Reddit Files To Go Public

Reddit has filed its initial public offering (IPO) with the SEC on Thursday. “The company plans to trade on the New York Stock Exchange under the ticker symbol ‘RDDT,'” reports CNBC. From the report: Its market debut, expected in March, will be the first major tech initial public offering of the year. It’s the first social media IPO since Pinterest went public in 2019. Reddit said it had $804 million in annual sales for 2023, up 20% from the $666.7 million it brought in the previous year, according to the filing. The social networking company’s core business is reliant on online advertising sales stemming from its website and mobile app.

The company, founded in 2005 by technology entrepreneurs Alexis Ohanian and Steve Huffman, said it has incurred net losses since its inception. It reported a net loss of $90.8 million for the year ended Dec. 31, 2023, compared with a net loss of $158.6 million the year prior. […] Reddit said it plans to use artificial intelligence to improve its ad business and that it expects to open new revenue channels by offering tools and incentives to “drive continued creation, improvements, and commerce.” It’s also in the early stages of developing and monetizing a data-licensing business in which third parties would be allowed to access and search data on its platform.

For example, Google on Thursday announced an expanded partnership with Reddit that will give the search giant access to the company’s data to, among other uses, train its AI models. “In January 2024, we entered into certain data licensing arrangements with an aggregate contract value of $203.0 million and terms ranging from two to three years,” Reddit said, regarding its data-licensing business. “We expect a minimum of $66.4 million of revenue to be recognized during the year ending December 31, 2024 and the remaining thereafter.” On Wednesday, Reddit said it plans to sell a chunk of its IPO shares to 75,000 of its most loyal users.

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US Lands Unmanned ‘Odysseus’ Spacecraft On Moon

The first privately built spacecraft has successfully landed on the lunar surface on Thursday. “We can confirm, without a doubt, that our equipment is on the surface of the moon,” said Stephen Altemus, CEO of Intuitive Machines, the Houston-based company that operated the Odysseus spacecraft. “Welcome to the moon.” From a report: As it approached the surface of the moon, Odysseus lost contact with NASA, resulting in several anxious minutes for those who worked on the joint project. But after approximately 15 minutes of searching, officials confirmed that they were once again receiving signals from the spacecraft. “A commercial lander named Odysseus, powered by a company called Intuitive Machines, launched up on a Space X rocket, carrying a bounty of NASA scientific instruments and bearing the dream of a new adventure, a new adventure in science, innovation and American leadership, well, all of that aced the landing of a lifetime,” NASA Administrator Bill Nelson said after contact had been reestablished. “Today for the first time in more than a half century, the U.S. has returned to the moon.”

Altemus had estimated that Odysseus had an 80% chance of successfully landing on the moon, citing previous failed attempts as an advantage. “We’ve stood on the shoulders of everybody who’s tried before us,” Altemus said. It was the first American mission to land on the moon since Apollo 17 in 1972 and the first private spacecraft ever to make a soft landing there. While it was a private mission, NASA paid Intuitive Machines $118 million to deliver six instruments to the moon. And the U.S. space agency provided streaming video of the landing.

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Yale Reinstates Standardized Test Requirement For Admission

Stephanie Saul reports via the New York Times: Yale University will require standardized test scores for admission for students applying to enter for the class entering in the fall of 2025, becoming the second Ivy League university to abandon test-optional policies that had been widely embraced during the Covid pandemic. Yale officials said in an announcement on Thursday that the shift to test-optional policies might have unwittingly harmed students from lower-income families whose test scores could have helped their chances. While it will require standardized tests, Yale said its policy would be “test flexible,” permitting students to submit scores from subject-based Advanced Placement or International Baccalaureate tests in lieu of SAT or ACT scores. The decision follows a similar decision in February from Dartmouth College. MIT also announced that it had reinstated its testing requirement in 2022.

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Google Admits Gemini Is ‘Missing the Mark’ With Image Generation of Historical People

Google’s Gemini AI chatbot is under fire for generating historically inaccurate images, particularly when depicting people from different eras and nationalities. Google acknowledges the issue and is actively working to refine Gemini’s accuracy, emphasizing that while diversity in image generation is valued, adjustments are necessary to meet historical accuracy standards. 9to5Google reports: The Twitter/X post in particular that brought this issue to light showed prompts to Gemini asking for the AI to generate images of Australian, American, British, and German women. All four prompts resulted in images of women with darker skin tones, which, as Google’s Jack Krawcyczk pointed out, is not incorrect, but may not be what is expected.

