Swiggy narrows loss in Q2; eMudhra cofounder on what went wrong

Happy Friday! Swiggy reported a rise in revenue in Q2 FY27 while cutting its losses. This and more in today’s ETtech Morning Dispatch.

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Rhode Island sues Meta over alleged tolerance for scam advertising

The suit, filed by Rhode Island Attorney General Peter Neronha in Providence Superior Court, accuses Meta of unlawfully profiting from and participating in the creation of billions of dollars in scam advertising - even as it assured its billions of users that it was working diligently to protect them.

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Swiggy CEO Sriharsha Majety says rival Blinkit has the stronger flywheel, aims to fix basics before expanding

He said Swiggy’s priority is a stable business with “the clearest line of sight to Ebitda zero,” and that it would not use its cash reserves to open new fronts simply because the money is available. “I think our first job is to build a stable, resilient business that has the clearest line of sight to EBITDA zero. The optionalities come after that,” he said on the call following the announcement of the company's September quarter results.

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Nvidia's Huang hails Europe's AI potential, flanked by robot ducks

In a demonstration of Europe's AI creativity, Huang shared the stage with tiny duck-shaped, AI-trained robots developed by French startup Pollen Robotics in collaboration with Hugging Face, asking them to perform somersaults.

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Meta ordered to pay New Mexico $25 billion after jury finds it deceived Facebook users about privacy

Jurors in September found Meta liable for over 43 million violations of New Mexico consumer protection laws when a political consulting firm, Cambridge Analytica, harvested Facebook user data to generate targeted political ads for the 2016 election.

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Qualcomm to cut jobs worldwide in performance-focused layoffs, internal memo shows

The cuts are part of an effort to build "a stronger performance culture" and address situations where the company "has consistently fallen short of expectations," Amon said.

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Ahead of massive IPOs, AI companies are sketching plans to share their wealth

On Sunday, Anthropic said it would commit 5% of its shares to the Anthropic Public Benefit Fund, a new entity within the company, pending approval from stockholders. The stake could increase "as the company grows" in the future. The maker of AI assistant Claude said the fund "might explore" larger donations to traditional nonprofits or potentially distribute money to "specific populations."

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Netflix issues weak fourth-quarter forecast, shares drop

Third-quarter revenue rose 11.8% to $12.87 billion, in line with Wall Street forecasts, but the lowest rate of increase in nearly three years. The company forecast fourth-quarter net income of $2.79 billion and EPS of 67 cents, below the average analyst forecast of $3.07 billion and 73 cents.

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Apple to host 'Pro and tell' event on October 28 in LA

Apple said on Monday it would host a "Pro and tell" event in Los Angeles on October 28, the latest in a series of product launches as the iPhone maker expands its hardware lineup and AI offerings.

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RRB JE Recruitment 2026: Exam city intimation slip released for 3,993 posts, download link here

RRB JE Recruitment 2026: The Railway Recruitment Boards have released the RRB JE Recruitment 2026 exam city intimation slip for 3,993 vacancies under CEN No. 04/2026. Released on October 17, 2026, the slip provides examination city details ahead of the CBT-I scheduled for October 27 and 28. The recruitment covers Junior Engineer, Depot Material Superintendent and Chemical & Metallurgical Assistant posts. Candidates can visit the official RRB website to access examination-related information and review eligibility, age limits, qualifications and selection stages.

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Samsung to use TSMC technology for Nvidia's next-generation memory chips: Report

Nvidia has asked Samsung, SK Hynix and Micron Technology to use TSMC's process for NVHBM base dies, and sixth-generation DRAM technology for its core dies, the newspaper said, citing industry sources.

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Only 8% of fund managers report improved investment returns from AI adoption: Report

Despite growing adoption of artificial intelligence (AI) in the global asset management industry, only 8 per cent of fund managers have reported measurable improvements in investment returns, according to a joint research report by Morgan Stanley and Oliver Wyman.

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Microsoft pulls out of UK data center deal with Nscale: Telegraph

The US tech giant, one of Nscale's two largest customers, recently terminated its agreement for the data center in Loughton, Essex, according to the report.

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AI bubble burst may trigger 2008-like banking crisis, says Gary Marcus

In a recent discussion, Gary Marcus raised critical flags about OpenAI's fiscal responsibilities as the stock market faces instability. He warned that the demise of leading AI firms could trigger extensive financial repercussions. Notably, Marcus compared the current climate to WeWork's disastrous decline, suggesting that Microsoft might pick up OpenAI at a bargain.

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‘Dad, the internet at home is too slow’: How Jio’s founding idea took shape

Isha Ambani's concerns regarding poor household internet sparked important conversations about India's digital landscape, leading to transformative innovations. In response, Mukesh Ambani pioneered Reliance Jio in 2011, aiming to enhance mobile connectivity across the nation. Its launch in September 2016 revolutionized the telecom sector by offering affordable data and complimentary voice services.

