🌍 Threads in EU Delayed, why? | 🎮 New Switch in... | 🚪 Uber CFO Exits

Hi, and welcome to today’s update. Here are today’s top headlines:

• Why is Threads EU Launch Delayed?

• More Layoffs at Microsoft

• Uber CFO Exits

• Alibabas AI Image Generator

• Nintendo Switch in Q1'24?

• and more...

READ TIME: ~3.5 MINUTES

🌐 Tech Companies

Why is Threads EU Launch Delayed? (7-minute read)

Meta's new app, Threads, has seen rapid growth worldwide, but regulatory hurdles in the EU prevent its immediate launch. The delay is largely attributed to the EU's Digital Markets Act, which implements robust user protections and challenges the data integration across Meta's platforms and the app's dependence on Instagram for user account creation.

In Europe and want to use it anyways? Read this post.

EU Approves Transatlantic Data Transfer (5-minute read)

The European Union greenlights a proposal for transatlantic data transfers, allowing tech giants to store EU user data in the US. The new framework imposes stringent safeguards and introduces a Data Protection Review Court for EU citizens.

Microsoft Announces Additional Layoffs (3-minute read)

Microsoft has confirmed further job reductions beyond the 10,000 layoffs announced earlier this year. The move aligns with cost-saving strategies amid increasing cloud computing expenses.

Uber CFO Plans Exit (4-minute read)

Uber's CFO, Nelson Chai, intends to leave the ride-hailing company, marking the most significant executive departure since its 2019 IPO. Chai's tenure included guiding Uber through financial restructuring and diversification.

Apple Opens WeChat Store (3-minute read)

Apple has initiated an online store on China's popular WeChat app, offering its entire product line to WeChat's 1.2 billion users, with some enjoying three-hour delivery and trade-in options.

$20mn Theft Exploits Revolut Flaw (5-minute read)

Criminals exploited a flaw in Revolut's US payment system, stealing over $20 million. The incident increases pressure on the fintech as it awaits its UK banking license amidst audit issues and staff departures.

Snapchat Partners with Linktree (3-minute read)

Snapchat integrates Linktree, enabling public account users to add links to their profiles. Linktree offers three months of its Pro version free.

🤖 AI Corner

AI's Three-Tier Risk Model Revealed (4-minute read)

Anthropic CEO, Dario Amodei, segments AI concerns into short-term (bias and misinformation), medium-term (potential misuse in fields like science and biology), and long-term risks (autonomous AI systems becoming hard to control). Despite the apprehension, Amodei perceives a high probability that AI development will go well, emphasizing the importance of preventive measures.

Alibaba Unveils Advanced AI Image Generator (3-minute read)

Alibaba Cloud launches Tongyi Wanxiang, an advanced generative AI model that creates detailed images from text prompts in multiple languages and styles, improving the accuracy and context of image generation.

AI Detection Discriminates Non-Native Speakers (4-minute read)

AI text detection programs have a bias against non-native English speakers, often incorrectly flagging their works as AI-generated. This poses potential issues for students, academics, and job applicants alike.

💰´Markets & Money

Dow Recovers, Ends 3-Day Slump (3-minute read)

The Dow Jones Industrial Average bounced back on Monday, closing 200 points higher and ending a three-day losing streak. Wall Street's recovery comes as investors anticipate this week's inflation data and prepare for the start of Q2 earnings season. Despite concerns over potential Federal Reserve rate hikes, Fundstrat's Tom Lee expects a lighter-than-anticipated inflation report that could ignite a rally.

Foxconn Abandons $19.5B India Venture (3-minute read)

Apple supplier Foxconn has withdrawn from a $19.5 billion joint venture with Indian company Vedanta, impacting India's semiconductor ambitions and Prime Minister Narendra Modi's high-tech manufacturing goals.

TPG Buys Forcepoint's Govt Unit (4-minute read)

TPG Capital is acquiring Forcepoint LLC's government cybersecurity unit, G2CI, for $2.45 billion. The business primarily caters to U.S. government and commercial customers who transact directly with the government. Francisco Partners will retain a minority stake in Forcepoint G2CI post-acquisition.

Gaming VC Funding Plummets Q2 (6-minute read)

Venture capital funding for gaming dropped 38% in Q2 2023, a decline driven largely by a 60% drop in growth-stage deals. Konvoy Ventures predicts increased M&A activity in the gaming industry in response to this decline.

⚡ Quick links

Flexport Founder Joins Founders Fund (5-minute read)

Flexport's founder, Ryan Petersen, joins Founders Fund as a partner, after stepping down as CEO earlier this year, bringing a track record of about 150 personal investments.

Nintendo Switch Successor 2024 Debut (3-minute read)

Chinese manufacturer Hongzhun anticipates launching a Nintendo Switch successor in Q1 2024, impacting its assembly business expectations.

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