🦙️ Meta's Code Llama Unveiled

Hey there!

The last day of the week is here again, Friday, August 25. Let's get right into the exciting world of tech, where AI is still stealing the spotlight. So, without further ado, here are today's top headlines!

• EU's Big Tech Rules Begin

• AI Chip Revenue Skyrockets

• Hugging Face Secures $235M Boost

• Meta's Code Llama Unveiled

• Meta Axes Messenger Lite

• Max Introduces 24/7 CNN Stream

• and more…

READ TIME: 4.4 MINUTES

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Tech Companies

Google Adapts to EU Rules (3-minute read)

Google is enhancing transparency in response to the European Union's Digital Services Act (DSA). The tech giant plans to expand the Ads Transparency Center, provide more details on ad targeting in the EU, and increase data access for researchers. The DSA, affecting various tech companies, mandates increased efforts against child abuse content, disinformation, and more transparency on algorithms and ads.

EU's Big Tech Rules Begin (4-minute read)

The European Union's Digital Services Act (DSA) is now in effect, targeting very large online platforms (VLOPs) to combat illegal content and online disinformation. VLOPs, reaching 10% of the EU's population, face stricter regulations, including data sharing with researchers and governments, regular audits, and risk management plans. Non-compliant VLOPs risk hefty fines and potential suspension from the trading bloc.

AI Chip Revenue Skyrockets (4-minute read)

According to a Gartner study, AI-specific chips are set to see a 21% revenue increase this year, reaching $53.4 billion, driven by the growing popularity of generative AI. The revenue is predicted to jump to $67.2 billion in 2024 and nearly $120 billion by 2027. Consumer electronics will also benefit, with AI-enabled processors doubling in value to $1.2 billion by year's end.

Startup Scene

Modular's $100M Boost for AI (3-minute read)

Open-source AI platform Modular secured $100 million in a funding round led by General Catalyst, with participation from tech giants like Google and Nvidia. Like GitHub for AI, the startup will use the funds to expand its product range, including its programming language, Mojo. Founded in 2022, Modular aims to simplify the development and optimization of large-scale AI systems.

Nomad Secures $61M Tiger-led Funding (2-minute read)

Brazilian fintech Nomad has raised $61 million in a Tiger Global Management-led round, achieving a valuation of $361.49 million. Nomad is founded in 2019 and offers Brazilians U.S. financial services, including banking, investments, and remittances. The funds will enhance its platform and introduce credit cards.

Ikigai's $25M Boosts AI Tabular Data (3-minute read)

Ikigai Labs, aiming to empower enterprises with AI, secured $25 million in Series A funding. The startup offers a no-code platform for prediction, sparse data reconciliation, and optimization using proprietary graphical models. The platform assists in forecasting and scenario planning.

AI Corner

Hugging Face Secures $235M Boost (3-minute read)

Open-source AI model platform, Hugging Face, has raised $235 million in a Series D round, elevating its valuation to $4.5 billion. Major investors include Google, Amazon, Nvidia, and Salesforce. The funds will expand the team and further invest in open-source AI development, emphasizing the significance of the open-source community in generative AI.

Meta's Code Llama Unveiled (4-minute read)

Meta has open-sourced Code Llama, a machine-learning system designed to generate and explain code in English. Similar to tools like GitHub Copilot, Code Llama can complete and debug code in various programming languages. The system emphasizes the relationship between code and natural language, aiming to simplify the coding process. Despite its potential, there are concerns about security vulnerabilities and intellectual property issues.

Markets & Money

Workday Earnings Beat Expectations (3-minute read)

Workday's Q2 earnings surpassed analyst predictions, with a revenue increase of 16.3% year-over-year, reaching $1.79 billion. The company's subscription revenue also grew by 18.8% to $1.62 billion. Following the announcement, WDAY stock rose by 4.1%.

Affirm Tops Revenue Forecasts (3-minute read)

Affirm Holdings Inc. reported a net loss of $206 million but surpassed revenue expectations, reaching $446 million. The company highlighted its resilience in a high-interest rate environment and recorded $5.5 billion in GMV.

Apps & Gadgets

YouTube Music Boosts Podcasts (4-minute read)

YouTube Music aims to support RSS feeds by 2023's end, simplifying podcast uploads. The platform will expand podcast availability to more countries and is testing a feature to convert podcasts into videos for the main YouTube platform. For promotion, podcasters must categorize their content within YouTube Studio. The company also plans enhanced podcast discovery and search features, allowing individual show auto-downloads.

Meta Axes Messenger Lite (4-minute read)

Meta discontinues Messenger Lite from the Play Store, the minimalist alternative to Messenger. The recommended replacement, Facebook Lite, lacks key features, frustrating loyal users. Additionally, Meta plans to end SMS support in Messenger by September 2023.

Max Introduces 24/7 CNN Stream (3-minute read)

Warner Bros. Discovery's Max service is launching a 24/7 CNN stream, "CNN Max," on September 27th. Unlike the linear CNN cable, CNN Max will feature both familiar CNN shows and new content tailored for the Max streaming audience.

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