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The Open Web Takes Shape with Tumblr's Backing of Tapestry

Tumblr has financially backed Tapestry, the newly launched app designed to organize feeds from across the open web, including RSS, Mastodon, Bluesky, and others. Launched as a Kickstarter project in January 2024, Tapestry went on to raise over $177,000 via crowdfunding for its app, which opened up to the public earlier this month with its App Store debut. On Tuesday, the company behind the app shared that Tumblr had also backed its project with a grant, with funds to be used to build a native macOS version of its app.

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The landscape of social media continues to evolve as several platforms vie to become the next dominant microblogging service in the wake of Elon Musk's acquisition of Twitter, now known as X. While Threads has emerged as a leading contender with substantial user growth and a commitment to interoperability, platforms like Bluesky and Mastodon also demonstrate resilience and unique approaches to social networking. Despite these alternatives gaining traction, X remains a significant player, still attracting users and companies for their initial announcements and discussions.

Tapestry, Inc.'s shares have surged in recent times, driven by a bullish thesis on the company's potential for growth and profitability. The company's handbag segment, Coach, has seen significant popularity among Gen Z customers, contributing to its decade-high sales levels. With estimates of 5% growth in the Coach segment, Tapestry's EPS is poised to exceed $5 in FY2025 and potentially reach $6 by FY2026.

Tapbots, the developer behind popular iOS applications Ivory and Tweetbot (RIP), is preparing to launch a new app called Phoenix for Bluesky's growing social network of over 32 million users. The company has clarified that its work on a Bluesky client doesn't mean it's abandoning its efforts in the fediverse, but rather creating a better experience for Bluesky users. This move comes as many former Twitter users have moved to Mastodon and Bluesky since Twitter's acquisition by Elon Musk.

OpenAI CEO Sam Altman has announced a staggered rollout for the highly anticipated ChatGPT-4.5, delaying the full launch to manage server demand effectively. In conjunction with this, Altman proposed a controversial credit-based payment system that would allow subscribers to allocate tokens for accessing various features instead of providing unlimited access for a fixed fee. The mixed reactions from users highlight the potential challenges OpenAI faces in balancing innovation with user satisfaction.

Tapbots, the developer behind Tweetbot and Ivory apps, is working on a new iOS and Mac app called Phoenix for Bluesky, a relatively new social media platform. The company plans to release Phoenix this summer, with an initial limited public alpha launch soon after. Tapbots aims to support both Ivory and Phoenix concurrently, acknowledging that their customer base has become split between the two services.

Threads is Meta's text-based Twitter rival connected to your Instagram account. The platform has gained significant traction, with over 275 million monthly active users, and offers a unique experience by leveraging your existing Instagram network. Threads has a more limited feature set compared to Twitter, but its focus on simplicity and ease of use may appeal to users looking for an alternative.

Threads has already registered over 70 million accounts and allows users to share custom feeds, which can be pinned to their homepage by others. Instagram is now rolling out ads in the app, with a limited test of brands in the US and Japan, and is also introducing scheduled posts, which will let users plan up to 75 days in advance. Threads has also announced its intention to label content generated by AI as "clearly produced" and provide context about who is sharing such content.

OpenAI has introduced NextGenAI, a consortium aimed at funding AI-assisted research across leading universities, backed by a $50 million investment in grants and resources. The initiative, which includes prestigious institutions such as Harvard and MIT as founding partners, seeks to empower students and researchers in their exploration of AI's potential and applications. As this program unfolds, it raises questions about the balance of influence between OpenAI's proprietary technologies and the broader landscape of AI research.

Pie, the new social app from Andy Dunn, founder of Bonobos, uses AI to help users make friends in real life. With an increasing focus on Americans' level of loneliness, Pie is providing a solution by facilitating meaningful connections through its unique algorithm-driven approach. By leveraging technology to bridge social gaps, Pie aims to bring people together and create lasting relationships.

OpenAI Startup Fund has successfully invested in over a dozen startups since its establishment in 2021, with a total of $175 million raised for its main fund and an additional $114 million through specialized investment vehicles. The fund operates independently, sourcing capital from external investors, including prominent backer Microsoft, which distinguishes it from many major tech companies that utilize their own funds for similar investments. The diverse portfolio of companies receiving backing spans various sectors, highlighting OpenAI's strategic interest in advancing AI technologies across multiple industries.

OpenAI has expanded access to its latest model, GPT-4.5, allowing more users to benefit from its improved conversational abilities and reduced hallucinations. The new model is now available to ChatGPT Plus users for a lower monthly fee of $20, reducing the barrier to entry for those interested in trying it out. With its expanded rollout, OpenAI aims to make everyday tasks easier across various topics, including writing and solving practical problems.

Reddit co-founder and investor Alexis Ohanian has joined billionaire Frank McCourt's bid to acquire TikTok, bringing strategic advisory expertise in social media. The move comes as part of a consortium called The People's Bid, which aims to purchase the U.S. assets of TikTok. This acquisition would allow users to control how their data is used and stored.

