US News
Champion Brand Seeks New Ownership: HanesBrands is exploring the sale of its iconic sportswear label Champion, setting the bidding war at $1.4 billion. The initial bidding phase concluded on February 21, attracting interest from notable entities like Authentic Brands and WHP Global, the parent company of G-Star Raw. The decision to divest Champion stems from a series of declining quarterly sales and the parent company’s mounting debt, which has reached $3.1 billion. Champion’s sale could provide crucial liquidity to HanesBrands, amidst a challenging retail environment.
PawCo’s Seed Funding Fuels Expansion: San Francisco-based PawCo has successfully secured $2 million in seed funding, led by Elevate Ventures and supported by notable investors including Dropbox’s Arash Ferdowsi. This infusion of capital will enable PawCo to scale its production capabilities and intensify its marketing efforts for its plant-based pet food products. Leveraging AI technology, PawCo aims to revolutionize the pet food industry by increasing awareness and acceptance of plant-based options, tapping into a market projected to reach $57 billion by 2032.
Global News
AWS Expands Cloud Infrastructure in Mexico: Amazon Web Services (AWS) has announced a $5 billion investment in a new data center cluster in Querétaro, Mexico, marking a significant expansion of its cloud services footprint. This strategic investment is part of AWS’s broader initiative to cater to the increasing demand for cloud and AI services globally, and follows a trend of “nearshoring” where companies are moving operations closer to the US to mitigate supply chain risks.
Amazon‘s actions in Saudi Arabia: In a significant move towards improving labor conditions, Amazon has agreed to compensate over 700 migrant workers in its Saudi Arabian warehouses with a total of $1.9 million. This decision comes after an investigation by Verite, a labor rights organization, which highlighted exploitative contracts, substandard living conditions, and delayed grievance resolutions. Amazon’s commitment to addressing these issues reflects a growing awareness and responsibility towards ethical labor practices in global supply chains.
Amazon Japan Boosts Seller Sales with Double Points Week: Amazon Japan is set to reinvigorate its marketplace with the return of the “Double Points Week” promotion, scheduled from March 9 to March 24, 2024. This initiative allows consumers to earn double the usual loyalty points on purchases, with Amazon contributing half. The promotion aims to enhance seller visibility and sales, while offering consumers additional value, amidst a competitive e-commerce landscape.
Temu Responds to Safety Concerns: After facing criticism from the Toy Industries of Europe for safety violations, Temu has proactively removed 19 toy listings from its platform. These toys, deemed unsafe following rigorous testing by EU-accredited labs, highlighted the risks of choking, cuts, and chemical hazards among others. This incident has sparked a broader discussion on the need for stricter regulatory oversight over non-EU online retailers and their compliance with EU safety standards.
Wish to Launch Trade-In Service in Europe: E-commerce platform Wish is set to introduce a new service, “Wish Trade-In,” aimed at promoting sustainability and consumer value through the trade-in of used electronics. Partnering with Remarketed, a Dutch refurbishing company, Wish will pilot this service in the Netherlands, offering instant valuations and cash for used gadgets. This initiative aligns with the growing consumer interest in sustainable shopping practices and the circular economy, particularly in the European market.
AI News
Wendy’s Tests Dynamic Pricing and AI Menus: Wendy’s is set to revolutionize its pricing strategy by experimenting with dynamic pricing in its company-owned outlets starting next year, backed by a $20 million investment in digital menu boards. This initiative, as announced by CEO Kirk Tanner, aims to test real-time price adjustments in response to demand, a strategy akin to those used by airlines and ride-sharing services. Furthermore, starting as early as 2025, Wendy’s plans to enhance customer and crew experiences through AI-enabled menu changes and suggestive selling, tailored by factors such as weather conditions. This move towards technological advancement reflects Wendy’s commitment to providing value during slower business hours and optimizing operational efficiency, all while navigating the fine line of adjusting prices subtly to avoid customer pushback.
Huawei Introduces Telecom Foundation Model at MWC 2024: Huawei has unveiled a groundbreaking foundation model tailored for the telecommunications industry, named the Telecom Foundation Model, at the Mobile World Congress in Barcelona. This innovative model is set to enhance sector-specific applications by facilitating natural language interactions, thereby boosting employee knowledge and operational efficiency. Designed to simplify complex processes for call center staff and provide multimodal assessments for various use cases, the model represents a significant step forward in improving network productivity and user satisfaction. Huawei’s ICT products and solutions president emphasized the model’s potential to empower carriers and their employees while Huawei’s president of ICT sales and services, highlighted the transformative impact of AI on the telecom sector, predicting a substantial increase in data creation and traffic by 2026 due to generative AI advancements.
Mistral AI Forges Partnership with Microsoft and Launches Advanced Model: French AI startup Mistral AI has entered into a strategic multi-year partnership with Microsoft, marking a significant milestone with the launch of its advanced model, Mistral Large. This collaboration will see Mistral Large, acclaimed for outperforming notable models like Google’s Gemini Pro, being made available on Microsoft’s Azure AI Studio and Azure Machine Learning platforms. With Microsoft’s investment of approximately €15 million ($16.3 million), which will convert into equity in Mistral’s next funding round, this partnership underscores a strong commitment to advancing AI technology. Mistral Large, distinguished by its superior performance on the MMLU test and fluency in multiple languages, is designed to cater to a wide range of tasks, from natural language processing to complex mathematical problems. Alongside Mistral Large, the startup introduced Le Chat, a ChatGPT rival, and Mistral Small, an optimized version for lower latency workloads, further diversifying its AI offerings. This move positions Mistral AI as a formidable competitor in the global AI landscape, capable of rivaling giants like Google and OpenAI.
Chinese AI Startup Moonshot AI Secures Over $1 Billion in Funding: Beijing-based Moonshot AI, specializing in developing large language models akin to OpenAI, has made headlines with its latest funding round, surpassing $1 billion. The investment, led by tech giant Alibaba and HongShan, a Chinese counterpart of Silicon Valley’s Sequoia Capital, marks a significant milestone for the startup. Moonshot AI’s flagship product, Kimi Chat, built on its 100 billion parameter model Moonshot LLM, showcases the startup’s prowess in AI, boasting a context window of 200,000 Chinese characters. This substantial financial backing underscores the growing interest and investment in AI technologies within China, positioning Moonshot AI as a key player in the global AI landscape.
