🖥️ Tech Futures #13

Happy Monday 👋

This week, Intel announced laying off 15,000 employees, representing 15% of its workforce, to achieve $10 billion in cost savings. SpaceX enhanced the Starlink Gen2 satellite system to improve performance and user experience, aiming for gigabit speeds and better coverage. NIGCOMSAT's N2A and N2B satellite aims to enhance Nigeria's digital economy by improving broadband connectivity and supporting sectors like education and agriculture. Intel and AMD's partnership to establish an x86 ecosystem advisory group, addressing challenges from Arm architecture and the growing demand for AI chips. Cloudflare acquired Kivera for an undisclosed amount to enhance its Secure Access Service Edge (SASE) portfolio, and BioNTech acquired InstaDeep for $550M to advance biotech research using AI.

📉 Industry Layoffs

👥 Intel is undergoing a significant restructuring. It announced the layoff of 15,000 employees, representing 15% of its workforce, to achieve $10 billion in cost savings by 2025. This comes amid substantial operating losses and a failure to keep pace with technological advancements.

🏢 Over 130,000 jobs have been cut across 457 companies, continuing a trend from previous years. Major firms like Tesla, Amazon, and Google have conducted significant layoffs. The wave of layoffs raises concerns about innovation and the impact of AI and automation on job security.

💼 TikTok announced mass layoffs, primarily affecting employees in Malaysia, as part of a restructuring strategy that emphasizes AI for content moderation. This marks the third round of layoffs in 2024, with fewer than 500 jobs cut globally. The company faces increasing regulatory pressure from the Malaysian government regarding operational licenses.

📡 Connectivity Innovations

🔌 SpaceX requested modifications for its Starlink Gen2 satellite system to enhance performance and user experience, including the potential for gigabit speeds and improved coverage. The initiative reflects SpaceX's commitment to advancing satellite technology while addressing the growing demand for high-speed internet globally.

⚙️ NIGCOMSAT presented its N2A and N2B satellite projects to enhance Nigeria's digital economy. This focuses on improving broadband connectivity and supporting various sectors, including education and agriculture. The projects are expected to attract investments and foster technological advancements within the country.

🌐 Incoax Networks enhanced broadband access in Finland by leveraging existing infrastructure, which allows for faster deployment and cost efficiency. Aims to improve connectivity in underserved areas. Additionally, the company focuses on integrating advanced technologies to support future broadband demands.

🕹️ South Korean government planned to enhance cooperation with the European Union (EU) in cloud and data infrastructure, supporting local companies' entry into the EU market. A new Korea-EU Global Data Cooperation Center, named "Gaia-X Korea Hub," will be established to facilitate data sharing and interoperability, promoting a robust data ecosystem.

📱 Semiconductors

💻 Intel and AMD announced a partnership to establish an x86 ecosystem advisory group, responding to challenges from Arm architecture and demand growth for AI chips. The collaboration aims to bolster the Intel-developed chip architecture.

🖨️ Revelion is developing an AI CPU Chiplet platform in collaboration with Arm, Samsung Electronics, and AD Technology to enhance performance and energy efficiency for AI workloads. The platform aims to process LLM more efficiently, utilizing Samsung's advanced 2-nano process technology.

🖥️ Lenovo collaborated with Nvidia and other U.S. chipmakers to advance AI computing from the cloud to personal devices. This partnership aims to enhance AI capabilities and address the increasing demand for AI technologies in various sectors.

💰 Tech Deals

💰 Cloudflare which provides web security services, acquired Kivera, specializes in secure access solutions for an undisclosed amount. To enhance its Secure Access Service Edge (SASE) portfolio, improving secure access and data protection capabilities. To strengthen Cloudflare's strategy and its cybersecurity offerings in a competitive market. 

💵 BioNTech developing innovative immunotherapies and vaccines, acquired InstaDeep an advanced machine learning application for $550M, using its AI technology to advance biotech research, particularly in therapeutics and vaccines.

💳 Bitlayer, a Bitcoin second-layer network company,  raised $9M in a Series A funding round to enhance its infrastructure and scalability. Aims to support the growing demand for Bitcoin transactions improve transaction speeds and reduce costs within the Bitcoin ecosystem.

🏦 Galileo, which specializes in payment solutions, raised $45M in a Series B funding round to expand its digital banking platform and enhance financial services for businesses, product development, and market reach, reflecting the growing demand for innovative financial solutions in the fintech sector. 

Thank you for reading. Have a great week ahead!
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