Friday, May 17, 2024

Welcome to TechCrunch AM! How are we feeling about OpenAI now being able to train its algorithms on Reddit data? Reddit's stock soared after the news, but what do the rest of us get for our efforts? In other news, Zuckerberg's new style is kind of a problem, the EU wants more info from Microsoft on genAI OR ELSE, and CoreWeave raises billions more. Let's dive in! — Rebecca

TechCrunch Top 3

Image Credits: TechCrunch

1. OpenAI 🤝Reddit: Get ready for ChatGPT to get even more conversational. OpenAI can now use the millions of pages of comments and posts on Reddit to train its AI models. Reddit will also get some new "AI-powered features." This is a big deal with huge implications for the future of Reddit, OpenAI, and probably all of us. Read More

2. Finding community on X: The social media service formerly known as Twitter has revamped its Communities feature, which gives users a chance to congregate around topics of interest. You get improved discovery tools, recommendations, search and sorting options. The goal, it seems, is to make Communities into something that could rival Reddit in terms of information accessibility – only this will be for people who pay for X. Read More

3. EU threatens to fine Microsoft: The European Union has warned Microsoft that it could be fined billions, or up to 1% of its global annual turnover, for failing to provide information about the risk of its generative AI tools. Specifically, the Commission is seeking more info on Bing's genAI tools. Microsoft has until May 27 to supply the requested data or risk getting fined. Read More

Morning Must Reads

Image Credits: Seraphim Space

Seraphim Space launches yet another accelerator: U.K.-based VC Seraphim Space is spinning up its 13th accelerator program. Nine companies are participating from across a range of space tech, including propulsion, in-space manufacturing and space situational awareness. The goal is to get these companies "investment ready" over the span of 12 weeks. Hopefully at least some of them reach escape velocity. Read More

Synapse can't get a break: Banking-as-a-service startup Synapse is not having a good time. A U.S. Trustee has filed to convert the company's Chapter 11 bankruptcy into a Chapter 7 liquidation procedure, saying the startup has "grossly" mismanaged its estate. Synapse is apparently hemorrhaging money so badly, there's almost no chance a debt reorganization would allow it to come out the other side intact. Read More

Kudos for maximizing credit card rewards: Kudos has raised $10 million for its AI-powered smart wallet that recommends the right credit card to use so you can maximize rewards and get cash back on purchases. The startup uses AI to suss out your spending habits and provide more personalized financial advice. The startup's CEO says Kudos is like if Apple Pay, Honey and Credit Karma had a baby, which is quite the apt description. Read More

Embedded finance is still hot: British embedded tax startup Ember has partnered with HSBC in the U.K., giving the bank's business customers access to its service. The deal could give Ember hundreds of thousands of customers in a single partnership, and it signals that embedded finance is still very much on trend in fintech. Read More

Around the Web

Bye bye twitter.com: X has officially adopted X.com for its core systems, The Verge reports. So when you type Twitter.com into your browser, you'll be redirected to X.com. I just tried it, and that didn't happen for me. Like much of Musk's takeover of Twitter, the transition hasn't been very smooth this time around either. Read More

Can social media be more fun with no followers? Maven, a new social media platform co-founded by OpenAI alum Kenneth Stanley, aims to provide a healthier alternative to current platforms, reports Wired. Rather than incentivizing people to gather hordes of followers and their likes and attention, Maven wants to create more serendipity in people's lives. The AI concept powering Maven, called "open-endedness," helps users learn more about topics they follow, like computers or consciousness. Read More

CoreWeave raises $7.5 billion: New Jersey-based AI and cloud-computing startup CoreWeave has raised a whopping $7.5 billion from bigwig investors like Blackstone, BlackRock and Carlyle Group, The Wall Street Journal reports. This debt financing round follows a $1.1 billion equity round two weeks ago that valued the company at $19 billion. Read More

Before You Go

Image Credits: Jeff Bottari / Getty Images

The danger of Zuckerberg's fashion sense: Meta CEO Mark Zuckerberg has ditched the gray t-shirt and Roman Emperor Augustus haircut in favor of his natural curls and a gold chain, going from a steal-your-data dweeb to a steal-your-girl dude. TC's Amanda Silberling asks, If Zuck is suddenly a fashionable MMA fighter instead of a nerd profiting off our data, could his style shield him from scrutiny? Read More