Rare earth shortage hits electronic component companies

While applications under the scheme have surged past 110 now, at least 10 firms have sounded out worries at a time when the industry is keen on expanding its production and export footprint, officials at the Ministry of Electronics and Information Technology (MeitY), and industry executives told ET.

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Cloud kitchen firm EatClub to raise Rs 185 crore from Tiger Global, A91 Partners, 360 One

According to filings with the Registrar of Companies, the company will use the funds for growth and expansion. The company, which runs brands such as Faasos and Behrouz Biryani, also saw a top-deck recast, with founder and CEO Jaydeep Barman transitioning into the chairman’s role—being replaced by founder Ankush Grover as chief executive.

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Setu strengthens top deck with senior execs from Razorpay, PhonePe, Wibmo

Pine Labs-owned fintech appoints Anand Raisinghani as CEO, brings in former leaders from Razorpay, Clear, and PhonePe across key roles.

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In earnings season, it's AI good, everything else, not so much

The AI spending surge is providing a big boost for semiconductor and software giants like Google parent Alphabet , while companies from airlines to restaurants and food manufacturers are struggling to navigate an erratic U.S. trade policy which is boosting costs, upending supply chains and hurting consumer confidence.

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Grok steps into prediction markets with xAI, Kalshi partnership

Kalshi is now partnering with Elon Musk's artificial intelligence company xAI to integrate Grok, xAI's advanced chatbot, into the prediction market experience.

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Infosys profit surges 8.7% on deals, Europe show

Infosys raised its lower-end growth forecast for the fiscal, with revenue expected to expand between 1% and 3% from the earlier 0-3%. The company is also gaining from increased adoption of artificial intelligence, top executives said. AI programmes are improving productivity between 5% and 15% and this is being partly passed on to customers, according to CEO Salil Parekh who struck an optimistic note at the company’s post earnings call on Wednesday.

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AI startup Olto raises $5.1 million from Nexus Venture Partners, The General Partnership

Afore Capital, Recall Capital, Ligature, FirstHand, and senior executives from companies like Amazon participated in the round. The fresh funds will be used to build new AI agents and scale its operations. Olto, which currently serves clients in the US, UK, and Canada, plans to expand into India.

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Europe revival helps IT survive quarter shocks

HCLTech, LTIMindtree, and Tech Mahindra gained new business from European clients, marking a revival for the region after three quarters of deal slowdown. Overall revenues in these companies rose in low single digits in the three months ended June.

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SpaceX warns investors Elon Musk could return to US politics, Bloomberg reports

The company added the language laying out such "risk factors" in paperwork sent to investors discussing a tender offer, according to Bloomberg.

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Telegram introduces built-in crypto wallet, bringing its users into mainstream blockchain

The Open Network (TON) is a decentralised, layer-1 blockchain platform developed by the Telegram team, led by the Durov brothers, to create a highly scalable and user-friendly blockchain ecosystem integrated with the Telegram app.

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New-age travel accessories platform Escape Plan raises $5 million from Jungle Ventures, Fireside Ventures

Launched in May 2025, the Bengaluru-based company sells travel bags and accessories for everyday as well as vacation travel. The fresh funds will be used to expand its retail footprint, acquire customers, and launch its quick commerce services.

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UK and ChatGPT maker OpenAI sign new strategic partnership

The government has set out plans to invest 1 billion pounds in computing infrastructure for AI development, hoping to increase public compute capacity 20 fold over the next five years.

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Lawmakers want US tech CEOs to address concerns about submarine cables

Washington has been raising alarm about the network of more than 400 subsea cables that handle 99% of international internet traffic. The letter was signed by Representative John Moolenaar, who chairs a House panel on China and two other Republicans.

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IT companies tighten belt as AI, macro headwinds squeeze biz margins

The fiscal first quarter showed companies are stretching all internal levers aggressively to protect profits amid slowing large-deal momentum. This includes lowering selling, general and administrative expenses (SG&A) costs, delaying pay hikes, and rejigging bench policies. Analysts expect the trend to continue through the fiscal second half as the IT sector is turning into a "negotiator's market".

