Category: Technology

Posted: 2:20 PM PST · November 21, 2024

Apple’s Efforts to Catch Up in AI

The tech giant is reportedly building a more conversational Siri powered by Large Language Models (LLMs), aiming to bridge the gap with competitors who have released advanced features like Google’s Gemini Live.

A New Version of Siri: Powered by LLMs

According to sources cited by Bloomberg, Apple is developing a new version of its voice assistant, Siri, which will be fully powered by advanced large language models (LLMs). This move is part of Apple’s attempt to catch up in the Artificial Intelligence (AI) space, where competitors have already released impressive features that are more natural to interact with.

The new assistant is expected to fully replace the current Siri interface that users rely on today. Apple plans to release this feature in the spring of 2026, marking a significant shift in how users will interact with their devices.

A Similar Feature to OpenAI’s Advanced Voice Mode

The new assistant seems to be similar to OpenAI’s Advanced Voice Mode, which allows for more natural and conversational interactions. However, unlike OpenAI’s feature, Apple’s version will have access to all the same personal information and apps that Siri has today.

Third-Party Providers Filling the Gap

Until then, Apple is relying on third-party providers to power its advanced AI features. For example, OpenAI’s ChatGPT will become available inside Apple Intelligence in December, and the company has reportedly discussed similar deals with other AI providers like Google and Anthropic.

Aiming to Bridge the Gap with Competitors

The new Siri feature is a clear attempt by Apple to bridge the gap with competitors who have released advanced features. For instance, Google’s Gemini Live allows users to interact with their devices in a more natural way, using voice commands that are more intuitive and human-like.

Release Date: Spring 2026

Apple plans to release the new Siri feature in the spring of 2026, marking a significant shift in how users will interact with their devices. This move is expected to have a major impact on the AI space, as Apple looks to catch up with its competitors and establish itself as a leader in the field.

The Future of AI: A Conversation-Driven Interface

The new Siri feature is a key step towards a conversation-driven interface that is more natural and intuitive. As users become increasingly comfortable with interacting with their devices using voice commands, Apple’s move to release a more conversational Siri powered by LLMs is likely to have far-reaching implications for the AI space.

Related Developments in AI

• Nvidia’s Project Digits: A ‘personal AI supercomputer’ that allows users to interact with their devices in a more natural way.
• Google’s Gemini Live: An AI-powered TV that summarizes the news for users, using a conversational interface that is more human-like.

Conclusion

Apple’s efforts to catch up in AI are underway, with the company reportedly building a new version of Siri powered by LLMs. This move is expected to have significant implications for the AI space, as Apple looks to bridge the gap with its competitors and establish itself as a leader in the field.

The release of this feature in 2026 will be a major milestone for Apple, marking a shift towards a conversation-driven interface that is more natural and intuitive. As users become increasingly comfortable with interacting with their devices using voice commands, Apple’s move to release a more conversational Siri powered by LLMs is likely to have far-reaching implications for the AI space.

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Stay Informed with Related Articles

• Nvidia is helping humanoid robots learn through Apple Vision Pro instruction by Brian Heater
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• Here’s the full list of 49 US AI startups that have raised $100M or more in 2024 by Rebecca Szkutak

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Apple Unveils Exciting New Features at WWDC 2024

At this year’s Worldwide Developers Conference (WWDC) 2024, Apple took the stage to announce a slew of new features and updates across its operating systems. While some of these were showcased on stage, others have only recently come to light as developers have been exploring the sessions and developer betas.

New Features in iOS 18

One such update that didn’t make it onto the main stage is the support for Rich Messaging Service (RMS) in the Messages app. For Android users, this means they’ll be able to send and receive high-quality media while chatting with friends on Apple devices. RMS will also enable typing indicators and read receipts.

More Features in iOS 18

In addition to RMS, iOS 18 includes several other exciting features:

• Motion Cues: Reduce motion sickness while traveling in a vehicle by using motion cues with dots on the screen.
• Eye Tracking: Set up eye movement tracking to control devices through eye movement.
• Vocal Shortcuts: Define custom phrases that trigger actions, such as going to the home screen or opening an app.
• Sound Actions: Map sounds like "Click," "Cluck," "Eh," "La," "Oo," and "Sh" to specific actions.

