Year of AI 🤖
Ola's troubles, Defense bets, and Apple for free.
Morning! Busy year.
🫡 Restarting this newsletter has been a whirlwind, and we’re so glad to be back.
🙏 Big thanks to you, our readers, for sticking with us.
📈 Markets finished indecisive. The Sensex gave up another 0.5% yesterday, mostly trading sideways for 6 months now.
2025’s looking bright—stay tuned.
Until then, here’s what caught our eye.
1 Big Thing: AI’s major breakthroughs 📈
2024 cemented Al as a household name, with groundbreaking advancements across major tech companies.
Quick snapshot of the year's highlights:
OpenAl's GPT-4o Launch: OpenAl released its most advanced model yet, o3, excelling in logic, math, and coding, setting new benchmarks in Al capability.
Apple's Al Integration: Apple introduced Apple Intelligence, embedding Al into its devices with features like writing enhancements, smarter notifications, and a more conversational Siri.
Quantum Leap by Google: Google unveiled Willow, a quantum chip capable of solving problems exponentially faster than traditional supercomputers. This milestone edges quantum supremacy closer, with transformative potential in medicine, climate science, and cryptography.
AI in Defense: OpenAI secured a defense contract with Anduril, deploying AI technologies on the battlefield, marking a significant pivot toward military applications.
Monetization picks up: OpenAI is on its way to make more than $5 billion in revenues this year, as AI applications start to grow.
2. Ola’s stumbles again 👎
Things seem to keep getting worse for Ola Electric. The EV poster child is grappling with fresh challenges as two top executives-Chief Technology and Product Officer Suvonil Chatterjee and Chief Marketing Officer Anshul Khandelwal-exit the company.
Why it matters: Both were part of CEO Bhavish Aggarwal's core team, having transitioned from Ola Cabs to Ola Electric.
Their departures leave a leadership void.
Investor reaction: Ola Electric's stock dipped 5.2%, signaling growing unease over the company's direction.
Context: This marks another leadership shake-up for Ola, following a year of high-profile exits across its ride-hailing and Al divisions. Add to that recent layoffs of 300-400 employees and a concerning 44.25% attrition rate, and the company's struggles are clear.
Challenges ahead: Ola Electric is contending with shrinking EV market share, rising customer complaints, and plummeting stock prices, which are eroding investor confidence.
3. India’s latest defense bet 🤝
The Defence Ministry signed two deals worth ₹2,900 crore to upgrade India’s submarine fleet.
The deets:
The first, a ₹1,990 crore deal with Mazagon Dock, is for an air-independent propulsion (AIP) plug developed by DRDO. This will extend submarines’ underwater endurance, enhancing their strategic edge.
The second, a ₹877 crore contract with France’s Naval Group, will integrate electronic heavy-weight torpedoes into Kalvari-class submarines, boosting their firepower.
Why it matters: Mazagon Dock is no stranger to big wins. With a robust ₹39,872 crore order book and a Q2 profit surge of 76% year-on-year, the company is riding high.
These new deals also align well with the broader ‘Aatmanirbhar Bharat’ push.
Bottomline: As fundamentals continue to strengthen, stock has infact done quite well this year.
4. Reliance’s healthcare acquisition 💉
Reliance Industries is acquiring Karkinos Healthcare in a ₹375 crore deal to expand its healthcare portfolio.
Why it matters: Karkinos is a technology-led oncology platform focused on designing and delivering bespoke solutions for cancer care. It has partnerships with 60 hospitals and plans for a 150-bed cancer hospital in Manipur.
With ₹22 crore in FY23 revenue, Karkinos provides a solid boost to RIL’s expanding healthcare ambitions.
What else are we snackin’ 🍿
📈 IPO bound: Magicpin, backed by Zomato and Light Speed Ventures, is gearing up for an IPO in 2025.
🍎 Stream for free: Apple TV Plus teases free weekend streaming on January 4-5, offering a rare chance to watch its original content without a subscription.
That’s a wrap on the year!
Do not go easy on that tequila!
Hit that 💚 if you liked this issue.
We will see you like clockwork, next year.
