Fortune

The day after media headlines touted generative AI model startup Cohere’s fresh $500 million in new funding at a $5.5 billion valuation, the company is laying off about 20 employees. The job cuts, equivalent to roughly 5% of the company’s 400-person workforce, is the latest sign of the challenges surrounding the tech industry’s headlong rush into generative AI, with bullish indicators and warning signs seeming to flash simultaneously. In a letter to employees on Tuesday viewed by Fortune, Cohere CEO Aidan Gomez said the layoffs were a “necessary step to ensure that we have the right people in place to remain highly competitive and at the forefront of the industry.” Gomez said that this has been a “mixed week,” with a successful funding round and an “exciting new roadmap” of new models. Read more:

This ranking was 6 months in the making. We analyzed over 2,000 cities, 200 data categories and 200,000 unique data points to come up with the 50 Best Places to Live for Families. Shout out to Alexa Mikhail who led this massive project!

Google cofounder Sergey Brin got a $366 million windfall from selling all his Tesla shares back in 2021—now he’s using some of the funds to back a startup studying a hallucinogenic mental-health treatment derived from an African shrub. Brin’s nonprofit Catalyst4 is contributing $15 million of a $25 million funding round in biotech startup Soneira, the Financial Times reported, citing several people briefed on the discussions. The company is reportedly launching clinical trials to see whether Ibogaine, a psychedelic compound found in the roots of the African Iboga shrub, could be used as a treatment for traumatic brain injury (TBI) caused by sports injuries, car crashes, and combat experiences. Read more:

Eight-time Olympic gold medalist Usain Bolt notoriously ate only chicken nuggets during the Beijing Games. He’s not alone in unconventional dietary choices. Swimmer Michael Phelps consumed a staggering 10,000 calories a day to fuel his races, while Simone Biles, the most decorated gymnast in history, prioritizes protein and fiber, opting for fish, vegetables, and rice. As millions flock to Paris for the eagerly awaited 2024 Summer Olympic Games, France is set to serve 15,000 athletes over the eight-week event, offering everything from sandwiches to buffets and gourmet dining experiences. Read more:

My take on Meta’s new Llama model in today’s Fortune Eye on AI newsletter. Also a look at research into a hybrid neural network-symbolic AI hybrid and the results of Sam Altman’s OpenResearch foundation’s universal cash transfer experiment.

For many workers, juggling a demanding job while maintaining their personal lives can feel like an uphill battle. But one employer is taking the needs of its caregiving employees seriously. GuideWell, a health insurance company based out of Florida, allocates two weeks of paid leave on top of PTO and vacation to eligible workers who qualify for Family Medical Leave. “Most of our workforce is women. We understand that a number of our employees have caregiving situations, and we are acknowledging that and making it part of our benefits,” Pat Geraghty, the CEO of GuideWell, tells Fortune. Read more: https://lnkd.in/gRcGzjbk

After an assassination attempt on presidential candidate Donald Trump, an anxious election season has become even more frightening, and employees around the country are on edge. There are all kinds of different ways that business leaders can respond to the latest events, and the general temperature of the country right now. There are plenty of good arguments for companies to stay out of any kind of political engagement altogether, as they weigh the risks and rewards of stepping into the fray. But there are also reasons that company and HR leaders should engage with employees about politics right now, if only to share messages of reassurance. Global leaders have been quick to renounce any act of political violence, and some CEOs like JPMorgan’s Jamie Dimon are sending internal memos encouraging workers to engage in “constructive dialogue.” If you do want to engage with employees about the most recent events, there are some ideas to keep in mind: https://lnkd.in/gmKtdtrU

Our inaugural gathering of #FortuneAI in Singapore will bring together the top minds among startups, companies across Asia from the Fortune Global 500, Fortune Europe 500 and Fortune 500 lists, investors, policymakers, academics to discuss this pivotal moment for the industry, an opportunity to keep moving forward boldly but responsibly in an increasingly competitive landscape. #FortuneAI Singapore is presented by Accenture Southeast Asia. See our full list of speakers here and learn more here 👉 bit.ly/3KfetEJ

SCOOP: The day after raising $500 million, AI startup Cohere told staff it was laying off about 20 employees The day after media headlines touted generative AI model startup Cohere's fresh $500 million in new funding at a $5 billion valuation, the company is laying off about 20 employees. The job cuts, equivalent to roughly 5% of the company’s 400-person workforce, is the latest sign of the challenges surrounding the tech industry’s headlong rush into generative AI, with bullish indicators and warning signs seeming to flash simultaneously. https://lnkd.in/etURVKqS

ICONIQ Capital founder Divesh Makan almost never speaks publicly about his venture capital fund. Apart from an interview with Carlyle cofounder David Rubenstein last month for Bloomberg Wealth and a podcast with business management speaker Simon Sinek, Makan has steered clear of media, declining or ignoring requests from journalists for more than a decade, and he’s directed his firm to do the same. “I’m the person fighting it,” Makan admits. But Iconiq gave Fortune a rare look inside the venture capital fund attached to the wealth management firm that caters to affluent clients and their relatives. It came just two months after Iconiq Growth closed its seventh fund—the firm’s largest ever at $5.75 billion, and 42% larger than its previous one. To stay competitive, Iconiq will need to put that capital to good use and get early entry into the hottest deals, such as in buzzy sectors like AI. Read more: https://lnkd.in/e3rrN2RU