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OpenAI Unveils Advanced GPT-4o Model, Improves Text, Vision, and Audio Capabilities

Tech brief: 8 | AI: 6 | VC & Startups: 5 | Consumer Tech: 4 | eCommerce :5 | Social: 4 | Fintech: 4

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OpenAI is releasing GPT-4o, its latest generative AI model, with improved capabilities in text, vision, and audio. The model will be integrated into the company's products over the next few weeks. In addition, OpenAI is launching a desktop version of ChatGPT with a new user interface.

Generative AI firm Anthropic is spreading its wings in Europe with multi-language support for its AI assistant Claude. The move follows an extension of its API to European developers. Currently valued at $18.4 billion, the company has confirmed it is raising additional capital. Significant backers include Amazon, Google, Salesforce, SAP, and Zoom, while Mistral AI - another Large Language Model (LLM) firm - is seeking to raise nearly $600 million at a $6 billion valuation.

TikTok is trialing AI-generated search results – a feature named 'search highlights'. Leveraging ChatGPT, the tool provides AI results for relevant user queries with some results linked to an exhaustive page. Also, TikTok has been subtly introducing alpha-level features, such as including Google Search results in its app, to capitalize on users' habit of treating the platform akin to a search engine.

Keith Gill, known as Roaring Kitty and a key figure in GameStop's 2021 surge, returned to social media after a three-year hiatus, renewing excitement on WallStreetBets and causing a sharp increase in GameStop's stock. This resulted in an 82% rise in GameStop share prices, adding over $4 billion to the retailer's valuation, while AMC's stock also rose by 20%.

Uber Technologies is set to purchase the Taiwan division of Delivery Hero-owned Foodpanda for $950 million, paving the way for a potential monopoly in the Taiwanese food delivery market. This deal, expected to close in H1 2025, would be among Taiwan's largest international acquisitions, excluding the semiconductor industry.

Brussels is reportedly preparing new antitrust charges against Microsoft, alleging that it is stifling competition for its Teams videoconferencing app. Despite recent concessions, Microsoft could face fines up to 10% of its global turnover if found contravening EU competition laws. The impending charges mark the end of a decade's truce between the tech giant and EU regulators.

Permira, a private equity firm, is set to take website-design platform Squarespace private in an all-cash deal valued at $6.9 billion, showcasing increased private equity interest in digitization-driven tech firms. Squarespace plans to utilize its newfound flexibility and resources to better equip entrepreneurs to enhance their online brands and customer transactions. The deal is expected to close by Q4 2024 with notable investors Accel and General Atlantic showing support.

OpenAI has made previously subscription-only features free for ChatGPT users; particularly, the ability to develop custom chatbots and access the GPT Store. Initially made available only for paid subscribers, the store allows users to create, share, and monetize chatbots while offering trending bots for scientific research and logo design.


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