OpenAI Breaks US$1 Billion Sales Record with ChatGPT, the Most Advanced AI Chatbot

Good morning tech fam, here are some quick tech updates for you to catch on to!

What's New Today: Layoff-related age discrimination lawsuit against Elon Musk's X proceeds

Fast-Track Insights: Falcon, a blockchain-based open-source initiative, is unveiled by India's NPCI.

While businesses embrace the technology behind ChatGPT, the generative AI bot that sparked a wave of artificial intelligence investment, OpenAI is on course to generate US$1 billion in revenue annually. According to a person briefed on the situation who requested anonymity to discuss confidential numbers, the startup funded by Microsoft Corp. generates around US$80 million in monthly income. The Information was the first to publish on OpenAI's revenue, as well as the fact that it lost over US$540 million in 2022 while building GPT-4 and ChatGPT. Requests for comment made outside of regular business hours were not immediately answered by a startup representative.

X, the social networking platform formerly known as Twitter, is being sued for allegedly firing older employees disproportionately when Elon Musk acquired the business last year. A federal judge in California has refused to dismiss the case. On Tuesday, U.S. District Judge Susan Illston ruled that John Zeman, the plaintiff in the putative class action, had shown enough proof that older workers were more negatively affected by the mass layoffs to pursue the lawsuit. Zeman, for instance, asserts that X fired 60% of workers who were 50 or older and over 75% of those who were over 60, compared to 54% of those under 50.

Web3 and AI are two of the most transformative technologies of the 21st century. Web3 is an upgrade to the current Web2, where users can connect via a decentralized network and access their data. AI, on the other hand, enables computers to learn from data and make predictions. Together, they can revolutionize various domains such as finance, healthcare, education, media, and social networks. Read More

India has been receptive to exploring blockchain technology but has maintained a relatively skeptical posture against accepting cryptocurrencies as a component of its financial institutions. Falcon is an open-source project that intends to make managing and using blockchains based on "Hyperledger Fabric" and powered by Kubernetes clusters easier. It was launched by the National Payments Corporation of India (NPCI) on August 29. In essence, Falcon is meant to support innovative blockchain-based payment system development.