#98 Tech Talk: “Tech Layoffs Continue” – Reddit’s IPO Buzz, and Vine-Like Robots.

Description:

First up, we uncover the latest waves of layoffs hitting Big Tech, signaling a continued quest for efficiency and major investments in generative AI. Then, we shift gears to the exciting realm of finance with exclusive insights into Reddit’s plans for its long-anticipated IPO in March.

But the excitement doesn’t stop there – we introduce you to FiloBot, a vine-like robot that grows in response to light and pressure. Inspired by plants, FiloBot opens new possibilities for search-and-rescue missions and navigating unpredictable environments.

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EPISODE INTRO

Cold Opening: N/A

Intro:

What’s going on tech lovers?! Welcome to another exciting Tech Talk episode right here on the LEO podcast, where we explore the world of technology and innovation in a bite-sized, informative, and fun way! I’m your host, Kevin Muñoz and In today’s episode, we’ll be diving into three stories that have been making headlines in the tech world.

In our first story, we uncover the latest waves of layoffs hitting Big Tech, signaling a continued quest for efficiency and major investments in generative AI.

Then, we shift gears to the exciting realm of finance with exclusive insights into Reddit’s plans for its long-anticipated IPO in March. The stage is set, and we break down what this means for Reddit users and the social media landscape.

But the excitement doesn’t stop there – we also introduce you to FiloBot, a vine-like robot that grows in response to light and pressure. Inspired by plants, FiloBot opens new possibilities for search-and-rescue missions and navigating unpredictable environments. From job cuts to IPO dreams and futuristic robots, this episode unravels the tech tapestry of 2024, promising a ride through the highs and lows of innovation.

Today is Monday, Jan 22nd, and before we dive into today’s three tech stories, I want to give a quick shout-out to our fantastic supporters at patreon.com/latinamericaneo. If you want to unlock bonus content and help us keep the episodes coming, join our Palomitas community!

Don’t worry if you’re not a patron yet; you’re in for a treat with this episode. Packed with great content, just sit back, relax, and enjoy today’s show!

KEY POINTS OF EPISODE

Article #1: Tech layoffs continue after “Year of Efficiency”

Alright, folks, for our first story it seems like Big Tech is keeping us on our toes in 2024. You know, we thought the “Year of Efficiency” was over, but guess what? Layoffs are still making headlines, especially at Google and Amazon. Let’s break it down.

For starters, big players like Google and Amazon are gearing up for a serious game of catch-up in the AI race. As many know they’re making massive investments in generative AI, and you know what that means – the tech landscape is changing, and jobs are getting shuffled around.

Last week, Alphabet, the parent company of Google, decided to trim the workforce by around a thousand employees. Yeah, tough times for the voice assistant unit and the team responsible for Pixel and Fitbit. Even the advertising business took a hit. And over at Amazon, several hundred employees in streaming, studio operations, Twitch, and Audible got a pink slip.

Overall, tech firms have let go more than 7,500 employees so far in January, according to tracking website Layoffs.fyi.

According to analysts, these layoffs are more like a strategic move, not a massive reckoning like last year where the tech sector shed 168,032 jobs in 2023 and accounted for the highest number of layoffs across industries.

Those were led by tens of thousands of cuts at tech giants including Alphabet, Microsoft, Amazon and Meta (META.O), whose CEO Mark Zuckerberg termed 2023 as the “Year of Efficiency”.

According to an article from TheVerge Google parent firm Alphabet employed a little over 182 thousand (182,381) employees as of September 30th, 2023, so roughly a thousand job cuts would only be around half a percent of the company’s total. There’s a lot of tech layoffs going around so there may be more, and it’s possible that Google specifically is attempting to spread out the bad news instead of having it hit all at once.

Analysts state that tech companies are adjusting their hiring priorities to keep up with the AI revolution. Some tech firms are even throwing around hefty salaries for AI roles. Match’s Hinge dating app is on the lookout for a VP of AI with a base salary of nearly $400,000 a year! And Amazon is not far behind, offering over $340,000 for a senior manager of applied science and genAI.

The big question is, will this AI investment pay off quickly? Well, history tells us that making money from new technologies can take a decade or more. But some optimistic folks believe the AI revolution might speed things up. What do you think? Let us know by shooting us a voicemail or a DM on Instagram!

Key Takeaway:

The takeaway from this first story is that big tech, including Google and Amazon, is continuing to make strategic layoffs in 2024 as they heavily invest in generative AI. While these job cuts are expected to be smaller and more targeted compared to the previous year, the tech industry is witnessing a shift in hiring priorities toward AI roles. Companies are offering substantial salaries for AI positions, reflecting the industry’s commitment to staying ahead in the AI race. However, the true payoff from these investments might take time, with historical evidence suggesting that profiting from new technologies, including AI, could be a long-term endeavor. The tech landscape is evolving, and as companies navigate this change, the impact on employment and the broader industry remains a dynamic and evolving story.

Article #2: Reddit seeks to launch IPO in March

Our second story of the day is for my Reddit enthusiasts. According to an exclusive article by Reuters, Reddit is gearing up for its long-awaited initial public offering, or IPO, in March. Yeah, you heard it right! This will be the first major social media IPO since Pinterest back in 2019. Let’s break it down.

