Fintech's 50 Hottest Startups

Despite the industry’s funding woes, some startups–particularly those serving others business—are thriving. Here’s the Forbes Fintech 50 for 2024.

Get the details HERE.

Blockchain - How Do We Make It As Popular As AI?

Blockchain is still viewed with suspicion and ONLY associated with crypto. Ask your neighbour about the problems blockchain can solve or explore your child's school curriculum, searching for any mention of blockchain. In both cases, you're likely to find a void...

Read the full article HERE.

Is GenerativeAI Banking’s Best Offense?

"While every banking executive understands that generative AI will transform banking, few fully understand the potential scope of this change. With so much at stake, now is the time to create strategies and actions that can take advantage of the opportunities across the organization."

Read more on the Financial Brand HERE.

Startups Are Shutting Down!

Big startups are shutting down. More than 3000 private venture backed startups failed in the last year. Of the startups raising money, 19% were funded at a lower valuation than in prior funding rounds. 38% of VCs disappeared from dealmaking last year and more than a quarter of a million workers at tech companies lost their jobs over the same period. US corporate bankruptcy filings closed out 2023 with the most filings since 2010. The year has been described as a mass extinction event for startups in the press.

In the News

Economy Booms, Gaming Gets Trimmed, and WWE Founder Faces Serious Allegations: Your Daily Dose of Headlines

Boom Boom Boom! The US economy just blew Wall Street's predictions out of the water, growing 3.3% in the last quarter – way better than the expected 2%. This marks a steady climb from 2022 and fuels talk of the Fed giving interest rates a haircut later this year. Strong consumer spending, thanks to rising wages and a rock-solid job market, powered this economic surge, even with inflation showing signs of cooling down (from 5.9% to a more manageable 2.7%).

Meanwhile, in the video game realm... Microsoft's gaming division is having a leaner year. They just made some cuts, axing 1,900 employees (mostly from Xbox and Activision Blizzard). This amounts to 8% of their entire gaming workforce. The news comes after their big Activision Blizzard acquisition and some significant leadership changes, including CEO Bobby Kotick's departure in December and now Blizzard President Mike Ybarra's exit. Seems like trimming the fat is the name of the game for several companies in the industry, with Twitch, Discord, Unity, and Riot Games also making similar moves.

And lastly, a bombshell in the wrestling world: WWE founder Vince McMahon is facing some serious allegations. A former employee, Janel Grant, filed a lawsuit claiming he sexually abused and trafficked her as part of securing talent deals. Former head of talent relations John Laurinaitis is also named as a defendant. This isn't McMahon's first rodeo with such accusations – he resigned as CEO in 2022 while the company investigated similar claims, later revealing millions in hush money payments. Now, as executive chairman of WWE's parent company, TKO Group, he's dealing with this new lawsuit just as they secured a hefty deal with Netflix for Monday Night Raw. Whew, talk about a drama-filled storyline!

So there you have it, your daily dose of economic cheer, gaming industry updates, and a major controversy shaking up the world of wrestling. Stay tuned for further developments, folks, it's gonna be a wild ride!

Big Tech Under the Microscope: The AI Power Grab in Focus

The Big Brain is being dissected. The US Federal Trade Commission (FTC) has launched a major inquiry into whether the AI arms race among tech giants like Microsoft, Google, and OpenAI is morphing into a dangerous game of monopoly, stifling competition and innovation.

Here's what's got the regulators hot under the collar:

• The FTC wants the inside scoop: These dominant AI companies have been ordered to dish on their investments and partnerships, both within the AI space and with key cloud service providers. Think of it as the FTC pulling up a chair and demanding a full disclosure of their playbooks.
• Partnerships under scrutiny: While the FTC insists "no wrongdoing is alleged," they're not pulling punches. They want to understand the logic behind these strategic alliances and how they're actually playing out in the competitive landscape. Are these partnerships fostering a vibrant ecosystem or building walled gardens that lock out smaller players?
• Radio silence? Not quite: The usual suspects are tight-lipped. Anthropic and Amazon are mum, while Google and OpenAI are playing it close to the chest. Only Microsoft has dared to break the silence, claiming their partnerships are "championing competition and speeding up innovation." Sounds good, but the FTC wants to see the receipts.

Why this matters to you: This isn't just some regulatory exercise. This is about the future of AI, shaping what it means to innovate and who gets to play in this transformative sandbox. The FTC's probe, mirrored by similar inquiries in the UK, represents a global push to ensure AI doesn't become the exclusive playground of tech titans, leaving everyone else scrambling for crumbs.

So, should the AI playground have more rules? That's the million-dollar question. Do we trust these giants to self-regulate, or do we need stricter rules to ensure a level playing field? The FTC's investigation is just the first chapter in this critical debate.

Today’s top finance reads

Stat: 13.1 million. That’s how many subscribers Netflix added in the last quarter. That far exceeds the 8 million–9 million new subscribers that Wall Street predicted for the streamer. Netflix now has 260.8 million subscribers (CNBC)

Quote: “Return-to-office is just a knee-jerk reaction trying to make the world go back to where it was instead of recognizing this as a point for fundamental transformation. I call them return-to-the-past mandates.”—Prithwiraj Choudhury, Harvard Business School professor, on return-to-office mandates. A new study found that RTO policies don’t improve the bottom line. (the Washington Post)

Read: Do execs like Mark Zuckerberg and Elon Musk have too much power? (Yahoo Finance)

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