Connected Newsletter Connected newsletter: Tech layoffs continue as investors ponder AI investments
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Charlie Taylor 11:19
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EDITOR’S NOTE
Investors have expressed concern over heavy expenditure by Big Tech on artificial intelligence. But whether they will feel any better after the latest batch of quarterlies from the likes of Meta and Microsoft remains to be seen.
While Meta wowed Wall Street with better-than-expected results due in part to using AI, investors were less impressed with Microsoft’s latest numbers. With Google, Amazon and Apple having also reported recently there is plenty to digest.
As I noted in an analysis piece recently there are big questions being raised over just how long it will take for AI investments to pay dividends. The conversation is likely to persist long into the future.
If anyone can be a winner from AI it’s Nvidia. While it also saw its shares decline last month in tandem with other tech companies, its since enjoyed a strong run that has led to it setting new records.
Google’s partnership with Anthropic is to come under deeper scrutiny from the UK’s antitrust watchdog, adding to the growing number of probes into the wave of big tech investment in artificial intelligence.
Staying with AI and the EU has opened a consultation for drafting a new code of practice for general-purpose artificial intelligence, a key part of the bloc’s AI Act.
Anyone hoping that tech layoffs are at an end got a wake-up call this week with reports that Intel is to cut “thousands of jobs”. TikTok, which cut more than 200 jobs in Dublin earlier this year, also confirmed more redundancies locally.
In more positive news, close to €400 million was raised by Irish tech start-ups in the April to June period, marking the best quarterly performance since the second quarter of 2022.
Accentuating the positive some more and Zelta, an Irish-founded start-up that uses AI to gather insights from raw customer data, has been acquired. Elsewhere, Educatly, a Dublin-headquartered start-up whose backers include both the Irish state and the Egyptian government, secured a further $2.5 million in investment.
Instagram parent Meta is to let users create their own AI-powered chatbots and add them to their profiles, an effort to court creators and further integrate the company’s artificial intelligence software into its most popular consumer products
The best jobs in tech
Top Tech Jobs: Revolut, Mastercard, Coinbase, Google, Kota
Our inaugural Top 100 ranking of the most important people in Irish tech went down a storm. If you haven’t taken a look at who made the cut feel free to do so now.
In our weekly update, we are giving you the lowdown on the best tech jobs currently available locally. If you want to be included, then email topjobs@businesspost.ie
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In other news:
* Central Bank chooses first theme for sandbox programme
* Revolut courting ‘completely neglected’ Irish customers in bid for slice of salary market
* Cost of data breaches has hit a new high
* Nvidia releases new software and services to aid AI adoption
Send on your news and views to connected@businesspost.ie
All the best,
Charlie
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