But a bigger issue that was noticed in the wake of that post was that Gemini also struggles to accurately depict human beings in a historical context, with those being depicted often having darker skin tones or being of particular nationalities that are not historically accurate. Google, in a statement posted to Twitter/X, admits that Gemini AI image generation is “missing the mark” on historical depictions and that the company is working to improve it. Google also does say that the diversity represented in images generated by Gemini is “generally a good thing,” but it’s clear some fine-tuning needs to happen. Further reading: Why Google’s new AI Gemini accused of refusing to acknowledge the existence of white people (The Daily Dot)

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University of Alabama Pauses IVF Services After Court Embryo Ruling

Following a recent ruling from the state supreme court, the University of Alabama at Birmingham health system said it is pausing all in vitro fertilization (IVF) treatments for fear of criminal prosecution or punitive damages. On Friday, the Alabama Supreme Court ruled that frozen embryos are “children,” entitled to full personhood rights, and anyone who destroys them could be liable in a wrongful death case. The Hill reports: “We are saddened that this will impact our patients’ attempt to have a baby through IVF, but we must evaluate the potential that our patients and our physicians could be prosecuted criminally or face punitive damages for following the standard of care for IVF treatments,” the health system said. […] It is standard practice in IVF to fertilize several eggs and then transfer one into a woman’s uterus. Any remaining normally developing embryos can be, at the patient’s request and consent, frozen for later use. But legal experts say it’s unclear if the standard practice is illegal in Alabama and could make IVF virtually inaccessible in the state.

According to the American Society of Reproductive Medicine, the best-developing embryo will be transferred into a patient for an attempt at a pregnancy while the rest are frozen for later use, in case the first one does not develop into a live birth, or the patient later desires another child. According to the Centers for Disease Control and Prevention, approximately 238,126 patients underwent IVF treatment in 2021, resulting in the births of 97,128 babies, the last year for which statistics were available. There are 453 IVF clinics nationwide.

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Nvidia Posts Record Revenue Up 265% On Booming AI Business

In its fourth quarter earnings report today, Nvidia beat Wall Street’s forecast for earnings and sales, causing shares to rise about 10% in extended trading. CNBC reports: Here’s what the company reported compared with what Wall Street was expecting for the quarter ending in January, based on a survey of analysts by LSEG, formerly known as Refinitiv:

Earnings per share: $5.16 adjusted vs. $4.64 expected
Revenue: $22.10 billion vs. $20.62 billion expected
Nvidia said it expected $24.0 billion in sales in the current quarter. Analysts polled by LSEG were looking for $5.00 per share on $22.17 billion in sales. Nvidia CEO Jensen Huang addressed investor fears that the company may not be able to keep up this growth or level of sales for the whole year on a call with analysts. “Fundamentally, the conditions are excellent for continued growth” in 2025 and beyond, Huang told analysts. He says demand for the company’s GPUs will remain high due to generative AI and an industry-wide shift away from central processors to the accelerators that Nvidia makes.

Nvidia reported $12.29 billion in net income during the quarter, or $4.93 per share, up 769% versus last year’s $1.41 billion or 57 cents per share. Nvidia’s total revenue rose 265% from a year ago, based on strong sales for AI chips for servers, particularly the company’s “Hopper” chips such as the H100, it said. “Strong demand was driven by enterprise software and consumer internet applications, and multiple industry verticals including automotive, financial services and health care,” the company said in commentary provided to investors. Those sales are reported in the company’s Data Center business, which now comprises the majority of Nvidia’s revenue. Data center sales were up 409% to $18.40 billion. Over half the company’s data center sales went to large cloud providers. […]

The company’s gaming business, which includes graphics cards for laptops and PCs, was merely up 56% year over year to $2.87 billion. Graphics cards for gaming used to be Nvidia’s primary business before its AI chips started taking off, and some of Nvidia’s graphics cards can be used for AI. Nvidia’s smaller businesses did not show the same meteoric growth. Its automotive business declined 4% to $281 million in sales, and its OEM and other business, which includes crypto chips, rose 7% to $90 million. Nvidia’s business making graphics hardware for professional applications rose 105% to $463 million.

