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📬 Meta Launches AI Audio Maker

📬 Meta Launches AI Audio Maker

Today: X Adjusts Revenue Model | Meta Launches Open-Source AudioCraft | GPT-5 Tease

Kristoffer Lindström
August 03, 2023

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Hey there!

Today is Thursday, August 3rd. We've got some exciting news lined up for you today. Meta is making a huge announcement about AI Audio, and there's a little teaser about GPT-5 that's got everyone buzzing. Plus, we'll be diving into the earnings reports of some major tech companies and more. So, let's jump right into today's top headlines:

Musk Adjusts X's Revenue Model
Google Enhances AI Search
Meta Launches AI Audio Maker
OpenAI Teases GPT-5 Development
AI Matches Dual Radiologists in Cancer Screening
Earnings: Shopify, Qualcomm & DoorDash
and more...

READ TIME: 4.9 MINUTES

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Tech Companies

Google Enhances AI Search (3-minute read)

Google's AI-driven Search Generative Experience (SGE) now offers improved functionality with the addition of images and videos. Faster and more contextually relevant links are also on the cards. With SGE, Google is shifting from simply locating useful links to generating synthesized, relevant information. Upcoming enhancements include displaying publication dates next to articles, in-line links in AI summaries, and faster loading times.

X Blue Offers Checkmark Hiding (2-minute read)

Twitter Blue, now rebranded as X Blue, allows subscribers to hide their blue checkmarks. This feature helps users maintain their subscription privacy, though some features might reveal their active status.

Musk Adjusts X's Revenue Model (2-minute read)

Elon Musk announces changes to X's revenue policy, aiming to maximize earnings for creators. The platform will take no commission until individual payouts surpass $100k, and Musk intends to discuss reducing Apple's 30% fee with Tim Cook.

Apple Card Savings Hits $10bn (3-minute read)

Apple Card's high-interest savings account, a partnership with Goldman Sachs, has reached over $10 billion in deposits since its April launch. Offering a 4.15% interest rate, the account is proving popular among Apple Card customers, with 97% opting to auto-transfer their Daily Cash rewards into the savings account.

Startup Scene

HackerOne Slashes 12% Workforce (3-minute read)

As a repercussion of global economic slowdown, bug bounty platform HackerOne is cutting 12% of its global workforce. The company's CEO Marten Mickos describes this as a 'one-time event' and a necessity for long-term success.

Inworld Secures $30M for AI Engine (3-minute read)

Inworld, developer of AI-driven non-player characters, garners $30 million in funding, aiming to boost R&D, infrastructure, talent acquisition, and launch an open-source character engine.

AI Corner

Meta Launches Open-Source AudioCraft (4-minute read)

Meta is now open-sourcing AudioCraft, a set of AI tools capable of generating music and sound effects from text prompts. This suite contains three components: AudioGen, for creating sound effects; MusicGen, for composing melodies from descriptions; and EnCodec, an improved neural network-based audio compression codec. Although generative AI models have focused mostly on text and images, Meta's contribution could help spur advancements in the less-explored audio generation field.

OpenAI Teases GPT-5 Development (2-minute read)

OpenAI has applied for a trademark for "GPT-5", hinting at the development of the next iteration of their renowned language model. While details remain unclear, this move falls in line with past practices for GPT-3.5 and GPT-4. The current focus is likely on refining GPT-4, addressing its drawbacks, and managing high operational costs.

AI Matches Dual Radiologists in Cancer Screening (3-minute read)

According to a study, AI application in breast cancer screening is as efficient as two radiologists and almost halves their workload. The research conducted with over 80,000 women showed that AI-supported screening could detect a similar number of cancer cases without increasing false positives.

Apple Pulls AI Apps in China (3-minute read)

Apple removes over 100 AI chat apps from its Chinese App Store, complying with China's new regulations against chatbots that challenge state power.

Instagram Labels AI-Generated Content (4-minute read)

Instagram is reportedly developing labels to identify AI-generated or edited content, following Meta's commitment to responsible AI development.

Google Drops AI Test Kitchen App (2-minute read)

Google has withdrawn its AI Test Kitchen app from app stores, concentrating exclusively on the web platform.

Markets & Money

Arm Aims $60B+ September IPO (1-minute read)

Semiconductor unit of SoftBank Group, Arm Ltd., plans to launch an initial public offering in September, targeting a valuation of $60-70 billion. This reflects heightened interest in AI-related chips.

Shopify Q2 Revenue Surpasses Estimates (3-minute read)

Shopify significantly exceeded Wall Street's Q2 revenue predictions, bolstered by increased utilization of its online tools and customer targeting services. The company's total revenue jumped 31% to $1.7 billion, surpassing the anticipated $1.62 billion. In addition, gross merchandise volume increased 17%, hitting $55 billion.

PayPal Beats Q3 Revenue Estimates (3-minute read)

Amid economic pressures, PayPal projects a robust Q3 revenue surpassing estimates, demonstrating consumer resilience. Despite inflation and rising interest rates, PayPal's total payment volume jumped 11% to $376.5 billion due to sustained consumer spending. This development accompanies a wider industry trend, as card giants like Mastercard and Visa also report profit boosts.

Qualcomm Faces Slump in Chip Sales (4-minute read)

Qualcomm reported Q3 earnings beating Wall Street expectations, yet with revenue and Q4 guidance falling short. Major division QCT saw a 24% annual sales dip, largely driven by a 25% decrease in handset chip sales due to the slowing smartphone industry.

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