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- JPMorgan acquires First Republic’s deposits, OpenAI completes $300M share sale, Arm confidentially files for IPO
JPMorgan acquires First Republic’s deposits, OpenAI completes $300M share sale, Arm confidentially files for IPO
JPMorgan Chase has acquired all of First Republic's ~$93.5B in deposits and most of its assets for ~$10.6B in the second-largest bank failure in US history, in a deal orchestrated by CA regulators and the FDIC - Link
TechCrunch sources: OpenAI completed a $300M share sale at a valuation between $27B-$29B; investors include Tiger Global, a16z, Thrive, and K2 Global - Link
SoftBank-owned Arm has confidentially filed to go public in the US this year, aiming to raise between $8B-$10B; no price range has been determined; Arm was set to be acquired by Nvidia for ~$40B last year, but the deal fell through due to regulatory pressures - Link
FT sources: Turkey-based instant delivery app Getir is in talks to acquire its German competitor Flink; at the same time, Flink is reportedly engaged in negotiations to raise $100M at a $1B valuation - Link
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TechCrunch's Alex Wilhelm joins Jason to break down the big tech's Q1 earning reports (0:53). They discuss Google's culture of entitlement, Microsoft's AI momentum, Meta's year of efficiency, how Amazon may be in for a few quarters of pain, and Snap's double-digit drop (21:11). - Link
The union representing Hollywood screenwriters is seeking to regulate the use of AI-generated content - Link
Microsoft launched its AI-powered design editing tool, called Designer, which uses a combination of user-generated content and DALL-E 2 to generate new images, and features a Canva-like editing interface - Link
Forbes sources: Apple's recently-launched high-yield savings account, which offers a 4.15% APY, brought in ~$990M in deposits over its first four days of operations - Link
Two dozen healthcare staff across two US university hospitals are piloting GPT-3 to draft responses to patient questions, with the intent of responding faster - Link
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