Happy Saturday friends and welcome to Week in Review (WiR), TechCrunch’s newsletter covering the top tech stories of the past few days.
I feel inclined to begin this edition on a sobering note regarding recent events in Israel and Gaza. It has obviously impacted the technological ecosystem there, but from a purely humanistic point of view, it is difficult to understand and make sense of the level of destruction and bloodshed. We are doing everything we can to amplify the voices of those on the ground and, as heartbreaking stories come in, we await signs of a peaceful resolution to the ongoing conflict.
In other news, the trial of disgraced crypto startup founder Sam Bankman-Fried continued, Atlassian acquired Loom, OpenAI reportedly explored developing its own ai chips, and Google made passcodes the default login method to all users. Elsewhere, Adobe improved its generative ai technology, signs of a Spotify “Superpremium” service emerged, California passed an investment diversity disclosure law, and Brian reviewed Meta Quest 3.
There is much to do, so we will not delay. But first, a reminder to sign up here to receive WiR in your inbox every Saturday if you haven’t already.
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Alameda Research Allegedly Bribed Chinese Officials: During Sam Bankman-Fried’s trial on Wednesday, former Alameda Research CEO Caroline Ellison testified that the cryptocurrency trading firm paid Chinese officials to unlock her Alameda trading accounts on OKX and Huobi in China. That is one of the many bombshells that came out this week from the Manhattan courthouse where SBF is being tried; check out my opinionated colleague Jacquelyn’s other reports for more information.
Atlassian acquires Loom for ~$1 billion: Atlassian announced Thursday that it will acquire video messaging service Loom for $975 million. As Ron points out, Loom, which has 25 million customers and hosts more than 5 million video conversations a month, had a valuation of $1.53 billion in May 2021, but that was back when companies still thought about everything. work was cloud-based and the future looked oh, so bright.
OpenAI explores ai chip manufacturing: OpenAI, one of the best-funded ai startups, is considering making its own ai chips. According to Reuters, discussions about ai chip strategies within the company have been ongoing since at least last year, as the shortage of chips to train ai models worsens. OpenAI is reportedly weighing a number of paths to advance its chip ambitions, including acquiring an ai chip maker or an effort to design chips in-house.
Google makes passwords the default: Google has announced that passcodes, touted by the tech giant as the “beginning of the end” of passwords, are becoming the default login method for all users. As Carly writes, passkeys are a phishing-resistant alternative to passwords that allow users to log into accounts using the same biometrics or PINs they use to unlock their devices, or with a physical security key.
Adobe updates Firefly: At Max, its annual conference for creatives, Adobe announced that it has updated the models that drive Firefly, your generative ai imaging service. According to Adobe, the Firefly Image 2 model (as it is officially called) will be better at rendering humans, for example, including facial features, skin, body and hands, which have long plagued similar models.
Spotify goes super premium: Spotify’s rumored “Superpremium” offering could be gearing up for launch. According to references discovered in the Spotify app code by Chris Messina, the Superpremium service has an eye-catching logo and a long list of features beyond the expected 24-bit lossless audio. The feature set appears to include ai playlist generation tools, advanced mixing, additional hours of audiobook listening, and a personalized offer called “Your Sound Capsule,” Sarah reports.
California Requires Diversity Investment Disclosures: California Governor Gavin Newsom signed bill into law That will require venture capital firms in the state to annually report the diversity of the founders they back. The bill is scheduled to go into effect on March 1, 2025. It is the first US law that aims to increase diversity within the venture capital landscape, writes Dominic-Madori – a major victory for activists .
Meta Quest 3 Review: Brian reviewed Meta Quest 3 this week, Meta’s latest VR headset. Your overall impression? In a world where a price of $500 is considered cheap, Meta is still the best solution for casual extended reality. He writes: “If you’ve been waiting for a good excuse to pull the trigger on a VR headset, the Quest 3 makes a compelling case.”
Audio
Fancy a podcast to pass the time? Look no further than TechCrunch’s library, which surely has something to scratch your itch.
He Equity The team looked at the week’s news in startups and companies, starting with ALIAVIA Ventures’ new fund, Canopy Servicing’s Series A1, a $200 million deal between a private equity group and EVPassport, which startups have been through turmoil. lately and, finally, whether technology can solve the construction labor shortage.
Found featured a conversation with Giovanni Fili, founder and CEO of Exeger, a startup that builds flexible solar cells that can generate electrical power from any light condition. Fili talked about what it has been like to dedicate the last 15 years of his career to a technology-based company that had not previously been proven effective and how he built a capital-intensive startup with relatively little funding.
AND Chain reaction He did double duty this week. For the October 12 episode, Jacquelyn interviewed Grace Torrellas, VP of Product at Polygon Labs and zkEVM Product Lead and Co-Founder and CEO of Blockchain for Humanity. And this morning, Jacquelyn and Alex dove back into the Sam Bankman-Fried trial and what’s happened over the past few days.
TechnologyCrunch+
TC+ subscribers get access to in-depth commentary, analysis and surveys, which you’ll find out if you’re already a subscriber. If not, consider registering. Here are some highlights from this week:
Average rises towards profitability: Medium has tried several different business models over the years (allowing individual publications on its platform to offer paywalls, creating their own publications, and more) and has seen varying levels of success in the process. But Alex writes about how the company expects to turn a profit in the first half of 2024.
Skyscrapers decarbonizing: Tim writes about how Bedrock Energy, a startup that develops geothermal heating and cooling solutions for large buildings, is trying to enter markets that have previously overlooked this technology.
The consequences of the Fearless Fund: The Fearless Fund, which provides grants and investments to women of color, has been indefinitely barred from making $20,000 grants to Black women in a ruling in a lawsuit filed by the American Alliance for Equal Rights. Dominic-Madori writes about how the lawsuit could have significant adverse ripple effects on the venture community’s efforts to promote diversity, equity and inclusion within the startup ecosystem.