New Features in Accessibility

iOS 18 also includes several new features aimed at improving accessibility:

• Haptic Feedback: Experience music through haptics, such as taps, textures, and refined vibrations that match the track’s audio.
• Motion Cues: Reduce motion sickness while traveling in a vehicle by using motion cues with dots on the screen.

New Features in Photos

The new update also brings several exciting features to the Photos app:

• Receipts: A new type of album for receipts, allowing users to easily manage and track their expenses.
• Handwriting Recognition: Improve handwriting recognition capabilities, making it easier to search for handwritten notes.
• QR Code Detection: Detect and read QR codes in images.

New Features in Other Areas

Other areas that have seen new features include:

• Siri: Improved Siri capabilities, including the ability to perform more complex tasks through voice commands.
• HomeKit: Enhanced HomeKit capabilities, allowing for easier home automation and control.

These are just a few of the exciting new features coming to iOS 18. As developers continue to explore the developer betas, we can expect even more surprises to emerge in the coming weeks.

Introduction

Reddit, a popular social news and discussion website, is set to introduce AI-generated summaries at the top of search results. This feature will help users "dive deeper" into content and discover new Reddit communities. The company’s CEO, Steve Huffman, announced this plan during its earnings call on Tuesday.

AI-Powered Search Result Pages

Huffman explained that Reddit will use a combination of first-party and third-party technology to power the AI-powered search result pages. This feature is part of the company’s ongoing efforts to enhance user experience and make it easier for users to find relevant content.

Partnership with OpenAI

In May, Reddit announced its partnership with OpenAI, which enables the company to leverage OpenAI’s large language models and build AI-powered features for Redditors and mods. This deal also gives OpenAI permission to use Reddit’s data. Huffman noted that this partnership is crucial in developing the AI-powered search feature.

Expansion of AI-Powered Features

The success of Reddit’s AI-powered language translation feature has been impressive, with France being one of its "fastest growing countries." The company is also expanding the translation feature to German, Spanish, and Portuguese. Huffman touted the importance of AI in enhancing user experience and making content more accessible.

Quarterly Earnings Report

Today marked the second time Reddit reported its quarterly earnings since becoming a public company. For the second quarter, the company reported 342.3 million weekly active users, a 57% jump from the year prior. Revenue increased to $281.2 million, higher than Wall Street estimates of $253.8 million.

The Future of AI on Reddit

Reddit’s focus on AI-powered features is expected to continue, with Huffman stating that the company is committed to leveraging AI to improve user experience and enhance content discovery.

AI-Powered Search Result Pages: A Breakdown

• Combination of First-Party and Third-Party Technology: Reddit will use a combination of its own technology and third-party tools to power the AI-powered search result pages.
• Enhancing User Experience: The feature aims to help users "dive deeper" into content and discover new Reddit communities.
• Partnership with OpenAI: The partnership enables Reddit to leverage OpenAI’s large language models and build AI-powered features for Redditors and mods.

The Importance of AI in Enhancing User Experience

Reddit’s focus on AI is part of its ongoing efforts to enhance user experience. The company has reported impressive growth in its weekly active users, with revenue exceeding Wall Street estimates.

Related Developments

• Generative AI Funding Reaches New Heights: According to a recent report, generative AI funding reached new heights in 2024.
• FTC Orders AccessiBe to Pay $1M for Misleading Advertising: The Federal Trade Commission (FTC) has ordered accessiBe to pay $1 million for misleading advertising.

Conclusion

Reddit’s introduction of AI-generated summaries at the top of search results marks an exciting development in the world of social media and AI. As the company continues to leverage AI to enhance user experience, it is likely that we will see more innovative features in the future.

Sources

• "Reddit to Introduce AI-Powered Search Result Pages" by TechCrunch
• "Reddit’s Partnership with OpenAI Enables AI-Powered Features" by TechCrunch
• "Quarterly Earnings Report: Reddit Reports 342.3 Million Weekly Active Users" by TechCrunch

Loop, the car insurance company co-founded by Harlem Capital co-founder John Henry, has laid off staff as the company struggles with fundraising.

Background on Loop

Loop was founded in 2020 by John Henry and Carey Nadeau. According to Henry’s LinkedIn profile, he stepped down from his role as a venture partner at Harlem Capital to focus on Loop. The company launched out of stealth mode in 2021, raising $3.25 million in seed funding led by Freestyle VC, with participation from Backstage Capital and Uprising Ventures.

