India adjusted its startup rules this week, extending the period for deep tech companies to be treated as startups to 20 years and increasing the revenue threshold for benefits to 3 billion rupees (about $33.12 million), according to TechCrunch. In other news, NBA star Giannis Antetokounmpo invested in prediction market Kalshi, New York lawmakers proposed a moratorium on new data centers, Benchmark raised $225 million to invest in AI chipmaker Cerebras, and an AI startup founder is planning a "March for Billionaires" in San Francisco.
The Indian government's changes aim to align policy timelines with the long development cycles typical of science- and engineering-led businesses, according to TechCrunch. This move is part of New Delhi's effort to build a long-horizon development ecosystem.
Giannis Antetokounmpo, of the Milwaukee Bucks, announced Friday that he joined prediction market Kalshi as a shareholder, making him the first NBA player to invest directly in the company, according to TechCrunch. "The internet is full of opinions. I decided it was time to make some of my own," Antetokounmpo said in a social media post. However, the announcement was met with criticism, with some users on Reddit expressing concerns about conflicts of interest. The NBA's recent collective bargaining agreement allows players to advertise and take stakes of up to 1% in sports betting companies, as long as they aren't directly involved in sports betting.
New York lawmakers introduced a bill that would impose a moratorium of at least three years on permits tied to the construction and operation of new data centers, according to TechCrunch. This move comes as tech companies plan to spend increasing amounts of money to build AI infrastructure, sparking concerns from both Democrats and Republicans about the impact on surrounding communities. Studies have linked data centers to increased home electricity bills.
Benchmark Capital raised $225 million in special funds to invest in AI chipmaker Cerebras Systems, according to TechCrunch. Cerebras recently raised $1 billion in fresh capital at a valuation of $23 billion, nearly tripling its valuation in six months. Benchmark first invested in Cerebras in 2016.
Finally, an AI startup founder is planning a "March for Billionaires" in San Francisco in protest of California's proposed wealth tax, according to TechCrunch. The event, scheduled for this coming Saturday, has been met with incredulity, with many initially assuming it was a hoax. The website advertising the event includes the tagline: "Vilifying billionaires is popular. Losing them is expensive."
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