 | Oct 04, 2024 | | | | Supported by  | | | | | TGIF! Google started selling ads that appear in artificial intelligence-powered search results. OpenAI has secured a $4 billion revolving credit line with banks. UK banking startup Revolut has urged Meta to shoulder the costs of reimbursing victims of bank fraud.
| | | | Google on Thursday launched advertisements next to new conversational answers that appear in its search engine, a long-awaited move as it changes the look of its biggest moneymaker in response to rising search competition from OpenAI's ChatGPT. For now, Google is selling the ad space within the AI answers, known as AI Overviews, in the U.S. and only for mobile device users. For example, if someone searches for how to remove a grass stain from jeans, Google would respond with a summary of various options alongside shopping ads for stain removers, according to a blog post from Shashi Thakur, a Google ads vice president. The new advertising format, which Google previewed this spring at its I/O conference for app developers, illustrates the tightrope the company must walk as it attempts to incorporate generative AI responses into search without cannibalizing its search ads business, which accounts for more than half of its revenue. Perplexity, an AI search engine startup aiming to eat into Google's search monopoly, is also planning to launch advertising. And OpenAI has launched SearchGPT, which includes visual search results similar to Google's, though the service is limited to a small number of people. | | | | OpenAI has secured a $4 billion revolving credit line with JPMorgan Chase, Citi, Goldman Sachs, Morgan Stanley, Santander, Wells Fargo, SMBC, UBS and HSBC, the company said in a blog post on Thursday. The credit line, which can be tapped over the next three years, can also be increased by $2 billion and currently has an about 6% annual interest rate, CNBC reported. The bank loan gives it access to more short-term cash and follows the close of its $6.6 billion fundraising round from investors including Thrive Capital, SoftBank and others, which valued it at $157 billion including the investment. The new cash will help the company pay for the steep costs of computing, which have lifted losses to $5 billion this year. It has projected its revenue will grow 200% next year, to $11.6 billion, and $25.6 billion in 2026, The Information reported. | | | | UK banking startup Revolut has urged Meta to shoulder the costs of reimbursing victims of bank fraud after the social media platform launched an initiative to allow banks to share transaction data with the company to clamp down on financial crimes. Revolut head of financial crime Woody Malouf said social media platforms shared no responsibility for reimbursing fraud victims and had no incentives to act on the problem, the Financial Times reported. Revolut has claimed more than two-thirds of scams that UK customers reported to the fintech company originated through Facebook and Instagram. Trade groups estimate that so-called authorized push payment fraud, where fraudsters trick victims into sending them money from their bank accounts, caused losses of £460 million in the UK last year. Starting this month, UK banks and payments companies will be responsible for refunding fraud victims for up to £85,000. Meta urged Revolut to join its pilot Fraud Intelligence Reciprocal Exchange program. | | | | U.S. startups raised $37.5 billion in the three months ended in September, up 8% from the year-ago, driven by larger deals and investments in artificial intelligence, according to data from PitchBook and the National Venture Capital Association. That's a slowdown from the 59% rise in the second quarter. Defense firm Anduril, AI research lab Safe Superintelligence and AI chip maker Groq were among the largest fundraising rounds for the period. The number of venture capital deals in the U.S. during the latest quarter fell 17% to 2,794, compared to the same quarter last year. PitchBook says it expects to add hundreds of more deals to its final deal count, which will lift the third quarter activity higher than the year ago period. The data do not include the VC-backed funding round that OpenAI closed on Wednesday, which will add $6.6 billion to PitchBook's fourth quarter deal numbers. | | | | Amazon plans to hire 250,000 workers for its U.S. fulfillment and transportation operations this holiday season, the company said Thursday. That's the same hiring figure Amazon announced for last year's holiday season. Amazon's e-commerce business has been growing more slowly than during the pandemic. North America revenue was up 11% during the first six months of 2024, a figure that includes e-commerce and several other Amazon businesses but excludes cloud computing. The unchanged hiring figure for 2024 indicates Amazon expects moderately higher sales compared to last year. The 250,000 hires include full-time, part-time and seasonal jobs but exclude drivers who work for subcontractors that deliver Amazon packages. | | | | | Popular articles
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