Meta's big AI bet and our not-so-hot-take on fintech IPOs
Meta just made a $14.3 billion bet on data-labeling company Scale AI, but it's not a traditional takeover: Meta's taking a 49% stake in the company and adding Scale's co-founder Alexandr Wang to its team.
The move signals Meta's growing urgency to keep up in the AI race, even if its strategy for competing with heavyweights like OpenAI and Google is still a little confusing.
Today, on TechCrunch's Equity podcast, hosts Kirsten Korosec, Max Zeff, and Anthony Ha break down the deal, dig up an interview from Kirsten's archives featuring Wang's early predictions for AI, and ask whether Meta's really buying a game-changer or just adding a well-connected dealmaker to its roster at a time when its own AI ambitions are falling further and further behind.
Listen to the full episode to hear more highlights from the week, including:
How Chime's IPO priced above expectations at $27 per share and jumped in early trading, and Anthony's not-so-hot takes on what this signals for the tech IPO market
Why Y Combinator's Demo Day was packed with 'agentic' AI startups building autonomous software, and how a recent chat with Fiverr's CEO sheds light on AI-driven task automation in the gig economy
How Jony Ive's LoveFrom spent 18 months quietly collaborating with Rivian on their first electric bike, a spinout product confirmed to have a bike-like form factor
Equity will be back next week, so stay tuned!
Equity is TechCrunch's flagship podcast, produced by Theresa Loconsolo, and posts every Wednesday and Friday.
Subscribe to us on Apple Podcasts, Overcast, Spotify and all the casts. You also can follow Equity on X and Threads, at @EquityPod.
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The billionaire cofounder of Scale AI, , has a message for anyone who craves work-life balance: Maybe you're in the wrong job. This millennial wakes up at 5:30 a.m. and doesn't clock off until midnight—and it's a philosophy that's catching on among founders now openly embracing China's 996 grind. Work-life balance has become the holy grail of modern employment. It's the non-negotiable perk that trumps salary and title—with Gen Z and millennial workers willing to walk away from jobs that don't deliver it in abundance. But what if instead of walking out on jobs that don't provide balance, they should leave the jobs that make them crave it instead? That's because, according to Lucy Guo, the 30-year-old billionaire cofounder of Scale AI, the need to clock off at 5 p.m. on the dot to unwind might signal that you're in the wrong job altogether. Guo, who dropped out of college and built her fortune in the tech industry, says her grueling daily schedule—waking up at 5:30 am and working until midnight—doesn't feel like work to her at all. 'I probably don't have work-life balance,' Guo tells Fortune. 'For me, work doesn't really feel like work. I love doing my job.' 'I would say that if you feel the need for work-life balance, maybe you're not in the right work.' That doesn't mean she's completely ignorant to life outside the office. The uber successful millennial, just dethroned Taylor Swift as the youngest self-made woman on the planet, according to Forbes' latest rankings. The 5% stake she held on to when she left her post at Scale AI is now worth an estimated $1.2 billion. Now, she's busy running another venture, the creator community platform Passes. Yet even when working '90-hour workweeks,' she says she still finds 'one to two hours' to squeeze in family and friends. 'You should always find time for that, regardless of how busy you are.' That, she suggests, is about making time for life—not running from your work. 5:30 a.m.: Wake upOn the morning of our interview in London, LA-based Guo says was up all night: 'I'm so jet lagged.' But she typically wakes up at around 5:30 and does two to three high-intensity workouts at Barry's every day. 9 a.m. onwards: In the office'Every day looks very different,' Guo says. 'Some days, I am doing more marketing pushes. I'm talking to our PR, I'm doing podcasts, etc. Other days I am more product-focused… Reviewing designs, giving user experience feedback.' She has her daily black coffee hit and lunch al desko. Midnight: BedtimeThe founder says she's typically working until 12 a.m.—when she finally will shut the laptop and go to sleep. The thing keeping her up so late? Keeping a beady eye on the customer support inbox. She gives her team just five minutes to respond to their customers before responding to them herself. 'Having that white glove customer service is what makes startups stand out from big tech,' Guo explains. 'While you have less customers, it's very possible for the CEO to answer everything which makes people more loyal. It's impossible for like the Uber CEO to do this nowadays. So that's the kind of mentality I have.' 'If you want to grow, your reputation is everything, and the best thing you do for your reputation is, offering the best, support to your customers. So I'm constantly doing that.' While Guo's routine may sound extreme to the regular worker, for founders, it's the new norm. Entrepreneurs have been taking to LinkedIn and claiming that the only way to succeed in the current climate is by copying China's 996 model. That is, working 9 am to 9 pm, six days a week. Harry Stebbings, founder of the 20VC fund, ignited the latest debate at the start of the month when he said Silicon Valley had 'turned up the intensity,' and European founders needed to take notice. '7 days a week is the required velocity to win right now. There is no room for slip up,' Stebbings wrote on LinkedIn. 'You aren't competing against random company in Germany etc but the best in the world.' 'Forget 9 to 5, 996 is the new startup standard,' Martin Mignot, partner at Index Ventures echoed on the networking platform. 'Back in 2018, Michael Moritz introduced the West to China's '996' work schedule… At the time, the piece was controversial. Now? That same schedule has quietly become the norm across tech,' Mignot added. 'And founders are no longer apologizing for it.' But it's not just startup chiefs that are having to put in overtime to get ahead, CEOs admitted to Fortune at our recent Most Powerful Women Summit in Riyadh that they work well beyond the 40-hour benchmark. 'I don't know that I finish work psychologically,' Leah Cotterill CEO of Cigna Healthcare Middle East and Africa revealed, adding that she fully immerses herself into work all day and night 'Monday through Thursday' but tries to 'ease that off' on Friday for the weekend. Others put a number on the hours they work, from up to 12 a day to 80 a week. But like Guo, many said they do it—not in reaction to the current market conditions, but because they're passionate about what they do. 'I'm always working 24/7 I'm a workaholic, so I don't stop working because I enjoy what I do,' Princess Noura bint Faisal Al Saud, Culture House's CEO added. And the next generation of workers probably needs to take note. Unfortunately for work-life balance-loving young people, experts have stressed that 40-hour workweeks aren't enough if they want to climb the corporate ladder. In a leaked memo to Google's AI workers, Sergey Brin suggested that 60 hours a week is the 'sweet spot'. 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