Fundraising Troubles

Despite its early success, Loop has struggled to raise additional capital. In a June 16th email, Nadeau wrote that the company had been unsuccessful in raising additional capital after 20 months of trying. The email stated that the last opportunity had an investor pull out at the very final hour, and the company just fell short.

Layoffs

The layoffs were announced by Henry on Instagram, who posted a copy of Nadeau’s email to impacted staff. According to a LinkedIn post by a former employee, the cuts affected people in various departments, including insurance agents, customer care, data analytics, marketing, software engineering, and product.

Reaction from Other Black Founders

Other Black founders rushed to empathize and express their support for Loop on Instagram. Melissa Butler, founder of The Lip Bar, wrote: "It’s tough out here right now… Thank you for sharing your journey with us."

The Larger Context: Fundraising Challenges for Black Founders

Data on Venture Capital Funding

According to TechCrunch, Black founders raised less than 1% of all venture capital funding last year. This number has continued to dwindle as the promises to back more Black founders made after the murder of George Floyd have diminished in recent years.

Slow Funding Rates Across the Board

2024 continues to be a difficult fundraising year across the board, with slow funding rates since 2018 reported by Crunchbase. Outside of select areas like AI, venture capital funding has slowed significantly.

Conclusion

The layoffs at Loop are just one example of the challenges facing startups and Black founders in particular. With fundraising troubles rampant, it’s essential for companies to be prepared for difficult times ahead.

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CEO Jensen Huang Outlines Nvidia’s Vision for Artificial Intelligence

In a keynote address at the Consumer Electronics Show (CES) 2025, Nvidia CEO Jensen Huang laid out the company’s ambitious plans for artificial intelligence in both consumer and enterprise settings. The speech highlighted several new software technologies designed to help train humanoid robots and power various AI applications.

A New AI Chip: GB10

One of the most significant announcements from the keynote was the introduction of the GB10, a new AI superchip developed by Nvidia. While not a direct successor to the Blackwell chip unveiled at GTC 2024, the GB10 is a scaled-down version of Nvidia’s high-powered GB200 platform.

The GB10 combines one Blackwell graphics processing unit (GPU) with a Grace central processing unit (CPU), making it an attractive option for desktop AI computing. According to Huang, the GB10 is already in full production and expected to be available by May 2025. The chip will be featured in Project DIGITS, a desktop system that includes 128GB of unified memory and 4TB of storage.

Project DIGITS: A Desktop AI Computing System

Nvidia’s Project DIGITS offers an innovative solution for individuals and organizations seeking to leverage the power of AI without breaking the bank. By integrating the GB10 with ample memory and storage, Project DIGITS enables users to create a capable AI computing system that can be used for various applications, from robotics to autonomous vehicles.

Cosmos: A Platform for Developing Physical AI Systems

Nvidia also showcased its Cosmos platform, designed specifically for developing physical AI systems such as robots and self-driving vehicles. The platform utilizes world foundation models (WFMs), which simulate real-world conditions in a virtual setting.

This allows developers to test and refine the software needed to power these complex systems without requiring expensive hardware or putting people at risk on public roads. By leveraging Cosmos, companies can accelerate the development process for AI-powered robots and vehicles, ultimately leading to safer and more efficient operations.

Isaac GROOT Blueprint: Teaching Humanoid Robots

Nvidia’s Isaac GROOT Blueprint software is another significant advancement in AI training. Developers will be able to use this platform via Apple’s Vision Pro headset to teach humanoid robots how to perform specific tasks and navigate various scenarios. This capability has far-reaching implications for industries such as healthcare, manufacturing, and logistics.

Autonomous Vehicles: A Multi-Trillion-Dollar Industry

Huang predicted during the keynote that the autonomous vehicle revolution is on the verge of arriving. With multiple companies already leveraging Nvidia’s automotive suite of technologies to power their advanced driving and autonomous driving systems, this prediction seems increasingly plausible.

Toyota, Continental, and Aurora are among the prominent players in the industry using Nvidia’s solutions to bring autonomous vehicles to market. As Huang noted, this development has the potential to create a new multi-trillion-dollar robotics industry.

Gaming Graphics Cards: GeForce RTX 50 Series

While Nvidia continues to invest heavily in AI technologies, the company hasn’t forgotten its gaming roots. The introduction of the GeForce RTX 50 series for desktop and laptop computers promises significant performance improvements over previous generations.

