Startup Shakeups, AI Advances, and Big Tech Troubles - SVC 11/13/23

Big Tech in the Hot Seat

The Google antitrust trial continues to unveil juicy details, with a recent witness revealing that Google gives Apple a 36% cut of search ad revenue generated on Safari. This provides insight into the lucrative deal Google has struck with Apple to remain the default search engine on iPhones.

Meanwhile, Trump's Truth Social platform is struggling to take off, having generated only $3.7 million in revenue against $73 million in losses so far. The app's shaky financials raise doubts about its viability as a business.

Exxon Bets on EVs

In a major strategic shift, Exxon announced it will start producing lithium in Arkansas in 2027 to supply electric vehicle batteries. The oil giant is aiming to capitalize on the global transition to EVs through lithium production. However, some view this as a belated move as other automakers and battery manufacturers have already made huge investments in EVs.

VC Frenzy Continues

Venture investment shows no signs of cooling off, with mega-fundings for startups pursuing digital manufacturing, blockchain payments, solar energy, and more. Highlights include:

- Divergent Technologies raised $230M to further develop AI-powered industrial design and manufacturing tech.

- Fnality International secured $95.2M for its blockchain-based wholesale banking payments network.

- Monument Bank landed $49.1M to scale its digital bank.

- Otovo received $42.8M to accelerate solar panel installations across Europe.

In People News...

- OpenAI CEO Sam Altman expects more funding from Microsoft, a key partner enabling its compute-intensive AI research.

- Jeff Bezos' fiancée Lauren Sanchez "blacked out" from the surprise when he proposed with a giant diamond ring.

- Amazon Games saw major layoffs as it reshuffles the division.

- Melinda French Gates called for more women VCs, noting women founders received only 2.4% of VC dollars in 2021.

And in Tech & Culture...

- AI chatbots promise they won't ever ghost you.

- An AI-discovered drug could be the first of its kind to reach human trials.

- Some tech workers are secretly managing multiple full-time remote jobs at once.

- Malcolm Gladwell's podcast startup faces financial woes despite his fame.

- Doritos developed AI to mute the sound of crunching on video calls.