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Silicon Valley Business Journal
Menlo Ventures launches AI fund with Anthropic
Menlo Ventures Management L.P. has partnered with the artificial intelligence startup Anthropic PBC to launch a $100 million venture capital fund specifically for AI. <\p> Called the Anthology Fund, it was launched to invest in companies creating "unique AI-first applications and infrastructure solutions that leverage Anthropic’s technology and AI models," the companies said in a joint statement. <\p>
Google's AI deal with Samsung faces EU antitrust scrutiny
European antitrust regulators have once again set their sights on Google LLC. <\p> Italy's antitrust agency, the Italian Competition Authority announced Thursday it had launched an investigation into the search giant and its parent company, Alphabet Inc. over its commercial use of users' personal data. <\p>
The ghost effect: Another sign the job market has dramatically shifted
Three years ago, many employers reported the phenomenon of being "ghosted" by job candidates.<\p> In yet another sign of the shifting labor market, the shoe is now on the other foot, with companies now abruptly ceasing communication with candidates. <\p>
Los Gatos office buyer eyeing site for possible housing redevelopment
A Los Gatos office building was sold to a commercial real estate company, which is looking into redeveloping the site for housing. <\p> The 1992-built office, about 1.5 miles from Netflix’s headquarters, sold to an affiliate of The Schwager Group for $13.2 million, according to records filed with Santa Clara County on July 15. The Schwager Group owns and manages 16 commercial properties throughout the Bay Area and Sacramento, according to a company representative. <\p>
Campbell hotel lands $44M in short-term financing fix
A Campbell hotel secured a bridge financing deal, allowing it to retire the financing arranged when it was built and fund improvements.<\p> The 162-key hotel, Courtyard by Marriott San Jose Campbell, sits outside San Jose, near tech giant offices and the San Jose Mineta International Airport. <\p>
Builder pessimism grows with rising interest rates, added inventory
Homebuilders continue to offer a bevy of incentives to remain competitive, but sustained higher mortgage rates and an increase in the number of homes for sale is dampening their overall sentiment about market conditions. <\p> Major homebuilders like Lennar Corp. (NYSE: LEN) and D.R. Horton Inc. (NYSE: DHI), among others, have been offering various concessions to prospective buyers at a time of much-higher mortgage rates than a few years ago and record home-price appreciation. Among the more popular offerings is a mortgage-rate buydown, in which a builder will put points down to reduce a buyer's mortgage rate.<\p>
Stanford prof Fei-Fei Li building AI startup World Labs
Fei-Fei Li, the Stanford University artificial intelligence professor and co-director of the Stanford Human-Centered Artificial Intelligence institute, has been quietly building a billion-dollar startup according to a report by the Financial Times. <\p> In January, Li, known as the "godmother of AI," updated her LinkedIn profile to say she was working on "newbie," "something new," and according to the Times, the company's name is World Labs, which launched in April, according to sources. <\p>
E-commerce sales bounce back, Signifyd report says
E-commerce continues to bounce back, according to the latest data from Signifyd Inc.'s Ecommerce Consumer Price Index report. <\p> The analysis showed that e-commerce sales were up 8% year over year with the grocery and general merchandise categories leading the way, the company said in a statement. <\p>
What's behind Apple, Sobrato's $50 million affordable housing fund
A group of Bay Area companies are banding together to get more affordable housing built. <\p> The San Francisco Housing Accelerator Fund is partnering with Sobrato Philanthropies, Destination: Home and Apple to launch the $50 million Bay Area Housing Innovation Fund that will help build hundreds of affordable housing in the Bay Area. <\p>
Chip stocks stumble on Trump comments, China trade fears
Stock prices of Silicon Valley semiconductor heavyweights took a beating Tuesday following comments made by former U.S. President Donald Trump in an interview with Bloomberg Businessweek, and news that the Biden administration plans to further clampdown on the export of chip technology to China. <\p> Nvidia Corp. (Nasdaq: NVDA) saw its share price drop 5.3% following the broadcast of the Trump interview where he argued Taiwan should pay for U.S. defense while accusing the country of taking "about 100%" of the U.S.'s semiconductor business.<\p>
Data governance, security are hot topics at Momentum AI summit
