Tuesday, September 24, 2024

Welcome to TechCrunch AM! This morning, we're separating the promises from the hype at OpenAI, taking a closer look at a huge SaaS deal, and microwaving popcorn as the WordPress drama escalates. We've also got a cool story on nuclear power's comeback, notes on a startup that makes cybersecurity easier, the uptick of data sovereignty, OpenAI's press account getting hacked, and more. Let's get to work! — Rebecca

TechCrunch Top 3

Image Credits: Haje Kamps / TechCrunch

1. The thin line between promise and hype: Sam Altman's latest post about how AI will save the world punts him past founder mode and into god mode, writes TC's Sarah Perez. She breaks down which of his claims are possible and which are pure zealotry. Read More

2. The WordPress drama continues: WordPress hosting service WP Engine has sent a cease-and-desist letter to Automattic after the latter's CEO (also the co-creator of WordPress), Matt Mullenweg, called it a "cancer to WordPress." The letter has some juicy details, including how Automattic is trying to get WP Engine to pay it a percentage of revenue to use the "WordPress" trademark. Read More

3. M&A in SaaS land: Vista Equity Partners and Blackstone are acquiring successful SaaS workplace collaboration and management platform, Smartsheet, for a whopping $8.4 billion in cash. Read More

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Morning Must-Reads

Image Credits: Romilly Lockyer / Getty Images

🪫 Big Tech's embrace of nuclear power: It appears the stigma around nuclear power has lifted. Big Tech companies like Microsoft are trying to counter their ballooning emissions from running immense AI data centers and meet their carbon neutrality goals by 2030. Read More

🔑 Automating cybersecurity: The growing rate of cyberattacks has been a boon for Torq, a startup that offers enterprise customers a way to automate repetitive, onerous security-related workflows. Torq just closed a $70 million Series C to beef up its go-to-market teams. Read More

💸 Indian fintech is going mainstream: TC got the scoop that fintech startup Jupiter is eyeing roughly a 5% to 10% stake in SBM Bank India. It's part of a broader trend among Indian fintechs and VC firms tying up with lenders in the country. Read More

🇪🇺 Data residency takes off: Countries and regions want more control over their own infrastructure, tech, data and cybersecurity, and GitHub is happy to oblige. The developer platform will now let cloud customers store code in the EU, rather than in the U.S. Read More

🙅 X weakens the block function: Blocking someone on X usually meant they could no longer see your public posts. Not anymore! Soon, even if you've blocked a harasser or stalker, they will still be able to track your public activity thanks to X's new policies. Read More

🎵 Bye, bye TikTok Music: ByteDance is shutting down its music streaming service in November. While TikTok has been a popular way for people to discover new music, the attempt to cross-pollinate between its platforms appears to have been unsuccessful. Read More

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Around the Web

🗣️ Snap integrates Google's GenAI: In its latest AI push, Snap says it will integrate Google's Gemini – which can process video, audio, and text simultaneously — into its chatbot to boost engagement on Snapchat, reports Bloomberg. Read More

📵 No more texting in class: California Governor Gavin Newsom has signed into law the Phone-Free Schools Act, reports The New York Times. The law will require schools to restrict cell phone usage during school hours by July 1, 2026. Read More

🧓 Longevity startups get a boost: As the world's population ages, startups that promise to help us live longer and combat age-related illnesses are getting attention, per Crunchbase. The space is expecting at least one high-profile IPO soon – BioAge Labs. Read More

Before You Go

Image Credits: Bryce Durbin / TechCrunch

🪙 OpenAI's press account gets hacked on X: Crypto scammers hacked the account and posted about a supposedly new OpenAI-branded blockchain token "$OPENAI." The post linked to a phishing site. Read More