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☆ How Google CEO Sundar Pichai shook up his leadership team for the AI era
▼ + stars: | 2024-05-16 | by ( Hugh Langley | ) www.businessinsider.com time to read: +11 min

It came almost 12 months after Google combined two key AI groups, DeepMind and Google Brain. Google's AI MVPGoogle DeepMind CEO Demis Hassabis GoogleDemis Hassabis might be the most important person at Google right now. Then, in April last year, Pichai announced he would merge DeepMind with Google's in-house AI unit, known as Brain, into a supergroup named Google DeepMind. Reid reports directly to Raghavan, the ads and search senior vice president, and is shepherding a dramatic transition of Google Search. Fears of chatbots eating into Google's search dominance have yet to be realized, giving Google time to reinvent its most hallowed product.

Persons: —, Sundar Pichai, Pichai, Susan Wojcicki, Demis, Hassabis, Larry Page, DeepMind, OpenAI, it's, accrues, ED JONES, Rick Osterloh, Sameer Samat, he'll, Hiroshi Lockheimer, Osterloh, Prabhakar Raghavan, Siri, Tim Cook, Hiroshi, SAJJAD HUSSAIN, Liz Reid, Reid, Raghavan, Pandu Nayak, Venkatachary, It's, chatbots, Bernstein, Mark Shmulik Organizations: Service, Google, Business, Google's, BI, Research, Hassabis, Android, Apple, Apple's Vision, CNBC, Google Local Locations: Raxium

☆ China's Baidu beats quarterly revenue estimates on ad recovery, cloud
▼ + stars: | 2024-05-16 | by ( ) www.cnbc.com time to read: +1 min

China's Baidu beat analysts' estimates for first-quarter revenue on Thursday, driven by a recovery in advertising sales and higher demand for its AI-powered cloud products. The company, China's largest search engine provider, reported revenue of 31.51 billion yuan ($4.37 billion) for the three months ended March 31, compared to analysts' average estimate of 31.21 billion yuan as per LSEG data. "Baidu Core's online marketing revenue remained stable, while the end-to-end optimization of our AI technology stack continued to propel the growth of our AI Cloud revenue during the quarter," said co-founder and CEO Robin Li in an earnings release. Revenue from Baidu Core, which includes its search-based ad sales, cloud offerings and autonomous driving initiatives, grew 4% to 23.8 billion yuan. Baidu reported adjusted net income of 7 billion yuan for the quarter, beating the analysts' average estimate of 5.57 billion yuan, according to LSEG data.

Persons: ERNIE Bot, Baidu, Robin Li Organizations: Baidu Locations: ZHEJIANG, CHINA

☆ Asia markets rise after Wall Street soars on soft inflation data; Japan GDP shrinks
▼ + stars: | 2024-05-16 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: 1 min

The best-performing "Magnificent Seven" stock halfway through the second quarter is Google and YouTube owner Alphabet , up about 14.15%. All four are outpacing the S&P 500, which has risen about 2.1%. By contrast, Microsoft (+0.6%), Tesla (-0.7%) and Meta Platforms (-1%) are all trailing the S&P 500 in the second quarter. The best-performing sector this quarter is the S&P 500 Utilities, up 9.9% and more than twice as much as second-ranked S&P 500 Communication Services, higher by 3.9%. S&P 500 Information Technology (+2.8%) is also outperforming the S&P 500.

Persons: — Scott Schnipper Organizations: Apple, Nvidia, Microsoft, Communication, Real Estate, Health Care

☆ 3 tricks legacy media companies can learn from social-video platforms, per a new Accenture report
▼ + stars: | 2024-05-16 | by ( Sydney Bradley | ) www.businessinsider.com time to read: +5 min

Read previewTraditional media and entertainment companies must undergo "radical levels of reinvention," John Peters, Accenture's lead for media and entertainment clients, told Business Insider. Traditional media companies, like live broadcasting or linear channels, are "seeing viewership migrate away from their platforms," Peters said. Advertisement"They're increasingly moving to social media and social video platforms and video games," Peters said. Here are three things that traditional media companies can learn from social media giants, per the Accenture report. AdvertisementPeters also pointed to events like the annual Academy Awards or live sports as opportunities for media companies to use UGC.

