OpenAI unleashes GPT-4, SVB files for bankruptcy, and a PE firm acquires Pornhub

We cover all that and more in this edition, so grab a coffee and settle in.

Now, on to the news.

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OpenAI debuts GPT-4: After much anticipation, OpenAI, the AI startup with major backing from Microsoft, has released a powerful new AI model called GPT-4. GPT-4 can generate text and accept image and text inputs — an improvement over its predecessor, which only accepted text — and performs at ‘human level’ on various benchmarks. But GPT-4 isn’t perfect. Like most other generative text AI, the model ‘hallucinates’ facts and makes reasoning errors — sometimes with great confidence.

Microsoft goes all-in on AI: Leveraging the latest tech from OpenAI, including GPT-4, Microsoft launched new AI-powered features across its suite of productivity tools under the brand Copilot. Copilot handles different tasks depending on the app in which it’s used. For example, in Word, Copilot writes, edits, summarizes and generates text; in PowerPoint and Excel, Copilot turns natural language commands into designed presentations and data visualizations; and in Power Apps, Copilot helps refine ideas for low-code software.

SVB files for bankruptcy: One week after trading was halted for SVB Financial and after regulators took control of the holding company for Silicon Valley Bank and other subsidiaries, SVB Financial has taken the next inevitable step. On Friday, the bank announced that it has formally filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of New York. This will mean that SVB Financial can apply — and plans to apply — to the courts to resume activities while finding buyers for its assets, which include going ahead with its plan to sell off SVB Securities and SVB Capital.

YouTube TV gets pricey: In a move sure to irk cord cutters, YouTube has announced that it’s raising the price of its YouTube TV subscription to $72.99 per month — an $8 increase from the current $64.99 monthly fee. The Google-owned company blames a rise in ‘content costs’ for the change. (Perhaps not coincidentally, YouTube TV recently announced a streaming deal with NFL Sunday Ticket, which is reportedly worth $2 billion per season.)

Via acquires Citymapper: Transportation startup Via, which recently raised $110 million at a $3.5 billion valuation, has snatched up Citymapper, the London startup that produces the popular urban mapping app of the same name. Originally making a name for itself as an alternative to apps like Google Maps for consumers planning journeys in metropolitan areas using public transportation, Citymapper arguably never really managed to capitalize on its momentum and early promise.

Pornhub meets private equity: MindGeek — owner of several adult entertainment sites, including Pornhub, Brazzers and Redtube — was acquired by a Canadian private equity firm, Ethical Capital Partners (ECP). The acquisition follows a rocky few years for the porn giant. MindGeek’s CEO Feras Antoon and COO David Tassillo both departed from the company in June 2022. MindGeek also is currently in the midst of multiple lawsuits that allege it has knowingly profited off of child sexual abuse material.

Dish customers in the dark: Dish customers are still looking for answers two weeks after the U.S. satellite television giant was hit by a ransomware attack. In a public filing published on February 28, Dish confirmed that ransomware was to blame for an ongoing outage and warned that hackers exfiltrated data, which ‘may’ include customers’ personal information, from its systems. But Dish hasn’t provided a substantive update since, despite customers continuing to experience issues — and not knowing if their personal data is at risk.

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Rethinking points of failure: Natasha M writes about how, in light of the SVB collapse, perhaps founders should rethink entrusting a single person to lead their business to success. She polled a number of early-stage founders who are building companies that have raised a Series A or less to understand how they think about succession. The consensus is that it’s not top of mind, or even top of the list, in a world where founders are more focused on runway, product-market fit and growth.

Strange things afoot at Unearthly Materials: Tim reports on Unearthly Materials, a startup that claimed to have big-name investors behind its tech that could lead to a superconductor breakthrough. But as it turns out, those investors weren’t all on board, especially given Unearthly Materials’ questionable record.

Good news for software companies: Depressed from this week in news? Alex writes that it isn’t all doom and gloom. Some software companies are performing quite well during the wider tech industry crash — at least, if their earnings reports are anything to go by.

Reference: https://techcrunch.com/2023/03/18/openai-unleashes-gpt-4-svb-files-for-bankruptcy-and-a-pe-firm-acquires-pornhub/

Ref: techcrunch

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