Meta earnings, Dropbox cuts 16%, generative AI tool for lawyers raises $21M Series A

Meta Q1 earnings: revenue: $28.6B (+3% y/y), net income: $5.7B (-24% y/y); Family daily active people (DAP): 3B (+5% y/y), Facebook DAUs: 2B (+4% y/y), headcount: 77.1K (-11% y/y), shares were up ~14% on Thursday morning - Link

Dropbox CEO Drew Houston announced the company would be cutting ~500 employees (16% of staff) due to slowing growth and a larger reliance on developing AI-powered offerings - Link

Harvey, a generative AI tool for lawyers built on top of GPT-4, raised a $21M Series A led by Sequoia; the startup has a waitlist of 15K law firms - Link

Pinecone Systems, a NY-based startup that builds vector databases that act as long-term memory for LLMs, raised $100M at a $750M valuation; customers include Shopify, HubSpot, and Zapier - Link

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Vinny and Sunny join Jason to discuss the three phases of AI adoption and the emergence of new business models (1:55), which leads to a conversation about Grimes open-sourcing her AI-generated vocals before debating whether the government should regulate AI (24:57). They wrap with a conversation about AI’s technical constraints, OpenAI’s transparency issues, and the future of startups (39:31). - Link

Bloomberg sources: DraftKings, a popular online sportsbook, plans on launching an ad-supported streaming service over the next few weeks, featuring video podcasts it sponsors - Link

Clara, a Mexico-based startup building a spend management platform, raised a $60M Series B extension led by GGV; the company has 10K customers across Latin America - Link

Katmai, a NY-based startup building a 3D virtual office platform for the metaverse, raised a $22M Series A led by Starr Insurance Companies - Link

Over the next three years, PwC plans to invest ~$1B in generative AI by integrating it into its business practices and consulting clients on using AI more effectively - Link

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