Persons: —, John Peters, Accenture's, Peters, Goldman Sachs, Nikki Mendonca, Mendonca, Elon Organizations: Service, Accenture, Business, Media Industry, Netflix, Hulu, WARC Media, Meta, Media, UGC, Apple, Google, Spotify, Disney Locations: North America, Europe, Asia, America

☆ The US is worried about an invasion, but China could take control of Taiwan without firing a shot, war experts warn
▼ + stars: | 2024-05-16 | by ( Chris Panella | ) www.businessinsider.com time to read: +8 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Defense experts say that an aggressive Chinese coercion campaign, short of war but still threatening, is more likely than a full-scale invasion and the US needs to prepare for such an event. Economic and diplomatic pressure is notable, and Chinese misinformation operations and the potential to slowly set up a blockade of Taiwan are also concerns. Annabelle Chih/Getty ImagesThe report identifies four things key to resisting Chinese coercion. CM-11 tanks fire artillery during the 2-day live-fire drill, amid intensifying threats military from China, in Pingtung county, Taiwan, 7 September 2022.

Persons: —, Han, Annabelle Chih, MANDY CHENG, Lai Ching, Lai, Ceng Shou Yi, John Aquilano, Xi, Aquilano, Carlos Del Toro, Frank Kendall Organizations: Service, Business, American Enterprise Institute, Institute for, Liberation Army, PLA, AEI, Cobra, Getty, Democratic Progressive Party, Taiwan, Getty Images, US, Pacific Command, US Armed Services, Air Force, Department of Defense Locations: Taiwan, China, Pingtung, US, Pacific, Hualien, AFP, Pingtung county, Guam, Japan

☆ BofA banker whose death shook Wall Street was looking for new job and willing to take a lower salary for better hours, recruiter says: report
▼ + stars: | 2024-05-16 | by ( Kelsey Vlamis | Reed Alexander | ) www.businessinsider.com time to read: +3 min

Related storiesA new report from Reuters released Wednesday raised more questions about the hours Lukenas may have been logging leading up to his untimely death. Walters said Lukenas told him he was putting in more than 100 hours a week at Bank of America. "He made a comment saying like, 'Hey, I'll trade hours of sleep for a 10% (pay) cut,'" Walters told Reuters. Walters said he told Lukenas that was excessive, even by Wall Street's standards. Prior to Lukenas' death, he had been participating on deal work related to UMB's $2 billion all-stock acquisition of Heartland Financial USA — a transaction that was announced in late April.

Persons: —, Wall, Leo Lukenas III, Lukenas, Douglas Walters, Walters, GrayFox Organizations: Service, of America, Army, Bank of America, Business, Reuters, New, Office, GrayFox, BI, Heartland Financial, Vets Locations: New York

☆ Some data in the market-moving CPI report was released early by the Labor Department
▼ + stars: | 2024-05-16 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

Information about Wednesday's critical consumer price index release circulated early on the Bureau of Labor Statistics website, according to a statement from the agency. The statement provided few details but noted that the Labor Department agency has notified the Office of Management and Budget and the department's Office of the Inspector General. There was no other information provided concerning the early release of the CPI, a key inflation indicator that showed another increase in April, though slightly less than what the Wall Street consensus had anticipated. ET release, though there was little unusual activity in the half-hour prior, indicating that the early release was not widely seen and did not materially impact trading. Core inflation, which excludes food and energy, ran at a 0.3% rate monthly rate and 3.6% annually, the lowest since April 2022.

Persons: Wednesday's, Peter Boockvar, Trump, Boockvar, Stocks Organizations: Bureau of Labor Statistics, BLS, Labor Department, Management, Budget, CPI, Bleakley Locations: Washington

☆ U.S. inflation data fuels bets of Fed rate cuts as early as September — but analysts aren’t convinced
▼ + stars: | 2024-05-16 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +2 min

Traders appear increasingly confident that the U.S. Federal Reserve could start cutting interest rates as early as September, after inflation data cooled more than expected in April. Traders are currently pricing in a roughly 70% chance of a U.S. rate cut in September, according to the CME FedWatch Tool. Jerome Schneider, head of short-term portfolio management at PIMCO, said on Thursday that the latest U.S. inflation data confirmed to investors that the potential for a near-term rate hike was now "off the table." "I think more contextually, we have to really understand that we have celebrated a lower inflation rate, the market has. But, in context, at PIMCO we're specifically thinking about the longer-term trajectory of how the Fed is going to react to this data," Schneider told CNBC's "Squawk Box Europe."

