Three Things (5/8)
May 8, 2023
"Leaders grasp nettles."– David Ogilvy, founder of Ogilvy & Mather
New territory for tech
It's been a bumpy ride for many tech workers as the industry took a nosedive in 2022 and dashed the hopes of employees who were counting on stock payouts to fund big-ticket expenses. With generous restricted stock units being handed out over several years, tech workers were once able to count on a nice payout.
But with tech company shares plummeting and IPOs put on ice, many workers have been left reeling and wondering how they'll be able to fulfill their financial goals. As options lose value, employees may look to salary bumps – something that seems unlikely in the face of industry-wide cost cutting. In a bear market, and especially in the new tech landscape, there are no guarantees. (WSJ)
We have no moat
A purportedly leaked internal document from Google made claims that open source artificial intelligence will outcompete both Google and OpenAI. The research document shared on Discord makes it clear that the AI race is not only just beginning but there are plenty of unknowns.
“While we’ve been squabbling, a third faction has been quietly eating our lunch. I’m talking, of course, about open source. Plainly put, they are lapping us. Things we consider ‘major open problems’ are solved and in people’s hands today.” (Semianalysis) The race is on.
iPhone still carrying the team
Shares of Apple advanced by over 4% on Friday, thanks to their second-quarter earnings results that exceeded analyst expectations. The company announced a $90B share buyback program and an increased quarterly dividend. But iPhone sales and services stole the show, driving revenue higher for the quarter.
Amidst a weak backdrop for consumer tech, people still want the latest iPhone.
Cash Management
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