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- 🚀 OpenAI Projects $5 Billion Loss
🚀 OpenAI Projects $5 Billion Loss
PLUS: US economy is in 'Solid Shape', Dockworker strike disrupts U.S. Ports.
Dear founder, here’s your 3-minute recap (without the fluff):
The ultimate job search kit for winning resumes, smarter tools, and interview success* (More)
OpenAI expects to lose around $5 billion this year on $3.7 billion in revenue but forecasts $11.6 billion in sales next year (link)
Federal Reserve Chair Jerome Powell signals more gradual interest rate cuts to support a healthy US economy (link)
A historic strike is underway at U.S. ports and the impact on global supply chains could be huge (link)
New tools, resources, funding updates & job postings
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Prisma - A database toolkit that simplifies database interactions, schema evolution, and data management for developers (link)
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Nara - an Al-powered digital sales associate that helps your online store sell more and keep clients happy on all chat channels (link)
📚 Resources
This ex-CIA spy built a $100 Billion empire using math, but how? (link)
21 books recommended by Naval Ravikant (link)
This guy exposed the psychology behind why you buy things you don’t need (link)
Why the world is moving to Dubai? Here are some reasons (link)
PS. If you’re interested in this AI stuff, you should sign up for our other newsletter - Prompts Daily. It has 100,000+ readers (Executives, VCs, and engineers). Sign up with one click.
💰 Funding11x raises $50M to automate sales and marketing operations (link) Qodo raises $40M Series A to bring quality-first code generation and testing to the enterprise (link) | 💼 Job BoardInsights and Analytics Lead at Google (US) Sr. Product Manager at Databricks (US) |
💌 Etcetera
How to search for jobs with AI
What is chewing gum made of?
Gen Z's favorite digital entertainment
Cybertruck finally gets full self-driving
The global threat of antibiotic resistance
The first-ever televised presidential debate
5 ways to turn curiosity into long-term success
Scientists just spotted a 1-in-10-billion quantum physics phenomenon
Lock down your data: Why every business needs a password manager today
History of quantum computing: 12 key moments that shaped the future of computers
Can AI show compassion? Teaching AI to care may teach us to be more human ourselves
🗞️ News
OpenAI Projects $5 Billion Loss
OpenAI is projected to incur a loss of approximately $5 billion this year despite generating $3.7 billion in revenue according to recent reports. The company's revenue surged to $300 million last month marking a 1,700% increase since early 2023. Looking ahead OpenAI anticipates revenues of $11.6 billion in 2025 as it seeks to raise up to $7 billion in a funding round that could value it at over $150 billion.
Surrounded by these financial challenges OpenAI is also exploring a restructuring to a for-profit model while maintaining its nonprofit segment.
US Economy is in 'Solid Shape'
Federal Reserve Chair Jerome Powell indicated that the U.S. economy remains "in solid shape" and signaled gradual interest rate cuts ahead. Speaking at a conference in Nashville, Powell noted that while the Fed recently cut rates by half a point, future reductions will be measured and data-dependent. Investors had hoped for a more aggressive cut, leading to an initial dip in the S&P 500, which later recovered.
Powell emphasized that the Fed aims to support a healthy economy rather than react to a crisis, with two additional quarter-point cuts expected by year-end if economic conditions allow.
Dockworker Strike Disrupts U.S. Ports
A significant dockworker strike has begun at U.S. East and Gulf Coast ports threatening to disrupt global supply chains and the economy. The International Longshoremen’s Association representing about 45,000 workers initiated the strike over wage disputes and automation concerns marking the first such action in nearly 50 years. Experts warn that prolonged disruptions could lead to product shortages and increased prices for essential goods.
Shipping giant Maersk estimates that even a one-week shutdown could result in recovery times of four to six weeks. The situation remains fluid as negotiations continue with potential government intervention looming.
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