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July 23, 2024, 8:05 PM
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Top News

Bloomberg:
Meta debuts Llama 3.1 405B, the “first frontier-level open source AI model”, as well as new Llama 3.1 70B and 8B models, and says it's working on Llama 4  —  The Meta CEO defends both his open source strategy and a massive investment in artificial intelligence.
Mark Zuckerberg / Meta:
Mark Zuckerberg argues that “open source AI” is the path forward, closed models are vulnerable to vendor lock-in and state-backed espionage, and more  —  In the early days of high-performance computing, the major tech companies of the day each invested heavily in developing their own closed source versions of Unix.
The Information:
Sources: Apple is working on a foldable, clamshell-design iPhone that could debut as soon as 2026, and reached out to Asian component suppliers in recent months  —  Apple is working on a foldable iPhone that could be released as early as 2026 and in recent months reached out to suppliers …
Alphabet:
Alphabet Q2: revenue of $84.7B, up 14% YoY, net income of $23.6B, up 29% YoY, Search revenue of $48.5B, up from $42.6B YoY, and headcount down 1% to 179,582  —  MOUNTAIN VIEW, Calif. - July 23, 2024 - Alphabet Inc. (NASDAQ: GOOG, GOOGL) today announced financial results for the quarter ended June 30, 2024.
Jennifer Elias / CNBC:
Google Cloud Q2 revenue grew 29% YoY to $10.35B, vs. $10.2B est.; Cloud exceeded $10B in quarterly revenues and $1B in operating profit for the first time  —  Google parent company Alphabet reported earnings after the bell Tuesday.  —  Here's how the company did, compared with estimates from analysts polled by LSEG:
Jennifer Elias / CNBC:
Alphabet reports Other Bets Q2 revenue of $365M, up from $285M in Q2 2023, a $1.13B loss, up from $813M, and announces a “multiyear” investment of $5B in Waymo
Danny Nelson / CoinDesk:
dYdX says v3, an older version of its DeFi crypto exchange that is reportedly for sale and averages ~$1.5B/week in derivatives trading, “has been compromised”  —  News of the problem emerged just as Bloomberg reported dYdX v3 is for sale.  —  Decentralized crypto-exchange giant dYdX …
Abner Li / 9to5Google:
Leaked images show the upcoming “Google TV Streamer”, a set-top box with a pill-shaped design, to replace the dongle form factor, and an updated, longer remote  —  Back in April, we revealed that Google is working on a sequel to the Chromecast with Google TV (4K) …
CNBC:
Israeli cybersecurity startup Wiz walks away from Google's $23B acquisition offer; Wiz CEO Assaf Rappaport tells staff that Wiz will pursue an IPO as planned
Suzanne Smalley / The Record:
The US FTC seeks info from Mastercard, Accenture, and six other companies related to their “surveillance pricing products” that use personal data, AI, and more  —  The Federal Trade Commission (FTC) announced Tuesday that it has launched an inquiry into how companies surveil consumers …
Andy Greenberg / Wired:
Dragos details a sample of Russia-linked malware used in a hack in January 2024 to target a heating utility in Lviv, Ukraine, cutting service to 600 buildings  —  The code, the first of its kind, was used to sabotage a heating utility in Lviv at the coldest point in the year …
Jess Weatherbed / The Verge:
Adobe rolls out new Illustrator features like Generative Shape Fill, powered by its latest Firefly Vector model now in beta, and new and updated Photoshop tools  —  Adobe is introducing some new tools and generative AI features to its Illustrator and Photoshop design software that aim to help speed up creative workflows.
Todd Spangler / Variety:
Amazon begins rolling out a new UI for Prime Video to help distinguish content included with Prime, update its navigation bar, manage subscriptions, and more  —  And the new UI specifically addresses something that's annoyed Prime Video users for years: Now, according to Amazon …
Mariella Moon / Engadget:
Meta plans to roll out its AI assistant to the Quest in August, limited to US and Canada users in experimental mode, after debuting on the Ray-Ban smart glasses  —  The experimental version of the AI assistant will make its way to Quest headsets in August.  —  Meta's AI-powered assistant …
Ashley Carman / Bloomberg:
Spotify reports Q2 revenue up 20% YoY to €3.8B, MAUs up 14% YoY to 626M, subscribers up 12% YoY to 246M, above est., and €266M operating income; SPOT jumps 12%+  —  Spotify Technology SA shares surged to their highest in more than three years on Tuesday after the Swedish audio …
Chris Morris / Fortune:
Netflix last week reported it is developing 80 games, most “interactive narrative games” based on its IP, and will debut one a month; Netflix offers 100+ games  —  Netflix could be on its way to becoming one of the most prolific video game publishers in the industry.
Bloomberg:
US spot ether ETFs hit over $1B in trading volume across nine funds, a strong debut, but far from the $4.6B traded during the spot bitcoin ETFs debut in January  —  - Trading volume still trailed amount posted by Bitcoin ETFs  — Debuts for two of the funds rank among some of the best ever
Reuters:
Sources: Samsung's HBM3 chips have been cleared by Nvidia for use in its H20 GPU, developed for the Chinese market; HBM3E chips are still being tested  —  Samsung Electronics' (005930.KS) fourth-generation high bandwidth memory or HBM3 chips have been cleared by Nvidia (NVDA.O) …
More: Asia Times

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From Mediagazer

Daniel Thomas / Financial Times:
Trade body data: copyrighted music revenue was $45.5B in 2023, above cinema box office spending of $33.2B in 2023 and $41.9B in 2019; record labels made $28.5B

Lucas Shaw / Bloomberg:
The music industry is entering a cycle of consolidation, driven by a slowdown at the major labels, the growing market for independents, and the rapacity of PE

Max Tani / Semafor:
Sources: CNN is considering making network anchor Kaitlan Collins its chief White House correspondent and relocating her show from New York to DC

More News

Benjamin S. Weiss / Courthouse News Service:
US Senate Majority Leader Chuck Schumer says the Senate will take up the Kids Online Safety Act this week, signaling there's enough support among his colleagues

Earlier Picks

Michael Peel / Financial Times:
Google Research and others detail NeuralGCM, a model combining ML and weather forecasting tools that produced a breakthrough in accurate long-range predictions
Reuters:
India plans to cut import duty on mobile phones and some key parts from 20% to 15%, a move that will directly benefit Apple, as part of its 2024/2025 budget
Bloomberg:
An investigation shows how pedophiles groom children using Roblox, a problem exacerbated by Roblox not collecting any personal information beyond a user's age
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