The top-of-the-line RTX 5090 boasts twice the performance of last year’s RTX 4090, while Nvidia claims that the entry-level RTX 5070 can match the capabilities of its predecessor thanks to advances in proprietary DLSS software. This technology uses AI to render and generate frames for games, enhancing the overall gaming experience.

Conclusion

Nvidia’s keynote address at CES 2025 provided a glimpse into the company’s ambitious plans for artificial intelligence. The introduction of the GB10 AI superchip and Project DIGITS desktop system mark significant advancements in AI computing. Additionally, Nvidia’s Cosmos platform and Isaac GROOT Blueprint software demonstrate the company’s commitment to developing innovative solutions for various industries.

As Huang predicted, the autonomous vehicle revolution is on the horizon, with multiple companies already leveraging Nvidia’s technologies to bring this vision to life. With its continued focus on gaming graphics cards, Nvidia remains a dominant force in the tech industry.

References:

• Nvidia Corporation. (2025). CES 2025 Keynote Address. Retrieved from https://www.nvidia.com/en-us/about-nvidia/ces-2025-keynote-address/
• Yahoo Finance. (2025). Nvidia CEO Jensen Huang Outlines AI Ambitions at CES 2025. Retrieved from https://finance.yahoo.com/news/nvidia-ceo-jensen-huang-outlines-ai-ambitions-at-ces-2025-124300646.html
• StockStory. (2025). Nvidia’s AI Superchip GB10: What You Need to Know. Retrieved from https://www.stockstory.net/nvidias-ai-superchip-gb10-what-you-need-to-know/

Aye Finance Files for $171 Million IPO to Expand Loan Portfolio and Strengthen Capital Base

Table of Contents

• Introduction
• Background on Aye Finance
  • Business Model and Products
  • Valuation and Growth
• IPO Details and Proceeds Allocation
  • Fresh Issue vs. Secondary Sale
  • Use of Proceeds
• Market Context and Competitive Landscape
  • India’s Financial Services Sector
  • Fintech and IPO Trends in India
• Bookrunners and Timeline

Introduction

Aye Finance, a lender targeting small- and medium-sized businesses (SMBs) in India, has filed for an initial public offering (IPO) to raise $171 million. The filing marks the latest development in the Indian fintech sector, which has witnessed significant growth in recent years. In this article, we will delve into Aye Finance’s background, IPO details, and market context.

Background on Aye Finance

Aye Finance is a digital lender that provides business loans to SMBs in the unorganized sector, typically excluded from traditional banking systems. The company has developed proprietary technology and analytics to assess its customers’ creditworthiness, enabling it to lend to businesses that might not qualify for traditional credit.

Business Model and Products

Aye Finance offers various types of business loans, including mortgage, hypothecation, and term credit. Its average loan size is around $1,800, which allows the company to cater to a wide range of small businesses across India. The lender has established itself as a key player in the country’s fintech sector, with 499 branches operating across 22 states.

Valuation and Growth

Aye Finance is currently valued at about $400 million, indicating significant growth potential. As of September, the company had assets under management (AUM) worth $588 million. The lender has raised over $160 million to date, including investments from prominent backers such as Alphabet’s venture arm, CapitalG, and Elevation Capital.

IPO Details and Proceeds Allocation

The IPO comprises a fresh issue of $104 million and a secondary sale by existing investors worth $67 million. Proceeds from the offering will be allocated towards expanding Aye Finance’s loan portfolio and strengthening its capital base. The filing marks an important milestone for the lender, which is seeking to raise capital to accelerate its growth plans.

Fresh Issue vs. Secondary Sale

The fresh issue portion of the IPO represents 61% of the total amount being raised, while the secondary sale by existing investors constitutes 39%. This suggests that Aye Finance’s existing investors are looking to cash out some of their stakes in the company through the IPO process.

Use of Proceeds

Proceeds from the IPO will be used for various purposes, including:

• Expanding the loan portfolio: Aye Finance plans to use a significant portion of the proceeds to expand its loan book and cater to more SMBs across India.
• Strengthening capital base: The lender aims to strengthen its capital base to improve its financial stability and credit profile.
• Enhancing technology and analytics capabilities: Aye Finance will allocate funds towards upgrading its proprietary technology and analytics platform to improve customer assessment and risk management.

Market Context and Competitive Landscape

The Indian fintech sector has witnessed significant growth in recent years, driven by increasing demand for digital financial services. The micro, small, and medium enterprise (MSME) segment accounts for approximately 30% of India’s GDP but faces substantial credit gaps, estimated at over $650 billion.

