Shine bright like a lab-grown diamond!; Mental well-being during festivities

Hello,

Big Tech is doubling down on AI.

Both Microsoft and Meta have now pledged to ramp up their already high spending on AI infrastructure, realising that their current capabilities are unable to match the high computational requirements.

In the July-September quarter, Meta’s family of apps earned a revenue of more than $40 billion while net profit surged 35% YoY to $15.7 billion. Its capital expenditure for the third quarter was $9.2 billion, driven by investments in servers, data centres, and network infrastructure.

Microsoft, too, posted double-digit growth in both revenue and earnings in the quarter, driven by advancements in AI integrated into its cloud services.

The American markets, however, were a little unnerved by the rising AI costs. While Nasdaq100 sank 0.9%, S&P 500 futures fell over 0.7%.

Meanwhile, OpenAI itself has Big Tech dreams. The company, which recently became profit-oriented, is reportedly working with Broadcom to develop new custom silicon chips designed to handle its large AI workloads and has secured manufacturing capacity with TSMC. It has reportedly built a chip development team of about 20 people.

AI chips are the talk of the town. Samsung too is closing in on a supply deal with Nvidia, however, it is struggling to have its HBM3E chips—high-performance memory technology—pass Nvidia's quality tests, according to reports.

Talking about electronics, here’s a look at the legacy of TPG Nambiar, who pioneered India’s electronic manufacturing sector through BPL, a brand synonymous with television and electronics in the 1990s.

In today’s newsletter, we will talk about 

• New BFF: Lab-grown diamonds
• Mental well-being during festivities

Here’s your trivia for today: In which countries is Diwali a national holiday other than India?

In-depth

New BFF: Lab-grown diamonds

The diamond market is undergoing a significant transformation, particularly with the rise of lab-grown diamonds, attracting younger, eco-conscious consumers.

The Indian lab-grown diamond jewellery market is expected to grow from $299.9 million in 2023 to $1.19 billion by 2033, at a CAGR of 14.8%, according to management consulting firm Technopak. 

Dazzling:

• Lab-grown diamonds are manufactured by replicating geological processes in a laboratory on a graphite chip or diamond seed. They are physically and chemically identical to mined diamonds, making it almost impossible to differentiate between the two without specialised equipment. 
• The pricing of mined diamonds is often influenced by syndicates and cartels that maintain high prices by creating artificial scarcity. In contrast, lab-grown diamonds are subject to market forces of supply and demand, resulting in more competitive pricing.
• GIVA Founder Ishendra Agarwal says the company expects to get 20% of its revenues from lab-grown diamonds by the end of this year after piloting them just six months ago. The number is expected to be around 35% to 40% by the end of the next financial year.

Mindfulness

Mental well-being during festivities

Every year, Diwali, or ‘the festival of lights’, is a time when people like to get together with their friends and family, celebrating over good food and endless banter. But this isn’t the case with everyone. 

This period can also be stressful for some. Social obligations and financial pressures can lead to anxiety, exhaustion, and even feelings of isolation for many. For others, the pressure to host parties or give gifts can become a bit too much to handle. 

Self-care:

• In 2023, a survey conducted by the National Alliance on Mental Illness found that 64% of individuals living with a mental illness reported that their conditions worsened around the holidays. 
• Setting realistic expectations during the festive period is another way to cope better. The constant display of ‘happiness’ on social media feeds can be overwhelming for people who anyway believe their lives are dull and boring. 
• Creating small, personal traditions or rituals that bring such individuals joy, is the first step to overcoming comparison. It could be as simple as lighting a diya in solitude, decorating a corner of the home or meditating. 

News & updates

• Gold: Gold prices eased on Thursday but were just shy of a record high, heading for their best month in seven as a hotly-contested US presidential election race sparked safe-haven demand. Spot gold was down 0.3% at $2,777.10 per ounce, after hitting a record high of $2,790.15 earlier in the session. 
• Deflation: Switzerland could be at risk of slipping into deflationary territory next year, as a stronger Swiss franc beleaguers policymakers’ efforts to get a handle on price growth. Analysts say it looks increasingly likely that the Swiss National Bank will have to use foreign currency intervention to prevent it from slipping into a deflationary environment.
• Pushback: Over 500 employees have written to Amazon Web Services CEO Matt Garman urging a rollback of the mandatory five-day, return-to-office policy, Reuters reported. This comes nearly two weeks after Garman told employees that if they didn’t agree with its new mandate, they could leave for another company.

In which countries is Diwali a national holiday other than India?

Answer: Trinidad & Tobago, Myanmar, Nepal, Mauritius, Guyana, Singapore, Suriname, Malaysia, Sri Lanka, and Fiji.

We would love to hear from you! To let us know what you liked and disliked about our newsletter, please mail [email protected]. 

If you don’t already get this newsletter in your inbox, sign up here. For past editions of the YourStory Buzz, you can check our Daily Capsule page here.