Some of the concerns surrounding artificial intelligence are data governance and security, common themes at the Momentum AI conference in San Jose on Tuesday. Several experts weighed in on the topic during a panel discussion. <\p> According to Anchal Gupta, chief technology officer for American Airlines, data is integral to everything these days.<\p>
Momentum AI summit gathers leaders and the curious in San Jose
Business leaders and technology experts gathered in San Jose on Tuesday to discuss the challenges and opportunities presented by artificial intelligence.<\p> Momentum AI, a two-day summit presented by Reuters and held at the Signia by Hilton San Jose, gave attendees a chance to hear from industry experts who gave their insights into the future of the topic. <\p>
Ozy Media mogul Carlos Watson convicted of fraud
Ozy Media Inc. co-founder Carlos Watson was found guilty of defrauding the company's investors by a federal jury in Brooklyn on Tuesday.<\p> According to the U.S. Department of Justice, Watson was convicted by a jury "of conspiracy to commit securities fraud, conspiracy to commit wire fraud and aggravated identity theft in connection with a years-long scheme to defraud investors in and lenders to Ozy of tens of millions of dollars."<\p>
Intel Capital betting big on Chinese AI startups
Intel Capital is one of the most active investors taking a bet on China's artificial intelligence and semiconductor startups despite U.S. regulations aimed at curbing assistance to country's military, according to the Financial Times. <\p> Intel Capital, the venture arm of Intel Corp., describes itself as "stage agnostic and invests in a broad range of companies offering hardware, software and services targeting enterprise, digital media, mobility, consumer Internet, and semiconductor manufacturing." <\p>
Defense Department getting new secure mobile web app
Passkey technology company Yubico Inc. has teamed up with Straxis Technology LLC to create a secure mobile web application for the U.S. Department of Defense. <\p> The app, called MilSecure Mobile, will "enable secure access to protected DOD websites and services by service members and government employees on their personal mobile devices using the new YubiKey Secure Web feature," the companies said in a joint statement. <\p>
Where Bay Area home refinancing activity stands after historic drops
Elevated interest rates have dealt a significant blow to mortgage refinancing activity nationally over the past three years, and nowhere is that more apparent than in the Bay Area.<\p> According to data from ATTOM, refinancing activity reached its lowest point since 2000 in the third quarter of 2023 in both the San Francisco-Oakland-Hayward and San Jose-Sunnyvale-Santa Clara metros, a -96.9% and -97.4% change respectively from the peak, which occurred in 2003. These are the two largest drops from peak activity of all U.S. metros included in the data.<\p>
This Bay Area city has become king of the ADU
The number of applications to build accessory dwelling units in California has exploded since 2018. The Bay Area accounts for a relatively modest share of that growth, with regions like Los Angeles County driving the increase. But within the Bay Area, not all jurisdictions are created equal — while some counties and cities have seen growth that rivals the state’s, others have seen a drop in ADU applications.<\p> Santa Clara County, and the city of San Jose in particular, have seen a remarkable jump, according to data from the California Dept. of Housing and Community Development. In 2018, the county had just under 300 applications to build ADUs, and San Jose had only four. Last year, Santa Clara County had about 1,250 applications — an increase of more than 300% in five years — and San Jose saw nearly 600. <\p>
OpenAI whistleblowers take aim at policy over SEC complaints
OpenAI makes its staff sign illegally prohibitive employment agreements that attempt to tamp down on complaints made to federal regulators, "one or more" whistleblowers allege in a letter sent to the U.S. Securities and Exchange Commission.<\p> In a letter dated July 1, the whistleblowers contend that there have been illegal provisions in employment agreements such as severance, non-disparagement and non-disclosure clauses, the Washington Post reported on Sunday.<\p>
Apple, Samsung lead global smartphone shipments in Q2
Global smartphone sales grew by 6.5% globally with Apple Inc. and Samsung Electronics Co. Ltd. taking the lion's share of the market in the second quarter of 2024, according to a new survey. <\p> In preliminary data from the International Data Corporation's (IDC) latest analysis, the Worldwide Quarterly Mobile Phone Tracker, "global smartphone shipments increased 6.5% year over year to 285.4 million units in the second quarter of 2024." <\p>
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