India’s Financial Services Sector

The Indian financial services sector has been undergoing significant changes in recent years, with the government introducing several initiatives to promote digital lending and financial inclusion. The RBI has also taken steps to regulate the fintech industry, including issuing guidelines for peer-to-peer (P2P) lending platforms.

Fintech and IPO Trends in India

The past year has seen a surge in IPO activity in India’s fintech sector, with several companies filing for listings. Some notable examples include:

• MobiKwik: A digital payments company that filed for an IPO last month.
• Swiggy: An online food delivery platform that listed on the Indian stock exchanges in December 2024.

Bookrunners and Timeline

Axis Capital, IIFL Capital, JM Financial, and Nuvama Wealth Management have been appointed as bookrunners for Aye Finance’s IPO. The filing marks a critical milestone for the lender, which is seeking to raise capital to accelerate its growth plans.

Timeline of Key Events

• January 2025: Aye Finance files for an IPO to raise $171 million.
• February 2025: Bookrunners appointed for the IPO process.
• March-April 2025: IPO prospectus expected to be filed with SEBI.

The IPO filing by Aye Finance marks a significant development in India’s fintech sector, which has witnessed rapid growth in recent years. As the lender seeks to raise capital and expand its loan portfolio, investors will closely watch its progress and market performance.

Since its inception, Meta’s Threads has been experimenting with ways to leverage the network effects of its other social networks, Facebook and Instagram. One such experiment is the integration of Instagram Reels directly into Threads, allowing users to share their Reels on the platform.

The New Feature: Sharing Instagram Reels on Threads

App researcher Alessandro Paluzzi recently discovered that Threads is working on a new feature that will let users pick Reels from their account and post them on Threads. When you tap on the Instagram button in the compose box, you will see a grid with your Instagram posts and Reels. You can then select the Reels that you want to publish on Threads.

How It Works

The new feature is being tested by Meta, but it’s likely to be rolled out widely soon. When you tap on the Instagram button in the compose box, you will see a grid with your Instagram posts and Reels. You can then select the Reels that you want to publish on Threads.

Benefits for Users

Many users already post their Instagram posts and Reels on Threads to gain followers and have better engagement with their content. This new button might make it easier for them to do this. With the integration of Instagram Reels, users can now share a variety of content types directly from Instagram to Threads.

Cross-Posting: A History

Meta has been experimenting with cross-posting features between its social networks. Earlier this year, Meta started testing a feature that automatically cross-posts from Instagram to Threads. The company was also testing a similar feature on Facebook earlier this year.

Carousels and Reach

Last year, Meta started showing carousels of Threads posts on Facebook and Instagram to increase threads’ reach and get more people to use its newest social network. However, some users didn’t like their posts being suggested to others on Instagram and Facebook, so Meta quietly rolled out an option that lets people opt-out from the recommendation program.

Why This Matters

The integration of Instagram Reels into Threads is a significant move by Meta to expand the reach of its social network. By allowing users to share their Instagram content directly on Threads, Meta is making it easier for users to engage with each other across different platforms.

Conclusion

The new feature that allows users to share Instagram Reels on Threads is a step in the right direction for Meta’s Threads. With this integration, users can now easily share a variety of content types directly from Instagram to Threads. This will likely lead to increased engagement and reach for users who participate in cross-posting.

What Do You Think?

Do you think the integration of Instagram Reels into Threads is a good move by Meta? Let us know your thoughts in the comments below!

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Instagram, the popular social media platform owned by Meta, is planning to introduce a groundbreaking feature powered by its Movie GenAI model. This innovative technology aims to revolutionize video editing by allowing users to make significant changes to their videos using a simple text prompt.

What’s Next for Instagram?

According to a teaser posted by Instagram head Adam Mosseri, the generative AI editing feature is set to launch next year. Mosseri explains that this new tool will enable creators to "change nearly any aspect of your videos" without requiring extensive video editing or manipulation skills. This means that users can experiment with different ideas and bring their creative visions to life in a more streamlined manner.

The Power of Movie GenAI Model

Meta’s Movie GenAI model is the driving force behind this innovative feature. The model has been specifically designed to preserve human identity and motion, ensuring that edited videos look realistic and authentic. Mosseri highlights the potential of this technology by showcasing early research AI models that demonstrate its capabilities.

