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Perplexity AI scores $1.0 billion valuation

Perplexity AI, the barely two-year-old 55-person startup developing an AI-powered search engine to rival Google (Nasdaq: GOOG), has secured approximately $63 million in a new funding round, doubling its valuation to over $1 billion in just three months. 

The round was led by investor Daniel Gross, with participation from notable figures like billionaire Stanley Druckenmiller, Y Combinator CEO Garry Tan, Figma CEO Dylan Field, and early backers such as Jeff Bezos and Nvidia.

You can read more on the matter here.

What’s going on?

• Chinese Banks Have A Sanctions Problem Coming (theDeepDive)

• Home-Price Gains Accelerate in the US, Climbing 6.4% in February (Bloomberg)

• PayPal Removes NFTs from Purchase Protection and Seller Protection Programs (theDeepDive)

• Canadian dollar posts a 3-week high as US currency retreats (Reuters)

• Russell Brand Changes Religion To Promote Religious App (theDeepDive)

• Trump held in contempt for violating hush money trial gag order — gets $9,000 fine and jail warning (CNBC)

• Small Business Rent Delinquency Hits Three-Year High (theDeepDive)

• CSIS director says China’s concerted effort to steal Canadian technology is ‘mind-boggling’ (Globe)

• Why TikTok Will Likely Be Banned — And Not Sold — In The US (theDeepDive)

• Columbia students occupy NYC campus building in pro-Palestinian protest (CBC)

• Why TikTok Will Likely Be Banned — And Not Sold — In The US (theDeepDive)

• G7 energy ministers agree to end use of coal in power generation by 2035, but with a caveat (Globe)

What’s the latest?

• Canada GDP: The Canadian economy displayed no growth in March, balancing out the modest 0.2% increase seen in February and a downwardly revised 0.5% growth in January. This resulted in a first-quarter annualized GDP growth of 2.5%, below the Bank of Canada's prediction of 2.8%. These figures may influence the central bank's decision-making, potentially leading to an interest rate cut at the upcoming June meeting, reflecting the economy's slowed momentum.

• Tesla Layoffs: Tesla Inc. is reportedly planning significant job cuts, including the elimination of entire teams following the departure of two senior executives, according to the Information. The job cuts include around 500 people from the Supercharger group as Tesla continues to navigate a challenging competitive landscape and demand slowdown.

• MSFT Invests In AI: Microsoft plans to invest $1.7 billion in Indonesia over the next four years, focusing on cloud and artificial intelligence infrastructure. This investment marks the company's most significant commitment in its 29-year presence in the country. The investment will support digital infrastructure, AI training for 840,000 individuals, and Indonesia's burgeoning tech developer community, which is one of the largest in the Asia-Pacific region.

• Trump Fined: Donald Trump was fined $9,000 and held in contempt of court for violating a gag order related to his New York hush money case. The court found Trump guilty of nine out of ten alleged violations of the order, which restricts public statements about witnesses and jurors. The judge warned that further violations could lead to jail time, emphasizing that the court would not tolerate continued disregard of its orders.

• Return To Office: The Canadian federal government is planning to require public servants to return to office three days a week starting later this year, a change from the current twice-a-week hybrid model. This decision has taken unions like PSAC and PIPSC by surprise, with no prior consultations reported. The shift aims to reinvigorate downtown business areas, as emphasized by Ontario Premier Doug Ford during a visit to Ottawa.

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The stock market and stuff

• NexGen To Raise C$180 Million In Australia To Improve ASX-Listing Liquidity (theDeepDive)

• Apple stock rises on upgrade from Bernstein (Yahoo)

• Poland Also Wants Canadian LNG Exports, But Trudeau Won’t Budge (theDeepDive)

• US FTC seeks additional information on Walmart and Vizio's $2.3 bln deal (Reuters)

• Cameco Shares Drop On Reported $7 Million Net Loss In Q1 2024 (theDeepDive)

In the juniors

• Cytophage To Focus On Commercialization Efforts In 2024 (theDeepDive)

• ATHA Energy Set To Begin 10,000 Metre Drill Program At Angilak In June (theDeepDive)

• Golden Cariboo Intersects 2.77 g/t Gold Over 6.25 Metres In Latest Results (theDeepDive)

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