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New high tech incubators to get millions in funding

The Israel Innovation Authority (IIA) launched a competitive proceeding to establish new high-tech incubators with up to a 40 million Shekel (USD 11.9 million) investment per Incubator.

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Musk says xAI will make kid-friendly app 'Baby Grok'

Elon Musk’s AI firm xAI is set to launch "Baby Grok," a separate, kid-friendly chatbot app. Announced via Musk’s X post, the move follows efforts to enhance Grok’s features and public image. It comes amid xAI’s rapid AI expansion, including Grok 4’s debut and government-focused product offerings.

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Eight chipsets designed by IIT students sent to fabs: IT Minister Vaishnaw

Indian Institutes of Technology (IITs) students have designed 20 chipsets, with eight already sent for fabrication, signaling significant progress in domestic semiconductor development. The first commercial-scale, made-in-India semiconductor chip is expected this year, supported by government initiatives like the India Semiconductor Mission and AIKosh. India's electronics exports have surged, marking substantial growth in the sector.

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Their water taps ran dry when Meta built next door

Meta's data center in Newton County, Georgia, is linked to water problems. Beverly and Jeff Morris faced dry taps and sediment issues. Local wells are damaged, and water costs are soaring. Newton County may face a water deficit by 2030. Data centers consume vast amounts of water. The county is upgrading recycling facilities.

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Top tech and startup stories this week

Welcome to a new edition of ETtech Unwrapped – our weekend newsletter packed with the most important stories this week. Let’s take a look.

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Future-proofing of jobs: Mid-career pros rewire skills to ride AI current

TeamLease reported over 60% growth in enrolments for micro-credential courses this year, while Simplilearn noted growing demand from professionals in their 30s and 40s seeking domain pivots or deeper specialisation. Online learning platform Coursera also reported that 39% of its learners are career switchers, drawn by the promise of better growth, pay, and job security.

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Clothing tech entrepreneur charged with $300 million fraud in US

Authorities said Christine Hunsicker, 48, of Lafayette, New Jersey, promoted CaaStle to investors as a more than $1.4 billion "Clothing-as-a-Service" business that helped companies rent apparel to consumers with an option to buy, despite knowing it was financially distressed and short of cash.

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OpenAI unveils ChatGPT agent to handle tasks as AI apps evolve

AI agents - considered to be an evolution of an assistant - have been embraced across the tech world with large firms, including Microsoft, Salesforce and Oracle, spending billions on the technology to boost productivity and make operations more cost efficient.

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Wipro Q1 net profit up 11% to Rs 3,337 crore, revenue flat

Wipro faced a compression in business in all geographies of Europe, Americas 2 and APMEA (Asia Pacific, Middle East and Africa) and business verticals such as banking, financial services & insurance and consumer in the April-June period compared with the prior quarter.

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UPI or no UPI, traders must pay GST, say authorities, promising to make GST registration smooth

The department issued a detailed statement responding to reports that sections of traders have stopped accepting payments through the UPI apps after it issued GST notices to unregistered traders whose annual UPI transactions breached the Rs 20 lakh cap in the case of services and Rs 40 lakh in the case of goods.

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Sam Altman endorses Jensen Huang’s view on AI and its impact on jobs

In a post on X, Altman noted key themes Huang has emphasised: AI will not eliminate jobs wholesale but will fundamentally change how work is done.

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Cybersecurity startup Deep Algorithm raises Rs 10.8 crore from Unicorn India Ventures

The company, which focuses on fraud prevention in the finance sector, will use the fresh funds to scale engineering and threat intelligence teams, accelerate go-to-market activities in India and Southeast Asia, expand integrations with key enterprise platforms, and enhance its behavioural AI and fraud analytics engine.

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Scoring with AI not enough to crack US enterprise code

Indian AI startups targeting US enterprises face longer sales cycles due to market saturation, buyer confusion, and evolving tech. Founders now rely on strategic investors and domain experts for customer access. Despite faster product development, trust-building and differentiation are key, prompting many to relocate or travel frequently to the US.

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Mid-year ecommerce sales spike sets the stage for cracking festive season

Ecommerce order volumes rose 19% during the July 11–14 sale, driven by strong demand in electronics, appliances, and fashion. Tier-II and III cities led growth. Brands saw up to 8x sales spikes, prompting festive season preparations. The momentum signals recovery after last year’s slowdown, boosting industry optimism for Diwali.

