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| Here's your daily Tech briefing: - Biden administration identifies regional tech hubs for potential federal funding.
- Apple could reveal M3-powered iMac later this month.
- The CEO of Web Summit has stepped down.
- China is investigating Foxconn.
Beth
p/beth-duckett | |
| 1 | | To drive tech innovation across the U.S., the Biden administration has named 31 regional "tech hubs" that will compete for a share of $500M in federal funding. The tech hubs, located in 32 states and Puerto Rico, aim to diversify the tech landscape beyond traditional hubs like Silicon Valley, Seattle, and Boston. More: - The hubs cover a range of tech fields, including quantum computing, artificial intelligence, clean energy, medicine, and biotechnology.
- Commerce Secretary Gina Raimondo expects the designations to attract private investment, boost job creation, and drive economic growth across the country.
- The program could encourage more well-paying jobs across the U.S. and help the country stay ahead in emerging technologies.
- Funded through a $10B authorization from last year's CHIPS Act, the program will distribute $500M in grants this year, with five to 10 tech hubs eligible for up to $75M each.
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| 2 | | Apple is gearing up for a Mac-focused product launch by the end of October, with a possible unveiling of a new 24-inch iMac, according to Bloomberg's Mark Gurman. Any new releases could uplift Apple's slowing Mac sales revenue, which stood at about $6.84B in Q3 2023, down from $7.38B in the same quarter the prior year. 
Details: Apple retail stores are facing shortages of the iMac, 13-inch MacBook Pro, and high-end MacBook Pro, with shipping delays until November, hinting that new releases are imminent, according to Gurman. The current 24-inch iMac, powered by the M1 chip, is overdue for a hardware update. Released in April 2021, it is the last Mac of the current generation with the M1 chip. According to Gurman, the upcoming iMac will feature Apple's M3 chip, skipping the M2 chip in the lineup. When: Gurman expects Apple to announce the refresh on Oct. 30 or 31, followed by Apple's earnings call on Nov. 2. Gurman also reaffirmed rumors of M3-equipped MacBook Air models coming in early 2024 and a larger "Pro" iMac with a 32-inch display slated for late 2024 or 2025. Q: What features or improvements would you like to see in the new Macs? Join the conversation here. | | | |
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| 3 | | Paddy Cosgrave stepped down on Saturday as CEO of the Web Summit tech conference following controversy over his comments on the Israel-Hamas war. Cosgrave's comments led to the withdrawal of major speakers and companies from the event, including Google, Meta, Intel, Siemens, and Stripe. More: - Cosgrave resigned just over a week after making comments on X, where he criticized Israel's actions in Gaza.
- While he later apologized and clarified his stance, Cosgrave said his comments became a "distraction."
- The flagship Web Summit is still scheduled for Nov. 13-16 in Lisbon, and the organization is in the process of appointing a new CEO.
- A spokesperson said some companies that withdrew their participation were reconsidering.
- Organizers expect up to 70,000 participants, with 50 new speakers, 200 media partners, 2,600 startups, and 800 investors expected to attend
Zoom out: - Cosgrave, who co-founded Web Summit in 2009, retains an 80% ownership stake while an executive committee oversees the business.
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| 4 | | Chinese authorities are investigating Foxconn, a major Apple supplier, across four provinces, conducting tax audit inspections and reviewing its land use. The Taiwanese manufacturing giant, also known as Hon Hai, has pledged cooperation with the investigations. According to Reuters sources, the probe may have been disclosed for political purposes. More: - Chinese tax authorities have audited Foxconn's subsidiaries in Guangdong and Jiangsu, and the natural resources ministry is investigating its land use in Henan and Hubei provinces.
- According to a Reuters source, the investigation was revealed by a state-backed paper for political reasons related to Taiwan's upcoming presidential elections.
- Terry Gou, the founder of Foxconn, recently declared his candidacy as an independent.
- Gou could divide the opposition vote, possibly handing a win to the leading candidate, Vice President Lai Ching-te, whom Beijing strongly opposes.
Zoom out: - Foxconn is the world's largest contract electronics manufacturer and an assembler of products like Apple's iPhones.
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| 5 | | OpenAI is in talks to sell employee shares in a move that would boost its valuation above $80B, nearly triple what it was six months ago. Thrive Capital is leading the tender offer to buy the existing shares from OpenAI employees. If the valuation holds, Microsoft-backed OpenAI could rank among the world's most valuable privately held companies, surpassing Stripe and Shein. More: - The tender offer would allow OpenAI employees to sell up to $1B worth of shares, though the final amount could be lower as some employees might decide to keep their stock.
- The new secondary deal could boost OpenAI's valuation by at least 175% since its $300M raise in the spring.
- This translates to a 2.75x increase in value within six months, valuing the startup at roughly 60x its annualized revenue.
- Microsoft, a 49% owner in OpenAI, made a $10B investment in the company in January, followed by the March tender offer that placed OpenAI's valuation at $29B.
Zoom out: - OpenAI's offer of employee stock could help it compete for AI and engineering talent and stay competitive against rivals like Google and Amazon.
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| 6 | TikTok is testing 15-minute video uploads in select regions, extending the previous 10-minute limit as the platform shifts toward longer-form content. Matt Navarra, a social media consultant, shared a screenshot of the feature, which allows users to upload longer videos on both the TikTok app and on desktop. More: - In 2017, TikTok extended its video length from 15 seconds to 60 seconds.
- The company later expanded to 10 minutes, up from 3 minutes, in February 2022.
- Currently, for videos longer than 10 minutes, creators guide viewers to a "Part 2" video.
- TikTok is testing the new upload limit with select users in specific regions, with no announced plans for a broader release
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- Samsung plans to bring advanced generative AI features to the Galaxy S24 series to create the "smartest AI phones ever."
- Meta's AI research team has released Habitat 3.0, an advanced AI simulation environment for teaching robots real-world interactions.
- TikTok owner ByteDance has dismissed rumors about a potential shutdown of virtual reality startup Pico, which it acquired in 2021.
- Tinder launched a new "Matchmaker" feature that lets users invite family and friends to make match recommendations without needing a profile.
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 | AI and technology writer | | Beth is an editor and writer of Inside's AI and Tech newsletters, with a career spanning journalism since 2007. She has written for publications including The Arizona Republic and USA Today and authored a book on the solar industry in 2016. Reach her at Beth.Duckett@yahoo.com. | | This newsletter was edited by Eduardo Garcia | |
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