AWS CEO Steps Down and OpenAI Updates Its AI Model | Bloomberg Technology

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Amazon Web Services (AWS)

Adam Selipsky, the CEO of AWS, will step down on June 3rd, 2023, and will be succeeded by Matt Garman, a long-time AWS executive.
AWS remains the largest cloud computing company but faces competition and cost-cutting measures from customers.
AWS aims to catch up in the generative AI space, where it lags behind competitors like Microsoft and Google.

Klarna, a buy now pay later firm, is considering an initial public offering (IPO) in the first quarter of next year.
Klarna has almost 20 million users in the US, making it their largest market by revenue.
Klarna's growth in the US is attributed to the increasing popularity of simple products with zero interest among consumers.
Klarna offers a debit and credit option, allowing users to choose how they want to pay.
Klarna uses generative AI to automate tasks, resulting in increased customer satisfaction and higher quality.
Klarna believes society and politicians need to recognize the implications of AI and think about it proactively.
Klarna finds the regulatory environment in the US and Europe to be fairly even but sees more competition, openness, and willingness to promote competition in the American society.
Klarna is currently seeing strong growth and has surpassed $2 billion in revenue but has stopped recruitment due to the implications of AI.

OpenAI introduced faster and cheaper versions of its chatbot model, GPT-4, maintaining its lead in the AI market.
Google's upcoming I/O conference will reveal updates to its flagship Gemini model, with a focus on integrating it into products like Gmail, Maps, and Search.
Google aims to catch up with competitors like Microsoft and OpenAI by expanding its AI capabilities and offering a broader range of models.

Delivery Hero acquired Foodpanda in Taiwan for $950 million, gaining control of a key Asian market.
Alibaba and Tencent reported their earnings on the same day, providing insights into the health of the Chinese economy.
Tencent outperformed expectations with a surge in earnings, while Alibaba's profit plunged.
Tencent's profitability was driven by video streaming and cost-cutting measures, while Alibaba faced challenges in cloud adoption and slow growth in China.
Both companies offered cautious outlooks on the future of the Chinese economy.
Tencent is focusing on developing standalone gaming titles and integrating AI into its video streaming platform.
Alibaba aims to drive growth through AI and expects its cloud unit to return to double-digit growth in the second half of fiscal 2025.
The resilience of the Chinese consumer remains uncertain amid persistent unemployment and deflation.

President Biden imposed new tariffs on a wide range of Chinese imports, including critical minerals and solar cells.
The new tariffs target legacy chips, critical minerals, solar cells, and lithium-ion batteries.
The tariffs on solar cells and electric vehicles are largely symbolic due to existing tariffs and limited demand in the U.S. consumer market.
The Biden administration is conducting a review of U.S. trade policy with China, aiming to ensure domestic competitiveness while avoiding negative impacts on consumers and the economy.
The administration is targeting specific areas of concern, such as Chinese overcapacity in certain industries, rather than imposing blanket tariffs like those proposed by former President Trump.
The Treasury Secretary emphasized the importance of fairness in trade relations with China and the need to avoid a trade war.
The administration is balancing the need to address concerns about Chinese trade practices with the potential consequences for U.S. consumers and the broader economy, particularly in light of geopolitical challenges and domestic economic struggles.

Glue, a new AI-native communication platform, combines features of ChatGPT and Slack, allowing users to chat with both AI and human colleagues in a single interface.
Glue aims to address the limitations of existing chat apps by providing a seamless experience for both AI and human interactions, eliminating the need for separate apps or channels.
The co-founder of Glue, David Sacks, explains the motivation behind building the platform and highlights the shift in communication paradigms from feeds to social networking and now to AI-based conversations.
Sacks emphasizes the importance of integrating AI as a full-fledged participant in chat, allowing it to leverage historical chat data for more accurate and context-rich responses.
David Sacks discusses the impressive capabilities of large language models and how they can be harnessed to enhance applications.
He highlights the success of Glue, a chat tool that leverages these models and continuously improves with each new release.
Sacks mentions participating in the XAI funding round and expresses their intention to integrate various language models into Glue, offering users a choice based on their query.

The resurgence of meme stocks, particularly GameStop and AMC, has sparked speculation about the driving forces behind their recent surge.
The hosts acknowledge the lack of clarity regarding Roaring Kitty's social media posts and express their curiosity about his intentions.