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In today’s newsletter:

• Sam Altman on AI solving complex problems 
• How NPCI's BHIM strategy is paying off 
• CoinSwitch on crypto's comeback in India

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From solving science to stalling SaaS, it’s a tale of two tech worlds – Sam Altman’s AI is dreaming big, while Sridhar Vembu’s SaaS is pinching pennies.

OpenAI’s Altman envisions an AI-fuelled future where machines do the mental heavy lifting, and then some.

• Speaking at the Snowflake Summit 2025, Altman said that by 2026, AI will handle non-trivial business problems that even teams of people struggle with

He says companies that’ve already embraced AI will soon ask it to redo their most critical projects, from chip design to product strategy.

"As a general principle of technology, when things are changing quickly, the companies that have the fastest iteration speed, make the cost of mistakes the lowest, and the learning rate the highest, win," Altman said.

AI agents are already acting like interns, and they may soon be up for a promotion.

• Altman said AI agents are currently automating repetitive tasks, but will soon start discovering new knowledge

OpenAI’s Operator agent can book cabs, buy groceries, or fill out forms; Deep Research dives into multi-step web searches.

•  Codex, OpenAI’s latest preview, can fix bugs, propose pull requests, and even “watch your meetings”

Altman called Codex a "feel the AGI" moment, like a junior dev now, but one that could soon outwork your entire team.

Meanwhile, Zoho’s Vembu says it’s dry times for SaaS as VCs chase shinier AI dreams.

•  Vembu declared that VC cash has abandoned software-as-a-service (SaaS), and is pouring into AI instead.

SaaS startups are scrambling to cut costs and survive, as customers grow tired of juggling too many vendors.

“The SaaS ecosystem has suffered from an excess amount of venture capital that came in. That venture capital has dried up now. Most of it is going towards AI,” Vembu said.

As Altman’s bots clock in without coffee breaks, SaaS firms seem to be letting go of the folks who still need one.

Dig deeper

Back in 2017, BHIM was the country’s most popular UPI app. Then came deep-pocketed rivals like PhonePe and Google Pay, which quickly took the crown through gamification and cashbacks.

• By mid-2024, BHIM had a market share of 0.2% in the ecosystem

From January 2022 to August 2024, BHIM’s transaction volume languished around 26 million per month. 

• In contrast, the overall UPI ecosystem registered a threefold growth during the same period

The National Payments Corporation of India, which operates both UPI and BHIM, had to change something.

• It spun off BHIM as an independent subsidiary and appointed a new CEO, Lalitha Nataraj

• NPCI gave BHIM a budget of Rs 300 crore for promotional activities, brand partnerships and cashbacks
  
  
• BHIM also took the lead in launching new features and products

By April 2025, BHIM had doubled its transaction count in just six months. The strategy appeared to be working, and the app adopted a modern design to keep up with the times.

While there are more than 80 major UPI apps, PhonePe and Google Pay continue to dominate the space, accounting for over 85% of the market.

• BHIM’s current market share is still a drop in the ocean

• Almost 85% of all digital transactions happen through UPI

This duopoly in such a critical payment infrastructure has raised concerns among the government and regulators. UPI apps launched in the past year, such as Navi and super.money, have also made some inroads.

According to sources, NPCI is hoping that three years down the line, if BHIM achieves a 4-5% market share, it could be sold.

Go deeper

Crypto comeback in India? CoinSwitch thinks so...

The Indian crypto scene is seeing an uneven recovery. According to CoinSwitch co-founder Ashish Singhal, while existing investors are doubling down amid the recent boom, new user sign-ups remain muted.

This mirrors global patterns, Singhal noted, with a surge in trading driven by:

• Pro-crypto policies from the Trump administration in the US

• Bitcoin reaching record highs of over $111,000

• Institutional interest in ETFs

However, Bitcoin prices have fluctuated in recent months due to macroeconomic uncertainties and volatility in US policymaking, impacting the overall sector.

Amid this volatility, CoinSwitch is launching a crypto options feature, a type of derivative that allows investors to hedge their risks or bet on future prices.

“Volatility helps people to question their choices, whether they are under-invested or over-invested in crypto. Also, whether their money is safe, that has been the biggest ask from the users,” Singhal told us.

Key features include:

• Multiple expiry periods (daily, weekly, monthly, quarterly)

• The platform is also focusing on offering the lowest transaction fees at 0.015% to attract customers

• Users can avail of options at as low as 1 USDT (Rs 90)

While new sign-ups are still lagging, activity among existing users is booming.

• Trading volumes from existing  users are up 200–300% compared to 2024, Singhal said

He added that retail investors are averaging their prices by selling a part of their holdings to book profits.

As a founding member of the Bharat Web3 Association, Singhal is optimistic that India's long-awaited crypto discussion paper will finally see the light of day in June.

“This discussion paper was supposed to be out last year in September - October. But because of the geopolitical changes, Trump getting elected and being pro-crypto, the policies are supposed to change. We believe that this discussion paper has gone through that understanding of geopolitical issues and Indian specific issues as well,” he said.

Find out more

When D Gukesh took on Magnus Carlsen at Norway Chess, his killer moves lit up the internet and sent online viewership soaring, leaving the tournament director buzzing about India’s chess boom.

• He is now thinking of an India edition. 

Kjell Madland, Founder of Norway Chess, told us that he is looking for good organisers and the right partners to sponsor the tournament in India. 

• The face-off recorded 27% higher views than previous matches played in the 2025 tournament. 

Dig deeper

• President Donald Trump’s proposed “One Big Beautiful Bill” includes a controversial provision that would impose a 10-year ban on state-level AI regulation, placing all oversight solely under federal control.

• Morgan Stanley is shopping a $5 billion debt package for Elon Musk's xAI and the artificial intelligence company is seeking a valuation of $113 billion in a share sale worth $300 million.

After 18 years of chasing glory, Virat Kohli’s Royal Challengers Bangalore (RCB) are on the cusp of history.

Kohli’s Royal Challengers Bangalore (RCB) will clash with Shreyas Iyer’s Punjab Kings, who’ve turned their season around to make their first final since 2014. 

• With the trophy within sight, the final promises to be a nail-biter

And adding extra heat to the mix, Canadian rapper Drake has placed a hefty $750,000 bet on RCB’s victory

The match kicks off at 7:30 pm. Don’t blink (Watch it on Star Sports or stream it on JioHotstar)

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