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Here's the latest tech news from the last 24 hours:
💸 Amazon made $1 billion through secret price raising algorithm
🍓 Arm grabs a slice of Raspberry Pi
⚖️ FTX founder Sam Bankman-Fried found guilty of fraud, faces up to 110 years in prison
🐾 Apple slides from 2013 skewer Android as “a massive tracking device”
🪄 Stability AI’s latest tool uses AI to generate 3D models
💸 Amazon made $1 billion through secret price raising algorithmLINK
Amazon is accused by the FTC of using a secret algorithm called 'Project Nessie' to illegally raise prices and make over $1 billion from U.S. consumers.
The pricing tool, which started in 2010, was designed to increase prices on items predicted to be price-tracked by other retailers, leading to inflated prices and significant profits for Amazon.
Although Amazon claims the tool was discontinued years ago, the FTC's lawsuit alleges it was used intermittently to manipulate competition and maintain higher prices, calling it an 'unfair method of competition.'
🍓 Arm grabs a slice of Raspberry PiLINK
Arm, known for its own chip designs, has made a strategic investment in Raspberry Pi, picking up a minority stake. The terms of the deal remain undisclosed.
This partnership is seen as Arm's attempt to strengthen its foothold in the rapidly growing Internet of Things (IoT) ecosystem, and counter potential threats from open-source processor design, RISC-V.
Observers note this development might contribute to Raspberry Pi's prominence in the single-board computer market and help ward off possible competition.
⚖️ FTX founder Sam Bankman-Fried found guilty of fraud, faces up to 110 years in prisonLINK
FTX founder, Sam Bankman-Fried, has been convicted on seven counts of fraud and conspiracy, facing up to 110 years in federal prison.
He was accused of misusing FTX exchange funds, with the investigators focusing on whether he illegally transferred millions of dollars when the exchange filed for bankruptcy.
Bankman-Fried is due to be sentenced on March 28, 2024 after the prosecution successfully argued that he used customers' money to finance the operations of a sister company, Alameda Research.
🐾 Apple slides from 2013 skewer Android as “a massive tracking device”LINK
In 2013, Apple's Senior Vice President Eddy Cue presented slides to key executives casting a dim light on competitors, particularly Google on privacy issues.
The newly revealed slides unfavorably compared Apple and Google's privacy approaches, summarizing "Android is a massive tracking device."
The presentation offers a rare insight into Apple's perception of Google, particularly Android, and its own stance on data privacy.
🪄 Stability AI’s latest tool uses AI to generate 3D modelsLINK
Stability AI has launched Stable 3D, an AI app for creating 3D models quickly and affordably, aimed at non-experts for use in platforms like Blender and Unity.
There are concerns about the potential for IP infringement with Stable 3D, as Stability AI has a history of legal issues over the use of unlicensed data.
Amidst growing competition and financial pressures, Stability AI is diversifying its offerings with new features in its AI-powered photo editing suite and other generative AI products.
Other news you might like
Elon Musk announced the upcoming release of xAI's first artificial intelligence tool.LINK
Elon Musk foresees AI advances rendering jobs obsolete, paving way for a future of "universal high income," and abundant goods and services.LINK
Intuit is shutting down Mint, its popular free budget-tracking app.LINK
Researchers warn an AI bot, given certain information, can engage in deceptive activities such as insider trading, despite current model limitations.LINK
Brave introduces Leo, its AI assistant powered by Llama 2, on desktops with advanced features, including privacy-focused interactions and an optional premium subscription.LINK
NASA will test Sierra Space's commercial spaceplane, 'Tenacity', for orbital flights to resupply the ISS, an alternative to SpaceX spacecraft.LINK
Jeff Bezos, Amazon founder, is relocating from Seattle to Miami, shifting focus to personal projects like Blue Origin and the Earth Fund.LINK
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