Persons: Dow Jones, Jerome Schneider, we're, Schneider, CNBC's Organizations: New York Stock Exchange, Traders, U.S . Federal, Labor Department's Bureau of Labor Statistics, Federal Reserve Locations: U.S, PIMCO

☆ Ukraine's getting more longe-range missiles that leave the Russians with 'nowhere to hide'
▼ + stars: | 2024-05-16 | by ( Jake Epstein | ) www.businessinsider.com time to read: +9 min

The number of missiles isn't publicly known, but ATACMS missiles average about $1.3 million each. These air-dropped missiles can fly at low altitudes to avoid detection and have been used to strike Russian naval headquarters and vehicle-repair depots in the occupied Crimean peninsula. The arrival of Storm Shadow missiles — and, several months later, ATAMCS — presented new challenges for Moscow, but Ukraine has received so few it has had to bee choosy over what to target. Indeed, Kyiv has used the American missiles in recent weeks to strike Russian airfields and troop gatherings. Missiles like ATACMS and Storm Shadow "will enable Ukraine to neutralize Russia's advantages and eventually enable them to regain the initiative," he added.

Persons: —, Ben Hodges, John Hamilton The, Jake Sullivan, Grant Shapps, Ben Stansall, Dan Rice, you've, Rice, ATAMCS —, Serhii, Hodges, Moscow's, Jack Watling, Watling Organizations: Service, US, Business, US Army, Army Tactical Missile System, White, MGM, Tactical Missile Systems, Biden administration's, Republicans, Congress, Kyiv, General Staff, Ukrainian Armed Forces, Storm, Shadow, Farnborough, American University Kyiv, Artillery Rocket Systems, Getty, Missiles, Russian Defense Ministry, Royal United Services Institute Locations: Ukraine, New Mexico, Washington, Kyiv, Ukrainian, Italy, France, Crimean, Russia, Russian, Moscow, Donetsk Oblast, Berlin, Avdiivka, Anadolu, Kharkiv

☆ My family had to stay at 3 different resorts during our 8-day trip to Disney World, and it wasn't worth all the effort
▼ + stars: | 2024-05-16 | by ( Jill Robbins | ) www.businessinsider.com time to read: +6 min

When my family of four went to Disney World for the holidays one year, everything was so booked we had to stay in three different resorts. We've done split stays at Disney World in the past, but this was the first time we stayed at three different hotels on a single visit. Pop Century wasn't my favorite resort, but it definitely has its prosIt's unfair to compare a value resort like Pop Century to villas at deluxe resorts, but Pop Century was my least favorite of the three. Jill RobbinsThis wasn't my first time staying at Animal Kingdom Lodge or Wilderness Lodge, and I'd happily stay in either again. Moving from one resort to another at Disney World was pretty seamlessIt's pretty easy to move between resorts at Disney World.

Persons: —, We've, Jill Robbins, Murphy, I'd, we've, I've Organizations: Service, Disney, Business, Animal, Disney Springs Locations: Animal, unpack

A fast food stock and Nvidia were among the stocks being talked about by analysts on Wall Street. RBC assumed coverage of Jack in the Box with an outperform rating and a price target that implies more than 40% upside. Ransom's $10 price target implies about 37.6% potential upside for the stock, which has gained 8.5% this year. Mailk said he likes the buy-rated stock on "secular AI growth opportunities" and maintained his $1,030 price target. New Street Research maintained its buy rating and $1,100 price target ahead of the quarterly print.

Persons: Jack, Piper Sandler, GoodRx, Raymond James Raymond James, John Ransom, — Pia Singh, Tesla, Dell, Amit Daryanani, Daryanani, Wolfe, Chris Caso, Caso, INTC, Coupang, Jennifer Han, Han, that's, Nvidia's, Piper Sandler's Harsh Kumar, Kumar, Blackwell, Atif Malik, Mailk, Pierre Ferragu, Logan Reich, JACK YTD, Fred Imbert Organizations: CNBC, Nvidia, Wall, RBC, Citi, New, Research, Kroger, pharma, Dell, DELL, Wolfe Research, Intel, UBS, Blackwell, RBC Capital Markets Locations: Korea

☆ E.U. Investigates Meta Over Addictive Social Media Effects on Children
▼ + stars: | 2024-05-16 | by ( Adam Satariano | ) www.nytimes.com time to read: +1 min

regulators could ultimately fine Meta up to 6 percent of its global revenue, which was $135 billion last year, as well force other product changes. The investigations are part of a growing effort by governments around the world to rein in services like Instagram and TikTok to protect minors. Meta has for years faced criticism that its products and recommendation algorithms are fine-tuned to hook children. In October, three dozen states in the United States sued Meta for using “psychologically manipulative product features” to lure children, in violation of consumer protection laws. People younger than 13 are not supposed to able to sign up for an account, but E.U.

