One quick thing: IPL's valuation rockets to $16.4 billion, with CSK reigning supreme at $231 million in brand value

• Player salaries are also on the rise. Find out more

In today’s newsletter: 

• Big Tech is hiring in India again 
• Groww ban gaya crorepati
• GitHub CEO on why India has the AI edge 

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Indian techies, rejoice! 

The FAAMNG giants – Facebook (Meta), Amazon, Apple, Microsoft, Netflix, and Google (Alphabet) – are finally resuming hiring in India! 

• This comes as a welcome relief after a period of hiring freezes and layoffs witnessed globally

Specialist staffing firm Xpheno reports a significant rise - nearly 5,500 jobs opened up in India in June 2024 alone. 

• This comes after a dramatic drop in December 2023, where active Big Tech job postings hit a record low of just 200
  
  
• While still below pre-downturn levels (by over 50%), this surge signifies a positive shift

What’s driving this trend? The answer lies in a renewed focus on digital transformation. 

• Customer companies are restarting their tech spending, creating a ripple effect that benefits both product and service providers

While these companies may have announced layoffs exceeding 70,000 employees globally since late 2022, strategic hiring for specific roles and team building through M&As have been ongoing. 

• In fact, some overseas roles are being shifted to India for cost optimisation and restructuring

Go deeper

Financial services firm Groww is on fire! As of May, it continues to dominate the online discount broking market.

As we reported last week, Groww achieved an impressive 1.03 crore active users as of May 2024, leaving rival Zerodha's 75 lakh far behind, according to NSE data.

• This puts Groww ahead of its peers, Zerodha and AngelOne, once again with a market share of 27%

Groww first surpassed Zerodha in September 2023, and continues to widen the lead.

Groww's growth in active user base comes amid increased activity in the equity markets and a spurt in startup initial public offerings (IPOs).

• Groww's approach to education and investment helped it stand out from its competitors, industry sources told us

Angel One added 1.84 lakh users in May, bringing their total to 64.86 lakh. 

• Upstox sits at 25.91 lakh active users, and Paytm Money has 7.86 lakh

Find out more

GitHub CEO Thomas Dohmke believes India has a key ingredient that can make it a global AI leader: A rapidly growing developer base.

GitHub has over 15.4 million developers in India building on its developer platform, registering a 33% growth year-on-year. 

• This growth makes India the fastest growing market for the Microsoft-owned developer platform, outpacing the US 

At the current pace of growth, Dohmke expects India to overtake the US as the largest developer community on the platform by 2027.

• A high number of computer science students, engineering disciplines in India, and the sheer size of the population are some reasons for this growth, Dohmke told us in an interview

Dohmke believes that natural language will be the universal programming language in the future, which will allow anyone to code in the language they speak. This will be powered by the latest AI advancements and tools such as GitHub Copilot. 

• In recent years, GitHub has been actively integrating AI across every stage of the developer lifecycle

Dohmke said AI will not replace developers but will instead create more work, as an increasing number of companies will look to build AI systems. 

• However, the skill requirements for developers entering the workforce have gone up significantly, he said. 

Read the full interview

Nvidia, the name synonymous with high-end graphics cards, has struck gold in the AI revolution. 

• Its GPUs, once the playground of gamers, are now the crown jewels of AI

• The company's market cap has skyrocketed, surpassing Google parent Alphabet 

But can Nvidia hold onto its dominance as rivals like Intel and AMD step up their game? Find out more

• Elon Musk moved to dismiss his lawsuit accusing OpenAI and CEO Sam Altman of abandoning the startup's original mission of developing AI for the benefit of humanity and not for profit.
  
  
• Taiwanese chip design giant MediaTek is developing an Arm-based personal computer chip that will run Microsoft's Windows operating system.

Bill Gates is about to get real with Zerodha co-founder Nikhil Kamath on a brand new segment of Kamath's podcast, People By WTF.

• The episode drops June 14, and promises Gates' insights on global health, philanthropy through his foundation, and anything else Kamath throws his way

Check out the trailer

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