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💰 X: Profitability Foreseen by 2024, CEO Reveals

Today: X: Profitability by 2024 | OpenAI & Jony Ive's $1bn AI Venture | Ray-Ban & Meta's Smart Glasses

Happy Friday, tech enthusiasts!

It's September 29, and the tech world is buzzing. There is much to catch up on. From X's profitability plans to Epic Games' layoffs and Nord's soaring valuation. Ready for more? Let's dive into today's top headlines.

  • X: Profitability by 2024

  • Epic Games Cuts 16%, Sells Bandcamp

  • Nord Security Valuation at $3bn

  • OpenAI & Jony Ive's $1bn AI Venture

  • Microsoft's In-House AI vs OpenAI

  • Ray-Ban & Meta's Smart Glasses

  • and more…

READ TIME: 4.1 MINUTES

Tech Companies

In a recent announcement, X CEO Linda Yaccarino stated that the company, formerly known as Twitter, is expected to turn a profit by early 2024, a significant claim given its previous profitability struggles. Despite facing criticism over decreased user engagement and financial difficulties, including staff cuts and ongoing lawsuits, Yaccarino revealed that 90% of top advertisers have returned to the platform in the past twelve weeks, adding that user time on X has increased since June.

The FTC has reignited its quest against Microsoft's acquisition of Activision. Despite a previously unsuccessful legal challenge, the impending October 18 deadline raises doubts about halting the deal. This follows the UK regulator's preliminary approval of the revised merger.

Google now permits publishers to prevent their content from being utilized as AI training data, enhancing their control over digital information usage.

💡 Why does this matter?

Google's decision to let publishers opt out of AI training data could alter data availability, possibly affecting AI technology advancements.

K.L - Business Edge

Epic Games announced a reduction of 16% of its workforce, predominantly in non-core development roles, as part of cost-saving measures aimed at achieving financial stability. The company also disclosed plans to sell its music platform, Bandcamp, to Songtradr and spin-off advertising business for SuperAwesome into an independent entity.

Epic Games@LinkedIn

Contrary to Elon Musk's claim, X's CEO Linda Yaccarino insists the election integrity team is not disbanded but growing, despite reported job cuts.

Apple is contesting a ruling in the ongoing 'anti-steering' dispute with Epic Games at the U.S. Supreme Court, seeking to maintain App Store purchase protocols.

Startup Scene

Nord Security has garnered $100 million in funding led by Warburg Pincus, raising its valuation to $3 billion. This positions Nord Security for potential expansion and acquisitions.

Nord Security@LinkedIn

AI Corner

Former Apple designer Jony Ive, OpenAI's Sam Altman, and Softbank's Masayoshi Son are in ongoing discussions on launching a $1 billion venture to create the "iPhone of artificial intelligence." This initiative aims to build a device that delivers a more intuitive user experience with AI. However, the project involving Ive's design agency, LoveFrom, is in its early stages, and no deal has been reached yet.

💡 Why does this matter?

OpenAI and ex-Apple designer Jony Ive's possible collaboration could lead to the creation of a revolutionizing AI gadget; the future will tell.

K.L - Business Edge

To reduce costs, Microsoft is developing a cheaper, less powerful AI model, cutting reliance on OpenAI, and is integrating these models into products like Bing Chat.

💡 Why does this matter?

Microsoft's move to develop a cheaper, less powerful AI model signals a significant shift in its business strategy. Tech firms, investors, and workers may see this as an opportunity to rethink their reliance on costly and outsized AI models, potentially creating a new market for more compact, cost-effective AI solutions. It could also stimulate further innovation and competition within the AI industry.

K.L - Business Edge

Apps & Gadgets

Ray-Ban's Meta smart glasses, with advanced features like live streaming, will be updated next year to identify landmarks and translate signs, operating primarily through voice commands.

Image Credits: Darrell Etherington

Google's redesigned At a Glance widget, featuring improved design and functionality, is rolling out to various devices and app versions; however, no new AI features have been discovered yet.

Quick Links

EA has removed all prior FIFA games from major platforms before launching its new branded soccer game, EA Sports FC 24. This follows EA's split with FIFA last year and subsequent new partnerships.

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