Persons: Meta Organizations: Facebook, European Commission, United, Meta, Digital Services Locations: United States

☆ What you need to know about skin cancer and how to prevent it, according to a doctor
▼ + stars: | 2024-05-16 | by ( Katia Hetter | ) edition.cnn.com time to read: +8 min

CNN —Skin cancer is by far the most common form of cancer in the United States, according to the American Cancer Society. As we head into summer, what do we need to know about the chance of developing skin cancer? In addition, those who are at increased risk for skin cancer should ask a dermatologist if they should receive regular skin exams. These include personal or family history of skin cancer, history of precancerous lesions such as actinic keratoses, certain genetic disorders such as xeroderma pigmentosum and history of immunosuppression. And it’s not only people who are fair-skinned who can have skin cancer; individuals of all colors, including those with brown and Black skin, can develop skin cancer.

Persons: Leana Wen, Wen, Anastasiia Organizations: CNN, American Cancer Society, Northern, George Washington University, Getty, Preventive Services Task Force, immunosuppression Locations: United States

☆ Meta’s Facebook and Instagram probed over fears they may be too addictive for children
▼ + stars: | 2024-05-16 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

London CNN —The European Union is worried that Meta is failing to protect children on its platforms, Facebook and Instagram, and has launched a formal investigation that could result in a hefty fine. The probe is the latest evidence that regulators are increasingly focussing on the harmful impact of Meta’s platforms — and other social media — on young users, including by encouraging addictive behavior. The European Commission, the EU’s executive arm, will consider whether Meta (META) has complied with its obligations under the Digital Services Act (DSA), the bloc’s sweeping new law for online platforms. The legislation requires online platforms to put in place measures to protect children, including by preventing them from accessing inappropriate content and ensuring a high level of privacy and safety. The European Commission is concerned that Facebook’s and Instagram’s online interfaces “may exploit the weaknesses and inexperience of minors and cause addictive behavior,” it said in a statement Thursday.

Persons: Meta, Thierry Breton, ” Meta Organizations: London CNN, Facebook, European Commission, Digital Services, European, Meta, CNN, New Locations: New Mexico, Gaza

☆ Buckle up America: Powell says interest rates will likely stay higher for longer as inflation stubbornly refuses to come down
▼ + stars: | 2024-05-16 | by ( Ayelet Sheffey | Madison Hoff | ) www.businessinsider.com time to read: +6 min

Read previewInflation and interest rates are still high, but Americans shouldn't count on any relief just yet. Advertisement"The status of the battle against inflation requires that interest rates remain elevated in the near-term," Hamrick said. "The first quarter in the United States was notable for its lack of further progress on inflation," Powell said during the panel. But while job seekers and workers may find this cooldown concerning, that moderation is also welcome and the labor market is still strong. "Paired with high borrowing costs — like high interest rates on your credit cards — and the current economy can feel quite uncomfortable," Renter added.

Persons: —, That's, Mark Hamrick, Hamrick, Jerome Powell, Powell, Joanne Hsu, Nick Bunker, Ted Rossman, Rossman, Elizabeth Renter, Renter, it's Organizations: Service, Federal Reserve, Bureau of Labor Statistics, CPI, Business, Federal, University of Michigan, North America Locations: Amsterdam, United States, —

☆ Forget the Magnificent Seven. These AI plays are red hot
▼ + stars: | 2024-05-16 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

The S&P 500’s utility sector has gained 14% this year, making it the third-best-performing category behind information technology and communication services. Utility stocks tumbled more than 10% in 2023, underperforming the S&P 500’s 24% gain, as investors betting on the artificial intelligence boom crowded into the Magnificent Seven big tech stocks. To be sure, not everyone is jumping into utility stocks. Rising gasoline and shelter costs accounted for more than 70% of the monthly increase in overall inflation, according to the report. Including the ticket price, UK concertgoers will spend, on average, £848 ($1,068) each, which is more than 12 times the average cost of a night out in the UK, according to Barclays’ research.

