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Anthropic retracts details of $69 billion IPO filing sent to bankers. Why analysts are raising worries over valuations
Anthropic initially shared its IPO filing details but later retracted the information due to inaccuracies. The company aimed to sell approximately 867 million shares priced between $70 and $80 each. A follow-up email clarified that these pricing details were incorrect. Anthropic indicated that an updated filing would be provided later. The company has chosen not to provide further comments regarding the situation.
Sarvam names Google Cloud India head Sashikumar Sreedharan as president & chief business officer
Sashikumar will additionally join Sarvam's board of directors. He will lead the company's business across enterprises and government, while expanding its engagement with digital-native companies, developers and partners.
Why Big Tech companies Microsoft, Google, Meta and others are opting for voluntary buyouts
In response to fluctuating market demands, Meta has rolled out voluntary exit packages in France aimed at workforce restructuring. This initiative is part of a broader trend as tech giants like Google and Microsoft implement similar measures globally to optimize costs. These packages offer employees the choice to depart with financial incentives and transition support, showcasing a more favorable approach compared to traditional layoffs amidst economic uncertainty.
Sam Altman on why India is optimistic about AI, while the US is sceptical
Sam Altman, CEO of OpenAI, recently praised India's swift embrace of AI, identifying it as ChatGPT's largest market. He observed that Indian users are innovatively utilizing AI to address challenges and foster entrepreneurship. In stark contrast, Altman noted the prevalent scepticism toward AI in the United States. He also raised alarms about the dangers of unchecked AI advancement, stressing the need for diversified efforts to avoid a concentration of power.
Pixxel's Indian ownership comes under scrutiny
Pixxel founder and chief executive Awais Ahmed in a blog post on X said the company remains “headquartered, owned, managed and controlled in India,” on Monday. Indian investors, including the founders, collectively hold the largest shareholding in the company, followed by investors from Singapore, the UK and the US, he added.
First Apple Intelligence features land in China, with Alibaba’s Qwen on board
The tech giant has partnered with Alibaba to bring its Qwen model into some of the experiences. Chinese users will be able to use Qwen through Siri, Writing Tools, and Visual Intelligence, enabling text and image understanding. Users can access it by signing in with a Qwen account or through Apple, the company said in a blog post.
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PB Fintech, Delhivery improve Q2 profits; Binance's $6.3 billion caper
PB Fintech on Friday reported a strong jump in profit and revenue for the July-September quarter. This and more in today’s ETtech Top 5.
Bitcoin hits 6-week low, drops below $78,000 as Binance’s $6 billion hack rattles crypto markets. What should investors do?
Bitcoin fell more than 4% to a six-week low below $78,000, while Ether and BNB also slumped after a reported $6.3 billion security breach at Binance rattled crypto markets. Analysts flagged key support levels and advised investors against panic selling or aggressive dip-buying, favouring staggered entries and smaller positions.
Biggest crypto heist in history: How Binance’s $6 billion hack rattled markets and what it means for investors?
Binance is investigating a reported security breach estimated to have caused $6.3 billion in losses, with North Korea-linked hackers suspected by TRM Labs. The exchange says user funds are safe and has pledged to cover all losses.
Pixxel sets up US subsidiary to serve federal agencies
Pixxel in September raised $100 million (around Rs 945 crore) in the largest funding round in India’s spacetech sector, co-led by Singapore sovereign wealth fund Temasek and UK-based space investor Seraphim, ET reported.
Dean of valuation Aswath Damodaran pegs Anthropic's worth at $1.475 trillion ahead of mega IPO
Aswath Damodaran values Anthropic at $1.475 trillion ahead of its anticipated IPO, but warns that compute costs, slowing revenue growth, and competition could alter its outlook. His scenarios range from a negative $373 billion to $4.04 trillion in equity value.
'Dropboxers, today will be your last day': Dropbox lays off 9% of global workforce; CTO Ali Dasdan to step down. Read what the company said in memo
Dropbox is set to cut approximately 200 jobs as part of its growth-oriented reorganization plan. The focus will be on restructuring teams in engineering, product, and administration, resulting in several employees leaving immediately. On November 18, Chief Technology Officer Ali Dasdan will also resign. Employees impacted by the layoffs will receive severance packages including financial support, while the company aims to enhance operations and customer service effectiveness.
Former GitHub CEO launches GitHub rival Entire with India data hosting
Entire is a new developer platform designed to help developers and AI coding agents improve software development processes. The platform features automated code reviews and continuous memory for AI agents, which streamline coding sessions. Entire also offers faster code repository hosting, with speeds significantly exceeding those of GitHub.
Microsoft offers voluntary exits to 60,000 employees: What's in it, who qualifies and will India’s 23,000-strong workforce be impacted?
Microsoft has introduced a voluntary exit offer for eligible employees in India, the US, the UK and Canada, covering around 60,000 workers globally. The programme offers financial support and career transition services, but India's share remains unclear. The announcement comes amid US scrutiny of Microsoft's foreign-worker visa practices.
What is the difference between buyout and layoff? Microsoft offers buyout to 60,000 employees; check what it means for workers
Microsoft buyout offer to 60,000 workers: Microsoft has introduced a Voluntary Exit Offer (VEO) for eligible employees in India, the US, Canada and the UK, with reports suggesting around 60,000 workers could qualify. The programme allows employees to leave voluntarily with financial support, unlike layoffs, where the company decides to cut jobs. The move comes as Microsoft ramps up AI investments while managing workforce costs.
