TechCrunch Summary (2023-05-12 12PM)

Source: ChatGPT: Everything you need to know about the AI-powered chatbot

Summary
OpenAI’s ChatGPT chatbot, powered by the latest language-writing technology, GPT-4, has been adapted for malicious activity by cybercriminals. The tool, which has received $10bn from Microsoft and $300m from various VC firms, will now come in a ChatGPT Business version, designed for professionals and enterprises who require control over their data usage.

Facts

🤖 Cybercriminals are taking advantage of ChatGPT’s popularity to distribute malware. Meta security teams have discovered ten “malware families” that use ChatGPT or similar themes to disseminate harmful software.

💰 OpenAI, which has received $10bn from Microsoft and investment from VC firms such as Sequoia Capital, has introduced a ChatGPT Business version, which promises greater data privacy.

📝 OpenAI recently released GPT-4, an advanced language model that scripts more nuanced and natural responses in the ChatGPT chatbot.

---

Source: 11 investors predict a colorful, if difficult, future for psychedelic startups

Summary
Despite the downturn in share prices and valuations in the psychedelics industry, a TechCrunch survey shows that investors and founders are increasingly focused on building a sustainable industry that can positively impact people’s lives. The industry is grappling with practical issues such as therapy costs, infrastructure bottlenecks, and commercialisation strategies, while regulatory progress is slow, with only Oregon and Colorado partially decriminalizing psychedelics. However, investors are also eyeing international locations, such as Australia, as potential testbeds for psychedelic medicine research.

Fact:
💰 The majority of institutional investors still avoid investing in psychedelics.
🧪 The industry is focused on solving practical issues related to therapy costs, infrastructure bottlenecks, and commercialisation strategies.
🌍 International locations, such as Australia, could serve as a testbed for psychedelic medicine research.
🔬 Satori Neuro is a venture firm investing in solutions aimed at addressing mental health challenges, including psychedelic medicine.

---

Source: Onboarding and automation: What fintechs can learn from big banks

Summary
Fintech startups struggle to provide fast and accurate customer onboarding, risking non-compliance with regulatory requirements, as well as growth and investment. A data fabric that unifies enterprise data is the solution.

Fact
💡FinTech startups’ Achilles’ heel is fast and accurate customer onboarding.
💡Inability to manage required data and processes contributed to the decline in investment in 2022.
💡Data fabric creates a virtual data layer, allowing a holistic view of enterprise data while securing it from unauthorized access or viewing.

---

Source: Netflix reportedly plans to cut spending by $300 million this year

Summary
Netflix is planning to cut costs by $300 million this year after delaying its plans to crackdown on password sharing until Q2. The streaming giant is not implementing a hiring freeze and gave profit guidance of generating at least $3.5bn by 2023.

Fact

💰 Netflix is planning to cut its spending by $300 million this year

📅 Netflix’s crackdown on password sharing in the U.S. has been delayed until Q2

🌍 Netflix’s focus on cutting costs is to improve profit guidance, with a goal of generating at least $3.5 billion by 2023

❌ Netflix conducted a series of job cuts last year, including laying off approximately 150 staffers and then another 300 people a month after, with 30 workers from the animation department in September.

💸 Netflix is exploring new ways to generate revenue, such as the launch of a “Basic with Ads” plan and the crackdown on password sharing in Canada, New Zealand, Portugal and Spain.

---