🏬 Meta's Coming App Store, 🌍 EU's AI Law Worry, 🎮 PlayStation Secrets Exposed

Welcome to today’s update; here are some of the top headlines:

• Meta Eyes App Store Rivalry

• PlayStation Secrets Exposed

• FTC Targets Amazon's Core Business

• EU's AI Laws Worry Businesses

• Inflection Scores $1.3B for AI

• and more...

🌐 Tech companies

FTC Targets Amazon's Core Business (5-minute read)

The Federal Trade Commission (FTC) is set to file a significant antitrust lawsuit against Amazon. The case will focus on Amazon's primary online marketplace, where it allegedly leverages power to favor merchants using its logistics services. FTC Chair, Lina Khan, known for her critiques of Amazon's dominance, is expected to reject compromises and might demand a substantial restructuring of the company.

Meta Eyes App Store Rivalry (2-minute read)

In response to the EU's newly passed Digital Markets Act, Meta intends to transform Facebook into an app distribution platform, circumventing Apple's App Store and Google Play Store. This move could create a new market for the company.

Apple Battles EU's $40B Spotify Fine (2-minute read)

Apple is set to challenge the European Union's anti-steering accusation, initially brought by Spotify, which may culminate in a hefty $40 billion fine. The tech giant is expected to defend its App Store payment system and argue against Spotify's claims of Apple Music's dominance.

Sony's PlayStation Secrets Exposed (3-minute read)

Confidential data about Sony's PlayStation business, including game development costs, Call of Duty revenues, and partnerships, were unintentionally unveiled due to an ill-executed document redaction. The slip-up exposed the significance of the Call of Duty franchise to PlayStation revenues, Sony's sharing margins with publishers, and console ownership statistics among PlayStation 5 users.

🤖 AI & Emerging Tech

Demystifying Meta's AI Algorithms (5-minute read)

Meta elaborated on its AI-backed social media algorithms in a detailed disclosure, illuminating how Instagram and Facebook content is recommended to users. Twenty-two system cards were introduced to explain the operation of features like Feed, Stories, Reels, and more. According to Nick Clegg, Meta’s President of Global Affairs, this initiative is aligned with the firm’s commitment to openness and transparency. Additionally, Meta plans to expand its Content Library and API for researchers, providing access to public data from its platforms.

EU's AI Laws Worry Businesses (6-minute read)

Over 150 executives from European corporations, including Siemens and Airbus, have voiced their concerns over proposed EU regulations on artificial intelligence (AI). In an open letter, the executives stated that stringent regulation could jeopardize Europe’s competitiveness and fail to address challenges effectively. While acknowledging AI's potential, the letter warned against excessive regulation of generative AI and cautioned against a "critical productivity gap" with the US.

💰 Tech Market Pulse

Inflection Scores $1.3B for AI (3-minute read)

AI startup Inflection closed a $1.3 billion funding round to build Pi, a 'personal AI assistant', reaching a total investment of $1.525 billion, valuing the company at $4 billion.

Fidelity Reduces Reddit, Discord Valuations (3-minute read)

Fidelity cut its estimated value of holdings in Reddit, Discord, and SaaS startup Gupshup, hinting at perceived impacts of the public market slowdown on private shares.

Vista Sells Apptio to IBM (2-minute read)

Robert Smith's firm, Vista Equity Partners, sells software maker Apptio to IBM for $4.6 billion, doubling its initial investment in 2019.

SaaS Market Shakes Up in 2023 (5-minute read)

In Q1 2023, SaaS transactions show an increase in CRM, cybersecurity, and AI-powered tools. Buyers are more critical, often considering mission-critical, high ROI platforms. Despite a 29% rise in SaaS prices due to factors like reduced funding and increasing operational costs, businesses continue to invest in indispensable tools.

⚡ Quick links

Meta Sells Giphy to Shutterstock (1-minute read)

Following the CMA's final order, Meta completed its divestment of Giphy, selling it to Shutterstock, thus concluding the merger investigation.

Snapchat+ Hits 4M Subscribers (2-minute read)

Snapchat's subscription service, Snapchat+, garnered 4 million paid subscribers in its first year, showcasing a successful transition to a paid model.

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