This Week in Startups NEWS: $BABA & $TCEHY layoffs, Google's AR purchase, $APE coin; OK Boomer: Smirk | E1412
Mar 20, 2022
The latest news includes Alibaba and Tencent gearing up for massive layoffs, highlighting the challenges of Chinese tech under strict regulations. Google makes a splash by reacquiring a startup to jump back into the AR glasses game. The chaos in instant delivery services sees one company soaring with a $12 billion valuation while another faces bankruptcy due to sanctions. Yuga Labs launches $APE coin, stirring excitement in the NFT community. Plus, a chat with Smirk's founder explores the future of mobile and social gaming.
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Investment Risks in Authoritarian Countries
- Investing in authoritarian countries like China carries higher risks than democracies due to arbitrary government intervention.
- China's crackdown on its tech giants, while aiming for control, may stifle innovation and global reach.
Shifting Career Preferences in China
- Many young people in China now prefer government jobs over startup careers due to perceived stability.
- This shift is a direct consequence of the government's crackdown on the tech sector.
Google's AR Ambitions
- Google's acquisition of Raxium signals its re-entry into the AR glasses race, challenging Apple and others.
- Raxium's micro-LED technology is key for achieving crisp visuals and reducing the "screen door effect" in AR.