1. 👀 OpenAI Could Confidentially File for IPO on Friday

Something big is coming. OpenAI is preparing to confidentially file a draft of its IPO prospectus as soon as Friday, as the company gears up for what could be one of the largest public markets debuts in history. The AI company, which is valued at more than $850 billion by private investors, is working with Goldman Sachs and Morgan Stanley (among other banks) to prepare to file in the coming days or weeks. (CNBC)

2. 🫢 Mass Miscommunication Runs (Fatally) Deep

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3. 😬 Meta Laid Off 8,000 Employees

This morning, roughly 8,000 Meta employees logged onto their work accounts to find out they’re being laid off. The cuts are the first wave of a major restructuring the company has framed as “necessary to fund its push into AI.” The cuts amount to about 10% of the company’s workforce and come alongside upward of 7,000 workers redirected into newly created AI-focused teams. (Quartz)

4. 📊 Startups Waste 40-60% of Their Marketing Budget on Inefficiencies

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5. ✂️ Intuit is Laying Off Over 3,000 Employees in its AI Push

Speaking of AI-inspired layoffs… enterprise software giant Intuit is letting 17% of its staff go (about 3,000 people) as it’s diverting resources toward baking AI into its products. CEO Sasan Goodarzi said the layoffs are meant to reduce complexity by simplifying the company’s corporate structure and help it focus on AI efforts. (TechCrunch)

6. 💰 NanoClaw Raised $12M Seed Round After Rejecting $20M Buyout

Glad that worked out. NanoCo, the company behind security-focused OpenClaw alternative NanoClaw, has raised an oversubscribed $12 million seed round following a viral launch and after declining a roughly $20 million acquisition offer from dozens of investors. The funding round was led by Valley Capital Partners. (TechCrunch)

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7. 🏨 Airbnb is in the Hotel Business Now

The hotel listings feature, which has been in testing for a few months now, is officially live in the app with a filter to search for them. Initially, the travel tech company is partnering with boutique hotels in 20 cities, including New York, Paris, London, Madrid, Rome, and Singapore. (TechCrunch)

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Wednesday, May 20