One Thing Today in Tech
-
OpenAI developing explainability tool; IBM releases Watsonx AI; Nintendo Switch sales fall
Researchers at OpenAI, the company that made ChatGPT, have open-sourced datasets from a nascent effort aimed at building an automated tool to explain how large language models work. They discussed their efforts in a paper they published yesterday on their website. IBM, at its annual think conference yesterday released a new AI platform and tools. And for fans of the Nintendo Switch, the eponymous company's latest results won't bring any cheer. Sales of the hand-held console have dropped, dimming the prospect of an update to the product
-
LinkedIn lays off 716 staff; Google I/O to spotlight generative AI; Razorpay to shift domicile to India
LinkedIn is cutting 716 jobs, about 3.6 percent of its staff, to streamline its operations. It will also phase out its local jobs app in China, InCareers. Google is expected to announce several generative AI updates at its annual developer conference, tomorrow, including the launch of a general-use large language model called PaLM 2, which incorporates over 100 languages and has been operating under the internal codename "Unified Language Model", CNBC reports. And Razorpay is moving its legal base back to India, ET reports
-
Tata Steel UK faces carbon transition challenge; 3One4 Capital raises $200 mln for a fourth fund
Tata Steel has warned that its UK business faces "material uncertainty" due to market conditions and the level of government support, BBC reports. That support is related to the need for the company's steel factories to transition to newer technologies and processes that will result in lowering carbon emissions from the plants. Bengaluru VC firm 3One4 Capital has raised $200 million for its fourth fund, TechCrunch reports. The company has garnered half the commitment from local investors, according to the report
-
Apple beats street estimates on strong iPhone sales; CEO Tim Cook sees India at "tipping point"
Apple reported its fiscal second-quarter earnings yesterday that beat market expectations, helped mainly by stronger-than-anticipated iPhone sales, but also an increase in its services business.
Sales were down overall, however. Sales in India set a March-quarter record, CEO Tim Cook told analysts in a conference. The country, where Apple recently opened two of its brick-and-mortar stores, was a "major focus" for Apple and he felt it was at "a tipping point," with large numbers of people entering the middle class -
Google starts rolling out passkeys; Indian fintech projected to $1.5 tln by 2030; Pando raises $30 mln
Google has started rolling out passkeys as an alternative to passwords for signing into its platform, the internet search giant said in a blog post yesterday. Pando, a supply chain software company, has raised $30 million in its Series B funding round, bringing the total capital raised to $45 million. Also in this brief, Infosys makes an ecosystem play in banking and financial services with a new report; fintech is estimated to hit $1.5 trillion in India by 2030; and Kazam, an EV infrastructure management platform provider, has raised $3.6 million from Avaana Climate Fund
-
AI's 'Godfather' quits Google; Samsung restricts ChatGPT; IBM could replace 7,800 jobs with AI — report
Geoffrey Hinton, a leading figure in artificial intelligence (AI), has resigned from Google, warning of the dangers of the field; Samsung has temporarily restricted the use of generative AI, including ChatGPT, for its employees due to cases of misuse of the technology; and IBM CEO Arvind Krishna has announced that the company expects to pause hiring for certain roles, as approximately 7,800 jobs could be replaced by artificial intelligence (AI) and automation in the coming years, Reuters reports. Also in this brief, Freshworks, India's second biggest SaaS company, beats street expectation
-
UK says no to Microsoft Activision deal; Nasscom highlights India's dismal show in patent filings
India accounts for an insignificant share of patents worldwide, an analysis by Nasscom shows. In a report titled Unpacking Indians IP landscape, Nasscom pointed out that China accounted for 46.6 percent of all patents filed in 2021, as applications returned to pre-Covid levels. The US, Japan and South Korea are other major patent filers. India had a dismal 1.8 percent. Also in this brief, UK's competition authorities have blocked Microsoft's $68.9 billion deal to buy Activision Blizzard; and Infosys and Walmart team up on a software solution for retailers
-
Google Cloud turns first profits; Microsoft tops estimates; Capria marks first close of new $100 mln fund
Microsoft and Google both surprised the street yesterday, beating analysts' estimates. Google also saw its cloud business turn a profit for the first time since the unit's launch. Also in this brief, Microsoft's Anant Maheshwari is named Nasscom chair; WhatsApp can now be used on multiple phones; Xerox to donate PARC to SRI; and Capria Ventures announced the first close of its second fund, which has a target of $100 million, to continue to invest in tech-led startups in the "global south," the VC firm said in a press release
-
Apple opens second India store today; committed to growth in the country, CEO Tim Cook says
Apple opens its second company-owned retail store in India today, in New Delhi. CEO Tim Cook who's visiting India after seven years, shared a picture on Twitter from a meeting with Prime Minister Narendra Modi yesterday and said the company is committed to the country's tech vision. Also in this brief, JLR is to invest $15.7 billion more in its EV plan over the next five years. Wipro follows LTIMindtree in asking freshers to take additional assessments. And Cognizant is rolling out its third pay hike to eligible staff in 18 months, Times of India reports
-
Elon Musk starting an AI venture — reports; SpaceX Super Heavy rocket test as early as today
Elon Musk, once a large backer of OpenAI, is planning to launch an artificial intelligence startup of his own, CNBC reports, citing an article in the Financial Times from Friday last that is behind a paywall. The company is called X.ai, according to the Wall Street Journal, which also reported the news, citing a filing in the US state of Nevada. Musk is listed as a director of the new company, according to the journal. Also in this brief, Vivo plans to expand smartphone manufacturing in India, and PC sales are headed for a slump in the country
-
TCS Q4 growth hit by negative sentiment among US customers; CEO Rajesh Gopinathan to exit June 1
Tata Consultancy Services kicked off the Indian IT services sector's fiscal fourth-quarter earnings yesterday, reporting that clients in the US, the sector's biggest market, were holding back on discretionary spending and that an expected pickup from the previous quarter didn't materialise. Growth was led by a strong performance in the UK, and the company ended the fiscal year 2023 with 6,14,795 employees. Also in this brief, pi Ventures gets a commitment from SIDBI for its next early-stage tech startup fund