48.6% discount on Swiggy | JOMO for 9th May
In today’s JOMO: Swiggy’s valuation cut in half, Linkedin says bye bye to China and ONDC hype
🗞In the news
LinkedIn cuts over 700 jobs, phases out China app as demand wavers
LinkedIn also said it was eliminating the slimmed down jobs app that it offers in China after it decided in 2021 to mostly withdraw from the country, citing a "challenging" environment. The remaining China app, called InCareers, will be phased out by Aug. 9, LinkedIn said.
Reuter: https://www.reuters.com/technology/linkedin-cut-716-jobs-phase-out-china-local-jobs-app-2023-05-09/
Wonder what’s the China equivalent of Linkedin? Where do they do their thought leadership 😬
🤑🚀Startups, funding etc
Invesco cuts Swiggy valuation by half to $5.5 billion
This revised valuation, as of January 31, 2023, represents a striking 48.6% decrease from the $10.7 billion valuation Invesco had previously attributed to the startup during a funding round the Atlanta-headquartered firm led last year.
TC: https://techcrunch.com/2023/05/08/invesco-cuts-indian-food-delivery-giant-swiggys-valuation-to-5-5-billion/
Maybe this section should be called ‘Reverse funding’
🤩New products, features, launches
Apple announces Final Cut Pro and Logic Pro coming to iPad later this month
Apple says both Final Cut and Logic for iPad have been designed with a touch-first interface that turns the iPad into the ultimate mobile studio
9to5Mac: https://9to5mac.com/2023/05/09/final-cut-pro-logic-ipad/
Game changer possibly for iPad, especially of creators. Can’t wait for an MKBHD video on it. Check out the intro video:
IBM intros a slew of new AI services, including generative models
At its annual Think conference, the company announced IBM Watsonx, a new platform that delivers tools to build AI models and provide access to pretrained models for generating computer code, text and more
TC: https://techcrunch.com/2023/05/09/ibm-intros-a-slew-of-new-ai-services-including-generative-models/
Not really sure about the name, something feels off… watsonx. Also a very boring launch video. So much gyaan
Truecaller aims to help WhatsApp users combat spam
Reuters: https://www.reuters.com/technology/truecaller-aims-help-whatsapp-users-combat-spam-2023-05-08/
🤔Interesting read
Spotify ejects thousands of AI-made songs in purge of fake streams
The Boomy songs were removed because of suspected “artificial streaming” — online bots posing as human listeners to inflate the audience numbers for certain songs. Spotify recently took down about 7 per cent of the tracks that had been uploaded by Boomy, the equivalent of “tens of thousands” of songs, according to a person familiar with the matter.
FT: https://t.co/j8VXsrYhFO
This IS IT. AI making songs for AI and Humans removing them
Speed Trap: How Google tried to fix the web — by taking it over
Google promised to create a better, faster web for media companies with a new standard called AMP. In the end, it ruined the trust publishers had in the internet giant.
Verge: https://www.theverge.com/23711172/google-amp-accelerated-mobile-pages-search-publishers-lawsuit
Extraaa long read
ONDC vs Zomato-Swiggy
The government-backed Open Network for Digital Commerce (ONDC) is being seen as a serious threat to food delivery majors Zomato and Swiggy
ET: https://economictimes.indiatimes.com/tech/newsletters/tech-top-5/explained-ondc-vs-zomato-swiggy-linkedin-fires-716-employees-in-fresh-round-of-layoffs/articleshow/100103187.cms
Serious threat, really? This almost feels like all the media houses ‘influencers’ were brought in and ‘asked’ to write about the ‘massive discounts’ Feels artificial. Also have you tried it? Also is the govt funding discounts on jalebis? Why?
😎Cool Products, websites and tools
Youtube Summarizer by Spext
Summary, search & automated chapters for any Youtube video
https://www.spext.co/youtube-summarizer
📊Poll for the day
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Curated from:
Morning Brew, Verge, Techcrunch, Techmeme, CNBC, Hacker News, Product Hunt and more