Perplexity's valuation surges to $14B

👋 Good morning/evening (wherever you are). It’s Monday.

Perplexity AI is reportedly in talks to raise $500 million at a valuation of $14 billion.

Here’s the valuation timeline:

• June 2024: $3 billion

• December 2024: $9 billion

• May 2025: $14 billion???

The funding is on the lower end of Perplexity’s planned raise. During those early-stage talks, Perplexity was looking to raise between $500 million and $1 billion in funding at an $18 billion post-money valuation.

In other news…

This AI video is lying to you. People on Reddit and X are freaking out because they can’t figure out which part is real and which is AI.

It’s a smart video and a sign of things to come.

OK let’s keep going ↓

Here’s what you should know:

• OpenAI announces HealthBench

  A new benchmark designed to better measure capabilities of AI systems for health.

• Google announces AI Futures Fund

  This program will give startups at various growth stages early access to Google DeepMind's latest AI models as well as resources, technical expertise and equity funding to accelerate their progress.

• CFP Board launches AI-powered exam prep tool

  The platform leverages AI-driven technology and microlearning tools to deliver an engaging and personalized study experience.

• Chegg to lay off 22% of workforce as AI

  Chegg said on Monday it would lay off about 22% of its workforce, or 248 employees, to cut costs and streamline its operations as students increasingly turn to AI-powered tools such as ChatGPT over traditional edtech platforms.

• Apple will reportedly use AI in iOS 19

  This AI-powered feature will analyze user behavior to predict and adjust power consumption for different applications and features, extending battery life without compromising usability.

• Saudi crown prince launches AI venture

  Crown Prince Mohammed bin Salman launched a new company to develop and manage artificial intelligence technologies in Saudi Arabia on Monday, a top priority of its economic diversification drive.

• First AI song made with quantum supercomputing power released

  UK-based tech startup Moth has released the track “Recurse” in collaboration with British electronic artist ILĀ. It’s billed as the world’s first commercially available song created using “quantum-powered generative AI.”

The numbers:

• OpenAI is in talks to re-negotiate Microsoft's $13B investment in a deal which will reduce Microsoft's stake to allow for a future OpenAI IPO.

• METiS Pharmaceuticals, a Chinese company focused on the development of AI medication delivery system, is considering a Hong Kong IPO to raise up to $200M.

• Stash has secured $146M in a Series H funding round to deepen its investment in AI for its financial guidance platform.

Thought starters:

• Introducing Continuous Thought Machines

• Generative AI is on track to shape the future of drug design

• Is AI the future of America's foreign policy? Some experts think so

Meme of the day:

Thanks for reading,

Eddie

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