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From shareholders to partners: How Google and Meta’s Jio investments evolved into an AI alliance

Meta and Google, originally minority shareholders in Jio Platforms, are now forming strategic partnerships with Reliance. The new collaborations focus on enterprise AI initiatives and dedicated cloud infrastructure in India. Meta's joint venture will leverage Llama models for developing AI platforms, while Google focuses on establishing cloud services. Both companies aim to enhance Reliance's capabilities in AI and cloud technology sectors.

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From shareholders to partners: How Google and Meta’s Jio investments evolved into an AI alliance

Meta and Google, originally minority shareholders in Jio Platforms, are now forming strategic partnerships with Reliance. The new collaborations focus on enterprise AI initiatives and dedicated cloud infrastructure in India. Meta's joint venture will leverage Llama models for developing AI platforms, while Google focuses on establishing cloud services. Both companies aim to enhance Reliance's capabilities in AI and cloud technology sectors.

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Meta releases open-weight Muse Spark model for coding, agentic tasks

Open-weight models make trained parameters available for developers to modify, unlike proprietary models that remain under their creators' control. They can offer businesses a lower-cost alternative to closed systems.

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Flipkart ex-staff push for Esop buyout; Wipro, Tech Mahindra’s Q2 report

Happy Friday! Former Flipkart employees are asking Walmart to cash out their vested stock options. This and more in today’s ETtech Morning Dispatch.

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Nvidia, Apple each gave $25 million for Trump's ballroom: Washington Post

The Adelson family, longtime financial supporters of Trump and his Republican Party, committed $25 million as well, as did billionaire Charles Ergen, co-founder and chairman of telecommunications company Dish Network, the report added.

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Anthropic Q3 revenue surges 45% to $16.8 billion as AI startup gears up for $2 trillion IPO

Anthropic reported a 45% increase in revenue for the third quarter, reaching $16.8 billion. The company's revenue for the first and second quarters was $4.7 billion and $11.6 billion, respectively. Anthropic aims for a valuation exceeding $2 trillion, emphasizing substantial revenue growth despite significant operational losses. Founded by former OpenAI executives, the company focuses on AI safety amid growing competition.

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Skyroot eyes funding boost; MDR deferment cheers D2C brands

Happy Thursday! Skyroot is eyeing a big funding round as it gears up to scale rocket production. This and more in today’s ETtech Morning Dispatch.

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Eight US states sue OpenAI, claiming ChatGPT harms children

The lawsuits, which were filed in state courts, are seeking an order forcing OpenAI to make changes to how ChatGPT works for children. The states are also seeking an order forcing the company to give up profits it has generated from young users.

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Anthropic seeks rehearing of case over Pentagon's security risk branding

Anthropic asked a US appeals court on Tuesday to reconsider a ruling that upheld the Pentagon's decision to label the AI company as a national security supply chain risk over a dispute about safety guardrails on its technology.

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UPI MDR rollout pushed; India’s first quantum computer coming soon

Happy Wednesday! The implementation of MDR on select UPI payments has been deferred beyond Diwali. This and more in today’s ETtech Morning Dispatch.

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Delaware jury awards Qualcomm $2 in damages, finds Arm breached license agreement

A Delaware jury awarded Qualcomm $2 in nominal damages after finding Arm Holdings breached its architectural license agreement and intentionally sought to disrupt Qualcomm's business, a Qualcomm spokesperson said on Tuesday.

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Meta releases Muse Wonder AI models to challenge Anthropic and OpenAI

The launch comes after CEO Mark Zuckerberg pledged billions of dollars and aggressively poached researchers over the past year to catch up in Silicon Valley's intensifying AI race.

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ETSA 2026: Over a decade on, India's startup story is only getting started

The 12th edition of The Economic Times Startup Awards (ETSA) captured this transition, reflecting an ecosystem that has moved beyond the race for scale to pursue technological depth, durable businesses and international markets.

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Nvidia in talks to invest further in Reflection AI or buy it: FT

Talks are at an early stage and a deal could take several forms, including a so-called acqui-hire arrangement where Nvidia would hire staff and license technology rather than pursue a full acquisition, potentially avoiding a lengthy regulatory review, the newspaper said.

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India's Infosys does not expect material impact from US PERM suspension

The US government said on Thursday it was suspending some major global tech and IT firms, including Infosys, from the PERM green card program, which allows skilled foreign workers to gain permanent residency in the US through their employment.

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India Mobile Congress 2026 concludes with focus on agricultural AI, 5G automation and last-mile connectivity

Held over four days under the theme 'Scale Without Boundaries', the event brought together policymakers, industry leaders and technology developers to discuss applications of emerging technologies and their role in driving inclusive digital growth.

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‘We are a self-respecting country’: Piyush Goyal on Russian oil and US tariff threat | ETSA 2026

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Every H-1B visa not granted is a big win for India: Piyush Goyal | ET Startup Awards 2026

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OpenAI's September annualized revenue nears $50 billion, less than previously indicated

The discrepancy mainly arose from an attempt to produce a direct comparison with figures from rival Anthropic, the person said on condition of anonymity.

