🤖 ByteDance starts selling TikTok’s AI.

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Welcome to the Roy overload, business growth and tech newsletter podcast. I'm Scott declary and today we're going to be speaking about. Number one, how bye dance is starting to sell tick tocks AI to other companies. Number two, millennials are still looking to buy homes even post pandemic. Number three, the DIDDY APP in China was suspended over a legal data collection of users personal information. Number four, there was a historic test flight between two cities and Slovakia. Guess what flew? A car. And number five, we're going to talk about how much money Americans spent on this year's fourth of July. So our first story. Bye Dance is the parent company of Tick Tock. They're starting to sell tick tocks AI. What so bye dance their headquartered in Beijing. They just launched a separate division, byte plus, to conduct a sale of tick tocks AI. So what makes tick talks AI SO special? Well, tick tocks AI drives their recommendation algorithm. This is the hugely popular tool...

...for recommending videos based on past interactions with the APP. So through this sale, other brands are going to get a chance to access this algorithm and personalize it for their own applications and their own customers. The selection of videos the APP will recommend to you depends on a set of parameters, including which types of videos you like create, comment on or share. The information involved in the video, such as captions and Hashtags, and other parameters, such as the location settings and the preferred language of the user, proves instrumental and driving the decision of what to show you. They're also selling some other components of tick tock, including tick talks, speech to text translation, as well as real time video effects and data analysis tool. So these things are all going to be able to be incorporated into other companies APPs, and Tick Tock has some of the most advanced Ai Algorithms and recommendations out of any social media platform. Now you're wondering who's actually going to be buying this. Well, the clients that are looking to purchase this include the US fashion APP goat, the...

Singapore travel site we go, the Indian gaming platform games APP, and the Indonesian shopping APP chilla belly. Now let's talk about real estate. So fifty nine percent of young adults are, you're marking their pandemic savings for real estate down payments. So the significance of the data. Why is this important? Well, even a raging pandemic has failed to curb the aspirations of owning a home, especially among the young adults, otherwise known as the rent forever generation. Where is this money coming from? Well, of course, some people kept their jobs and obviously the word sold fortunate. But for the people that did keep their jobs, they tucked away extra cash, which often went as high as up to three thousand dollars a month, that they would have otherwise spent on eating out or travel. Experts believe that young adults will keep on driving the housing market in the years to come, as wealthier members of this group investor savings and down payments. The market will keep getting more unequal, because lower income groups in this demo will still be left out. Now onto...

...our third story. The DD APP suspended in China over a legal collection of its users personal data. So what is DDDD is a leading name in China's ride hailing market, so a competitor to Uber. They faced a huge step back when the ride hailing giants global APP was ordered to be removed from all smartphone stores in the country by the Cyberspace Administration of China. What in the world happened? Okay, so for the reason for the suspension, the CEC was not happy with DDS compliance mechanism and asked dd to bring changes to adhere to the Chinese data protection regulations. By the time they were asked to do this, it already raised a four point four billion dollar IPO. Although the C AC did not reveal the exact point of its disagreements with DD's global data personal collection mechanism, it was evident the company was definitely illegally collecting its users personal data. The SAC also mentioned that its investigation into d these operations intends...

...to safeguard national security and the public interest, and DD didn't really put up much of a fight. They're quick to respond by stopping the registration of all new users and agree to remove the APP from the store for the time it would take to comply with the rules and the users rights. That's huge. Four point four billion dollar IPO APP just taken down overnight. Now let's move on to some news coming out of Europe. A historic test flight of a flying car between two cities in Slovakia. So the air car prototype flew between Nitra and Bratislava. It took the vehicle thirty five minutes in the air, half the time a road vehicle would have taken to complete the same journey. The flying car is a dual mode car aircraft vehicle. During the test run, it took off from an airport, flew in the air and then landed and retracted its wings to become a regular road vehicle. The pilot who flew it in the air also drove it through the town, through the roads of...

...downtown Bratislava. Stephen Kline, the founder of air car, who also drove the vehicle in the air, so he's the one who piloted it, believes his invention has turned science fiction into reality. Many experts believe that Klein's invention can potentially expand the horizon of transportation as a category. Very, very interesting wonder. I don't have any data points on one that's going to be rolled out as an actual production vehicles, like something that that you can actually purchase, but it's still very it's a very novel and interesting concept. Okay, and the last story. So today's July five. Yesterday was July fourth. Most of us are off today. How many Amer how much did Americans spend on this year's July fourth. So projections by the National Retail Federations Independence Day data center estimated that eighty six percent of Americans celebrated July fourth this year,...

...versus seventy six percent last year. Personal finance website wallet hub looked at at category wise spending into food, alcohol and fireworks. Spending on food items was estimated to be a whopping seven point five to billion dollars for one day of food, a growth of one billion dollars compared to last year, six point five two billion, where spending on beer and wine was estimated to be one point four billion, a bit short of two thousand nineteen s one point six billion. As for spending on fireworks, remain the same as last year at one point five billion. Quite a day, quite a celebration anyways. As it for today, I hope you enjoyed. If you would like to receive this daily go to newsletter Roy overloadcom and share it with your friends, families, peers, co worker as anybody who would find this information useful. Have a great day.

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