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Automotive Industry

Tesla Gears Up for India Launch with Mumbai Showroom

Tesla is reportedly nearing the start of its electric vehicle sales in India, with plans to open its first showroom in Mumbai. Deliveries could begin as early as August.

The company has created a dedicated account on X for its Indian operations, signaling its imminent arrival. This move follows Tesla's expansion into other markets like Saudi Arabia.

Challenges in India include a 70% import duty on vehicles, as Tesla will initially export already-built cars. Previous discussions about building a factory in India did not materialize.

Science & Technology

Cloud Seeding Startup Not to Blame for Texas Floods: Debunking Conspiracy Theories

Claims that a cloud-seeding startup, Rainmaker, caused the devastating Texas floods are unfounded. Atmospheric scientists refute the conspiracy, explaining that cloud seeding, a decades-old practice, involves spraying particles into clouds to encourage ice crystal formation and precipitation. While cloud seeding can augment water supply in drought-stricken areas, its impact is minimal compared to major storms. Experts emphasize that Rainmaker's operations were geographically and temporally disconnected from the storm, and cloud seeding is unlikely to significantly affect the type of clouds that produce heavy rainfall.

Technology

Jio Platforms Aims to Convert TVs into PCs with JioPC Service

Jio Platforms has launched JioPC, a virtual desktop service for set-top box users in India, aiming to transform TVs into PCs. The service, currently in free trial, offers a cloud-based PC experience through Jio's set-top box. While it has limitations like no support for external peripherals and reliance on LibreOffice, analysts believe it could expand Jio's user base. The success of JioPC will depend on addressing connectivity gaps, digital literacy, and partnerships with app developers to provide valuable productivity solutions for consumers.

Artificial Intelligence

Goldman Sachs Integrates AI Coding Agent Devin into Workforce

Goldman Sachs is piloting Cognition's AI coding agent, Devin, aiming to augment its developer workforce. CIO Marco Argenti announced plans to roll out hundreds, potentially thousands, of Devin instances, referring to it as a 'new employee.' Despite some initial criticisms regarding complex coding tasks, Devin, now on version 2.1, is expected to improve developer productivity in a 'hybrid' workforce model. The bank, known for its adoption of cutting-edge technology, already utilizes developer copilots internally.

Business

Medium's Path to Profitability: A Turnaround Story

Medium CEO Tony Stubblebine detailed the platform's journey to profitability, achieved since August of last year. The turnaround involved significant product changes, investor restructuring, renegotiated loans, cost-cutting measures, and layoffs. The company was previously losing $2.6 million per month and facing dwindling subscribers and funding.
Key strategies included introducing Boost for human expertise in recommendations, changing Partner Program incentives, and adding a Featuring tool for publications. Financially, Medium renegotiated loans, eliminated liquidation preferences, and simplified governance. The company also sold off acquisitions and reduced its workforce from 250 to 77 employees.
Stubblebine emphasized the importance of investor restructuring, which involved diluting investor stakes and relinquishing special rights. The platform also cut cloud costs through engineering optimization and exited an expensive office lease in San Francisco. While Medium's valuation is now considerably lower than its previous $600 million, the company is focused on maintaining profitability.

Cryptocurrency

Bitcoin's Meteoric Rise: Soaring Past $118,000 Amidst Institutional Interest

Bitcoin has reached a new all-time high of $118,900, surpassing its previous record of $113,822. This surge marks a significant recovery from its low of around $76,000 in early April and nearly $49,000 last August. Analysts speculate that reaching $150,000 could trigger a buying frenzy. The rise is attributed to factors like President Trump's pro-crypto stance, which has attracted substantial institutional investment, driven by the expectation of cryptocurrencies playing a bigger role in finance. In March, Trump signed an executive order establishing a strategic Bitcoin reserve.