Tech News: Microsoft and Amazon to Fire 28,000 Employees, Bill Gates Invests in New Climate Tech, and I Fragrance Discoverer Underway

Microsoft and Amazon to Fire 28,000 Employees 

Microsoft and Amazon are planning to lay off a total of 28,000 employees. The layoffs are taking place due to a shift in the companies' focus toward new technologies such as AI and cloud computing. These changes are causing a shift in the required skills for employees, and those who are not able to adapt are at risk of losing their jobs. The COVID-19 pandemic has accelerated the shift towards technology such as cloud computing and remote work, which has also contributed to the decision to fire employees.

Bill Gates Invests in Climate Tech Startup to Fight Methane Emissions

Bill Gates has invested in a climate tech startup that aims to reduce methane emissions from cow burps by using microbes that convert the gas into carbon dioxide and water. The startup, Pivot Bio, is working on a product that can be added to cows' feeds to achieve this goal. The product is in the final stage of development and is expected to be available to farmers in the next few years. 

New Startup Leverages AI to Discover New Fragrances

Vapor Communications has developed an AI-powered platform that can analyze chemical compounds and predict how they will smell. The company is using this technology to create new fragrances for the perfume industry. The platform uses machine learning algorithms to analyze data from existing fragrances and is able to identify patterns and predict which combinations of compounds will create new, desirable scents. The startup aims to help perfumers and fragrance manufacturers to create new, innovative scents more efficiently and effectively, rather than relying on traditional trial-and-error methods.

Industry News

Cybersecurity

5G and Metaverse Likely to Increase Cybersecurity Risks and Threats

The adoption of 5G technology and the metaverse is likely to increase the threats to online security. As more people use 5G networks and the metaverse, the risk of cyber-attacks and data breaches will also increase. Bangkok Post highlights the need for stronger security measures to protect personal data and digital assets. It also states that companies developing metaverse technology and 5G networks should prioritize security in order to prevent malicious actors from exploiting vulnerabilities in the system.

Retail Tech

Smart Retail Tech Expo 2023 will focus on showcasing Virtual and Augmented Reality technology in the retail sector

The expo is expected to draw attention to the latest advancements in virtual and augmented reality technology, how retailers can use it to enhance customer experience, and how it can be used for in-store shopping, online shopping, and product visualization. The expo will gather experts and thought leaders from the retail industry to discuss and demonstrate how these technologies are being used to improve customer experience and sales.

Cryptocurrency

US Senator and cryptocurrency critic Elizabeth Warren says recent turmoil in the digital asset space will cause crypto giants to collapse

Elizabeth Warren has warned that cryptocurrencies need tougher regulations. She believes that the lack of regulations in the cryptocurrency market could lead to financial instability, fraud, and other forms of illegal activities. She argues that cryptocurrencies must be held to the same standards as other financial assets and that regulators must take steps to protect consumers and investors from fraud and other forms of abuse.

AI

ChatGPT Passes US Law Exam

OpenAI’s ChatGPT was able to answer legal questions and pass the Multistate Professional Responsibility Examination (MPRE) which is an exam that all US law students must pass to practice law. Jonathan Choi, a professor from Minnesota University Law School, tested ChatGPT by giving it an examination similar to the one taken by law students. The test consisted of a total of 107 questions including 95 multiple-choice questions and 12 essay questions.

Funding

Dubai-based accounting and financial compliance startup Wafeq has raised $3 million

Dubai-based accounting and financial compliance startup Wafeq has raised $3 million in funding. The company has developed a platform that can automate the collection, analysis, and reporting of financial data, allowing businesses to stay compliant with regulations and minimize the risk of errors. The funding will be used to expand the company's product offering and increase its market reach. The company is focused on the MENA region but is looking to expand globally.

Climate deep-tech startup Ecozen raised $25 million in Series C funding from Nuveen

Climate deep-tech startup Ecozen has raised $25 million in Series C funding from Nuveen, Dare Ventures, and other investors. The startup is focused on providing sustainable, clean energy solutions and reducing carbon emissions. The funding will be used to expand the startup's product offerings and increase its market reach. The company is developing advanced energy storage systems and smart microgrids to help reduce dependence on fossil fuels and promote the use of renewable energy sources.