Teaser Video: A Sneak Peek

The announcement video features previews of the generative AI editing feature in action. In one scene, Mosseri is transformed into a felt puppet, while another snippet shows him wearing a gold chain around his neck without altering his clothing. The inserted backgrounds and clothing don’t distort unnaturally when Mosseri rapidly moves his arms or face. However, it’s essential to note that these early previews are only a few seconds long.

Comparison with OpenAI’s Sora Model

The video also includes comparisons with OpenAI’s Sora model, which was one of the first AI-powered video editing tools available in the market. While the inserted backgrounds and objects look impressive, the results have not lived up to expectations since its public release. The actual performance of Instagram’s AI video tools will only be apparent once they are launched.

Meta’s Movie Gen AI Video Generator

In October, Meta unveiled its Movie Gen AI video generator, which promises to "preserve human identity and motion" in videos created or edited using the model. Although this announcement was made months after similar models from competitors like OpenAI’s Sora and Adobe’s Firefly Video model, it marks a significant milestone for Meta.

When Can We Expect It?

Meta hasn’t announced when Movie Gen will be available to the public, but Instagram is the first platform that the company has confirmed will utilize the text-to-video model. As more information becomes available, users can expect to see updates on the launch date and availability of this revolutionary feature.

Benefits for Creators

The introduction of generative AI editing features on Instagram will undoubtedly have a significant impact on creators. Some potential benefits include:

• Increased creativity: With the ability to make significant changes using a simple text prompt, users can experiment with different ideas and bring their creative visions to life.
• Time-saving: This feature eliminates the need for extensive video editing or manipulation skills, allowing creators to focus on more essential aspects of content creation.
• Improved engagement: By providing users with more tools to transform their content, Instagram is likely to see an increase in user-generated content and engagement.

Potential Applications

The potential applications of this technology are vast and varied. Some possible uses include:

• Content creation: Creators can use this feature to make significant changes to their videos, such as altering the background environment or adding new objects.
• Marketing and advertising: Brands can utilize this tool to create engaging content that resonates with their audience, increasing brand awareness and reach.
• Educational purposes: This technology can be used in educational settings to create interactive and immersive learning experiences.

What’s Next for Instagram?

The introduction of generative AI editing features on Instagram marks a significant milestone for the platform. As more information becomes available, users can expect to see updates on the launch date and availability of this revolutionary feature. With its potential applications and benefits, it will be exciting to see how creators utilize this technology.

Conclusion

Instagram’s upcoming generative AI editing feature is set to revolutionize video editing by providing users with more tools to transform their content. Powered by Meta’s Movie GenAI model, this innovative technology promises to "preserve human identity and motion" in videos created or edited using the model. While we can’t wait to see the actual performance of Instagram’s AI video tools, it’s clear that this feature has the potential to change the way creators approach content creation.

References

• Meta: Movie Gen AI Video Generator
• OpenAI: Sora Model
• Adobe: Firefly Video Model

EU Opens Competition Investigation into Corning, Gorilla Glass Maker Offers Changes to Settle Probe

The European Union has opened a competition investigation into Corning, the manufacturer of Gorilla Glass used by major electronics brands such as Apple’s iPhone. The investigation centers around concerns over alleged exclusive dealing practices, which could potentially lead to penalties of up to 10% of global annual turnover if confirmed.

Corning Offers Changes to Contract Clauses in an Effort to Settle the Probe

In response to the EU’s investigation, Corning has proposed a range of changes to its contract clauses aimed at settling the probe. The U.S.-based company is a supplier to major electronics brands, and the changes could also be intended to prevent the investigation from escalating further.

The European Commission Solicits Industry Feedback on Corning’s Offer

The European Commission is now seeking industry feedback on Corning’s proposal, which can be submitted for around six weeks. If the EU accepts Corning’s proposals after this market test, the bundle of commitments would be made legally binding on the company and applicable worldwide.

Commitments Relating to Exclusivity Dealing, Purchase Quotas, and Patent Enforcement

Corning has proposed waiving all exclusivity clauses in its current agreements with device makers (original equipment manufacturers, or OEMs) and finishers for the supply of alkali-aluminosilicate glass (alkali-AS glass), which is mainly used for displays in mobile devices. The company also agrees not to use such clauses (or others with similar effects) in future agreements worldwide.

