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Robinhood Plans To Launch a Startups Fund Open To All Retail Investors

1 month 3 weeks ago
Robinhood has filed with the SEC to launch "Robinhood Ventures Fund I," a publicly traded fund designed to give retail investors access to startup shares before IPOs. TechCrunch reports: While the current version of the application is public, Robinhood hasn't filled in the fine-print yet. This means we don't know how many shares it plans to sell, nor other details like the management fee it plans to charge. It's also unclear which startups it hopes this fund will eventually hold. The paperwork says it "expects" to invest in aerospace and defense, AI, fintech, robotics as well as software for consumers and enterprises. Robinhood's big pitch is that retail investors are being left out of the gains that are amassed by startup investors like VCs. That's true to an extent. "Accredited investors" -- or those with a net worth large enough to handle riskier investments -- already have a variety of ways of buying equity in startups, such as with venture firms like OurCrowd. Retail investors that are not rich enough to be accredited have more limited options. There are funds similar to what Robinhood has proposed, including Cathy Wood's ARK Venture Fund, a mutual fund which holds stakes in companies like Anthropic, Databricks, OpenAI, SpaceX, and others. [...] This new closed-end "Ventures Fund I" is a more classic, mutual fund-style, approach. As to when Robinhood's new fund will be available we don't know that either yet.

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Vibe Coding Has Turned Senior Devs Into 'AI Babysitters'

1 month 3 weeks ago
An anonymous reader quotes a report from TechCrunch: Carla Rover once spent 30 minutes sobbing after having to restart a project she vibe coded. Rover has been in the industry for 15 years, mainly working as a web developer. She's now building a startup, alongside her son, that creates custom machine learning models for marketplaces. She called vibe coding a beautiful, endless cocktail napkin on which one can perpetually sketch ideas. But dealing with AI-generated code that one hopes to use in production can be "worse than babysitting," she said, as these AI models can mess up work in ways that are hard to predict. She had turned to AI coding in a need for speed with her startup, as is the promise of AI tools. "Because I needed to be quick and impressive, I took a shortcut and did not scan those files after the automated review," she said. "When I did do it manually, I found so much wrong. When I used a third-party tool, I found more. And I learned my lesson." She and her son wound up restarting their whole project -- hence the tears. "I handed it off like the copilot was an employee," she said. "It isn't." Rover is like many experienced programmers turning to AI for coding help. But such programmers are also finding themselves acting like AI babysitters -- rewriting and fact-checking the code the AI spits out. A recent report by content delivery platform company Fastly found that at least 95% of the nearly 800 developers it surveyed said they spend extra time fixing AI-generated code, with the load of such verification falling most heavily on the shoulders of senior developers. These experienced coders have discovered issues with AI-generated code ranging from hallucinating package names to deleting important information and security risks. Left unchecked, AI code can leave a product far more buggy than what humans would produce. Working with AI-generated code has become such a problem that it's given rise to a new corporate coding job known as "vibe code cleanup specialist." TechCrunch spoke to experienced coders about their time using AI-generated code about what they see as the future of vibe coding. Thoughts varied, but one thing remained certain: The technology still has a long way to go. "Using a coding co-pilot is kind of like giving a coffee pot to a smart six-year-old and saying, 'Please take this into the dining room and pour coffee for the family,'" Rover said. Can they do it? Possibly. Could they fail? Definitely. And most likely, if they do fail, they aren't going to tell you. "It doesn't make the kid less clever," she continued. "It just means you can't delegate [a task] like that completely." Further reading: The Software Engineers Paid To Fix Vibe Coded Messes

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Internet Archive Ends Legal Battle With Record Labels Over Historic Recordings

1 month 3 weeks ago
The Internet Archive has reached a confidential settlement with Universal Music Group and other major labels, "ending a closely watched copyright battle over the nonprofit's effort to digitize and stream historic recordings," reports the San Francisco Chronicle. From the report: The case (PDF), UMG Recordings, Inc. v. Internet Archive, targeted the Archive's Great 78 Project, an initiative to digitize more than 400,000 fragile shellac records from the early 20th century. The collection includes music by artists such as Frank Sinatra, Ella Fitzgerald and Billie Holiday, and has been made available online for free public access. Record labels including Universal, Sony Music Entertainment and Capitol Records had sought $621 million in damages, arguing the Archive's streaming of these recordings constituted copyright infringement. The Internet Archive, based in San Francisco's Richmond District, describes itself as a digital library dedicated to providing "universal access to all knowledge." Its director of library services, Chris Freeland, acknowledged the settlement in a brief statement. "The parties have reached a confidential resolution of all claims and will have no further public comment on this matter," he wrote.

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