News

The number of Americans filing new claims for unemployment benefits decreased last week, defying expectations of a weak labor market amid the Federal Reserve’s aggressive interest rate hikes. Initial claims for state unemployment benefits dropped by 10,000 to 230,000 for the week ended August 19. This trend suggests that the economy could avoid a recession, thanks to the resilience of the labor market and receding inflation. Additionally, the number of people receiving benefits after an initial week of aid decreased, indicating that some laid-off workers are experiencing short spells of unemployment.

Meta Platforms (formerly Facebook) is expanding its foray into artificial intelligence (AI) with the release of Code Llama, an AI model designed to assist in writing computer code. The new model, built on Meta’s Llama 2 language model, can generate code based on human text prompts, offer code completion suggestions, and aid in debugging.

Code Llama supports popular coding languages like Python, Java, and C++. Meta’s move into the generative AI market follows the success of OpenAI’s ChatGPT and aims to compete with Microsoft’s GitHub Copilot. The company has been actively releasing various AI models, including its open-source language model Llama. Code Llama will be available in different configurations and is intended for coding tasks rather than general text tasks.

T-Mobile US has announced plans to reduce its workforce by around 7%, cutting 5,000 jobs in the United States. The wireless carrier aims to address rising costs associated with attracting new subscribers in a competitive market. T-Mobile has been attracting customers seeking cheaper plans through discounted bundles, but this has come at a financial cost. The job cuts will primarily affect corporate and back-office roles, as well as some technology positions, with retail and consumer care divisions unaffected. T-Mobile expects to incur a pretax charge of approximately $450 million in the third quarter due to the layoffs. The company will also implement centralized models in certain areas of the business to improve efficiency and save on costs.

Worldcoin, a cryptocurrency organization, has been recruiting individuals in Uganda and Kenya to scan their iris into a metallic orb in exchange for cryptocurrency. The company promotes its World ID as a novel digital identity that provides access to universal basic income, online banking, and a streamlined virtual currency payment system. However, concerns have been raised about violations of national data protection laws and the aggressive marketing tactics associated with Worldcoin. While some people are intrigued by the concept, others question the purpose and potential misuse of their biometric data. Governments, including Kenya, have initiated investigations into the project. Despite the controversies, Worldcoin’s participants see the utility and potential benefits of the World ID.

Redwood Materials, a battery-recycling startup founded by JB Straubel, a Tesla board member, has appointed Colin Campbell, Tesla’s vice president of powertrain engineering, as its chief technology officer. Redwood’s mission is to create a circular battery supply chain by turning end-of-life electric vehicle batteries and scrap into raw materials and components for new battery cells.

The company aims to localize the fragmented battery system by producing critical battery components at scale in the US, using an increasing amount of recycled content. The move follows Campbell’s 17-year tenure at Tesla and is part of Redwood’s ongoing efforts to attract top talent from the electric vehicle company. Tesla has not yet commented on the departure.

China has quietly revived its elite scientist recruitment program, the Thousand Talents Plan (TTP), under a new name and format called Qiming. The revamped initiative aims to attract foreign-trained scientists to accelerate China’s technological proficiency and achieve self-reliance in semiconductors amid US export curbs.

Qiming offers attractive perks such as home-purchase subsidies and signing bonuses ranging from $420,000 to $700,000. Despite concerns about intellectual property theft and political risks, thousands of applicants have applied, many with doctorates from top US universities, including MIT, Harvard, and Stanford.

Summary: AI startup Hugging Face has secured $235 million in a Series D funding round, led by participation from major companies such as Google, Amazon, Nvidia, Intel, AMD, Qualcomm, IBM, Salesforce, and Sound Ventures. The funding values Hugging Face at $4.5 billion, reflecting the growing demand for AI and supporting platforms.

Hugging Face offers a range of data science hosting and development tools, and its paid functionality includes features like automating AI model training and speeding up data processing. The company plans to focus on research, enterprise, and startup support with its new funding.