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My Tech Week #2: Microsoft’s Quantum Supercomputers, AI Medicine, Tech Lay-Offs & More
Credit: LeonardoAI/MyTechPiece
My Tech Week is back! This week, we’ve gathered what we think are the most important news that happened in the tech world. From Microsoft’s Quantum supercomputer research to tech start-ups raising millions to fight degenerative diseases.
Keep reading to know what has happened this week, and let us know in the comment section at the bottom, if you want more articles like this one!
Credit: LeonardoAI/MyTechPiece
1. Microsoft’s Azure Quantum: Solving Everything in 10 Years
Microsoft has announced that it’s been working on Qubits technology to build Quantum Supercomputers able to perform one million quantum operations per second. This new technology has been in the works for a few years now, and we already have examples of American, Russian, and Chinese scientists using quantum technology to perform never seen before calculations.
However, Microsoft plans to go further and to make quantum technology commercially-viable in approximately 10 years. The goal is to create stable devices and to scale them down, which would them more accessible to the scientific community. Quantum technology could have uses in basically every domain, from chemistry to space exploration, so it’s quite exciting news.
Credit: LeonardoAI/MyTechPiece
2. Google Cloud: AI-Generated Medicine
Google Cloud has introduced two new AI-powered solutions to aid biotech and pharmaceutical companies in speeding up drug discovery and advancing precision medicine. The first suite, Target and Lead Identification Suite, helps predict and understand protein structures crucial for drug development. The second suite, Multiomics Suite, assists in ingesting, storing, analyzing, and sharing large amounts of genomic data. These advancements are part of Google’s efforts to lead the competitive AI market.
The solutions address the lengthy and costly process of bringing new medicines to the U.S. market, potentially saving significant time and money. Big Pharma’s Pfizer, Cerevel Therapeutics, and Colossal Biosciences are among the companies already utilizing the new tools. The Target and Lead Identification Suite streamlines the process of identifying biological targets, while the Multiomics Suite supports genomic data analysis, enabling more personalized drugs and treatments.
Credit: LeonardoAI/MyTechPiece
3. Tech Lay-Offs 2023: You’re Fired!
In 2023, the technology industry has experienced a surge in layoffs, far surpassing the number of job cuts seen in the previous year. Major tech companies like Amazon, Meta (formerly Facebook), Microsoft, Google, IBM, SAP, Salesforce, and numerous smaller companies have announced significant job reductions. The root cause of this situation can be traced back to the hiring spree that occurred during the pandemic, as companies scrambled to support remote work and e-commerce demand. Now, with declining revenues, these tech giants are facing the repercussions of their rapid expansion.
Despite forecasts of a rise in global IT spending for 2023, the overall growth is expected to be modest. Enterprise software and IT services are likely to see the most substantial growth, while data center systems and communications services are predicted to grow by less than 1%. On the other hand, hardware sales are projected to decline. Supply chain issues, inflation, and geopolitical events, such as the war in Ukraine, are further impacting both business and consumer spending, leading to concerns about a potential recession.
Data from Layoffs.fyi, an online tracker of job losses in the technology sector, reveals that 784 tech companies have laid off approximately 208,181 employees this year. This is a significant increase compared to the 164,411 layoffs reported in the previous year. The combination of factors mentioned earlier has led to a challenging job market for tech professionals and raised uncertainties about the future of the industry.
Credit: LeonardoAI/MyTechPiece
4. Biotech Startups Fighting Alzheimer and Parkinson: Don’t Fo’get ‘Bout It!
AltPep, a University of Washington spinout, has successfully raised $52.9 million in a Series B funding round to advance its research in Alzheimer’s and Parkinson’s disease treatments and diagnostic tests. The funding will support clinical trials for their experimental treatments and help in the regulatory application for a blood test that can detect Alzheimer’s at its early stages.
The company’s focus is on Amyloid-beta, a molecule that accumulates in the brains of Alzheimer’s patients, leading to “toxic oligomers” that trigger various pathologies. AltPep is also targeting a similar protein associated with Parkinson’s disease.
CEO and co-founder Valerie Daggett aims to identify the initial molecular trigger for the diseases and envisions a future where routine screenings for Alzheimer’s could lead to preventive treatments before cognitive symptoms appear. AltPep’s experimental test for Alzheimer’s disease has shown promise in preclinical studies, improving cognitive deficits linked to toxic oligomers in mice. The company’s lead compound is expected to enter clinical trials in 2024.
The test developed by AltPep has been successful in detecting toxic proteins in the blood of people with Alzheimer’s, providing a potential non-invasive method of diagnosis.
With the recent funding, AltPep plans to expand its team and build on the progress made so far. The company has received backing from reputable investors, including Eli Lilly and Co., and Senator Investment Group’s Rohit Vanjani and Ronald DeMattos will join the company’s advisory boards.
As new treatments for Alzheimer’s are desperately needed, AltPep’s innovative approach and recent achievements offer hope for a breakthrough in the battle against these debilitating diseases.
Credit: LeonardoAI/MyTechPiece
5. FTC Sues Amazon: You’ve Got “Dark Patterns” Jeff!
The Federal Trade Commission (FTC) has filed a lawsuit against Amazon, accusing the company of enrolling customers into its Prime program without their consent and making it difficult for them to cancel their subscriptions. The FTC claims that Amazon used “dark patterns” to deceive millions of customers into subscribing to Prime. These “dark patterns” involved presenting customers with multiple options to subscribe, making it hard to find the option to finish a purchase without signing up for Prime. Moreover, Amazon allegedly required customers to go through unnecessary steps to unsubscribe from the program.
FTC Chair Lina Khan stated that Amazon’s tactics not only frustrated users but also cost them significant money. The complaint, while partially redacted, points out several opportunities where Amazon could have prevented these deceptive enrollments but chose not to make changes. In response, Amazon’s spokesperson, Heather Layman, refuted the claims, stating that customers love Prime and that the subscription process is clear and simple.
The FTC has been closely scrutinizing dark patterns used by digital service providers to deceive customers into making unintended purchases. In the past, the FTC reached settlements with Epic Games and Amazon over similar issues. Notably, FTC Chair Lina Khan gained prominence for her work on Amazon’s antitrust behavior before her confirmation to the FTC.
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This Week’s Motto: Big Bucks Invested and Spent All Over
This week’s tech news perfectly illustrates how fast things are moving again. Artificial intelligence and cloud computing have stimulated the market and the landscape of various tech industries are changing. 2023 is a critical year, and it will change how we approach technology in the next decade.
