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Apple shuts down electric car project, pivots to AI. Alibaba invests $1 billion in AI and more layoffs
Sorin Ciornei
February 28, 2024
Welcome, AI enthusiasts
Apple shuts down electric car project, pivots to AI. Alibaba invests $1 billion in AI and recent layoffs from Klarna seems to have worked fine for them.
In today’s newsletter:
Apple shuts down electric car project, pivots to AI
Alibaba invests $1 billion in AI
Microsoft Paint could get Image AI capabilities soon
AI powered work assistant Glean grabs $200M at $2.2B valuation
Tumblr and Wordpress to sell users' data to train AI
OpenAI is hiring lobbists in the EU
Expedia firing 1500 people, Klarna happy to replace 700 people with AI
NEWS OF THE DAY
an electric luxury sedan with the apple logo, photography
What: Apple initially embarked on Project Titan in 2014 with the goal of creating a self-driving electric car. However, internal challenges, leadership changes, and uncertainties about the market viability contributed to the decision to abandon the project.
Key points:
Apple Abandons Electric Car Project: Apple Inc. has decided to cancel its ambitious decade-long effort to build an electric car, marking the end of Project Titan.
Shift to Generative AI: The company will redirect the team, known as the Special Projects Group (SPG), to focus on generative AI projects. This shift in emphasis is under the leadership of John Giannandrea in the artificial intelligence division.
Internal Announcement: The decision was internally disclosed to approximately 2,000 employees working on the project by Chief Operating Officer Jeff Williams and Vice President Kevin Lynch.
Employees' Transition: Team members from the canceled car project will be transitioned to the generative AI division, focusing on artificial intelligence initiatives.
Noteworthy: As we saw yesterday, all the bets are now on AI since you can input it into physical products. Once you have it operational, the direction can change. Why build an electric car when you can ask an AI to help you build it? (sarcasm)
EDITORIAL
Noteworthy: We’re starting a new series, around using AI for your personal or professional life equivalent to having a senior consultant with an MBA background to assist you.
LATEST NEWS
💰 Alibaba Group led the largest single financing round for a Chinese AI startup.
🚀 The investment is part of Alibaba's strategy to rejuvenate its internet empire and pursue growth.
🌐 Alibaba, along with Tencent and Microsoft, is placing significant bets on generative AI technology.
📈 Alibaba led a $1 billion funding round for Moonshot AI, increasing the firm's valuation to around $2.5 billion.
🖌️ Microsoft Paint is receiving a surprise AI upgrade to enhance its capabilities.
🔄 The upgrade is rumored to include a feature called 'LiveCanvas,' offering real-time generative AI art.
🎨 Similar to the Midjourney tool, LiveCanvas allows users to input a text prompt to generate images in various styles.
🚀 Glean, an AI-enhanced work assistant and enterprise search startup, secured over $200 million in a Series D funding round led by Kleiner Perkins and Lightspeed Venture Partners.
💰 The funding round valued Glean at $2.2 billion, marking a significant increase from its unicorn status achieved in May 2023 after a $100 million Series C led by Sequoia Capital.
🤖 Glean's generative AI search tool connects with enterprise applications and databases, providing conversational AI assistants to enhance employee productivity.
📰 Tumblr and WordPress.com are set to sell user data to Midjourney and OpenAI.
📄 Internal documents obtained by 404 Media reveal the impending deals between Automattic (parent company of Tumblr and WordPress) and OpenAI and Midjourney.
OpenAI is hiring lobbists for the EU, most likely in response to the recent EU AI Act that we reported on.
Layoffs continue, today at Expedia - announcing they will lay off 1500 people. These jobs are most likely never coming back - evidence of this is Klarna, who fired 700 people to be replaced with AI who is now sharing information about their success.
MIDJOURNEY PICK OF THE DAY
portrait photography in the style of Kikuji Kawada
Check out our guides on how to generate the best Midjourney pictures, from fashion, nature, street art or illustration.