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August 5, 2024, 2:40 PM
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Tanaya Macheel / CNBC:
Bitcoin dropped below $50,000, its lowest level since February 2024 and down 17% since August 3, and ether dropped 15% to ~$2,300, as global markets plummet  —  Cryptocurrencies tumbled amid a global market sell-off spurred by recession fears.  —  The price of bitcoin was last lower by 7% …
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:
Apple, Nvidia, Alphabet, Amazon, Meta, and Microsoft stocks led a tech stock sell-off amid US recession fears; AAPL drops 5%, NVDA drops 7%+, and MSFT drops 3%+  —  Apple (AAPL.O) and Nvidia (NVDA.O) led a sell-off in technology stocks on Monday as U.S. recession fears and Berkshire Hathaway's …
Samantha Cole / 404 Media:
Sources: Nvidia scraped sources like Netflix and YouTube to train an unreleased foundational model; concerned staff were told they had full clearance to do so  —  Nvidia scraped videos from Youtube and several other sources to compile training data for its AI products, internal Slack chats …
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.
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 …
Washington Post:
In a letter, the secretaries of state from PA, WA, MI, NM, and MN ask Elon Musk to change X's AI assistant Grok to stop it from spreading false election info  —  Grok, the AI search assistant on Musk's X platform, suggested that Kamala Harris had missed the ballot deadline in nine states.  She hasn't.
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”
Ingrid Lunden / TechCrunch:
Source: Placer.ai, which provides AI-powered market research based on location data, raised $75M at a $1.45B valuation, up from $1B at its Series C  —  Location data, for better or worse, continues to be a part of the bedrock of how apps are built.  Now a startup developing AI market research based …
Michael Moritz / Financial Times:
Silicon Valley's Trump supporters are making the same mistake as all powerful people who back authoritarians: they can't control him, and he won't keep promises  —  The financiers who support him have made the same error as all powerful people who back authoritarians  —  The writer is senior adviser, Sequoia Heritage
Berber Jin / Wall Street Journal:
Investor letter: Josh Kushner says Thrive Capital raised a $1B early-stage fund and a $4B late-stage fund, its largest-ever pair, after backing OpenAI in 2023  —  The fundraising reflects optimism over artificial intelligence despite the startup sector's broader struggles
Bart Meijer / Reuters:
The European Commission says TikTok agreed to permanently withdraw and not replace TikTok Lite's “Task and Reward Programme” in the EU to comply with the DSA  —  ByteDance's TikTok has agreed to permanently withdraw its TikTok Lite rewards programme from the EU to comply …

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About This Page

This is a Techmeme archive page. It shows how the site appeared at 2:40 PM ET, August 5, 2024.

The most current version of the site as always is available at our home page. To view an earlier snapshot click here and then modify the date indicated.

From Mediagazer

Benjamin Mullin / New York Times:
Arkansas PBS severs ties with the PBS network, the first state public TV system to do so since Congress cut CPB funds, citing the annual $2M+ membership cost

Sam Roberts / New York Times:
Arthur L. Carter, who started a Connecticut newspaper in 1981, bought and sold The Nation, and founded the New York Observer in 1987, has died at 93

Pamela McClintock / The Hollywood Reporter:
Disney's Zootopia 2 surpasses $1B at the global box office, the fastest PG-rated film to do so after just 17 days in release

More News

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 misinformation more

Earlier Picks

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
Zach Dorfman / Politico:
A look at Operation Intering, an FBI-led sabotage campaign in the 1980s to secretly ship millions worth of faulty chips to the Soviet Bloc
David Shepardson / Reuters:
Sources: US Commerce Department plans to propose barring Chinese software in autonomous vehicles and some Chinese wireless communications hardware in US cars
Nicholas Carlini:
A Google DeepMind research scientist details some LLM use cases and argues LLMs are not overhyped and should be judged on what they can do, not what they can't
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