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➡️ Is AI a $1 Trillion Bubble? The CEO of Stability AI thinks so...

➡️ Is AI a $1 Trillion Bubble? The CEO of Stability AI thinks so...

TODAY: AI: $1 Trillion Bubble Ahead | Wix's AI Site Builder | Apple Delays App Store Overhaul

Kristoffer Lindström
July 18, 2023

Hey there, fellow tech enthusiasts!

Can you believe it's already Tuesday, July 18th? Time flies. Well, get ready for today's exciting update! In case you missed it, here are the top headlines making waves today:

AI: $1 Trillion Bubble Ahead
Wix's AI Site Builder
Apple Delays App Store Overhaul
iPhone 15 Leaks Reveal Titanium Body
Chemical Breakthrough Reverses Aging
and more...

READ TIME: ~4.8 MINUTES

🌐 Tech Companies

Apple Delays App Store Overhaul (3-minute read)

Apple has secured a 90-day stay on the court ruling mandating removing its 'anti-steering' rules. This will permit the tech giant to submit a plea to the Supreme Court, potentially altering the future of third-party payment options for apps on the App Store.

Meta Faces Daily Fines in Norway (2-minute read)

Norway's data protection regulator, Datatilsynet, has threatened Meta with daily fines of $100,000 if it doesn't rectify ongoing privacy violations on its Instagram and Facebook platforms. This move follows a European court's ruling against Meta's user data harvesting for advertising purposes.

Insight: We are witnessing a trend of mounting global regulatory pressure on tech giants like Meta, particularly in Europe. This case exemplifies the industry-wide struggle between data-driven business models and growing demands for user privacy.

Facebook Overhauls Video Features (2-minute read)

Facebook is revamping its video offerings, introducing new editing and discovery tools, and rebranding its "Watch" tab as the "Video" tab, as it aims to compete with YouTube and TikTok.

Meta Faces Subpoena Over Threads (3-minute read)

The U.S. House Judiciary Committee has requested Meta to produce documents relating to content moderation on its newly launched app, Threads. The demand is part of the broader inquiry into Big Tech policies, including those of Alphabet, Amazon, Apple, and Microsoft.

Threads Impose Rate Limits (2-minute read)

In response to an increase in spam attacks, Threads has announced it will implement rate limits on user posts, echoing Twitter's recent similar move.

🚀 Startup Scene

Thunes Raises $72M for Expansion (4-minute read)

Cross-border B2B payment platform Thunes has secured $72M in Series C funding, pushing its valuation past $900M. The fintech will use these funds to expand its business and add more providers to its network.

Runway Secures $27M Funding (6-minute read)

San Francisco-based startup, Runway, raised $27.5 million in a series A funding round led by Garry Tan’s Initialized Capital. The company's cloud platform empowers businesses to easily create, manage, and share financial models and plans, integrating with over 100 data sources and utilizing AI for insightful forecasts.

Herself Health Lands $26M Investment (5-minute read)

Herself Health, focused on primary care for women aged 65 and above, raised $26 million in Series A funding. The firm aims to address patient dissatisfaction and healthcare gender disparities in senior care, offering customized, comprehensive care plans.

🤖 AI Corner

AI: $1 Trillion Bubble Ahead (6-minute read)

CEO of Stability AI, Emad Mostaque, predicts artificial intelligence (AI) will be the 'biggest bubble of all time', stating it's in its early stages and not ready for large-scale industry adoption yet. Despite these claims, he notes AI is 'more important than 5G as infrastructure for knowledge' and firms not utilizing it properly risk market punishment.

Insight: We understand the transformative potential of AI and its current hype. However, Mostaque's statements emphasize the need for cautious optimism and strategic investment, avoiding the mistakes of previous tech bubbles.

Wix Launches AI-Powered Site Builder (7-minute read)

Wix has introduced an AI Site Generator, an AI-powered tool that builds entire websites based on user intent. The generator creates homepages, inner pages, and business-specific sections, with text and images generated via a combination of in-house and third-party AI systems, including OpenAI's ChatGPT. The tool is aimed at simplifying the site-building process, particularly for small businesses, by incorporating e-commerce, scheduling, and other components according to the user's requirements.

AI Self-Training Triggers 'MAD' (5-minute read)

A study found that AI models like ChatGPT and Midjourney undergo Model Autophagy Disorder (MAD) when trained on AI-generated data beyond five cycles. This results in loss of rare data elements and mutation towards average representations.

💰´Markets & Money

Dow Hits Highest Close in 2023 (4-minute read)

As Wall Street prepares for quarterly reports from some of the largest global companies, the Dow Jones Industrial Average gained 0.22% to close at its highest level this year. Tech giant shares like Apple and Tesla also saw notable increases. The second-quarter earnings season kicks off this week with the financial sector expecting a bleak outlook, predicting over a 7% drop in S&P 500 earnings from a year ago.

Proximus Acquires Route Mobile for $721M (3-minute read)

Belgian telecom operator Proximus Group is set to buy a 58% stake in Indian cloud communication service provider Route Mobile for $721 million, aiming to gain access to high-growth markets.

⚡ Quick links

Chemical Breakthrough Reverses Aging (6-minute read)

Scientists from Harvard, MIT, and the University of Maine have developed chemical cocktails that can reverse cellular aging, presenting an unprecedented non-gene therapy route to whole-body rejuvenation and potential treatment of age-related diseases.

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