🕶️ SB 1047: Will Newsom tame AI or fuel Silicon Valley's fire?

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Six bullets of updates

1. 🩶 Emotion AI is emerging as a business software trend, but it could bring problematic implications.

2.  💔 Breaking up tech monopolies is crucial: a single faulty update at CrowdStrike disrupted businesses and services globally.

3. 🔰 Cybersecurity unicorn Nord Security, from Lithuania, is on its journey from bootstrapping to IPO readiness.

4. 🩻 Samsung Medison acquires French AI ultrasound startup Sonio for €86M, boosting ultrasound exam quality and efficiency.

5. 🇰🇷 South Korea's startup scene is heating up, with Yanolja, Toss, and others eyeing IPOs in 2024 despite fluctuating funding.

6. 🤖 Why do so many home robots still suck? High costs, limited function, and unmet expectations remain major hurdles.

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California’s AI Bill SB 1047: Will It Be Signed or Vetoed?

California Governor Gavin Newsom faces a pivotal decision regarding SB 1047, which aims to regulate AI to prevent potential disasters. The bill has sparked significant controversy in Silicon Valley, with critics arguing it could stifle innovation and harm startups. Supporters, however, believe it's crucial for ensuring ethical AI development.

✅ The stakes are high: If passed, the bill could set a precedent for AI regulation nationwide. Opponents warn it could drive AI talent out of California, while supporters claim it's essential for preventing AI misuse.

❌ If Newsom vetoes SB 1047, federal regulators will likely take over AI regulation, fulfilling OpenAI's preference. OpenAI and Anthropic are already working with the AI Safety Institute to shape future, potentially less stringent, federal rules, continuing Silicon Valley's tradition of partnering with the U.S. government. Read more.

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Startup Events and Deadlines

1. Product-Led Summit | September 4 & 5 | Conference, San Francisco, CA

2. How to close a Funding Round | September 4 | Webinar

3. Alchemist Accelerator | Deadline: September 6 | San Francisco

4. Crash Course in Financial Modeling | September 11 | Webinar

5. mHUB MedTech | Deadline: September 12 | Chicago

6. Financial modeling bootcamp for startup founders | September 16-20 | Bootcamp, Live

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These companies just raised money

1. 📊 Cribl raises $200M to help enterprises do more with their data, reaching a valuation of $2.5B.

2. 💊 Elektrofi, a startup that allows drugmakers to formulate biologics for easier delivery, is raising a $112m series C.

3. 🦠 Navigator Medicines closes $100M Series A, targeting the autoimmune market with exemplary bispecific antibodies.

4. ⚔️ Parry Labs raises $80M as defense tech remains on a tear, the company’s first institutional investment round.

5. 🏨 Rentvine, a property management software platform, raises $74M of growth capital from Mainsail Partners.

6. 🇸🇬 Validus, a Singapore-based digital SME lending platform, secures $50M debt financing from HSBC to expand in Indonesia.

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Elon Musk’s X faces ban by Brazil’s top court

🇧🇷 Brazil has ordered an immediate ban on Elon Musk's social media platform, X (formerly Twitter), over content moderation issues. Cue the scramble for users to find a new digital soapbox—Bluesky already sees unprecedented activity levels. 

This underscores the importance of compliance with local regulations for startups. Brazil’s crackdown on X signals a growing trend of governments tightening their grip on tech giants. Stay tuned, as this could impact market dynamics and create opportunities for emerging platforms.

BTW: X announced it would reveal the top Brazilian court's demands in the coming days but would not comply with its orders. Read more!

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The Forbes 30-under-30 curse 

Uncover the truth behind the Forbes 30 Under 30 list! With over 7,800 names featured, not all have lived up to the hype—some even facing legal trouble. We're exposing the cracks in what many consider a badge of honor. Watch the video to discover the real story behind this so-called elite group 😎 Subscribe here!