Walmart's advertising revenue increased by 46% year-over-year, partly attributed to its acquisition of Vizio and a 31% rise in US revenue at Walmart Connect. Overall quarterly revenue rose 5% to USD$177.4bn (£132.0bn), but profitability missed investor expectations, prompting a share price dip. TikTok will require brands advertising in TikTok Shops to use an AI tool, GMV Max, from 1 September, prompting advertiser backlash over the compulsory and rapid rollout and concerns that the tool is premature and unproven. OpenAI has requested evidence from Meta about communications with Elon Musk or xAI regarding potential involvement in Musk's USD$97bn (£71.2bn) takeover bid.
Walmart's advertising revenue increased by 46% year-over-year, as revealed in its latest earnings report. The impressive gains were partially attributed to its acquisition of Vizio, whilst the firm stated its Walmart Connect business grew US revenue by 31%. Despite overall revenue increasing by 5% to USD$177.4bn (£132.0bn) for the quarter, profitability fell shy of investor expectations, contributing to a share price dip following the announcement.
Brands that pay to advertise products within TikTok Shops will be obliged to use an AI tool, GMV Max, from 1st September according to updated guidelines from the platform. The move by TikTok echoes similar moves from the likes of Google and Meta, however the compulsory and rapid nature of the rollout has drawn the ire of impacted advertisers. Multiple advertisers speaking to Business Insider contended that the rollout is "premature" given that GMV has not yet proven effective across all campaigns.
OpenAI is requesting evidence from Meta related to any communication from Elon Musk, or his xAI platform, regarding potential involvement in Musk's failed USD$9 7bn (£71.2bn) bid to take over the startup earlier this year. As part of the brief filed on Thursday (21st August), OpenAI lawyers contend that Musk communicated with Meta chairman and CEO Mark Zuckerberg "about potential financing arrangements or investments", although they clarified that neither Zuckerberg nor Meta signed the final letter of intent.
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