Here are the top trending news from the world of technology. News that we feel every tech enthusiast should keep a tab on.
Meta will no longer support NFTs on Instagram and Facebook
Meta is done with NFTs or Non-Fungible Tokens. Meta’s Head of Commerce and Financial Technologies posted on Twitter that the company is “winding down digital collectibles or NFTs for now to focus on other ways to support creators.” Meta is pulling down the curtains on NFTs at a time when the hype around NFTs has significantly dissipated. The social media company had started testing digital collectibles for certain users on Instagram and Facebook in May last year with a hope that it will seamlessly merge or intersect with its Metaverse technology. However, Metaverse failed to live up its expectations and the economic recession made the situation even worse, compelling the Mark Zuckerberg led company to lay off nearly 11,000 employees.
Microsoft cut jobs in AI Team as it sharpens focus on OpenAI
Microsoft has completely laid off an entire team dedicated to AI innovation that respects ethical and responsible outcome. The latest job cuts is part of the broad lay-off that the company had announced last month, cutting almost 11,000 jobs. The elimination of jobs from the ethical AI team has also come at a time when Microsoft is doubling down the investment in OpenAI, the parent company behind the chatbot sensation ChatGPT. However, it must be duly noted that the Microsoft’s ethical AI team wasn’t very large, barely 7 people were working in the team after recent reorganization of the team.
Netflix scores big at the Oscar
Streaming giant Netflix bagged six Oscars at the 95th Academy Awards on Monday, beating all other streaming services hands down on Hollywood’s biggest night. Netflix’s big haul at the 95th academy award was all thanks to “All Quiet on the Western Front.” A movie based on the first world war, All Quiet on the Western Front won Oscars for Best International Feature, Best Cinematography, Best Production Design and yes, Best Original Score. Netflix had another reason to cheer as it also won the Oscar for the Best Animated feature Guillermo del Toro’s Pinocchio. However, in a true sense the Oscar night was dominated by Everything, Everywhere All at Once, which took seven Oscar trophies including Best Director and Best Picture.
Uber and Lyft scores major victory in the California court
Ride hailing giants Uber and Lyft has got a major reprieve from the California court after the latter upheld the decision that treated the app-based drivers as independent contractors and not full-time employees. This implies that the ride hailing companies are not liable to give social security and other perks that a full-time employee under the U.S. law generally receives. This judgement is been seen as a major victory for the ride hailing industry. Both Uber and Lyft’s shares were trading high on the wall street after the judgement.
Y Combinator opts for Job Cuts
Startup accelerator Y Combinator, which is responsible for funding companies like Dropbox, Airbnb, DoorDash, Reddit and Qoura has announced that it is cutting job at the company. Pinched hard by the ongoing economic recession, Y Combinator will be laying off nearly 17 employees or almost 20% of its staff. Besides, due to severe funding crunch, the startup accelerator said that it will scale down startup investment. Y Combinator said that nearly 30 startups in its portfolio are exposed to the now bankrupt Silicon Valley Bank or SVB Bank. However, it maintains that the lay-off decision has nothing to do with SVB Bank fiasco.