Companies are cutting jobs and calling it an AI strategy. Most of them are not in trouble. They are doing well and deciding to do more with fewer people.
That framing changes what everyone who stays believes about the deal they signed.
We believe voice is the most natural way to interact with intelligence, so we created Dessa, the most authentic full-duplex speech model ever built. Talking with it feels like talking with a person…full of emotion, nuance, pauses, and a natural cadence.
https://t.co/r0qFLdvd6c
We are currently experiencing a service disruption affecting multiple services. We can confirm that all our customers’ money and data are safe. We’ve been working to fix the issue since it was identified this morning and apologise to anyone affected and for any inconvenience caused.
Ran the half marathon in Belfast today, in actual sunshine, which I'm told happens. 🩵
Good craic all round. Huge thanks to the crowd for pretending I looked fine. 🙏
Now a pint to celebrate. Ask me tomorrow how the craic is going.
#belfast#halfmarathon#feeltheenergy
Milan-based Italian technology conglomerate @bendingspoons has agreed to acquire Miro for €1.7 billion. 🇮🇹 🚀
The all-cash transaction will see Bending Spoons acquire 100% of Miro, subject to customary closing conditions and regulatory approvals.
"After closing, we plan to invest substantially in the fundamentals that its customers value: performance, reliability, and functionality that supports critical collaborative work. We acquire businesses with the intention of owning and operating them for the long term, and Miro will be no exception,” said Luca Ferrari, CEO and co-founder of Bending Spoons.
https://t.co/f24VioWcsD
Apple didn’t predict Uber, TikTok, or Coinbase. But the iPhone enabled an entirely new wave of companies.
Tokenized assets on blockchains will be similar. We already know the immediate benefits (global access, better utility, 24/7 trading), but a new set of finance companies we can't imagine will be built on top.
Nvidia acquires Hugging Face for ~$12.9bn. But who gets the 💰? My usual breakdown below 👇
*Investors are sharing ~$7.3bn of profits on <$400m invested. A cool ~20x blended.*
*1) The single biggest winner here? Lux Capital.* 👑
Lux is taking the crown for the most $ returned in this transaction. The two rounds they led (Series A & Series C) generated ~$2.6bn combined. They also participated in the Series B.
Congrats to @wolfejosh and team. The $15.0m Series A alone will return ~132.5x the capital invested, or ~$2.0bn. The most lucrative round in absolute $ returned.
*2) Backing an exceptional team paid off with a >1,000x return for Betaworks and the angels* 📈
The story few people know: Hugging Face started life as a chatbot for lonely teenagers... You sent it a selfie and a sad emoji, it told you it understood. Quite far from where it landed!
That is why backing an exceptional team in @ClementDelangue, @Thom_Wolf and @julien_c is always the right thing to do. It paid over 1,000x for Betaworks, Kevin Durant and Thibaud Elziere.
*3) Founders and team are crushing it: not taking too much dilution along the way paid off* 👏
I estimate they will share ~$5bn in proceeds, assuming no secondary was taken along the way. A life changing outcome for them and many employees.
Taking a 15% attributed option pool at exit, this would mean ~$2bn for the team and >$3bn to share for the three co-founders. Legendary!
*4) Salesforce Ventures is cementing its reputation as one of the very best corporate VCs.* 🥇
Salesforce is adding Hugging Face to its long list of successful exits: Snowflake, Zoom, DocuSign, nCino, Auth0... Very few investors can claim as many successes, let alone corporates.
The $235m round they led returned $675m in just three short years. Meanwhile, Salesforce's own stock has been flat for the period. Capital well invested!
*5) This is a little bit of a heartbreak: but I wanted to congratulate @joinstationf here:*
Hugging Face walked into StationF as a 4-person team on day one, June 2017. Back when it was a chatbot for teenagers. They went through multiple corporate programs (Microsoft, Ubisoft, then Naver). Unfortunately they were not investing or taking equity at the time - but they contributed to making it possible. And so for that: hats off.
And of course, congratulations to all others involved: Addition, Sequoia, Coatue and many others. No one will be left out!
💥 Announcing Lenny’s Jobs: The best place in the world to find, vet, and land your dream job
I’ve spent thousands of hours on my newsletter and podcast sharing advice on how to get better at your work. But all that advice doesn’t mean much if you don’t actually have a job—or one you’re excited about.
Over the past six months, I’ve been thinking long and hard about what more I can do to help people who are struggling to find a job they love.
Today I’m excited to announce the launch of https://t.co/h5qbpegVYd—the best place in the world to find, vet, and land your dream job.
What makes Lenny’s Jobs unique and awesome:
1. A laser focus on four builder roles at tech companies: product management, engineering, design, and growth/marketing.
We focus exclusively on these roles because they’re what my readers are looking for—and because these roles are starting to meld together. We aggregate open roles from top startups and big tech companies, and unlike any other job directory, we vet every company we include and filter out ghost roles and generic staffing-agency posts.
This is the highest-quality directory of open tech roles you’ll find anywhere.
Companies call people their most important asset, right up until a spreadsheet disagrees.
Do not make the same mistake with yourself.
https://t.co/TXuuJbV3h8
No correlation between cutting people and getting value from AI.
The companies actually seeing gains did the opposite. They used AI to amplify people, investing in skills and new roles.
If you got the email, the test flips. The company failed theirs. Yours is whether you can trust yourself again.
Sleep. Health. Money clarity. One skill. One honest conversation about a problem worth solving.
https://t.co/TXuuJbV3h8
Companies are cutting jobs and calling it an AI strategy. Most of them are not in trouble. They are doing well and deciding to do more with fewer people.
That framing changes what everyone who stays believes about the deal they signed.
How a company treats people on the way out is the loudest signal it sends to everyone it wants to hire on the way in.
Candidates read layoff stories. So do the employees who stayed.