Greetings on November 7th. Today's headlines are dominated by OpenAI's Dev Day revelations, where breakthroughs unveiled promise to redefine the capabilities of AI.
Fee Revolution - A legal ruling may disrupt traditional real estate commission structures.
App Store Battle - Epic's lawsuit against Google could reshape app marketplace competition.
ChatGPT Surge - OpenAI's AI reaches an unprecedented milestone with 100 million weekly users.
OpenAI Innovations - Spotlight: Significant upgrades were announced at OpenAI's Dev Day, setting new industry benchmarks.
Uber's High - Record-breaking Q3 results with billions in revenue and millions of rides.
iOS Update - Apple rolls out iOS 17.1.1 with crucial enhancements and bug fixes.
Dive into the details of these stories and more as we explore the intersections of technology, business, and innovation. Stay informed, stay ahead!
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The National Association of Realtors and two brokerage firms, HomeServices of America and Keller Williams Realty have been found liable for $1.8 billion in damages for conspiring to keep real estate commissions high. The ruling could shift how homes are bought and sold, potentially ending the traditional 6% commission split between sellers' and buy ag’ agents. Changes to the industry's commission structure could impact technology companies like Zillow, which provides online platforms for buying and selling homes.
💡 Why does this matter?
The $1.8 billion verdict against the National Association of Realtors (NAR) and two brokerage firms can significantly alter the real estate sector by potentially ending the traditional 6% commission structure. It can create opportunities for tech firms like Zillow to leverage further and innovate their platforms, providing a more competitive service market. Moreover, this expectation of change may inspire new startups within the tech space to explore disruptive business models in the real estate industry.
Epic Games is moving its legal focus to Google, alleging the tech giant's antitrust behavior, in a trial beginning today. Stemming from an issue in August 2020 where Epic Games included a direct payment option in Fortnite's mobile in-game store, violating store rules, the publisher argues that Google discourages sideloading and eliminates competition for the Play Store through contractual and technical barriers. Notably, Google's agreements with Android OEMs to pre-install the Play Store often contain exclusivity clauses, providing financial incentives to deter pre-installed competition.
Instagram's paid creator subscriptions have reached a milestone of 1 million users, which is still a small fraction s 2 billion monthly users. ’monthly users. Meta plans to further promote subscriptions, add features like free 30-day trial periods, and the option for creators to bulk message new subscribers. Meanwhile, Instagram subscriptions will continue expanding to more countries, with the platform also not currently taking a cut from creators, although this will change in the future.
The shared office space provider, WeWork, has filed for Chapter 11 bankruptcy protection, mostly limited to its operations in the U.S. and Canada. Facing financial concerns over dwindling memberships and significant losses, the company reports liabilities between $10 billion to $50 billion. WeWork, which was once valued at a staggering $47 billion, has now lost about 98% of its value. CEO David Tolley remains positive about restructuring and rebuilding with the support of stakeholders.
TikTok has announced closing its $1 billion creator fund on December 16, 2023, impacting creators in the US, UK, Germany, and France. The company introduced a new monetization program, The Creativity Program, in 2021 as a substitute, promising enhanced payouts based on views and other engagement metrics, as opposed to the creator fund's previous low returns.
OpenAI's ChatGPT service has reached 100 million weekly users, less than a year since its launch. Over two million developers, including 92% of Fortune 500 companies, are leveraging the company's API. Despite claims of decreasing popularity, OpenAI insists the service is growing steadily.
Slack CEO Lidiane Jones is leaving to become CEO at Bumble. Salesforce, which owns Slack, will announce her replacement next week. This will be Slack's third CEO in two years.
OpenAI announced multiple updates to its products at its inaugural OpenAI Develop Day. OpenAI CEO, Sam Altman, stated that the new version of GPT-4, GPT-4 Turbo, entails improvements such as an extended context window, up-to-date knowledge, reduced prices for inputs and outputs, and enhanced accuracy. The update also includes a JSON mode for easier API calls. Moreover, Altman introduced new tools for better fine-tuning for developers and a prompt-based GPT development for non-coders. Another significant update is the Copyright Shield initiative to protect developers from copyright infringement claims.
Cheaper Rates and More Power Introduced
OpenAI has updated its large language models GPT-4 and GPT-3.5, offering extended knowledge bases and broader context windows. GPT-4 Turbo, the improved version, is more affordable to developers and includes the Copyright Shield program protecting users from copyright infringement-related lawsuits. The Turbo model, due for release shortly, integrates DALL-E 3 and accepts image prompts and text-to-speech requests.
OpenAI's Innovative GPT Store
OpenAI is launching a platform that allows users to create custom versions of its AI chatbot, ChatGPT. Available soon via the GPT store, these bots will be accessible to paid subscribers and enterprise customers. OpenAI also plans to compensate creators based on usage. Additionally, it aims to be more utility-focused than competitor AI bot platforms.
Streamline Tech Workflows with Customized ChatGPT and Zapier Power
OpenAI and Zapier have collaborated to combine custom versions of ChatGPT with AI Actions by Zapier. This integration allows businesses to automate and streamline operations using over 6,000 applications. Users can tailor-make AI assistants with behavioural guidelines, specific knowledge databases, and company-specific capabilities available to ChatGPT Plus and Enterprise users. It also enables the sharing of the custom GPT and data across applications.
💡 Why does this matter?
OpenAI's updates and product enhancements, including a more capable version of GPT-4—GPT-4 Turbo—and tools for better fine-tuning by developers, present new possibilities for businesses in the tech sector. These advancements not only meet the demand for smarter, more personalized AI, but also open opportunities for non-coding developers and entrepreneurs with prompt-based GPT development and a copyright protection initiative.
Nintendo's Q2 sales and profits exceeded expectations, driven by the success of the "Super Mario Bros. Movie" and "The Legend of Zelda: Tears of the Kingdom" game. Despite a slight year-on-year fall in revenue and profit, the company has upped its full-year forecasts. The introduction of notable characters has boosted Switch console sales, raining on concerns that the six-year-old equipment was past its peak. The period also saw remarkable sales of the company's "Mario Kart 8 Deluxe" game, fuelled by the popular Mario movie.
Uber's Q3 earnings showcased a steady pace, with revenues rising 11% YoY to $9.3B, and net income at $221M. Gross bookings increased 21% YoY to $35.3B, while trip bookings surged 25% to 2.4B. The quarter also witnessed a record 6.5M drivers, up from previous years. The company's growth comes amidst the backdrop of labor disputes around driver classification.
Intel's focus on driver updates is reportedly laying a solid foundation for its next-gen Battlemage GPUs, promising to address previous performance issues found in its first-gen GPUs. The upcoming GPUs, expected to launch early next year, target the budget end of the market, with Intel's efforts aimed toward providing competitive performance despite cost constraints. This focus toward budget-oriented GPUs could urge major competitors like Nvidia and AMD to reconsider their strategy for cost-conscious gamers.
Microsoft is partnering with AI developer Inworld to introduce AI-made characters for Xbox. The technology will enable users to create scripts, dialogues, quests and more. The team will also develop a character runtime engine for story generation.
Apple is soon to launch iOS 17.1.1, which is envisaged to enhance performance and rectify prevailing iPhone issues. Accompanying, watchOS 10.1.1 is also set for imminent release to address Apple Watch's battery drain complaints.
Apple has announced updates for Final Cut Pro on Mac and iPad, featuring an advanced Object Tracker, voiceover recording, timeline enhancements, and better silicon optimization. The updates will be rolled out within this month.