Techmeme
August 5, 2024, 10:30 AM

Top News

Tanaya Macheel / CNBC:
Bitcoin drops below ~$50,000, its lowest level since February 2024 and down nearly 16% since August 3, and ether drops 15% to ~$2,300, as global markets plummet  —  Cryptocurrencies tumbled amid a global market sell-off spurred by recession fears.  —  The price of bitcoin sank more than 14% …
Financial Times:
Investor letter: Elliott Management says megacap tech stocks, particularly Nvidia, were in “bubble land”, and AI is “overhyped” and “not ready for prime time”  —  Hedge fund tells clients many supposed applications of the technology are ‘never going to actually work’
Aditya Soni / Reuters:
Bloomberg:
CrowdStrike says Delta CEO Ed Bastian failed to respond to an assistance offer from CEO George Kurtz; CrowdStrike hopes Delta will “agree to work cooperatively”  —  The allegation, in a letter Sunday from attorneys for the technology firm, builds upon CrowdStrike's claim last week …
Evan Gorelick / Bloomberg:
Analysis: the vast majority of damages from July's CrowdStrike global IT outage will go uninsured; CrowdStrike reported nearly 24K enterprise customers in Q1  —  - Insured losses estimated between $300 million and $1.5 billion  — The days-long outage took a $5.4 billion toll on Fortune 500
Anne VanderMey / Bloomberg:
AI chip startup Groq raised a $640M Series D led by BlackRock at a $2.8B valuation, up from $1B after raising $300M in 2021, and adds an Intel executive as COO  —  Cisco and Samsung invested in the $640 million deal  —  Artificial intelligence startup Groq Inc. has raised $640 million in new funding …
Rachael Levy / Reuters:
Elon Musk says Neuralink has implanted its device in a second trial patient, who had a spinal cord injury, and 400 of the implant's 1,024 electrodes are working  —  Neuralink has successfully implanted in a second patient its device designed to give paralyzed patients the ability …
Wall Street Journal:
Sources: OpenAI developed a watermarking method for detecting text written by ChatGPT with 99.9% reliability, but its launch has been mired in internal debates  —  Technology that can detect text written by artificial intelligence with 99.9% certainty has been debated internally for two years
Alex Wickham / Bloomberg:
The UK says “there's no justification” for Elon Musk saying that “civil war is inevitable”, and calls on social media companies to moderate more misinformation  —  UK Prime Minister Keir Starmer's administration hit out at the suggestion by the billionaire Elon Musk …
Cade Metz / New York Times:
Elon Musk revives his OpenAI lawsuit, filing a complaint in California to allege that OpenAI, Sam Altman, and Greg Brockman breached OpenAI's founding contract  —  The Tesla chief executive has renewed claims that the A.I. start-up put profits and commercial interests ahead of the public good.
Bloomberg:
An interview with Mark Zuckerberg on laughing at the memes about him, rebranding Facebook as Meta, learning from the mobile era, Llama, his hobbies, and more  —  Now in his 40s, Meta's CEO says he's more comfortable in the spotlight but just as focused on breaking his company's reliance on Apple.
More: KnowTechie
Bart Meijer / Reuters:
The EU Commission says TikTok agreed to permanently withdraw TikTok Lite's “Reward programme” in the EU to comply with the DSA and not launch a similar program  —  ByteDance's TikTok has agreed to permanently withdraw its TikTok Lite rewards programme from the EU to comply …

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