The article also highlights the trend of layoffs in the tech industry, with giants like Microsoft and Alphabet cutting their workforce despite making profits. Startups like Brex and Flexport are also laying off staff despite raising significant funds. The piece concludes with a roundup of other TechCrunch stories, including OpenAI slashing prices and revamping its GPT-4 model, Krutrim becoming India's first AI unicorn, and the handling of the Taylor Swift deepfake saga. Arrival, once valued at $13 billion, is now potentially worth much less, and Amazon's deal with iRobot fell through, leading to job cuts at the latter.
Key takeaways:
- Y Combinator head Garry Tan's controversial tweet and subsequent drama served as a distraction from another surge of tech layoffs over the past week, including at TechCrunch.
- Plex, the media streaming underdog, has raised $40 million in a Series C-3 round as it continues to chase profitability, while Apple's reaction to regulatory compliance demands could risk burning bridges with developers and tarnishing its political goodwill.
- Despite high profits, tech giants like Microsoft and Alphabet are thinning their employee ranks, and venture capital is becoming harder to secure for startups, leading to more layoffs in the tech industry.
- Other notable stories include OpenAI slashing prices and improving the work ethic of its GPT-4 model, Ola founder's AI venture, Krutrim, becoming India's first AI unicorn, and Amazon's $1.4 billion deal with iRobot falling through, leading to job cuts at iRobot.