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Apple Nears Deal To Acquire Talent and Technology From Prompt AI

6 days 9 hours ago
Apple is finalizing a deal to acquire the team and computer vision technology of Prompt AI. CNBC reports: Leadership at Prompt told employees of the pending transaction at an all-hands meeting on Thursday and said that those who don't end up joining Apple will be paid a reduced salary, and encouraged to apply for open roles at the company, according to audio that was accessed by CNBC. Prompt was founded in 2023 and raised a $5 million seed round that year led by AIX and Abstract Ventures. Co-founders include CEO Tete Xiao, a notable AI researcher with a Phd in computer science from UC Berkeley, and President Trevor Darrell who was a founder of the Berkeley Artificial Intelligence Research (BAIR) lab. Investors will get paid some money in the deal but "won't be made whole," executives said in the meeting. Prompt employees were asked to refrain from mentioning Apple until further notice while searching for other jobs or updating friends and family on their situation. Prompt's flagship app, Seemour, connects to home security cameras, adding sophisticated capabilities. The technology helps cameras detect specific people, pets and other animals or objects around a household, and to send alerts and text-based descriptions of unusual activity or answer questions about what's been happening in front of the camera. Xiao told employees at the meeting that while Prompt AI's technology and the Seemour app were working well, the business model wasn't. The company is retiring the Seemour app, and plans to inform users their data will be deleted and privacy protected, executives said.

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More Than Half of Entrepreneurs Are Considering Moving to a New Country

6 days 9 hours ago
A new HSBC survey shows that over half of wealthy entrepreneurs are considering moving abroad, not for tax reasons but for business expansion, investment access, and lifestyle improvements. Singapore tops the list of preferred destinations, followed by the UK, Japan, and Switzerland -- while the U.S. has slipped to fifth place. CNBC reports: The bank polled 2,939 business owners with at least $2 million in investible assets or a total net worth of $20 million during April and May of this year. A whopping 57% reported they were considering adding a new residence over the next 12 months, up from 55% in last year's survey. Wanderlust is greater among Gen Z entrepreneurs, with just over three-quarters in that cohort reporting they were considering a move. When asked about their reasons for moving to a new country, only a third of all respondents cited tax efficiency as a motivator. Tax savings ranked eighth overall behind other factors such as improved security and safety (47%) and better education opportunities (52%). Respondents to the survey could select multiple options. The most popular motives at 67% each were to expand their business to new markets or to gain access to new investment opportunities. The desire for a better quality of life came in a close third at 63%. Taxes, the report said, "create acres of news coverage, but among the majority of our entrepreneurs, this does not appear to be the deciding factor about where to live."

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Toyota Aims to Launch the 'World's First' All-Solid-State EV Batteries

6 days 10 hours ago
Toyota is fast-tracking its long-promised all-solid-state EV batteries through a new partnership with Sumitomo Metal Mining, aiming to debut its first production vehicle using the technology by 2027 or 2028. Electrek reports: Toyota said that its new batteries could significantly enhance driving range, charging times, and output, potentially transforming the future of automobiles. Compared to current liquid-based batteries, which use electrolyte solutions, Toyota's all-solid-state batteries utilize a cathode, an anode, and a solid electrolyte. According to Toyota, the next-gen battery tech "offers the potential for smaller size, higher output, and longer life." The two companies have been developing cathode materials for all-solid-state EV batteries since 2021, focusing on some of the biggest challenges in producing them at a mass scale. Using Sumitomo Metal Mining's proprietary powder synthesis technology, Toyota claimed to have developed a "highly durable cathode material" for all-solid-state batteries. Sumitomo has been supplying cathode materials for electric vehicles for years, but it's now working to introduce the newly developed tech, moving it toward mass production.

Read more of this story at Slashdot.

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