Japanese companies compensate users as cyberattacks buffet economy
GMO Internet Group said customers would be compensated for losses stemming from unauthorised access following a cyberattack on its foreign exchange trading service, and all customers would receive 5,000 yen ($32) as "an initial gesture of good faith," CEO Masatoshi Kumagai said in a blog post on Sunday.
Josh Pigford built Baremetrics with just $0 in reported startup costs in 2013; years later, the software business was generating an estimated $1.2 million a year
Josh Pigford built Baremetrics in 2013 to solve a problem he faced with Stripe analytics. He spent seven working days developing the first version, focusing on recurring revenue, customer churn and lifetime value. Rather than relying on expensive marketing, he used Twitter to reach software founders. By April 2014, Baremetrics had reached $10,000 in monthly recurring revenue.
Meet Jon Yongfook, who launched Bannerbear with just $500 in 2019; by 2024, the automated image-generation tool reached $48,000 in monthly revenue
Jon Yongfook Cockle is the founder of Bannerbear. He launched the project in 2019 with an estimated cost of $500. Bannerbear's task is simple. It basically is an API and integration tool that automatically generates social media visuals, e-commerce banners and other types of marketing graphics. It helps businesses automate repetitive design tasks rather than create every visual manually.
Apple bets iPhone Duo can remake foldable market as sales begin
Its reception could prove an early test for new Apple CEO John Ternus, the former hardware chief who unveiled iPhone Duo barely a week after taking charge in September.
Mark Zuckerberg, worth $240 billion, threatens to leave California over 5% billionaire tax as Meta creates new Class C shares to keep him in state
Mark Zuckerberg has threatened to leave California if the state introduces a proposed 5% billionaire wealth tax. In response, Meta has approved a new class of nonvoting Class C shares that would allow the Facebook co-founder to raise money to pay a potential tax bill without losing control of the company. The new stock arrangement also comes with an eight-year commitment from Zuckerberg to remain a California resident.
Apple launches into foldable market as iPhone Duo sales begin
Sales of Apple's iPhone Duo began recently, with significant demand leading to delayed delivery dates for customers. Mixed reviews highlight praise for the phone's design but also note shortcomings with its camera and usability. Early adopters in cities like Sydney formed long queues outside Apple stores to purchase the device. The availability of the Duo is limited in several countries, which could disappoint many fans.
Legal AI startup Legora raises $550 million at $8.8 billion valuation in Atreides-led round
The round was led by Atreides Management. New investors, including Baron Capital, Capital Group, Fidelity Management & Research Company, Glade Brook Capital Partners and JP Morgan, joined the round.
ECB says AI, greener economy help euro zone weather energy shock
Despite facing substantial energy challenges from escalating oil and gas prices, the euro zone economy has shown resilience in growth. Economists from the European Central Bank attribute this to reduced fossil fuel reliance and enhanced fiscal support. Additionally, advancements in AI and technology exports have fueled the region's economic expansion. Nevertheless, caution is advised as these benefits may prove temporary, with ongoing geopolitical tensions posing significant risks to future stability.
Google rolls out new Gemini tools to help small businesses manage marketing, finances
The new features will allow business owners to connect Gemini with Google services such as Google Business Profile, Google Ads and Google Workspace, as well as third-party applications including Adobe, Canva, Dropbox, Shopify, Wix, Zoho and Xero, according to a blog post by Google.
Ahead of massive IPOs, AI companies are sketching plans to share their wealth
On Sunday, Anthropic said it would commit 5% of its shares to the Anthropic Public Benefit Fund, a new entity within the company, pending approval from stockholders. The stake could increase "as the company grows" in the future. The maker of AI assistant Claude said the fund "might explore" larger donations to traditional nonprofits or potentially distribute money to "specific populations."
Meet Karthik Shanadi and Luke McGurrin, who started an apparel business with just $500; by 2024, their merchandise business was generating an estimated $10 million a year
Shanadi and McGurrin founded Greek House in 2013. They struggled to find a supplier that could make customised clothing for a fraternity fundraiser at the university. They wanted it to be made quickly , offered different designs and cheap. They did not rely on existing suppliers. Instead, they approached a manufacturing facility to get the work done.
Anthropic commits 5 pc of its stock to new 'public benefit' fund
Anthropic has pledged to allocate 5 percent of its shares to a newly established public benefit fund, aiming to back a variety of charitable projects, including traditional nonprofits and direct distributions. CEO Dario Amodei, along with the co-founders, intends to harmonize financial achievements with significant social contributions. They are also prepared to donate a considerable portion of their wealth while gearing up for a potential initial public offering soon.
The Jio IPO separate queue explained: How RIL investors can double their chances of allotment
Reliance Jio plans to launch its IPO with a unique bidding option exclusively for shareholders of Reliance Industries Limited. This specialized queue allows these investors to participate in dual bidding, minimizing application rejections. Eligible bidders can submit their requests through this preferential channel while still engaging with the general public pools.
From SGX Nifty to GIFT Nifty: Understanding the evolution of India's global market indicator
July 2023 heralded an important change for India as it moved from SGX Nifty to GIFT Nifty, a development with major implications for the financial sector. GIFT Nifty aligns with Indian regulations and provides attractive tax incentives for foreign investors. This initiative is intended to strengthen India's financial infrastructure and position it more firmly within the ranks of international financial hubs.
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