Persons: ”, Adam Turnquist, Alicia Wallace, Wednesday’s, Read, Taylor Swift’s, Anna Cooban, Swift Organizations: CNN Business, Bell, New York CNN, Constellation Energy, NRG Energy, International Energy Agency, Federal Reserve, LPL, Nvidia, Micro, Bureau of Labor Statistics, CPI, Barclays, Barclays ’ Locations: New York, United Kingdom, United States, England, Wales, Scotland

☆ The consumer slowdown is here and its flashing a recession warning for the economy
▼ + stars: | 2024-05-16 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +4 min

Consumer spending is slowing, and it's a warning shot for the US economy as it navigates the approach to a soft or a hard landing. Meanwhile, March retail sales were revised downward, with spending rising 0.6% instead of the initially reported 0.7%. The retail sales number was sluggish with a capital 'S,'" economist David Rosenberg said in a note this week. A hard landing has been postponed partly because of the strength of consumer spending in 2023, he wrote previously. The New York Fed sees a 50% chance that the economy will tip into recession by April 2025.

Persons: David Rosenberg, Rosenberg, Primerica, Danielle DiMartino Booth, who's, Booth, Schwab, I've Organizations: Service, Business, Conference, New, Fed Locations: American, York

☆ Refinancing student debt is risky amid Biden forgiveness push. Borrowers 'forever lose access' to safety nets, advocates say
▼ + stars: | 2024-05-16 | by ( Annie Nova | ) www.cnbc.com time to read: +4 min

(For example, federal student loan borrowers can pause their payments if they become unemployed, return to school or get cancer.) But advocates have fresh warnings now as the Biden administration reforms the federal student loan system. Millions more federal student loan borrowers could receive debt forgiveness in the coming months if Biden's revised relief package survives legal challenges this time. PSLF allows certain not-for-profit and government employees to have their federal student loans cleared after 10 years of on-time payments. (The rates on federal student loans for the 2024-2025 academic year will range from roughly 6.5% to 9%.)

Persons: Biden, Joe Biden, Biden's, who've, PSLF, I've, they'd refinanced, —, Yu, Mark Kantrowitz, Kantrowitz Organizations: U.S . Department of Education, Education Department, Public, Art Institute, Art, Education Management Corp, Valuable Education Locations: Mayotte, Iowa , Massachusetts, Pennsylvania

☆ Watch CNBC's full interview with Shailendra Singh, managing director of Peak XV Partners, one of Asia's biggest venture capital firms
▼ + stars: | 2024-05-16 | by ( Tanvir Gill | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Shailendra Singh, managing director of Peak XV Partners, one of Asia's biggest venture capital firmsPeak XV Partners, formerly Sequoia Capital India and Southeast Asia, has invested in over 400 companies in the technology, software, financial services and consumer space. They include fintech firm Pine Labs, Singapore-based online retailer Carousell, Indonesian ride-hailing giant Gojek as well as Indian edtechs Byju's and Unacademy.

Persons: Shailendra Singh Organizations: XV Partners, Asia's, Sequoia Capital, Labs Locations: Sequoia, Sequoia Capital India, Southeast Asia, Singapore

☆ Royal Mail owner IDS set to agree $4.4 bln Kretinsky takeover bid
▼ + stars: | 2024-05-15 | by ( ) www.cnbc.com time to read: +2 min

IDS owns UK's Royal Mail, which is loss making, and international parcels network GLS. Royal Mail was privatised in 2013 in one of Britain's biggest state sell-offs in decades. It is expected the commitment to offer these contractual undertakings to the British government would be reflected in the cooperation agreement between the parties if a firm offer is made, it added. EP Group now has until May 29 to make a formal offer or walk away. EP is a 100% shareholder in VESA Equity investment which owns Kretinsky's IDS stake of nearly 28%.

Persons: Daniel Kretinsky, Keith Williams Organizations: International, Services, IDS, Royal Mail, UK's, Royal, National Security and Investment, Reuters, Equity Locations: Czech, London, Britain, British

☆ Here's the inflation breakdown for April 2024 — in one chart
▼ + stars: | 2024-05-15 | by ( Greg Iacurci | ) www.cnbc.com time to read: +5 min

That increase is largely due to dynamics in the market for crude oil, which is refined into gasoline, economists said. Annual housing inflation declined to 5.5% in April from 5.7% in March. Shelter and gasoline inflation combined contributed more than 70% of the monthly CPI increase for all items, according to the BLS. Americans' buying patterns also simultaneously shifted away from services — such as entertainment and travel — toward physical goods since they stayed at home more, driving up demand and fueling decades-high goods inflation. Wage growth has been one contributor to services inflation, for example, economists said.