So, after more than three years of anticipation, Reddit has some detailed plans in the works. They’ve filed confidentially for their IPO back in December 2021, and now it seems they’re ready to take the plunge. The company is eyeing March as the big month for its stock market debut.

Now, this IPO will not only put Reddit to the test but also its vibrant community of users. You know, the ones who’ve been behind those infamous “meme” stock rallies like GameStop and AMC. It’s going to be interesting to see if Reddit users are willing to back their platform’s journey into the stock market.

According to Reuters, Reddit is planning to sell about 10% of its shares in the IPO. The company, valued at around $10 billion in 2021, will make its public filing in late February, start the roadshow in early March, and aim to wrap up the IPO by the end of March. But, hey, let’s not get too ahead of ourselves; these plans could always shift.

Now, Reddit has been a unique player in the social media game. Founded in 2005, it’s known for its niche discussion groups and the iconic upvote/downvote system. While generating revenue mainly through advertising and offering premium access for $5.99 a month, Reddit is yet to turn a profit. It’s all laid out in a post by CEO Steve Huffman last June.

The company has held off on going public until it gets closer to profitability, and market volatility over the past couple of years played a role in the delay. But now, Reddit is ready to take the plunge. The IPO market is heating up, and they’re aiming to make their mark.

Before we wrap up, let’s not forget the financial side of things. Reddit is expected to pull in over $800 million in advertising revenue in 2023, a significant jump from the previous year. And, yes, they’re making moves by charging companies for access to their API, used in training large-language models for AI.

Key Takeaway: And so our key takeaway for this story is that Reddit, the social media giant, is gearing up for its long-anticipated initial public offering (IPO) in March. This move, the first major social media IPO since Pinterest in 2019, comes as Reddit faces competition from platforms like TikTok and Facebook. The IPO will test the willingness of Reddit’s vibrant user community to support the company’s stock market debut, considering their role in previous “meme” stock rallies. Reddit plans to sell around 10% of its shares, aiming to complete the IPO by the end of March, though plans could be subject to change. With a valuation of about $10 billion in 2021, Reddit’s IPO journey reflects its evolution from a niche discussion platform founded in 2005 to a key player in the social media landscape. The financial side shows Reddit’s expected advertising revenue growth and strategic moves, such as charging for API access. Stay tuned for March as Reddit takes its shot in the IPO spotlight!

Article #3: Filobot – robot that grows like a vine

For our third and final story of the day… Picture this – a robot that responds to light and pressure, growing like a vine at a slow and steady pace. Researchers have introduced FiloBot, a remarkable machine that prints its own body by melting and extruding plastic. The head of the robot is connected to a base through a thin hose, receiving a fresh supply of plastic as it slowly extends its body by just a few millimeters every minute.

The inspiration behind FiloBot? Plants! Yes, you heard it right. Plant-like robots might just be the future of search-and-rescue missions or scenarios where navigating unpredictable environments is key. Imagine a robot that climbs structures like a vine, responding to stimuli like light and pressure. The potential applications are mind-boggling!

Emanuela Del Dottore, a roboticist at the Italian Institute of Technology, envisions FiloBot’s slow growth as an advantage. In situations like search-and-rescue missions in collapsed buildings, the gradual expansion could help avoid disturbing unstable wreckage. And that’s not all – the technology might pave the way for self-building infrastructure. How cool is that?

The researchers, fascinated by the adaptability of plants in challenging environments, believe that FiloBot could revolutionize the field of robotics. Their findings were published in a paper on January 17th in Science Robotics.

So, as we marvel at the intersection of nature and technology, keep an eye out for FiloBot and its potential applications in the world of robotics. Who knows, these vine-like robots could be the heroes in future disaster zones, navigating with precision and adaptability.

And for our final key takeaway of the day: FiloBot, a vine-like robot inspired by plants, has been developed by researchers to grow in response to stimuli such as light and pressure. The robot’s head 3D prints its own body using melted and extruded plastic, gradually extending at a slow rate. This innovative technology opens the door to potential applications in search-and-rescue missions and navigating unpredictable environments, where the robot’s gradual growth could be advantageous. With roots in plant-inspired adaptability, FiloBot may not only aid in disaster scenarios but also lay the groundwork for self-building infrastructure. The intersection of nature and robotics brings forth a new era of possibilities.

CLOSING REMARKS & EPISODE SUMMARY

Episode summary:

Closing Remarks:

And there you have it, tech enthusiasts! Another thrilling Tech Talk episode wrapped up.

As the tech landscape continues to evolve, we’ll be here to bring you the latest, the intriguing, and the downright mysterious. A big shout-out to our amazing supporters at patreon.com/latinamericaneo—your support keeps the episodes coming.

So, until next time, tech lovers, stay curious, stay tech-savvy, and keep riding the waves of innovation. I’m your host, Kevin Muñoz, signing off from the LEO podcast. Don’t forget to join our Palomitas community on Patreon for exclusive content, and we’ll catch you in the next episode of Tech Talk!