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- 🧵 Threads 10 Million Sign-ups, 📉 Global VC Deals Dip in Q2, 💬 ChatGPT Slowdown
🧵 Threads 10 Million Sign-ups, 📉 Global VC Deals Dip in Q2, 💬 ChatGPT Slowdown
Threads, Meta's recent venture into the microblogging space, has reported 10 million sign-ups within seven hours of its initial release
Kristoffer Lindström
July 06, 2023
Hi, and welcome to today’s update. If you haven’t yet, follow us on Twitter!
The top headlines are:
Twitter Reverses Log-In Mandate
Canada Halts Facebook Ads
Threads Achieve 10 Million Sign-ups
ChatGPT, Bing Struggle to Break Google's Grip
Global VC Deals Dip in Q2
and more...
Read time: 3.4 minutes.
🌐 Tech Companies
Twitter has undone its policy requiring users to log in to view tweets, a decision initially enforced as a temporary measure to protect user data and service quality, according to CEO Elon Musk. However, non-logged-in users still face certain visibility restrictions.
In response to Meta Platforms Inc.'s plan to discontinue news availability in Canada, the Canadian government and various companies are suspending advertisements on Facebook and Instagram. This follows the enactment of a law mandating digital platforms to negotiate commercial deals with local publishers.
Spotify has discontinued support for Apple in-app payments for its Premium subscribers, forcing them to pay directly via Spotify instead. This follows a long-standing dispute over Apple's "tax" on in-app purchases, marking a significant shift in Spotify's payment model.
Threads, Meta's recent venture into the microblogging space, has reported 10 million sign-ups within seven hours of its initial release. This rapid sign-up rate occurred even as the app remains unreleased in Europe.
🚀 Startup Scene
Vimeo CEO Anjali Sud will resign from her post at the end of August. Vimeo's board member, Adam Gross, will assume the role of interim CEO from September 1, while the firm seeks a permanent successor. Sud, who assumed her position in 2017, is leaving to explore a new opportunity. Gross, who has served on Vimeo's board since 2021, and previously held various executive roles at Salesforce Inc., expressed his eagerness to drive Vimeo's strategy in making video a central aspect of business communication.
🤖 AI Corner
App downloads for OpenAI's ChatGPT and Microsoft Bing have seen a slowdown, revealing a challenge to Google's hold as the search engine leader, per a recent Bank of America Securities analysis. The report indicates that ChatGPT downloads on U.S. iPhones fell 38% month-over-month in June, mirroring Bing's decrease. Google's market share remains strong, growing slightly year-over-year to over 92%.
OpenAI is setting up a new team under Chief Scientist Ilya Sutskever's leadership to develop ways to control and steer 'superintelligent' AI systems. Acknowledging the lack of current solutions to manage such powerful AI, the team aims to resolve these core technical challenges in the next four years by creating a 'human-level automated alignment researcher.'
💰´Markets & Money
US stocks slipped as investors anticipate Fed policy indications and digest underwhelming growth data from China's services sector, marking the weakest expansion in five months.
Taiwan's Foxconn, Apple's significant iPhone assembler, reported a 13.8% YoY decrease in Q2 sales, yet projects a brighter Q3 in anticipation of the peak shopping season. June sales were down 19.7% YoY.
Venture capital deal counts worldwide fell in Q2, due to slowing investments in Europe and Asia, according to Pitchbook. Global exit value was the second-lowest since Q1 2018, pressured by public market opportunities, antitrust scrutiny, inflation, and geopolitical tensions. US startup valuations are falling, and fundraising is at the lowest pace since 2017. European deal values continued to decrease in Q2, impacted by prolonged due diligence processes, limited capital availability, and macroeconomic challenges.
⚡ Quick links
Internet pioneer Yahoo, under CEO Jim Lanzone, plans to reenter the public market while also exploring mergers and acquisitions.
Apple's Game Porting Tool for macOS, enabling easier Windows game porting, received substantial updates improving gaming performance and compatibility.
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