Top Tech News: OpenAI Faces Financial Crisis: Potential Bankruptcy by Year-End

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

What’s New Today: IT hiring booms: 3.5 lakh new jobs expected in FY25

Fast-Track Insights: Jito set to launch restaking on Solana

OpenAI, the maker of ChatGPT, is standing at the edge of a huge financial crisis. An analysis has just come out stating that it may run out of money by the end of this year. The report has mentioned that in 2024, OpenAI may suffer a loss of US$5 billion. Though the revenue obtained by the company is enormous, due to high operational expenses and stiff competition from other AI companies, it is working up to the limit. Unless OpenAI finds additional funding, and sources or reduces its costs, it is at risk of bankruptcy in as little as 12 months.

According to one estimate, FY25 is likely to have a big revival of hiring in the Indian IT sector, with almost 3.5 lakh jobs created. This will be a great comeback after a slow hiring year in FY24, driven by a set of macroeconomic challenges. This improved demand environment has already prompted companies to build their talent pipelines. Leading this recruitment wave into the country are major IT firms such as TCS, HCL, Infosys, and Wipro. These companies are oriented toward fresh graduates, with a few lateral hires for specialized roles. According to experts, this hiring boost may not only compensate for last year's degrowth but also support the sector's expansion.

The legal profession requires extensive in-depth research with attention to detail. With the advent of artificial intelligence, AI tools are automating task that enhances efficiency and productivity and provide insightful insights. Here, are some ways how AI tools are transforming legal practices: Read More

The Jito Foundation introduced an open-source restacking service for the Solana blockchain. At the heart of this innovative platform lies an integrated staking, restacking, and LRT module aiming to improve the economic security of the network. Essentially, this restacking service enables any Solana-based protocol to leverage different assets as collateral and thus achieve flexibility and scalability. This shall enable security and efficiency in on-chain applications through the putting of staked assets into service.