Innovation Insider - November 5th, 2024

Could you confidently turn down 23 billion dollars?

That’s exactly what Wiz CEO Assaf Rappaport and his team did when they received an acquisition offer from Google. Assaf described the decision as the "toughest" he has ever made.

I can imagine why. Turning down $23 billion, that’s conviction.

Assaf confidently said that it was the right decision and stated that the company can get even bigger and reach $100 billion because cloud security is the future.

It’s not only the market that makes a company; it’s the culture. As Assaf said, “At a healthy company with a healthy relationship with investors, it’s always the founder’s decision.” A healthy culture is what Wiz has built. With a 4.6/5 star rating on Glassdoor and a 93% approval rating for their CEO, Wiz has built a culture to be emulated.

Culture starts from the top and grows with each new team member who joins. If you were in a position to turn down a 23 Billion Dollar acquisition offer, would you do it? And if you did, would your team wholeheartedly support your decision and continue to rally around your vision?

You want to build a culture that leads to a strong team. It’s always something important to consider in your hiring strategy.

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Let’s jump into this week’s highlights.

News

Ernst & Young LLP resigned as the auditor for Super Micro Computer Inc., citing concerns over the company's governance and transparency. This resignation follows allegations from short-seller Hindenburg Research regarding accounting irregularities and a U.S. Department of Justice investigation into the company's practices. Super Micro disagrees with the resignation and is seeking a new auditor. The company's stock experienced a significant decline, dropping 33% to $33.05 per share.

OpenAI has introduced a new feature for ChatGPT that integrates real-time web search capabilities, allowing users to access up-to-date information such as sports scores, stock prices, and news directly within the chatbot. This development positions ChatGPT as a direct competitor to established search engines like Google and Microsoft's Bing. The feature is currently available to paid ChatGPT users, with plans to expand access to all users in the future.

CrowdStrike and Delta Air Lines are suing each other following a July 2024 incident where a faulty software update from CrowdStrike caused a global IT outage, leading to 7,000 flight cancellations and over $500 million in losses for Delta. Delta claims the update was untested and catastrophic, while CrowdStrike argues that Delta's own actions exacerbated the disruptions. The U.S. Transportation Department is investigating the incident.

McDonald's has allowed franchise owners to independently repair McFlurry machines, addressing the frequent breakdowns that plagued customers. Previously, only the manufacturer could service these machines, but a recent exemption from the U.S. Copyright Office now permits franchisees to bypass digital locks for repairs. This change aims to reduce downtime and improve customer satisfaction.

Apple has expanded its partnership with satellite services provider GlobalStar, committing an additional $1.1 billion to enhance satellite infrastructure. This investment includes a $400 million purchase of a 20% equity stake in GlobalStar. The collaboration aims to improve satellite services for iPhone users, particularly in areas lacking cellular coverage.

Developer Profiles of the Week

Raniel is a full stack engineer who also possesses data engineering experience. Raniel’s main stack is working with Python and the backend and React on the frontend. Raniel works with AWS for DevOps and has experience with lambdas and serverless as well. Raniel is based in Brazil.

Ryan is a senior software engineer with 9+ years of professional experience. Ryan has solid experience with Golang and some experience in DevOps and Infra. Ryan also has some frotnend experience with React. Ryan is based in California.

Please email us at hiring@donestreet.com to learn more about these talented developers and how you can bring them onto your team.

Engineering and Security

GitHub Copilot is introducing multiple AI models, including Anthropic's Claude 3.5 Sonnet, Google's Gemini 1.5 Pro, and OpenAI's o1-preview and o1-mini, allowing developers to choose the best model for their coding tasks. This rollout aims to enhance flexibility and improve the overall coding experience.

A recent cybersecurity campaign, codenamed EMERALDWHALE, has exploited exposed Git configuration files to steal over 15,000 credentials and clone more than 10,000 private repositories. The stolen data, including credentials from cloud service providers and email services, was stored in an Amazon S3 bucket.

The debate around the "10x developer," known for their exceptional productivity, is intensified by the rise of AI tools like GitHub Copilot. Experts believe AI will augment rather than replace these elite coders, handling repetitive tasks and enabling developers to focus on more complex and creative work. This collaboration is expected to enhance overall productivity and innovation in the tech industry.