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Crypto-focused Grayscale confidentially files for potential US listing

The move coincides with the start of the "crypto week" in Washington, where lawmakers are set to debate three major bills that could offer long-awaited clarity to the industry. Investor enthusiasm around the bills, which are expected to pave the way for digital assets to potentially be further integrated into traditional finance, has pushed bitcoin above $120,000 for the first time.

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Trump to unveil $70 billion in AI and energy investments

Trump is expected to share details of the new initiatives at an event outside Pittsburgh, according to an administration official, who spoke on the condition of anonymity to discuss the planning. Investments from a range of companies will include new data centers, power generation expansion and grid infrastructure upgrades, along with AI training programs and apprenticeships, an official said.

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US defense department awards contracts to Google, Musk's xAI

The contracts will enable the DoD to develop agentic AI workflows and use them to address critical national security challenges, the department's Chief Digital and Artificial Intelligence Office said. "The adoption of AI is transforming the (DoD's) ability to support our warfighters and maintain strategic advantage over our adversaries," Chief Digital and AI Officer Doug Matty said.

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HCLTech’s first quarter net drops 10% YoY to Rs 3,843 crore, revenue up 8%

India’s third-largest software services company reported a net profit of Rs 3,843 crore in the three months ended June, historically a soft quarter for the software business. Margins fell 16.3% during the quarter amid lower employee utilisation “due to delay in implementation and ramp-down of a specific program, which resulted in a larger bench.”

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Very unfair criticism to call TCS one-trick pony: CEO K Krithivasan

TCS CEO K Krithivasan attributes recent revenue dips to global economic uncertainties impacting client spending. Despite challenges in sectors like airlines and auto, TCS remains confident, dismissing reliance on the BSNL deal as a mischaracterization. Strategic moves, including service line alignment and AI integration, aim to drive future growth and adapt to evolving IT service models.

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SpaceX to invest $2 billion in Musk's xAI startup: Report

SpaceX has invested $2 billion in xAI as part of a $5 billion equity round, strengthening Elon Musk's AI endeavors. This investment values the merged xAI and X at $113 billion, with the Grok chatbot now supporting Starlink and potentially integrating into Tesla's Optimus robots. Despite controversies, Musk touts Grok as the smartest AI, driving xAI's heavy spending on development.

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xAI apologises for Grok's offensive posts

The company said the change occurred after the chatbot was prompted to "reply to the post just like a human" as well as "tell like it is and you are not afraid to offend people who are politically correct." As a result, Grok became susceptible to users' "extremist views," which made it produce "responses containing unethical or controversial opinions to engage the user."

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The streaming wars come down to 2: YouTube v. Netflix

Netflix and YouTube are now direct rivals for TV viewing time, each commanding major audience share in the US. Once dismissive of YouTube, Netflix is now courting its creators, as both platforms push into each other’s territory. Their contrasting models reflect a broader shift in the streaming wars' next phase.

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Top tech and startup stories this week

Welcome to a new edition of ETtech Unwrapped – our weekend newsletter packed with the most important stories this week. Let’s take a look.

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Investors powering on robotics startups

​Robotics startups in India raised $117 million in 2024 across 41 deals, compared with $54 million in 2023 and $28.8 million in 2022, according to data sourced from market intelligence platform Tracxn. This mirrors the global funding landscape, where robotics startups saw $18.6 billion in funding in 2024, a 116% increase from $8.6 billion in 2023, as per the 2025 State of Robotics report from F-Prime Capital.

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US move to lift chip software curbs on China puts India on alert

Regarding companies rethinking their ‘China Plus One’ strategy with the lifting of software curbs, Dixit said that companies considering investing in India for EDA development or other functions might choose to thoughtfully evaluate their timing. However, Shankar Krishnamoorthy, chief product development officer, Synopsys, said the company does not foresee the software export restrictions that were previously placed on China being placed on India, especially given India’s ambition to build its semiconductor ecosystem and the existing US-India collaboration in the sector.

