TechCrunch Top 3

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1. Microsoft goes nuclear: The software giant has signed a deal to buy power from Constellation Energy, which will revive a nuclear plant after 5 years. The plant is located right next to another plant that infamously melted down in 1979. Microsoft will buy power from Constellation for 20 years to power its data centers. Read More

2. California takes a stand: The state's newest AI law makes it illegal to post or repost AI deepakes that deceive voters about upcoming elections. Look out, Elon Musk. Read More

3. Qualcomm lays off hundreds: Less than a year after it let go of over 1,250 employees, the chipmaker is now going to lay off 226 workers in San Diego this year. Read More

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Morning Must-Reads

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🎶 Bollywood embraces AI music: Even as California takes steps to protect the rights of human actors, Indian filmmaker Ram Gopal Varma is ditching human musicians entirely for AI-generated music. Read More

🎒 Indian edtech gets a boost: The collapse of Byju's has resulted in a tough funding environment for Indian edtech startups. That backdrop makes it all the more impressive that Physics Wallah has now raised $210 million in fresh financing, taking its valuation to $2.8 billion. Read More

🩺 Making health insurance claims suck less: French health insurance startup Alan has revolutionized the claims process for many companies in the country. Now, it has a strong, new partnership with a strategic backer to reach more customers, and a fresh $193 million in funding. Read More

👀 More surveillance capitalism: A new FTC report has found that large social media and video streaming companies like Amazon, Facebook, YouTube, ByteDance, and Discord have engaged in "vast surveillance of users with lax privacy controls and inadequate safeguards for kids and teens." Color me surprised. Read More

💥 Tracking California's new AI laws: California Governor Gavin Newsom is considering 38 AI-related bills and has signed eight into law so far. We're keeping track of what is now illegal, including deepfake nudes and non-consensual AI cloning. Read More

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Around the Web

🔮 Yet another crypto exchange gets hacked: Singapore-based crypto exchange BingX's hot wallet has been hacked, according to The Block. The exchange is estimated to have lost about $43 million in cryptocurrency, and it has put withdrawals on hold while it figures out next steps. Read More

🚀 OpenAI to the moon: Venture capitalists think OpenAI will become the world's dominant AI company, and they want in on the action. Thrive Capital has already provided at least $1 billion to the company's next round, which looks like it'll hit $6 billion at a $150 billion valuation, reports The Financial Times. Read More

💍 AI-generated bling: Arcade is a new startup that lets shoppers create their own jewelry with help from AI. Investors like Reid Hoffman are already swayed by the product and its e-commerce-focused founder, Mariam Naficy, reports The Information. Read More

Before You Go

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🔥 Mulaney roasts the tech community: "Let me get this straight," comedian John Mulaney said to a crowd of techies at the annual Dreamforce conference in San Francisco. "You're hosting a 'future of AI' event in a city that has failed humanity so miserably?" Read More