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If you’ve been following this newsletter, you’ll notice that I’m a bit curious about artificial intelligence – specifically generative artificial intelligence. I may not be the first person to make this observation, but artificial intelligence is very, I guess that’s their purpose – train them on everything, and mediocrity will surface.
The trick is to only use AI tools for things you yourself are not very good at. If you are an expert artist or writer, it will fail you. But the truth is, most people are not. Great writer, so ChatGPT and its brethren will be of huge benefit to white collar workers everywhere.Well, until we find out together House cleaners have greater job security than office managers or secretariesAt least.
With that cheer in mind, let’s take a sniff through the startup undergrowth and see what tasty treats we can uncover from the depths of TechCrunch’s archives over the past week.
Okay, let’s start with artificial intelligence
I know, this happens every week: I started out with the intention of writing this newsletter, not to get bogged down in AI, and every week, you continue to read our AI news as if your livelihoods depended on it Same thing. Because, well, I guess it’s totally possible.
GPT Store launched by OpenAI enables developers to create Custom conversation AI model based on GPT and sell them in new markets. The initiative aims to expand the accessibility and commercial use of artificial intelligence, similar to how app stores revolutionized software distribution. Developers can not only build AI creations, but also monetize them, opening up a new avenue for innovation and entrepreneurship in the AI field.Of course, this little update—and the fact that the platform is now able to read PDFs and websites natively—is poses a significant threat to startups that previously filled this gap ChatGPT’s products, especially those whose business models are based on such functionality. This reminds us of building a business around another company’s API without a sustainable, standalone product, perhaps: Not the shrewdest business move.
Of course, artificial intelligence isn’t just for startups. During Apple’s fourth-quarter earnings call, the company’s CEO Tim Cook emphasized artificial intelligence as a foundational technology and highlighted recent AI-driven features such as Personal Voice and Instant Voice in iOS 17 mail.He also Confirms Apple is continuing to develop generative artificial intelligence technology -Obviously, but no details revealed.
Heinlein would be shocked: Elon Musk announces Twitter’s Premium Plus subscribers will soon be able to get early access xAI’s new artificial intelligence system Grokpositioning the chatbot as a perk on the platform’s $16-per-month ad-free tier once it exits early beta.
Bro, can you free up a GPU? : AWS launches Amazon Elastic Compute Cloud (EC2) and Capacity Blocks for ML, a new service that Enables customers to rent Nvidia GPUs For a period of time, it was mainly used for artificial intelligence tasks, such as training or experimenting with machine learning models.
From scratch to artificial intelligence founder, just one simple guide: exist”How to bootstrap an AI startupAt TC+, Michael Koch advises founders to maintain control of their startup’s strategy and product through bootstrapping—yes, even in the capital-intensive world of AI startups.
A rocky sea of venture-backed startups
Once an ambitious startup valued at $47 billion, WeWork has Filing Chapter 11 Bankruptcy, highlighting the shocking collapse. The company has more than $18.6 billion in debt, and about 90% of its lenders have agreed to convert $3 billion of debt into equity to improve its balance sheet and resolve expensive leases. , Alex notes what we’ve known all along: Core business makes no sense.
In other risk news…
Former Twitter CEO raises third venture fund: 01 Advisors, the venture capital firm founded by former Twitter executives Dick Costolo and Adam Bain, has secured $395 million in capital commitments for its third fund Aims to invest in Series B startups Focus on business software and financial technology services.
Happy 10th Unicorn Anniversary: Alex reflects 10th anniversary of the birth of the word “unicorn” The term was originally coined on TechCrunch to describe startups valued at over $1 billion.
You get a chip! You get a chip! : In response to the shortage of AI chips, Microsoft is updating its launch support program Provides selected startups with free access to advanced Azure AI supercomputing resources to develop AI models.
Let’s talk about Sam Bankman-Fried
Look, I’m not going to lie, I think most cryptocurrencies are stupid, and I’ve only seen a handful of startups use blockchain in a meaningful way – most of them simply do would do a good job of repository – so I have been following Jacqueline’s coverage of the Bankman-Fried trial with a sense of schadenfreude. It’s human to make mistakes, and startup founders are human, but if you fucking screwed people, you deserve it. Comeuppance you can get.
Sam Bankman-Fried is the co-founder and CEO of cryptocurrency exchange FTX and trading firm Alameda Research (specific naming Doesn’t sound like a cryptocurrency company). He has been found guilty of all seven counts of fraud and money laundering.
The charges relate to a scheme involving the misappropriation of billions of dollars in client funds deposited with FTX and the misleading of investors and lenders in FTX and Alameda Research. After a five-week trial, the jury took just four hours to reach its verdict.
The collapse of FTX and Alameda Research led to the U.S. Department of Justice’s significant indictment of Bankman-Fried about 11 months ago, with executives allegedly stealing more than $8 billion in client funds.
Sentencing will take place in March next year, but if he is fully punished for his actions, he faces a total sentence of 115 years in prison.
Jacquelyn did a great job covering the trial for TechCrunch and deserves it It took me an afternoon to read everything -The details are incredible.
Top reads on TechCrunch this week
The house sometimes wins: Mr. Cooper is a mortgage company, Experiencing a “cybersecurity incident” that resulted in ongoing system outagesThe company said it had taken steps to protect the data and resolve the issue.
I can’t think of any shortcomings of the Hindenburg: The world’s largest aircraft, Pathfinder 1, is an electric airship prototype developed by LTA Research and funded by Sergey Brin. Revealed this weekis expected to usher in a new era of sustainable air travel.
Arrival and departure: Arrival, an electric vehicle startup, aims to revolutionize electric vehicle production through a microfactory model, but is currently facing severe operational challenges, including multiple layoffs, failure to meet production targets, and failure to comply with SEC filing requirements, resulting in Valuation plummets from $13 billion.