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X slashes subscription fees in India by up to 48%

The social media firm has slashed premium account subscription fee for mobile app by about 48% to Rs 470 from Rs 900 it charged earlier on a monthly basis. The subscribers of premium and premium-plus service at X get a checkmark next to their name or ID.

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Capgemini's $3.3 billion WNS buy may revive IT-plus-BPO model

Capgemini's $3.3 billion acquisition of WNS signals a resurgence of the IT-plus-BPO model, driven by the need for AI integration. Analysts anticipate further consolidation in the BPO sector as companies seek to leverage AI for growth and digital transformation. This deal reflects a broader industry shift towards AI-led reinvention and service-as-software models.

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NPCI, Namibian Central Bank enter licensing agreement to develop a UPI-like instant payment system: MEA

During the press conference on Prime Minister Narendra Modi's visit, Dammu Ravi, Secretary (East) noted that Namibia has become the first country in the world where the National Payment Corporation of India (NPCI) and the Namibian Central Bank have entered into a licencing agreement for the usage of UPI in Namibia in real-time payments.

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OpenAI and Microsoft bankroll new AI training for teachers

The American Federation of Teachers is launching an AI training hub for educators, funded by Microsoft, OpenAI, and Anthropic, to integrate AI tools into classrooms. This initiative follows similar moves by California State University and Miami-Dade County Public Schools to adopt AI technologies like ChatGPT and Gemini.

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Meta Zoom app for Meta Quest is available today

The app brings video conferencing into virtual reality, allowing users to attend Zoom meetings in an immersive 3D environment. The move is part of Meta’s push to expand professional and collaborative use cases for its headsets.

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Smarter AI needs smarter humans

As AI grows more advanced, the need for complex, high-quality training data has surged, making data annotation a critical industry. India is emerging as a key global hub, offering skilled talent across domains. With rapid market growth and increasing sophistication, data labelling now demands deep expertise in science, tech, and language.

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Xbox producer recommends ChatGPT, Copilot prompts to laid off Microsoft staff

After Microsoft’s Xbox layoffs, executive producer Matt Turnbull suggested using AI chatbots like ChatGPT for emotional support and career guidance. In a deleted LinkedIn post, he shared prompts for job planning, resume help, and networking, aiming to ease the stress of unemployment.

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Microsoft announces public preview of deep research in Azure AI foundry

This tool aims to accelerate research and deployment of frontier AI technologies, further strengthening Microsoft's position in enterprise-grade generative AI solutions.

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Startups weigh government nod to use Aadhaar KYC for gig workers

Food delivery and e-commerce startups are seeking government approval for Aadhaar authentication to streamline gig worker verification, following a crackdown on unauthorized Aadhaar usage. Protean eGov Technologies offers a secure channel for Aadhaar access with ministry clearance, potentially simplifying KYC processes. Startups are exploring Digilocker-based verification and redirection processes to comply with regulations and ensure secure onboarding.

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AI robots fill in for weed killers and farm hands

Aigen's solar-powered, AI-driven robot "Element" autonomously weeds fields without chemicals, offering a sustainable solution to labour shortages and herbicide resistance. Designed by former Tesla engineer Richard Wurden, the robot mimics human weeding and runs on sunlight. The robot's AI system takes in data from onboard cameras, allowing it to follow crop rows and identify weeds.

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Scope for bridge between India, international startups in defence and aerospace sector: Union minister Piyush Goyal

Union Minister Piyush Goyal highlighted India's potential to link domestic and global startups in defence and aerospace. He emphasised India's emergence as a preferred supplier, driven by innovation, government support, and strong international ties. Goyal praised Bengaluru's tech sector and detailed government initiatives backing research, startups, and employment generation.

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Ban-battered bike-taxi riders say struggling to make both ends meet

Karnataka's bike-taxi ban has severely impacted Bengaluru's gig workers, slashing incomes by half. Approximately 150,000 riders are affected, forcing many into already saturated delivery services. This shift has also reduced earnings for existing food and grocery delivery workers. While some find alternatives like DriveU, many struggle to cover expenses and support families, hoping for the ban's revocation with regulated rules.

