| |
| Hello Insiders! Today's business newsletter covers: - ⚖️ Tesla sued by woman who lost her husband in a car accident.
- 🚀 Nvidia's share price reaches an all-time high ahead of its earnings report.
- 📉 Revised U.S. payroll growth rate could feature 500,000 fewer jobs.
Also, tell us how you think businesses can adapt to changing consumer behaviors and preferences here! If you find this newsletter useful, please share it with your friends and colleagues. Thank you. Arbër
p/Arber | |
| 1 | | A woman has sued Tesla over a Model 3 explosion in New York that led to the death of her husband. The woman claims her husband survived the crash but was trapped in the burning vehicle. More: - On March 12, 2022, 46-year-old Jyung Woo Hahn was driving a Tesla Model 3 in Rockland County, New York, when the vehicle malfunctioned, hitting a tree and bursting into flames.
- Firefighters who were present at the site said the fire was tough to put out after the car's lithium-ion battery burst into flames, even after using more than 1,000 gallons of water to extinguish the fire.
- Once a lithium-ion battery is ruptured, a process called thermal runaway happens, which results in the release of flammable gas.
- This gas results in a quick fire that emits toxic fumes.
- The plaintiff, Jiyoung Yoon, claims that Tesla's design, manufacturing, and selling of the car had a direct effect on the death of her husband. Yoon is suing for lost wages, emotional distress, loss of parental guidance, actual damages, etc.
- The lawsuit was filed in the U.S. District Court, Southern District of New York.
|     | |
| 2 | | 
What happened: Nvidia's stock reached an all-time high of $481.77 today ahead of its earnings report on Wednesday. The stock has surged over 320% since 2020, when its share price traded at $106. More details: As artificial intelligence became the hottest trend in tech this year, the California-based chipmaker and AI company benefited the most. Nvidia's gain since October is the largest out of all the S&P 500, as the second biggest gain over this period is 128%. Previously, Nvidia's all-time high share price was $480.88. Founded in 1993, the company now has $26B in revenue and is the first chip company to reach a $1T valuation and only among a few in the world to have done so, joining the likes of Apple, Alphabet, Microsoft, and Amazon. Why it matters: Nvidia has managed to establish itself as the leader in the Artificial Intelligence industry, with growth estimates predicting the company still has considerable room for growth and that its business moat is difficult to replicate. | | | |
| A message from our sponsor, Fount. |  | | Fount brings you elite-level performance optimization and longevity strategies, without the gimmicks or hype. Leveraging proven methods based on our work with Special Operations and top-tier athletes, we analyze your bloodwork, wearable data, and lifestyle factors to craft tailored plans. Our focus encompasses sleep, nutrition, custom supplements, hormone balance, longevity, and stress resilience. Begin a 4-month comprehensive life transformation now. Use code FOUNDER to receive $500 off your first month. Get Started | |
|
| 3 | | A revised U.S. payroll growth rate revision could feature 500,000 fewer jobs than current estimates. Economists expect that the average job growth in the U.S. will still amount to 300,000. More: - According to analysts from JPMorgan Chase, the revision, set to be present on Wednesday, will cut nearly 500,000 jobs from the total employment rate for March.
- This number represents 40,000 fewer jobs per month YoY.
- These statistics are in contrast with last year's numbers when payroll gains consistently exceeded expectations.
- While the 500,000 jobs is the general consensus among analysts, some have estimated that the revision will cut off as many as 650,000 jobs.
- This number would mean that the U.S. job market is doing much worse than previously estimated.
| | | |
| 4 | | Meta has launched SeamlessM4T, an AI tool that can translate and transcribe almost 100 languages. The AI model is open-source. More: - Meta has claimed that it analyzed over 4 billion sentences and 4 million hours of speech in order to train its AI model.
- The content comes from open-sourced content that can be found on the web, a practice that has caused controversy recently as some people do not agree with having publicly available data scraped for AI models.
- Meta claims that SeamlessM4T performed better against background noises and "speaker variations" in speech-to-text tasks compared to the current state-of-the-art speech transcription model.
- It attributes the performance to the combination of speech and text data in the training data set, which Meta believes gives SeamlessM4T a leg up over speech-only and text-only models.
| | | |
| A message from our sponsor, Nudge Security. |  | | Take control of SaaS sprawl with Nudge Security SaaS sprawl getting out of control? We can help. Our patented approach to shadow IT discovery gives you a full inventory of all cloud & SaaS accounts ever created by anyone in your org, in minutes. With this data, you can: - Curb wasteful SaaS spending
- Ensure complete IT offboarding
- Audit use of SSO, MFA and OAuth grants
- Rein in cloud spending and rogue dev accounts
Start taking control of SaaS sprawl now with our free 14-day trial. Try it free! | |
|
| 5 | | IBM has sold The Weather Company's assets to private equity firm Francisco Partners. IBM acquired the company for $2B in 2016. More: - As a part of the acquisition, Francisco Partners will get The Weather Company's apps, such as:
- The Weather Channel mobile,
- Weather.com,
- Weather Underground,
- Storm Radar, etc.
- Since acquiring the company in 2016, IBM has launched multiple new apps and services to complement the Weather Company's properties, such as hyperlocal forecasts, COVID-19 maps, weather forecast services, etc.
- IBM managed to scale The Weather Company's services to more than 415 million monthly users.
- The deal is expected to close by the end of Q1 2024.
| | | |
| 6 | | Anthropic has raised $100M to build a next-generation AI assistant. The company's products are used by Zoom, Slack, Quora, and Notion. More: - Anthropic is an AI research company that develops large-scale AI systems.
- Its first product is Claude, an AI assistant with a built-in constitutional AI and 100,000+ token windows.
- SK Telecom Telecom Venture Capital led the funding round. As part of the funding agreement, Anthropic will develop a multilingual LLM that supports languages such as Korean, English, Japanese, and Spanish for use cases in the telco sector.
- The company is based in San Francisco.
| | | |
| 7 | | Quick Hits: - Toptal's world-class talent lets you future-proof your business with their experts in blockchain, AI, and software development.*
- AMC Entertainment's share price dropped by more than 20% today as the company is set to convert its preferred stock units into common shares.
- Netflix has announced that it would allow DVD-by-mail customers to keep their last batch of orders, as the service will officially close by Sept. 29.
- Coinbase has announced its investment in Circle, the issuer of the USDC stablecoin.
- X, formerly known as Twitter, may remove link headlines soon.
- Join the 10 million+ who have transformed their travel adventures with the power of language. Get 55% off Babbel.*
*This is sponsored content. | | | |
| Upcoming Events | | OCT
10 | | Optimizely is bringing back its annual conference, Opticon, to San Diego! Inside readers get a discount by using the code InsideDeal.* | | | | | | | OCT
16 | | Meet Our Fund 5, Building and Investing in AI | | | | | | * This is a sponsored event | | | |
Term of the Day Subscription business model: Companies that employ a subscription business model charge customers a recurring fee for access to a product or service. Question of the Week Do you share details about your salary with your coworkers? Join the conversation |
INSIDE BUSINESS LEADERBOARD (30 DAYS) |
 | Writer | | Arbër is an Inside writer who also has experience in entrepreneurship. He has experience covering Consumer Tech, Venture Capital, NFTs, Crypto, etc. Arbër holds a Bachelor's degree in Business from XAMK University in Finland. When he is not reading(and writing) business news, he chooses to watch sports or anime...and then read news about sports or anime. | | This newsletter was edited by Aaron Crutchfield | |
| |
| |
|
| |
|
| |
