Google loses over $100 Bn📉, Flipkart gets Rs 1100 Cr relief🧑🏻⚖️, Aarogya Setu data deleted🩺
Google loses over $100 Bn m-cap, Interim relief for Flipkart, Aarogya Setu contact tracing disabled, Funding Deals and more.
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Google loses over $100 Bn m-cap after AI chatbot Bard gives wrong answer in ad📉
Shares of Google's parent company lost more than $100 billion in market value on Wednesday after its Bard chatbot ad showed inaccurate information and analysts said its AI search event lacked details on how it will answer Microsoft's ChatGPT challenge.
Reuters was the first to point out the error in Google's advertisement, which debuted Monday, about which satellite first took pictures of a planet outside the Earth’s solar system.
Shares of the company's parent Alphabet fell 8% or $8.59 a share to $99.05 and was one of the most actively traded on U.S. exchanges.
Interim relief for Flipkart on Rs 1,100-crore tax demand🧑🏻⚖️
Flipkart India has been granted an interim stay by the Karnataka High Court in the case of income-tax demand of around Rs 1,100 crore. Flipkart was asked to submit the demand in four days, following which it moved the court to challenge the notice.
The I-T department had capitalised discount as marketing intangibles and disallowed Esops, amounting to about Rs 4,500 crore and Rs 180 crore, respectively, for the two assessment years.
Flipkart in the petition said the issue of capitalisation of marketing intangibles was decided in its favour by the Income-tax Appellate Tribunal (ITAT).
Hot Shorts⚡
Zypp Electric has raised $25 million in a funding round led by Taiwanese EV maker and battery-swapping company Gogoro.
Social learning platform Bluelearn has raised $3.5 million in its seed round led by Elevation Capital and Lightspeed.
B2B manufacturing platform Magma has raised $3.3 million in its seed round led by General Catalyst with participation from Accion Venture Lab and Titan Capital.
Indore-based smart networking startup TapOnn has raised Rs 1.5 crore in seed round funding led by Wita Inc, a New York-based investment firm.
Digital lending platform for micro, small and medium enterprises Lendingkart has acquired personal loan provider Upwards in a cash-and-stock deal worth Rs 100 – 120 crore.
Aarogya Setu contact tracing disabled, user data deleted: Govt🩺
The Centre on Wednesday said that the contact tracing feature of the Aarogya Setu app has been disabled and the data collected through the app has been deleted.
In a written reply to the Lok Sabha, the minister of state for electronics and information technology Rajeev Chandrasekhar said that as per the protocol decided by the empowered group on May 11, 2020, officials of the Union, and state health and family welfare ministry, the national and state disaster management authorities and district civil surgeons were given access to the data collected through the Aarogya Setu app.
In July 2022, the government discontinued Aarogya Setu’s data access and sharing protocol with an aim to convert the contact tracing app into a ‘national health app’.
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