HP plans to lay off approx 6,000 employees before 2025 ends! Read more tech news below

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

What's New Today: Meta's new AI known as Cicero is allegedly better at diplomacy than humans and can even negotiate with them to achieve certain tasks.

Fast-Track Insights: Crypto exchange Bybit has founded a US$100 million fund to support institutional clients during the mainstream economic and crypto turmoil.

HP is joining the ongoing layoffs and will purge nearly 4,000 to 6,000 employees. In its recent earnings report, the company stated that it expects to reduce gross global headcount by approximately 6,000 employees, which is almost 10% of its workforce. These layoffs will be completed by the end of the fiscal year 2025. The new 'future ready' strategy will be introduced in this quarter to continue to better serve the customers and drive long-term organizational objectives.

Meta has released a new artificial intelligence tool called Cicero that is allegedly better at diplomacy than any other human being. Generally, traditional AI systems are not very good at cooperating with humans to achieve certain tasks. However, Meta's Cicero AI can do a lot more. The company's Fundamental AI Research Diplomacy Team has trained the AI to attain human-level performance through the war strategy board game Diplomacy.

Several South Korean healthtech startups which offer artificial intelligence-based imaging solutions are increasingly partnering with domestic and international multinationals to meet the growing demand in hospitals. South Korea's diagnostic imaging market is expected to grow at a massive annual rate between 2023 to 2030.

Russia's law enforcement agencies are working on amendments to launch a national crypto exchange. This effort is supported by both the Ministry of Finance and the Central Bank of Russia which have a long history of disagreement over crypto regulation in the country. Members of the lower chamber of the Russian parliament, the Duma, have been in discussions regarding amendments to the country's existing cryptocurrency regulations with market stakeholders.

Crypto exchange Bybit has established a US$100 million fund to support institutional clients during this challenging period in the crypto industry. Bybit will offer up upto US$10 million to existing and new market makers on its platform, as well as, dedicated account managers. The crypto market has reportedly lost around two-thirds of its value in a year and has been roiled by the collapse of market participants. Bybit is following Binance's footsteps in reviving the market.