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Let’s jump into today’s storylines.

In today’s digest:

• Meta’s message to OpenAI “anything you can do, I can do better”

• Headline Hustle: Meta’s VR & healthcare are a match, Square’s systems go down and hurt businesses, Instacart is eyeing a more modest debut

• Is the Fintech bubble about to burst?

• Pulse Points: What’s Trending

ARTIFICAL INTELLIGENCE

Meta’s cheeky challenge to OpenAI

In the tech arena, where battles are as common as coffee breaks, there's a fresh duel brewing. Meta Platforms, the powerhouse behind Facebook and Instagram, is flexing its digital muscles. Their target? OpenAI, the mastermind behind ChatGPT. It's shaping up to be a David and Goliath type story, but who's who isn’t so clear.

Imagine a world where AI isn't just smart, but conversational. That's Meta's dream. They're cooking up an AI system that's not just a tad better, but leaps and bounds ahead of their last model, Llama 2. And here's the kicker: they're aiming to outdo OpenAI's crown jewel.

Why the sudden ambition?

It’s because Zuckerberg's been feeling the heat. Meta's been trailing in the AI race, and he's itching to get ahead. The tech landscape's been buzzing, with debates raging from business strategies to AI regulations. And in this high-stakes game, being second best doesn't cut it.

Meta's not just throwing money at the problem. They're strategizing. Building data centers, snapping up the latest Nvidia chips, and here's the juicy bit: they're going solo. While they once danced with Microsoft, this new AI model is an in-house affair.

But hold on to your keyboards folks, cuz Zuck’s got a vision: open-source AI. Imagine a world where powerful AI tools are free for the taking. Sounds dreamy, right? But every coin has its flip side. With great power comes...you know the drill. Copyright woes, potential misinformation - the pitfalls of handing over the AI keys to just anyone. Things could get dark real quick.

Looking ahead…it's a race against time and tech. OpenAI's GPT-4 is a behemoth, but Meta's not backing down. They're gearing up, ready to take the AI world by storm. And as the lines blur between David and Goliath, one thing's clear: the AI arena is set for a showdown that's bound to be anything but virtual.

Headline Hustle

👨🏻‍⚕️ Meta’s VR is levelling up healthcare. Meta's VR isn't just for gaming anymore. Surgeons are now stepping into the virtual realm to hone their skills. According to a recent CNBC article, Meta's VR tech is revolutionizing the medical field by offering immersive training for surgeons and therapeutic experiences for patients. It's like "Grey's Anatomy" meets "Ready Player One".

💳 Square’s payment glitch. Square, the popular payments platform, faced a major hiccup with widespread outages, leaving U.S. businesses scrambling. While the glitch was fixed by Friday, the damage was done. Merchants, from your local coffee shop to food trucks, had to revert to the age-old "cash only" method. Meanwhile, competitors like Shift4 didn't miss a beat, enticing frustrated Square users to switch. Despite the setback, Square, now known as Block, remains optimistic about its tech-driven future.

🛒 Instacart's IPO: from $39B highs to a more modest debut. Instacart, once the darling of the grocery-delivery world with a whopping $39 billion valuation, is now eyeing a more modest $8.6-$9.3 billion in its upcoming IPO. A stark contrast from its 2021 valuation, this shift underscores the cooling passion for high-growth startups in a rising interest rate environment. As Instacart preps for its Nasdaq debut under the ticker "CART", all eyes are on its performance, especially after its 31% revenue jump to $1.5 billion this year. While its core delivery business shows signs of plateauing, CEO Fidji Simo is betting big on diversifying into tech services. IPO party, but make it low-key?

FINTECH

The future of Fintech? There might not be one

Imagine a world where every financial transaction, every savings plan, and every investment strategy is handled by a sleek, user-friendly app. Sounds perfect, right? But what if I told you that the very foundation of these fintech wonders might be on shaky ground? Fintech startups have been the darlings of the venture capital world, raking in users and skyrocketing valuations. But here's the catch: many are bleeding money. They lure customers in with free services, hoping to monetize later. But "later" seems to be a horizon that keeps moving further away.

User growth at the expense of profits

Blame it on the venture capital playbook. Grow first, monetize later. But as the space gets crowded and regulators circle like hawks, the challenges mount. Take a moment and think. If these companies are offering services for free or at heavy discounts, how do they plan to turn a profit? The answer isn't always clear, and that's where the concern lies.

Not all is doom and gloom. The future of fintech isn't necessarily a sinking ship. By diversifying revenue streams, introducing paid services, and perhaps even dancing with traditional financial institutions, fintech’s can find their path to sustainability. But here's the thing…they need to act fast. The clock is ticking, and in the high-stakes world of finance, time is money.

So next time you use that fancy investment app or make a transaction using a digital wallet, take a moment and think. Behind that sleek interface and user-friendly design, is there a sustainable business model? Only time will tell.

Pulse Points

Court relaxes social media constraints. On Friday, a federal appeals court delivered a significant ruling: the White House, FBI, and leading health authorities cannot pressure or strongly urge social media platforms to take down what the Biden administration labels as misinformation, including posts about COVID-19.

X Corp takes California to court. The tech giant is challenging the state's latest move to make social media platforms more transparent. Now, companies will have to spill the beans on how they tackle fake news, online bullying, hate rants, and radical content.

Canada plans incentives to ease housing burden. Housing Minister Sean Fraser is on the hunt for solutions, according to a recent CBC report. From tax breaks for builders to attractive financing deals, everything's on the table.

Novak Djokovic takes US Open crown. ‘The Joker’ made history over the weekend winning his 24^th major title, tying Margaret Court for the most Grand Slam singles trophies in tennis history.

Taylor Swift could change the movie theatre industry…with her Era’s tour concert film. Here’s how.

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