Discerning reality from the hype around AI. While AI can effectively automate mundane tasks and assist developers, it is not as advanced as often portrayed.

Platform engineers are increasingly adopting WebAssembly (Wasm) for serverless computing due to its rapid startup times, enhanced security, and portability. Unlike traditional serverless functions that may take seconds to initialize, Wasm functions can start in milliseconds, improving performance and reducing latency.

Researchers found over 36 security vulnerabilities in open-source AI and machine learning models, some enabling remote code execution and data theft. Notable issues include flaws in Lunary Toolkit, ChuanhuChatGPT, LocalAI, and Deep Java Library (DJL). Users are advised to update their software to address these vulnerabilities.

HR Notice

LinkedIn launches its first AI agent to take on the role of job recruiters. LinkedIn has introduced its first AI agent, Hiring Assistant, designed to automate various recruitment tasks. This tool can transform brief notes into detailed job descriptions, source candidates, and engage with them, aiming to reduce the manual workload for recruiters.

Jack Dorsey, CEO of Block (formerly Block Head), has announced another round of layoffs at Tidal, the music streaming service. A leaked internal memo revealed that the company plans to reduce its design team and foundational roles supporting Tidal, with potential engineering role cuts in the coming weeks.

Dropbox is laying off 20% of its workforce, approximately 528 employees, to streamline operations and boost growth. CEO Drew Houston cited the need for a more efficient team structure and acknowledged underperformance in certain areas.

A recent survey by MyPerfectResume reveals that 64% of HR managers are integrating AI into tasks such as writing job descriptions, conducting recruitment, screening candidates, and automating resume analysis. Despite this adoption, ethical concerns persist, with 26% of HR professionals choosing not to incorporate AI into their operations.

Funding

Speakeasy has raised $15 million in Series A funding, led by FPV Ventures, with participation from GV and Quiet Capital. The investment will enhance its API development tools, addressing issues like outdated documentation and inconsistent SDKs. The funding aims to improve API development for engineers globally.

Elon Musk's artificial intelligence startup, xAI, has raised $6 billion in its latest funding round, elevating its valuation to $24 billion. This significant investment underscores xAI's commitment to advancing AI research and development amid intense competition in the sector.

London-based startup iGent AI has raised £6.3 million in seed funding, led by HV Capital, to launch its product "Maestro," which aims to modernize legacy code and assist in software development through in-context learning. CEO Sean Ward highlighted that Maestro allows developers to focus on strategic decisions while the tool manages implementation details.

INBRAIN Neuroelectronics has raised $50 million in Series B funding, led by imec.xpand, to advance its graphene-based brain-computer interface technology. The investment will support clinical trials, team expansion, and the development of its AI-powered platform for neurological diseases.

Filigran, a European cybersecurity firm, has raised $35 million in Series B funding led by Insight Partners, following a $16 million Series A earlier this year. The investment will support global expansion, particularly in the U.S. and the Pacific region, and enhance product innovation in AI and data engineering.

Resource of the week

PrivacyTools.io is a comprehensive resource dedicated to enhancing online privacy and security. Established in 2015 following Edward Snowden's revelations, the platform offers a curated selection of privacy-focused software and services, including VPNs, encrypted email providers, and secure cloud storage options. It also provides detailed guides and tutorials to help users understand and implement privacy measures effectively.

Product of the week

Arcade, an AI product creation platform, has designed a necklace using generative AI, enabling users to create and sell AI-generated jewelry. The platform offers a marketplace for artists to monetize their designs, with plans to expand into other categories like apparel and accessories.

Book Recommendation of the Week

Four Thousand Weeks: Time Management for Mortals by Oliver Burkeman is a thought-provoking exploration of how we perceive and manage our time, especially considering the average human lifespan of about 4,000 weeks.

This Day in History

Remember, remember, the fifth of November. On this day in 1605, King James learns of the Gunpowder Plot. The plot to explode the Parliament building and assassinate him. It is now often remembered as Guy Fawkes Night. Guy Fawkes, a member of the Gunpowder Plot, was arrested while guarding explosives the plotters had placed beneath the House of Lords

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