Business
business
Rani Molla
7/10/24

Temu is trying to become Amazon before Amazon becomes Temu

Last month, we learned that Amazon was trying to upstage competition by creating a Temu clone that would ship items directly from China — a play for customers willing to wait longer for cheaper goods. Now it’s Temu’s turn to dress up as Amazon. The Chinese online retailer is diversifying beyond its direct-from-China strategy by signing up Chinese sellers that already have inventory in the US — some of which are big sellers on Amazon — so shipments will potentially be a lot quicker and can include bigger items like furniture.

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AOL Buys Huffington Post For $315 Million To Rekindle Ad-Revenue Growth

Millions of Americans are still on AOL, as Apollo mulls $1.5 billion sale

America is online. Very much so, in fact, with the once-iconic internet company still putting up web traffic numbers that beat Apple.com, Temu.com, and more.

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“That’s cute”: Tracking the public feud between Frontier and United Airlines

A US airline feud has two CEOs bickering over who’s better at math.

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Uber is giving drone deliveries another go in a partnership with Flytrex

Ride-hail and delivery giant Uber on Thursday announced a new partnership with drone operator Flytrex to begin testing an autonomous delivery-by-air system by the end of the year.

As one of the few drone providers with Beyond Visual Line of Sight authorization from the FAA, Flytrex already partners with Walmart and DoorDash on similar programs. The company said it’s delivered more than 200,000 meals to suburban US households in the past three years.

This isn’t Uber’s first foray into drone deliveries. Under its then aviation arm Uber Elevate, the company tested the tech in a partnership with McDonald’s in 2019. Uber sold its aviation division to Joby Aviation in late 2020.

Uber shares didn’t move much on the announcement, up about 1% in premarket trading.

business

Reddit bounces on report that it’s in talks with Google, OpenAI on fresh data-sharing deal

Reddit shares were down 5% in Wednesday trading before news that the company is in early talks to make its next AI content-sharing deals with Google and OpenAI sent them back up to roughly flat.

According to reporting by Bloomberg, Reddit is seeking a new data deal structure that includes dynamic pricing and would encourage the companies’ AI users to contribute to Reddit.

Reddit reportedly struck deals of $60 million per year with Google and OpenAI last year. The company scored $35 million in “other” revenue — which includes content licensing agreements — in its most recent quarter. That accounted for about 7% of the company’s overall revenue in the period.

“One of the things that we’ve learned, particularly through the data licensing deals is... how essential Reddit is to AI or LLMs as we know them and the next generation of search,” Reddit CEO Steve Huffman said on the company’s July earnings call. “And so I think a lot has changed over the last couple of years. Every variable has changed since we signed those first deals.”

Reddit reportedly struck deals of $60 million per year with Google and OpenAI last year. The company scored $35 million in “other” revenue — which includes content licensing agreements — in its most recent quarter. That accounted for about 7% of the company’s overall revenue in the period.

“One of the things that we’ve learned, particularly through the data licensing deals is... how essential Reddit is to AI or LLMs as we know them and the next generation of search,” Reddit CEO Steve Huffman said on the company’s July earnings call. “And so I think a lot has changed over the last couple of years. Every variable has changed since we signed those first deals.”

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