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Whatās happening:
š± Apple's AI push falls flat as consumer excitement dips
š¤ Cameron warns of real AGI risks beyond "The Terminator"
š® Feds say no public access to retro games
š VC megadeals rise in 2024, biotech takes lead over AI
š¼ Upwork profits $28M but cuts 21% of workforce
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Hand-picked news:
What: Appleās AI-powered āApple Intelligenceā received a muted reaction following its unveiling alongside the iPhone 16, with limited consumer excitement and a drop in Appleās stock price. The lackluster reception reflects a wider tech trend where AI alone doesnāt seem to be enough to drive smartphone upgrades.
Why: Despite AIās potential, consumers are less inclined to upgrade for incremental features like photo-editing or email assistance, which mirror popular third-party app capabilities. The limited rollout and functionality of Apple Intelligence left users questioning its immediate utility.
Impact: As tech giants push AI to recover major investments, they may need to rethink how AI can genuinely enhance user experience rather than relying on it as a selling point. Apple, known for its polished, purposeful releases, faces pressure to prove AIās long-term value in consumer tech.
What: Filmmaker James Cameron warns that the reality of artificial general intelligence (AGI) could be even more disturbing than depicted in "The Terminator," pointing out its potential to mirror human flaws and operate under corporate motives.
Why: Cameron fears AGI will be developed by tech giants, leading to a world shaped by corporate priorities, surveillance, and possibly digital authoritarianism, leaving society without input on its future.
Impact: As AGI grows, Cameron argues it could exacerbate existing human vices, as well as erode personal autonomy and purpose, likening its development to "the fox guarding the hen house."
What: The U.S. Copyright Office rejected a proposal allowing library-style access to older video games under copyright, asserting that DMCA protections prohibit remote access to these games, even if theyāre no longer commercially available.
Why: Preservationists argued for an exemption to enable digital lending of classic games in museums and libraries, suggesting they could limit access and include copyright notices to protect rights holders. Industry groups opposed this, citing market threats and insufficient safeguards.
Impact: With 90% of pre-2010 games effectively ādeadā to the public, the decision limits researchers and game historians to in-person, restricted access, likely pushing more users toward piracy or emulation to experience lost gaming history.
What: Venture capital (VC) megadeals, defined as funding rounds over $100 million, are surging in 2024, with nearly 240 recorded so far, already surpassing 2023ās total. Surprisingly, biotech and healthcare took the lead with 87 megadeals, outpacing AIās 26 deals, despite AIās substantial growth.
Why: While AI remains popular, biotechās megadeals highlight growing investor interest in sectors like drug discovery and small molecule therapies. Biotech companies, some using machine learning, are securing major backing, drawing classic and tech-focused VCs alike, with deals like Xaira Therapeuticsā $1 billion round leading the way.
Impact: The increase in megadeals signals renewed optimism and resilience in the VC landscape, despite ongoing down rounds and lower valuations at later stages. This trend is encouraging for earlier-stage founders, as valuations for seed and Series A have shown modest recovery, pointing to sustained investor interest in high-impact innovation across industries.
What: Upwork announced a $28 million profit for Q3 2024, alongside a 21% reduction in its workforce, impacting at least 160 employees. The layoffs were confirmed in a WARN filing, affecting roles at Upwork's Palo Alto office and aiming to streamline operations.
Why: CEO Hayden Brown stated that the layoffs are meant to "flatten" the organization and realign resources toward Upworkās top priorities, including automation and risk-taking, with the cuts expected to save Upwork around $60 million annually.
Impact: While profitable, Upwork's cuts highlight the ongoing pressures tech companies face to reduce costs despite positive financials. This follows a similar reduction in 2023, underscoring Upworkās efforts to stay competitive amid economic shifts.
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