One quick thing: Facebook co-founder Eduardo Saverin’s B Capital closes second Opportunities Fund at $750 million 

In today’s newsletter: 

• Nvidia supercharges AI chip race
• Made-in-India chips by Dec 2024
• Exec exodus continues at Meesho

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Only Nvidia can beat Nvidia. That was the loud and clear message as the tech giant's founder addressed an audience of 12,000 in the heart of Silicon Valley.

While the industry is still dealing with a supply constraint of Nvidia's previous two generations of AI chips, the company is ready with the next version that is 30 times more powerful than Hopper, its immediate predecessor. 

"Hopper changed the world. This is Blackwell. It's okay, Hopper... We need bigger chips," Nvidia CEO Jensen Huang said at the company’s annual conference.

To fortify its AI moat, Nvidia is putting its eggs in multiple baskets such as augmented reality, quantum tech, and robotics.

• It announced that developers designing content for Apple Vision Pro headsets can now use Nvidia tools for simulating physical environments

• Nvidia has also launched Project GR00T, a general-purpose foundation model to boost the development of humanoid robots

The company also unveiled a quantum cloud service allowing researchers to generate sophisticated quantum algorithms, as well as to deeply analyse quantum circuits.

From a market capitalisation of $144 billion at the end of 2019, Nvidia's stock has surged 15-fold to $2.2 trillion presently.

• Of this rise in its stock price, $1 trillion came in the first 67 days of this year as the demand for its chips skyrocketed

• This put an onus on Nvidia's management to demonstrate that its dominance in AI chips can only grow

Dig deeper

After relying on other nations for years, India is on the cusp of achieving self-reliance in a critical technology - semiconductors! 

The country is poised to manufacture its first indigenously made semiconductor chip by December of this year, as announced by Ashwini Vaishnaw, the minister for electronics and information technology, at the Rising Bharat Summit.

• The minister's comments come a few weeks after the groundbreaking ceremony of the Tata Group and CG Power Chip plants

Vaishnaw attributes this progress in India's semiconductor industry to the unwavering dedication of Prime Minister Narendra Modi.

• The minister recounted an instance where he requested a 45-minute meeting with the PM to discuss semiconductors, but was instead granted hours for a detailed discussion

The minister also took a jab at the policies implemented by previous Congress governments, which he likened to a "spider's web" (makar ka jaal).

"We have stepped out of this spider's web and now there has been simplification," he said.

The musical chairs game continues at Meesho, with another high-profile departure. 

Harsh Chaudhary, CXO of monetisation, has quit the company to join arch-rival Flipkart. 

• This marks the third top-level exit at Meesho in just three months

• Chaudhary's departure follows that of Utkrishta Kumar (CXO, Business) and Kirti Varun Avasarala (CPO)

Chaudhary's move to Flipkart is a bit of a homecoming. He previously worked at Myntra, a Flipkart group company, from 2016 to 2019.

• In his new role as Vice President of Customer, he'll be responsible for acquiring and retaining users for Flipkart

Meesho is actively vying for the e-commerce crown currently held by Flipkart.

• Flipkart dominates with a commanding 48% market share, according to Bernstein

• Flipkart boasts a GMV of around $29 billion in FY23, dwarfing Meesho's $5 billion.

• However, Meesho is making strides in the crucial Tier 2+ regions

Find out more

Imagine this: cricket's biggest stars battling it out at the T20 World Cup, but their jerseys are splashed with the logos of India's dairy giants - Amul and Nandini!

• Amul has partnered with teams like Afghanistan, New Zealand and South Africa in the past

But Nandini is ready to churn things up, eyeing sponsorships for India, South Africa, and even the West Indies!

Bonus: Smriti Mandhana's brand value is set to bat even higher after RCB's win!

• To increase transparency and prevent viewers from being misled, YouTube now requires creators to disclose when videos are made using AI.
  
  
• Leveraging Generative AI, SaaS and IT firms are expected to see a revenue explosion, according to a report predicting a rise from $10 billion in 2024 to nearly $1.3 trillion by 2033.
  

Remember that dusty shelf full of encyclopaedias your parents had? Well, one of those – the granddaddy of them all, Encyclopaedia Britannica – is eyeing a Wall Street debut! 

• The 250-year-old encyclopedia is seeking a $1 billion valuation in its initial public offering

But Encyclopaedia Britannica isn't stuck in the past. They've been busy transforming themselves into a digital education powerhouse, with online learning platforms and even an AI-powered language learning tool under their belt. 

Find out more

Picture credit: Wikimedia Commons

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