Norway’s Government Pension Fund Global, the largest sovereign wealth fund worldwide, has chosen not to vote on John Elkann’s reappointment to Meta’s board. The fund expressed doubts about whether Elkann, who is Stellantis chairman and Exor CEO, can dedicate sufficient time to the responsibilities at Meta. Norges Bank Investment Management, which oversees the $2.3 trillion fund, highlighted these concerns as part of its governance stance.
Starbucks has decided to abandon its AI-driven inventory management system just nine months after its launch in North America. The tool, which was championed by CEO Brian Niccol as part of a push toward digital innovation, struggled notably with differentiating between types of milk, leading to several inventory inaccuracies. As a result, Starbucks is returning to manual stock counting methods across its stores, highlighting the challenges that enterprise-level AI programs can face when implemented in real-world retail environments.
Wingtech Technology has launched a lawsuit against its subsidiary, Nexperia, in the Dongguan Intermediate People’s Court in China. The lawsuit seeks damages of at least 8 billion yuan (approximately $1.1 billion) and marks a significant legal contention following the Dutch government's seizure of a Chinese-owned semiconductor company. This case represents a pioneering challenge to government intervention in the chip industry.
Over the past thirty years, I’ve observed shifts in consumer behavior across TV, search engines, and social media platforms. While these changes influenced marketing tactics, the fundamental nature of how people make decisions remained consistent. What we're witnessing now with the rise of large language models is fundamentally different, signaling a deeper transformation in how decisions are influenced and made. Many veteran marketers echo this sentiment, recognizing that this isn't just another trend but a significant evolution.
Just two months after emerging from stealth mode, AI hardware innovator Hark, founded by Brett Adcock of Figure and Archer fame, has closed a Series A funding round raising over $700 million. This latest round values the company at an impressive $6 billion, reflecting strong investor confidence in its integrated chip and AI model technology stack. Initial funding came from Adcock himself starting late last year, showcasing his commitment to revolutionizing AI infrastructure.
A draft protocol unveiled on May 5 aims to reshape international tax regulations by allowing countries to tax digital companies such as Google, Amazon, and Meta where their users reside, rather than where the companies are headquartered. This proposal, set for discussion in New York this August as part of the United Nations tax initiative, challenges existing norms on digital revenue taxation, potentially transforming global tax frameworks for tech giants.
The US Department of Health and Human Services is enhancing its approach to curbing fraud and waste by implementing real-time AI monitoring across Medicare, Medicaid, CHIP, and the Marketplace. This new strategy marks a shift from traditional 'pay and chase' methods to proactive detection, leveraging artificial intelligence to improve efficiency and oversight within federal health programs.
A consortium led by Scaleway, a cloud subsidiary of Iliad, has put forward a $10 billion bid to establish one of the European Union's five planned AI gigafactory sites. The AION group includes notable French entities such as GENCI, Inria, Eviden, and SiPearl, alongside partners connected to Hugging Face and Mistral. This move positions France as a single-nation contender competing against joint bids from Spain, Germany, and the Netherlands to host this high-profile European AI infrastructure.
Figma has unveiled its innovative AI assistant that works directly within its collaborative design canvas. This tool enables users to create, modify, and refine designs using simple natural language commands. Building on collaborations with Anthropic and OpenAI, as well as acquiring Weavy for $200 million, Figma is enhancing its AI capabilities to offer a seamless design experience. The AI integration reflects Figma's commitment to empowering designers by integrating advanced technology within its platform.
Primer, a payment startup headquartered in London, has secured €86.2 million through a Series C funding round aimed at boosting its AI-driven payments and finance platform. The investment will accelerate the company's expansion into the US market, where it aims to increase its revenue contribution to over one-third of its total by 2028, supported by strategic hiring plans.