Device Makers Exempt from Purchasing Requirements

For devices intended to be sold in the European Economic Area (EEA), Corning proposes not requiring OEMs to purchase or otherwise source any quantity of alkali-AS glass from its own business. The company also promises not to offer device makers any price advantages conditional on such requirements.

Purchase Quotas for OEMs’ Non-EEA Demand

Corning is proposing not to require device makers to buy or cause their supply chain to buy more than 50% of their respective demand for alkali-AS glass and transparent glass ceramics from Corning. The company also promises not to offer OEMs any price advantages conditional on such requirements.

Impact on Third-Party Companies that Process Raw Glass (Finishers)

Corning is offering not to require finishers to buy more than half their combined demand for sodium aluminosilicate glass (NAS glass), LAS glass, and clear glass ceramics from Corning. The company also promises not to condition price advantages on such purchasing requirements.

Enforcement of Patents Relating to Break-Resistant Cover Glass

Corning has proposed basing any claim only on patent infringement and not on breach of contract. The company also agrees not to use any contractual mechanisms (such as penalties) to reinforce patent claims.

Implementation and Monitoring of Corning’s Commitments

If the EU accepts Corning’s proposals, the bundle of commitments would be made legally binding on the company and applicable worldwide. Implementation would be monitored by a trustee that would report to the Commission, and any breaches of the commitments could result in penalties.

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Amazon Set to Launch Bazaar: A New Initiative in India’s Fast-Growing Fashion and Lifestyle E-commerce Sector

India’s e-commerce sector has been witnessing tremendous growth in recent years, with the fashion and lifestyle segment being one of the most competitive. Amazon is preparing to make another attempt to break into this space, setting up a battle with rival Flipkart, owned by Walmart; Reliance’s Ajio; and SoftBank-backed upstart Meesho.

A Special Store on Amazon: Bazaar

According to sources close to the matter, Amazon is planning to launch a special store called "Bazaar" where it will not levy any extra charges to sellers offering unbranded and trendy fashion and lifestyle products. The items sold through Bazaar will be priced under 600 Indian rupees ($7.2), making them affordable for customers.

Benefits for Sellers

The communication from Amazon to its partners highlights the benefits that sellers can expect from Bazaar:

• Access to tens of millions of customers: With Bazaar, sellers will have access to a massive customer base, increasing their chances of selling more products.
• Hassle-free delivery: Amazon promises to make the delivery process seamless and hassle-free for sellers, reducing their workload.
• Zero referral fee: Unlike other e-commerce platforms, Amazon will not charge any referral fees to sellers who sell their products through Bazaar.

The Competition

Flipkart leads the fast-fashion e-commerce space in India, but it faces mounting competition from Ambani’s Ajio. According to research firm Bernstein, Ajio has amassed about 30% market share in the segment. To counter this, Flipkart is planning to expand its focus on fast fashion, according to a recent report.

Shein and Reliance’s Joint Venture

Shein, a global pioneer in the fast-fashion category, was banned by India last year. However, it is set for a comeback with a joint venture with Reliance. This move will certainly give Amazon’s Bazaar a run for its money.

Amazon’s Investments in India

Amazon has deployed over $7 billion in India, and it plans to invest an additional $2.3 billion in its e-commerce operations by 2030. While this is a significant investment, it is still lower than what rival Flipkart has invested in the country.

The Fast-Fashion E-commerce Space in India

According to Bernstein, the fashion market is extremely fragmented offline, and the online market is seeing similar trends with multiple players emerging to gain share. Ajio has sustained its growth rates above the industry average, while Urbanic was not able to sustain its growth owing to lagging user experience and inefficient return policies.

Conclusion

With Bazaar, Amazon is making a bold move into India’s fast-growing fashion and lifestyle e-commerce sector. The special store promises to offer sellers access to tens of millions of customers, hassle-free delivery, and zero referral fees. However, the competition in this space is fierce, with Flipkart, Ajio, and Shein/Reliance’s joint venture vying for market share.

References

• TechCrunch: Amazon Set to Launch Bazaar: A New Initiative in India’s Fast-Growing Fashion and Lifestyle E-commerce Sector
• Bernstein: The fashion market is extremely fragmented offline, and the online market is seeing similar trends with multiple players emerging to gain share.
• Amazon: Amazon invests $2.3 billion in its e-commerce operations by 2030.

What Do You Think?

Will Bazaar be a success for Amazon? Share your thoughts on the Indian e-commerce space and what you think about this new initiative from Amazon.