New documents submitted to state regulators for license applications are shedding light on how Elon Musk plans to make his X app into a payment platform that competes with services like Venmo and PayPal. Plans include letting users store money within their X accounts that can then be applied to purchases — including in physical stores — or issuing payment to other individuals or businesses. The filings come as X seeks to expand its revenue pool beyond advertising, which had in its Twitter days accounted for as much as 90 percent of sales. Ad income is said to have fallen below that threshold since Musk purchased the company in October 2022. Read more

A federal jury in Las Vegas has convicted five men for illegal streaming operations perpetrated through a company called Jetflicks, which generated millions of dollars in subscription revenue while causing “substantial harm to television program copyright owners,” according to the Department of Justice. Jetflicks, which charged customers $9.99 per month, had a catalog that included “hundreds of thousands” of copyrighted TV episodes, larger than the combined offerings of Netflix, Hulu, Vudu and Amazon Prime, prosecutors said, explaining the outfit “used sophisticated computer scripts and software to scour pirate websites for illegal copies of television episodes.” Read more

The European Commission is expanding its investigation of Apple based on preliminary findings of anticompetitive breach of the new Digital Markets Act (DMA). The Commission has found the App Store engages in “anti-steering” by preventing app purveyors from offering consumers “alternative channels for offers and content.” The Commission also opened a new investigation into App Store developer contracts, citing  the “core technology fee” implemented in January in what was perceived as a workaround to the new European Union rules, saying such policies “fall short of ensuring effective compliance with Apple’s obligations under the DMA.” Read more

OpenAI has acquired Rockset, a database firm that provides real-time analytics, indexing and search capabilities. Rockset will help OpenAI enable its customers to better leverage their own data as they build and utilize intelligent applications. Rockset technology will be integrated into the retrieval infrastructure across OpenAI products, with members of Rockset’s San Mateo, California-based team joining the staff of OpenAI, which is headquartered in San Francisco. This is the second major purchase for OpenAI, following last year’s acquisition of New York-based AI design studio Global Illumination. Financial terms of the deal were not disclosed. Read more

MainFunc Inc. has raised $60 million on the strength of its principal technology — a free, AI-powered search engine called Genspark. The platform responds to queries by writing custom summaries that are presented in a “Sparkpage,” a one-page overview featuring content from around the web. Genspark joins a growing field of generative AI search engines, the best-known of which is Perplexity, which has raised $250 million since its 2022 launch and is currently valued at about $2.5 billion. Reuters says Genspark’s funding values the company at $260 million. Google also offers “AI Overviews” as part of Google search. Read more