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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:

🐦 Threads hits 100 million users in 5 days while Twitter traffic tanks
🏭 Foxconn abandons $19.5B chip project in India
💡 Generative AI could add up to $4.4 trillion every year to global economy
⚖️ Sarah Silverman and authors sue OpenAI and Meta over copyright infringement

🐦 Threads hits 100 million users in 5 days while Twitter traffic tanksLINK

  • Meta's new social network, Threads, has seen rapid growth with over 100 million sign-ups within a week of its launch, surpassing Twitter's user traffic.
  • Threads' growth is boosted by its link with Instagram, allowing users to sign up with their existing Instagram handles and maintain some of their followers.
  • Threads' success has sparked friction with Twitter owner Elon Musk, who accused Meta of "unlawful misappropriation" of trade secrets, indicating potential for further competition between the two platforms.
  • 🏭 Foxconn abandons $19.5B chip project in IndiaLINK

  • Foxconn, a lead Apple supplier, has withdrawn from a $19.5 billion joint venture project with Indian conglomerate Vedanta, which aimed to establish semiconductor and display manufacturing in Gujarat, India.
  • This decision presents a setback to India's aspirations to become a global hub for high-tech manufacturing, though Foxconn maintains confidence in India's semiconductor prospects.
  • Despite the joint venture dissolution, Foxconn continues its operations in India, constructing multiple factory sites across the country.
  • 💡 Generative AI could add up to $4.4 trillion every year to global economyLINK

  • According to a McKinsey report, generative AI could annually add $2.6 to $4.4 trillion across 63 use cases, increasing the overall impact of AI by 15-40%.
  • Approximately 75% of the value generative AI could provide is anticipated to be in customer operations, marketing and sales, software engineering, and R&D, with banking, high tech, and life sciences likely to see the most significant impacts.
  • Generative AI has the potential to automate work activities currently taking up 60-70% of employees' time, which could lead to half of today's work activities being automated between 2030 and 2060, improving labor productivity significantly.
  • ⚖️ Sarah Silverman and authors sue OpenAI and Meta over copyright infringementLINK

  • Comedian Sarah Silverman and authors Christopher Golden and Richard Kadrey have filed lawsuits against OpenAI and Meta, alleging that these companies trained their large language models on copyrighted materials without consent.
  • The complaints claim that OpenAI and Meta used datasets that likely incorporated copyrighted content from "shadow libraries" for training their AI models like ChatGPT and LLaMA.
  • These aren't the first lawsuits OpenAI has faced regarding copyright infringement; it's already contending with several legal challenges over its method of training ChatGPT, including a class action suit alleging violation of privacy laws.
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    Evernote confirmed massive layoffs in the US as it transitions operations to Europe following its acquisition by Italian firm Bending Spoons.LINK

    Scientists from University of Bath developed a method to create pharmaceutical precursors from turpentine, a by-product of paper industry, potentially making drug production more sustainable.LINK

    UK plans to unlock pension funds for startup investments, with reforms potentially injecting £50 billion into privately-held firms by 2030, aiming to stimulate economic growth.LINK

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