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This is your daily dose of ☕️ Techpresso, where you get the latest tech news of the day effortlessly.

Here's the latest tech news from the last 24 hours:

🏥 Google's leap into medical AI applications
💸 Revolut's $20mn security breach
🔭 James Webb spotted the most distant active supermassive black hole
📸 Snap's effective creator engagement strategy

🏥 Google's leap into medical AI applicationsLINK

  • Google's AI tool, Med-PaLM 2, designed to answer medical questions, is under testing at Mayo Clinic and other locations, aiming to aid healthcare in countries with limited doctor access.
  • Despite some accuracy issues identified by physicians, Med-PaLM 2 performs well in metrics such as evidence of reasoning and correct comprehension, comparable to actual doctors.
  • Customers testing Med-PaLM 2 will maintain control of their encrypted data, with Google not having access to it, though the tool is still in its early stages, according to Google senior research director Greg Corrado.
  • 💸 Revolut's $20mn security breachLINK

  • A flaw in Revolut's US payment system allowed criminals to steal over $20mn, with the net loss amounting to almost two-thirds of its 2021 net profit; the issue was linked to differences in European and US payment systems.
  • The fraudulent activity, which affected Revolut's corporate funds rather than customer accounts, was eventually detected by a partner bank in the US; Revolut closed the loophole in Spring 2022 but has not publicly disclosed the incident.
  • Revolut has faced other challenges, including high-profile departures, a delay in obtaining its UK banking license, warnings from auditor BDO about potential revenue misstatements, and two investors slashing their valuation of the company by over 40% each.
  • 🔭 James Webb spotted the most distant active supermassive black holeLINK

  • The James Webb Space Telescope has identified the most distant active supermassive black hole yet, located in the galaxy CEERS 1019 and dating back to just 570 million years after the big bang.
  • This galaxy presents unusual structural features, possibly indicative of past collisions with other galaxies, which could help understand galaxy formation and the roles supermassive black holes play in these processes.
  • Alongside this black hole, the Cosmic Evolution Early Release Science (CEERS) survey has identified 11 extremely old galaxies, which may shift our understanding of star formation and galaxy evolution throughout cosmic history.
  • 📸 Snap's effective creator engagement strategyLINK

  • Snap's new revenue-sharing initiative, the Snap Star program, is attracting content creators back to Snapchat, with big names like David Dobrik and Adam Waheed earning significant incomes from the platform.
  • This move is part of a broader effort to reverse Snap's declining sales and user engagement, amid challenges such as Apple's privacy policy changes and competition from other platforms offering more lucrative programs for creators.
  • In the first quarter of 2023, user time spent watching Snapchat Stories from creators in the revenue-share program more than doubled year over year in the U.S., indicating initial success in the company's strategy to increase user engagement.

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