AI Startup Perplexity Targets $1B Valuation with New Funding

Perplexity is a year-old AI startup whose conversational “answer engine” has gained attention as a potential challenger to conventional search. Two months ago the venture raised $73.6 million in Series B funding from investors including Nvidia and Amazon founder Jeff Bezos via his Bezos Expeditions, resulting in a valuation of about $520 million. Now the company is said to be finalizing another cash infusion that is predicted to double its valuation to roughly $1 billion. The current financing round is reportedly being led by former Y Combinator partner Daniel Gross through his own investment fund. Continue reading AI Startup Perplexity Targets $1B Valuation with New Funding

Reddit Announces IPO on Heels of Expanded Deal with Google

Community message board and social news aggregator Reddit, founded in 2005, has filed to go public on the New York Stock Exchange in an IPO observers say may be complete in a matter of weeks. It is the first social media company to go public in many years, with Snap Inc.’s 2017 offering cited as the most recent stock market splash. Reddit’s bankers are reportedly seeking a $5 billion valuation, about half the $10 billion it was valued at for a 2021 private funding round. Reddit filed with the SEC the same day it announced an “expanded partnership” with Google to use Vertex AI. Continue reading Reddit Announces IPO on Heels of Expanded Deal with Google

X to Launch Paid Tiers in Next Move Toward ‘Everything App’

Elon Musk’s X social media service will soon launch two new monthly subscription tiers, a $16 X Premium+ plan with no ads, and a budget-priced $3 option with “most” of the same features “but no reduction in ads.” Musk had for some months been discussing new paid subscription options as part of an effort to fight spam and bots on the platform. In November, the company began offering an $8 monthly X Premium subscription (formerly Twitter Blue) that includes blue check verification and the promise of some boosted post exposure. Musk is also envisioning a digital wallet with financial services, business applications to compete with LinkedIn, and a news wire service. Continue reading X to Launch Paid Tiers in Next Move Toward ‘Everything App’

Google Links Bard AI to Apps Including YouTube, Docs, Drive

Google is implementing a plan to help its Bard AI become more competitive with OpenAI’s ChatGPT. Bard Extensions will allow English-language users to expand the chatbot’s knowledge repository to data from various Google apps, including Gmail, Google Docs, Google Drive, Google Maps, YouTube, and Google Flights and hotels, or even information stored “across multiple apps and services,” Google says. The update boosts search engine capabilities with the travel features, while providing some functionalities of a personal assistant by letting it identify missed emails or summarize the relevant points in a document. Continue reading Google Links Bard AI to Apps Including YouTube, Docs, Drive

Meta’s Threads Adds Updates, Aims to Suppress Bot Attacks

Threads released an iOS update this week that automates the ability to translate posts into foreign languages. The Instagram spinoff also added a follows tab to the activities feed, where replies and mentions are displayed. Also new to iOS is the ability to access a list of any user’s Instagram followers, to subscribe to “unfollowed” users, and tappable repost labels. While Threads has prompted shock and awe by hitting 100 million downloads within five days of its July 5 launch, and is now at about 150 million, there are reports of dips in user activity. Meanwhile, the new platform has followed Twitter in introducing tighter rate limits. Continue reading Meta’s Threads Adds Updates, Aims to Suppress Bot Attacks

ChatGPT, the Fastest Growing App, Intros Subscription Plan

OpenAI is piloting a $20 per month subscription plan called ChatGPT Plus for its text-generating chatbot. The paid plan offers benefits over the free version that include faster response times, access to ChatGPT even during peak periods and early access to new features. OpenAI will soon begin inviting U.S. customers to subscribe and said it plans to offer the Plus plan in more territories. Since debuting ChatGPT, the company has received feedback from “millions of people” using the viral to draft prose, edit content, brainstorm ideas, educate and assist with programming. Continue reading ChatGPT, the Fastest Growing App, Intros Subscription Plan

Big Five Tech Companies Dominate the Rise in Stock Market

The S&P 500 achieved record heights via the 37 percent rise in shares of the Big Five tech companies in the first seven months of 2020. Apple, Amazon, Alphabet, Microsoft and Facebook, the five largest publicly traded companies in the U.S., now account for 20 percent of the entire stock market’s total value. Meanwhile, according to Credit Suisse, all other stocks, fell a combined 6 percent. Apple’s valuation hit $2 trillion, the first U.S. company to do so, and only 21 weeks after its $1 trillion valuation. Continue reading Big Five Tech Companies Dominate the Rise in Stock Market

Chip Sales Surge as Screen Time Increases During Pandemic

As a result of the global shutdown, personal and business Internet usage is way up. SimilarWeb reported that users spent an additional 5 billion hours of screen time in March — a 13 percent leap over February — on the 100 most popular sites, including Facebook and Google. Likewise, Amazon, Netflix and YouTube are thriving. That’s led to a surge in demand for chipsets. Micron Technology chief executive Sanjay Mehrotra said his company is shifting production of its chips away from smartphones and towards data-center products. Continue reading Chip Sales Surge as Screen Time Increases During Pandemic

Facebook Strategizes Ways to Draft Off Instagram’s Growth

Instagram is threatening to overshadow its parent company Facebook. The platform now has 1 billion users, more than Facebook had when it bought Instagram for $715 million, and, according to Bloomberg Intelligence, is worth more than $100 billion. Most critically, Instagram appeals to a younger demographic, which Facebook needs to keep growing. Other Facebook users are also gravitating to Instagram’s more lighthearted photo and video app, in the wake of Facebook’s involvement in privacy and political scandals. Continue reading Facebook Strategizes Ways to Draft Off Instagram’s Growth

Android Users Are Spending Less Time with Social Media Apps

SimilarWeb examined the amount of time Android users in nine countries spent on social apps Facebook, Instagram, Twitter and Snapchat during the first three months of 2016 and found that there has been a year-over-year decline. Facebook-owned Instagram saw the most significant drop of 23.7 percent (36.2 percent in the U.S.), followed by Twitter and Snapchat. Facebook was down 8 percent overall, 6.7 percent in the U.S. However, Facebook users in the U.S. spend a daily average of more than 45 minutes with the app. “Meanwhile, Facebook’s messaging apps — WhatsApp and Messenger — increased installs, up 15 percent and two percent respectively,” notes CNBC. Continue reading Android Users Are Spending Less Time with Social Media Apps

DraftKings and Fan Duel Get Temporary Reprieve in New York

On Friday, a New York judge granted the state attorney general’s injunction to bar daily fantasy sports companies FanDuel and DraftKings from operating in the state. Then, hours later, an appeals court judge allowed the companies to continue to operate until at least January 4, when the legality of the games will be further considered. The appeal was granted based on the argument of the DraftKings lawyers who said that even a temporary shutdown would irreparably harm the company. Continue reading DraftKings and Fan Duel Get Temporary Reprieve in New York