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India GCC leasing now focusing on larger spaces as demand surges: Vestian report

Office space leasing by global capability centres in India surged 24% to 31.8 million sq ft in FY25, driven by IT, finance, and engineering services. Fortune 500 GCCs leased 13.5 million sq ft, a 25% increase, highlighting India's attractiveness. While the number of lease transactions decreased, larger office spaces became more prevalent, with large transactions rising significantly.

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Good Glamm restructuring talks underway, CEO says in note apologising for salary delays

The Good Glamm Group is facing financial difficulties, leading to restructuring discussions and brand sales. Salary delays and funding struggles have caused significant strain, exacerbated by a failed acquisition deal. The company is selling assets like Sirona and ScoopWhoop, and experiencing high-profile departures and board resignations amidst cost-cutting measures and remote work transitions.

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Four banks bag bulk of UPI beneficiary payments

Yes Bank, HDFC Bank, ICICI Bank, and Axis Bank handle almost 60% of merchant UPI payments. Yes Bank has the largest share, driven by PhonePe merchants. Axis Bank and SBI have also seen growth. Banks are interested in merchant payments for revenue. They charge fintechs for processing escrow accounts and other services. SBI leads in customer-side UPI transactions.

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Soham Parekh joins Darwin Studios after Silicon Valley backlash for moonlighting

Soham Parekh faced criticism for working multiple jobs. He cited financial difficulties as the reason. Playground AI founder Suhail Doshi warned about Parekh's simultaneous employment. Parekh lost his jobs due to this. He has now joined Darwin Studios as a founding engineer. He will develop Wayve, an AI video remixing platform. Sanjit Juneja confirmed Parekh's appointment.

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YC-backed Cekura plans to open office in India following $2 million fundraise

The startup is engaged in providing testing and observability layer for voice and chat AI that enables teams to simulate conversations at scale, monitor production calls, and generate actionable insights.

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AI-backed brand analytics platform GobbleCube raises $3.5 million in round led by InfoEdge Ventures

Existing investor Kae Capital participated in the funding round. The fresh funds will be used to deepen its AI capabilities, expand platform coverage, and accelerate its global go-to-market efforts. Earlier in a seed round led by Kae Capital in 2024, the startup had raised $1.9 million.

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'Negligible impact': Apple analyst Kuo sees no upheaval from Foxconn's walking orders

Apple analyst Ming-Chi Kuo says Foxconn's move of Chinese employees from its India iPhone plant will not have much effect. Foxconn is increasing iPhone production in India. The company invested in its Devanahalli plant. It aims to produce 100,000 iPhones by December. Foxconn is also setting up a new unit in Tamil Nadu to make iPhone enclosures.

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Bhim gets big boost as NPCI scales up incentives, offers

Bharat Interface for Money (BHIM), the govt's UPI-based payment app, has seen a resurgence, nearly doubling its monthly transactions to 70 million in June after a period of stagnation. This growth is attributed to a user-interface revamp, increased marketing spend by NPCI, and targeted incentives.

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India needs more telecom unicorns, says DoT secretary Neeraj Mittal

This follows the Union Cabinet clearing the Rs 1 lakh crore research, development, and innovation (RDI) scheme, which the government feels will give momentum to telecom startups in India.

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Defeat of a ten year ban on state AI laws is a blow to tech industry

The Senate voted 99-1 to reject a proposed 10-year ban on state AI regulations, marking a major setback for the tech industry. Consumer groups and Democrats hailed the move, preserving states' authority to oversee AI. The amendment faced strong opposition despite support from Republicans, tech firms, and the Trump administration.

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Rapido eyeing food delivery ops pilot in Bengaluru by next week

Rapido will pilot its food delivery service, Ownly, in Bengaluru's Koramangala, HSR, and Sarjapur areas. Targeting 10 cities by next July, it aims to undercut Zomato and Swiggy on commissions. The company is collaborating with restaurants for data access and pricing strategies, prioritising sustainable growth and early learnings.

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Zuckerberg announces Meta ‘superintelligence’ effort, more hires

Zuckerberg wrote Monday to employees that Meta’s AI efforts will fall under a new group called Meta Superintelligence Labs, which will be led by Alexandr Wang, the former CEO of data-labeling startup Scale AI, according to an internal memo reviewed by Bloomberg. Wang, whom Zuckerberg called the “most impressive founder of his generation,” will serve as chief AI officer.

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