at masterworks.com/cd.}