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Winners of The ET Startup Awards 2026 to be feted today

Happy Friday! The who's who of the startup ecosystem will come together in Bengaluru today to honour the winners of The Economic Times Startup Awards (ETSA) 2026.

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Startups will crown new champions today at 12th ET Startup Awards in Bengaluru

Union minister for commerce and industry Piyush Goyal will be the guest of honour at the event, which will bring together a strong mix of past and present ETSA winners and nominees, alongside leading voices from India’s new-economy landscape. Goyal is expected to speak about the government’s efforts to deepen and expand the country’s emerging business ecosystem.

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Trump AI task force leaders to meet on Thursday, vice chair says

Public uneasiness with AI, and the small group of people who seemingly hold sway over it, has risen in recent ⁠months. Most US voters think Trump's administration and Congress are not taking the risks of AI seriously enough and want the government to ​write new regulations for the technology, according to a Reuters/Ipsos poll published on Wednesday.

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Amazon makes fresh job cuts, mainly in retail division

Amazon confirmed on Wednesday it had cut what it said were a small number of jobs, primarily in its Stores unit which oversees the main e-commerce

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Startup of the Year Groww bets on scale; Qcomm sparks festive credit surge

Happy Thursday! Groww is betting its newer businesses will take a bigger slice of its income. This and more in today’s ETtech Morning Dispatch.

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Anthropic launches third Claude 5.5 model, expanding AI lineup before planned IPO

Haiku 5.5 is built for tasks such as classification, summarization and extraction, including live support, voice agents and in-app assistants. It costs 75% less than its predecessor, Haiku 4.5.

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Finnish town braces for change from Google data centres

In the northern Finnish town of Muhos, 36-year-old farmer Joni Pitkanen is preparing for life with a new neighbour -- just kilometers away, tech giant Google is planning to build new data centres. The planned data centres are part of an announced 13-billion-euro ($15-billion) investment in Finland over the next two years -- the US tech giant's single biggest investment in Europe.

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Apple's Tim Cook praises EU over efforts to protect children online

Apple executive chairman Tim Cook on Tuesday pledged the US giant would protect children online and praised the EU's efforts to ensure minors' safety after a visit to the European Parliament in Strasbourg. The Apple chairman met European Parliament President Roberta Metsola earlier on Tuesday as well as EU lawmakers focused on children's safety.

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AM Intelligence plans $20 billion additional investment in 15 months, orders 20k more Nvidia GPUs

The company announced that it has placed two further firm and binding orders for 20,000 NVIDIA Rubin GPUs for deployment of the systems across India and Malaysia, taking its total capacity to 100 Megawatt.

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OpenAI's Sam Altman says AI benefits warrant accepting some risks

OpenAI Chief Executive Sam Altman said the benefits of artificial intelligence justify accepting some risks and argued the technology should remain broadly accessible to the public "

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Menlo Ventures on AI slowdown; Ola Electric CEO pledges stake

Happy Monday! Menlo Ventures, an early Anthropic backer, says the real AI constraint is compute, not a slowdown in frontier models. This and more in today's ETtech Morning Dispatch.

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Nykaa expects net revenue growth in late twenties in Q2

Nykaa said fashion was a faster-growing vertical, with NSV expected to grow in the late forties and net revenue in the early forties. Nykaa said more than 250 brands were added during the quarter and that its partnership with Nike continued to see "encouraging early traction," supported by exclusive drops.

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Karnataka gig workers seek implementation of welfare schemes

In a letter to the board’s chief executive officer, Indian Federation of App-based Transport Workers (IFAT) and Karnataka App-based Workers Union (KAWU) sought immediate rollout of health and accident insurance, income support during medical emergencies and temporary disablement, maternity benefits, scholarships for children of platform workers and an emergency distress fund.

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India fastest-growing Asia market for NetApp; BFSI and public sectors key growth drivers: CEO

The San Jose-based data infrastructure company has also grown its global capability centre in Bengaluru, with the majority of global R&D processed out of the centre. With a team of about 4,000 engineers, the centre is the largest for NetApp and is core to the global innovation work for the company across technology areas.

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OpenAI safety employee quits, calls for nuclear-level safeguards

David Robinson, who previously led transparency work on OpenAI’s safety team, wrote in an essay that the ChatGPT maker “has thrived by trial and error.” However, he said the stakes of the inevitable failures that come from that approach are growing along with the technology’s capabilities, citing OpenAI’s failure to prevent its AI from going rogue during testing.

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Twitter cofounder Jack Dorsey's app Bitchat removed by Apple in India

Apple has removed Jack Dorsey-backed offline messaging app Bitchat from its India App Store following a government takedown order under Section 69A of the IT Act.

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California attorney general opens probe into OpenAI over cybersecurity concerns

Last month, Bonta announced that the Department of Justice was conducting a formal investigation into the "Hugging Face incident," amid increasing scrutiny of the AI industry.

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