Alexis Ohanian has joined Frank McCourt's bid to acquire TikTok's U.S. operations as a strategic adviser, promoting the "People's Bid" project that aims to give users data control and run the app on technology that lets users control how their data will be used and shared. The former Reddit co-founder brings his broad portfolio of experience in social media and tech companies to the project, which McCourt believes has sophisticated technology at its core but requires validation and socialization. Ohanian's involvement underscores the importance of data control and user-centric approaches in the development of social media platforms.

YouTube is preparing a significant redesign of its TV app, aiming to make it more like Netflix by displaying paid content from various streaming services on the homepage. The new design, expected to launch in the next few months, will reportedly give users a more streamlined experience for discovering and accessing third-party content. By incorporating paid subscriptions directly into the app's homepage, YouTube aims to improve user engagement and increase revenue through advertising.

ChatGPT's weekly active users have doubled in under six months, with the app reaching 400 million users by February 2025, thanks to new releases that added multimodal capabilities. This growth is largely driven by consumer interest in trying the app, which initially was sparked by novelty. The recent releases have also led to increased usage, particularly on mobile.

Mistral AI, a French tech startup specializing in AI, has gained attention for its chat assistant Le Chat and its ambition to challenge industry leader OpenAI. Despite its impressive valuation of nearly $6 billion, Mistral AI's market share remains modest, presenting a significant hurdle in its competitive landscape. The company is focused on promoting open AI practices while navigating the complexities of funding, partnerships, and its commitment to environmental sustainability.

Reddit has introduced a set of new tools aimed at making it easier for users to participate on the platform, including features such as Community Suggestions, Post Check, and reposting removed content to alternative subreddits. These changes are designed to enhance the Redditor posting experience by reducing the risk of accidental rule-breaking and providing more insights into post performance. The rollout includes improvements to the "Post Insights" feature, which now offers detailed metrics on views, upvotes, shares, and other engagement metrics.

ChatGPT, OpenAI's AI-powered chatbot platform, can now directly edit code โ€” if you're on macOS, that is. The newest version of the ChatGPT app for macOS can take action to edit code in supported developer tools, including Xcode, VS Code, and JetBrains. Users can optionally turn on an โ€œauto-applyโ€ mode so ChatGPT can make edits without the need for additional clicks.

Swap, a London-founded startup building tools for e-commerce companies to navigate cross-border trade, has secured $40 million in funding to expand its platform. The company aims to address the challenges of tariffs and logistics management, allowing businesses to streamline their operations and reduce costs. With 500 brands already on board, Swap plans to develop software tailored to specific industries, including beauty and consumer technology.

OpenAI has begun rolling out its newest AI model, GPT-4.5, to users on its ChatGPT Plus tier, promising a more advanced experience with its increased size and capabilities. However, the new model's high costs are raising concerns about its long-term viability. The rollout comes after GPT-4.5 launched for subscribers to OpenAIโ€™s $200-a-month ChatGPT Pro plan last week.

AppLovin Corporation (NASDAQ:APP) is pushing back against allegations that its AI-powered ad platform is cannibalizing revenue from advertisers, while the company's latest advancements in natural language processing and creative insights are being closely watched by investors. The recent release of OpenAI's GPT-4.5 model has also put the spotlight on the competitive landscape of AI stocks. As companies like Tencent launch their own AI models to compete with industry giants, the stakes are high for those who want to stay ahead in this rapidly evolving space.

Reddit's growing user base and increasing ad engagement have made it an attractive platform for advertisers, with significant returns on investment. The company's innovative technology has enabled effective advertising, outperforming traditional platforms like Facebook and Google. Aswath Damodaran's predictions of commoditization in AI products could benefit Reddit by reducing the need for expensive infrastructure.

A 100-pixel video can teach us about storytelling around the world by highlighting the creative ways in which small-screen content is being repurposed and reimagined. CAMP's experimental videos, using surveillance tools and TV networks as community-driven devices, demonstrate the potential for short-form storytelling to transcend cultural boundaries. By leveraging public archives and crowdsourced footage, these artists are able to explore and document aspects of global life that might otherwise remain invisible.

Cino, a European startup that has developed a real-time shared payment app, has raised โ‚ฌ3.5m in a Seed funding round led by London's Balderton Capital. The company aims to expand its user base and disrupt traditional payment methods with its innovative approach to bill-splitting, which allows users to split bills and pay their share directly from their preferred bank account or wallet. By leveraging the network effect and providing a seamless user experience, Cino is poised to challenge existing players in the bill-splitting space.

CoreWeave, an AI cloud provider backed by Nvidia, has filed its initial public offering (IPO) prospectus, revealing surging revenue that is largely driven by a single customer, Microsoft. The company's top line has grown by over 700% in the most recent year, with just two customers accounting for 77% of that revenue. Despite this growth, CoreWeave has also reported significant financial losses and "material weaknesses" in its internal financial reporting and IT systems.