Persons: Grace Cary, That's, Mark Zandi, we're, Zandi, Michael Pugliese, Trump, Stephen Brown, Pugliese Organizations: U.S . Labor Department, Moody's Analytics, Federal Reserve, of Labor Statistics, Wells, Wells Fargo Economics, U.S, U.S . Energy Information Administration, Finance, GameStop, AMC, Biden, North, Capital Economics, Supply Locations: U.S, Wells Fargo, North America

☆ Inflation eases in April with consumer prices rising 3.4% from a year ago
▼ + stars: | 2024-05-15 | by ( Jeff Cox | ) www.cnbc.com time to read: +1 min

The consumer price index, a broad measure of how much goods and services cost at the cash register, increased 0.3% from March, the Labor Department's Bureau of Labor Services reported Wednesday. Excluding food and energy, the key core inflation reading came in at 0.3% monthly and 3.6% on an annual basis, both as forecast. The core 12-month inflation reading was the lowest since April 2021. Futures traders raised the implied probability that the Federal Reserve would start cutting interest rates in September. That figure is adjusted for seasonality but not inflation, suggesting consumers did not keep up with the pace of price increases.

Persons: Dow Jones Organizations: Labor Department's Bureau of Labor Services, Markets, Treasury, Federal Reserve

☆ Amazon's cloud business needs a 'bulldozer.' New AWS CEO Matt Garman fits the bill.
▼ + stars: | 2024-05-15 | by ( Eugene Kim | ) www.businessinsider.com time to read: +8 min

Read previewAt an October all-hands meeting, an Amazon Web Services employee asked executive Matt Garman about the company's difficult work environment. The people who spoke with BI about Garman asked not to be identified so they could freely discuss his abilities. One AWS employee pointed out to BI that Amazon Q was months behind the launch of Microsoft's AI Copilots. Associated PressOutside of AI, AWS has struggled in its core startups and small business segments, failing short of sales targets last year, as BI previously reported. Those customers are particularly important for AWS because the company built its early business by embracing that market.

Persons: —, Matt Garman, Garman, It's, Adam Selipsky, Selipsky, Andy Jassy, Matt, Amazon's, Patrick Neighorn, He'd, We're, Neighorn, it's, Claude, AWS's, let's Organizations: Service, Amazon Web Services, AWS, Business Insider, Employees, Business, Amazon, Stanford, BI, Mizuho Securities, Q, Cohere, Mistral, Google, Associated Locations: Anthropic

☆ China is still an important market even if investors diversify from it now, says Peak XV
▼ + stars: | 2024-05-15 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +1 min

China will remain an important market for investors in the long term, even if other countries are now benefiting from investments flowing out of China amid escalating tensions with the U.S., according to Peak XV Partners, formerly Sequoia Capital India and Southeast Asia. "The China Plus One strategy, in terms of sourcing and so on, is definitely benefiting places like India, Southeast Asia," said Shailendra Singh, managing director of Peak XV Partners, one of Asia's biggest venture capital firms with $9 billion of assets under management. Last year, Sequoia split into three independent geographic units – Sequoia Capital in the U.S. and Europe, Peak XV Partners in India and Southeast Asia and HongShan in China. Peak XV has invested in over 400 companies in the technology, software, financial services and consumer space. They include fintech firm Pine Labs, Singapore-based online retailer Carousell, Indonesian ride-hailing giant Gojek as well as Indian edtechs Byju's and Unacademy.

Persons: Shailendra Singh, Singh, CNBC's Tanvir Gill Organizations: U.S, XV Partners, Sequoia Capital, Asia's, Sequoia, Partners, Labs Locations: China, Sequoia, Sequoia Capital India, Southeast Asia, India, U.S, Europe, HongShan, Washington, Beijing, Singapore

Netflix's cheaper, ad-supported tier has amassed 40 million global monthly active users, the company said Wednesday. That's nearly double the 23 million figure the streaming giant shared in January. The company also said it would launch its own advertising platform and no longer partner with Microsoft for that technology. The tech giant will remain a programmatic advertising partner, but will also be joined by other ad tech companies including The Trade Desk, Google Display & Video 360 and Magnite. The streaming giant joined its media peers for the second time in making an annual pitch to lock in advertising for its platform.

Persons: That's, Ted Sarandos, Sarandos Organizations: Microsoft, Netflix, National Football League, CNBC, NFL Locations: Canada, U.S

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