Artificial intelligence will make Big Tech even bigger. Something needs to be done about the power imbalance, researchers warn

Good morning, readers. I'm Diamond Naga Siu, and I enjoy some of Taylor Swift's music but definitely don't consider myself a Swiftie.

I do, however, find myself enchanted by her financial knowledge.

Unlike some of my faves (Naomi Osaka and Shaquille O'Neal), Swift knew the infamous crypto exchange FTX was trouble when it walked in.

She asked if the company was selling unregistered securities (which is typically illegal, by the way — here's what it means). And Swift's skepticism helped her dodge a $100 million sponsorship with the now-imploded company.

Before I study up like Taylor Swift, let's dive into today's tech.

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1. Big Tech + AI = even bigger tech. Developing artificial intelligence is really expensive. So Big Tech companies are best-positioned to gain even more power as artificial intelligence technology — like ChatGPT — gets further developed.

• Almost every AI tool relies on at least one of three major services: Amazon Web Services, Microsoft Azure, or Google Cloud. So when an AI startup is trying to compete with these major companies, it's simultaneously contributing to its competitor's bottom line.
• Something needs to be done about this power imbalance, researchers warn. It's contributing to a tech dynamic of the rich getting richer and the poor getting poorer.
• My teammate Emilia David breaks down the AI power imbalance and highlights some proposed solutions in her latest story.

Power up for AI's impact on the tech industry here.

In other news:

2. From 69 to 420: Elon Musk's middle school humor. The Twitter owner loves to crack jokes — for better or for worse. Here's a roundup of his many (im)practical jokes over the years.

3. Google's ChatGPT rival is "cringeworthy" and a "pathological liar." Google employees are reportedly not impressed by Bard, their company's competitor to ChatGPT. Leaked internal discussions showed that some even found the chatbot dangerous. More on Bard's harsh performance reviews here.

4. Facebook, WhatsApp, Instagram, and Reality Labs hit with layoffs. Their parent company Meta started another round of job cuts. Software engineering, UX research, product design, and data engineering were among the most heavily impacted. Get the full list here.

5. Microsoft's secret chip to make ChatGPT more affordable. Operating the chatbot could take up to $700,000 per day, thanks to its massive computing power. But Microsoft has reportedly been working on a chip to solve these woes. More on the secret project here.

6. Snapchat reveals how to make money on its app. The company is opening up one of its money making programs to more users. And it laid out exactly how to qualify, including posting at least 10 stories per month. Here's exactly what Snapchat is looking for.

7. Rapid-grocery startup Getir is raising around $500 million in a deal that cuts its valuation almost in half,  sources say. During its last fundraise in March 2022, Getir was valued at $11.8 billion. But amid changing consumer habits and a tough funding environment, it is now believed to be valued at $6.5 billion. Read more. 

8. Banning TikTok could give the government "pretty broad powers with very limited checks." Experts warn that the RESTRICT Act, if passed, would threaten American freedom of speech. Plus, it doesn't solve the underlying concerns about TikTok's ties to China. More on the terrible side effects of banning TikTok here.

Odds and ends:

9. Is that my bestie in a Tessie? After multiple discounts this year, the most affordable Tesla is now $39,990. And that doesn't even include the government's hefty EV tax credit. Check out all the latest Tesla prices here.

10. Survey shows 12% of managers fired a Gen Z employee in their first week of work. Another 16% of managers fired a Gen Z employee within their first month of work. More on the termination trend here.

What we're watching today:

• SpaceX will try a suborbital test launch of its super heavy Starship. The vehicle is meant to go to the moon and Mars.
• The Latin American Music Awards are tonight. Bad Bunny, Becky G, and Daddy Yankee are each up for multiple awards.
• There's a solar eclipse, where the moon will pass between the sun and earth. Here's how to watch it.
• Quarterly earnings for AT&T and other companies. Keep up with earnings here.

Curated by Diamond Naga Siu in San Diego. (Feedback or tips? Email dsiu@insider.com or tweet @diamondnagasiu) Edited by Matt Weinberger (tweet @gamoid) in San Francisco and Hallam Bullock (tweet @hallam_bullock) in London.