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YouTube Dominates TV Streaming In US, Per Nielsen’s Latest Report

In a new report today, Nielsen found that YouTube is once again the overall top streaming service in the U.S., with 8.6% of viewing on television screens. Netflix was a close second at 7.9% of TV usage. TechCrunch reports: In a blog post celebrating the achievement, the Google-owned streaming service announced that viewers now watch a daily average of over 1 billion hours of YouTube content on their televisions, which could indicate that there’s a preference for user-generated videos among U.S. consumers rather than traditional TV shows. Sixty-one percent of Gen Z reported that they favor user-generated content over other content formats. […]

Although YouTube may have precedence in the living room, TikTok continues to dominate on mobile devices. The short-form video app recently began testing the ability for TikTokers to upload 30-minute videos, which could step on YouTube’s toes. TikTok also entered the spatial reality space, launching a native app on the Apple Vision Pro. Meanwhile, YouTube decided to not build a dedicated app for the device.

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Cox Communications Wins Order Overturning $1 Billion US Copyright Verdict

Internet service provider Cox Communications has been cleared of a $1 billion jury verdict in favor of several major record labels that had accused it of failing to curb user piracy. “The 4th U.S. Circuit Court of Appeals in Richmond, Virginia, ruled on Tuesday that the amount of damages was not justified and that a federal district court should hold a new trial to determine the appropriate amount,” reports Reuters. From the report: A Virginia jury in 2019 found Cox, the largest unit of privately-owned Cox Enterprises, liable for its customers’ violations of over 10,000 copyrights belonging to labels including Sony Music Entertainment, Warner Music Group, and Universal Music Group. The labels’ attorney Matt Oppenheim said that the appeals court “affirmed the jury’s verdict that Cox is a willful infringer,” and that “the evidence of Cox’s complete disregard for copyright law and copyright owners has not changed.” “A second jury will get to hear that same compelling evidence, and we fully expect it will render a significant verdict,” Oppenheim said.

More than 50 labels teamed up to sue Cox in 2018, in what was seen as a test of the obligations of internet service providers (ISPs) to thwart piracy.
The labels accused Cox of failing to address thousands of infringement notices, cut off access for repeat infringers, or take reasonable measures to deter pirates. Atlanta-based Cox had told the 4th Circuit that upholding the verdict would force ISPs to boot households or businesses based on “isolated and potentially inaccurate allegations,” or require intrusive oversight of customers’ internet usage. Other ISPs, including Charter Communications, Frontier Communications and Astound Broadband, formerly RCN, have also been sued by the record labels.

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Zuckerberg: Neural Wristband For AR/VR Input Will Ship ‘In the Next Few Years’

Meta CEO Mark Zuckerberg said that it’s working on a finger tracking neural wristband that will be ready to ship “in the next few years.” UploadVR reports: Appearing on the Morning Brew Daily talk show on Friday, Mark Zuckerberg said “we’re actually kind of close to having something here that we’re going to have in a product in the next few years.” […] An entirely different approach to finger tracking is to sense the neural electrical signals passing through your wrist to your fingers from your brain, using a technique called electromyography (EMG). Theoretically this could have zero or even negative latency, perfect accuracy, work regardless of lighting conditions, and not be subject to occlusion. When discussing the technology in 2021 Reardon claimed that a recent breakthrough enabled decoding the activity of individual neurons for “almost infinite control over machines.” Occlusion-free finger tracking of this quality and reliability could enable precise control of complex interfaces with incredibly subtle movements of your hand resting on your lap, making it an ideal input method for headsets and AR glasses. […]

So how will this arrive in a Meta product? In early 2023 an internal Meta AR/VR hardware roadmap leaked to The Verge, revealing details about Quest 3, the existence of the headset now rumored to be called Quest 3 Lite, and the cancelation of the 2024 candidate for Quest Pro 2 in favor of a more ambitious but “way out” model. But this roadmap also mentioned that Meta was planning to release the neural wristband alongside the third generation Ray-Ban smartglasses in 2025 as the input method.

According to that roadmap, two models of the wristband will be offered at different price points – one with the neural input tech only and another that also has a display and camera to act as a smartwatch too. A second generation of the wristband will also apparently act as the input device for the true AR glasses Meta plans to launch in 2027. We should however note that this plan or the timeline may have changed in the year since.

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AI Not Hyped Enough, Says Microsoft Exec