Welcome to Startups Weekly! To get this newsletter every Friday in your inbox, click here to sign up. Recently, I’ve been fixated on AI, particularly generative AI. It appears that AIs are incredibly average, which isn’t surprising since the aim is to train them on all knowledge, making mediocrity inevitable. The main thing is to use AI tools for tasks you aren’t good at, such as writing or art if you’re not an expert. This is where ChatGPT and similar tools will greatly benefit the majority of people who aren’t great writers. The arrival of the GPT Store, launched by OpenAI, offers developers the opportunity to create and sell custom GPT-based conversational AI models in a new marketplace, opening up avenues for innovation and entrepreneurship in the field of AI.
AWS also introduced Amazon Elastic Compute Cloud (EC2) and Capacity Blocks for ML, which allows customers to rent Nvidia GPUs for AI tasks such as training machine learning models. On the other hand, we have the news of the collapse of FTX and Alameda Research, with their co-founder Sam Bankman-Fried being found guilty of various charges related to fraud and money laundering. This has shocked the industry, and indicates how cautionary is to build business around another company’s API without standing product. This week’s top reads on TechCrunch include the news of “Mr. Cooper” mortgage and loan company experiencing a “cybersecurity incident,” the unveiling of the world’s largest aircraft, Pathfinder 1, developed by LTA Research and funded by Sergey Brin, and the arrival of the EV startup Arrival facing operational challenges and plummeting from a $13 billion valuation.