TNB Tech Minute: Spotify’s Expenses Jump On New AI Features

Spotify continues to expand its user base, reaching 77 million monthly active users, but the cost to retain those users is rising. The company reported a 19% increase in second quarter operating expenses due to higher marketing costs and investments in Cloud and AI features. Recent developments include AI-powered podcasts generated by listeners and a new AI tool allowing music fans to create remixes and cover songs within the app, available as a paid add-on.

Wells Fargo plans to introduce tokenized deposits this fall, targeting corporate and commercial clients. This initiative represents a significant move towards integrating blockchain technology into mainstream banking. The bank’s tokenized deposits will initially support US dollars and British pounds for cross-border transactions, with plans to expand into more currencies and countries based on demand, allowing clients to transfer, program, and settle funds around the clock.

Anduril Industries is in advanced negotiations with a Maryland port to establish a production site for drone boats, with investment potentially running into hundreds of millions of dollars. The defense startup, based in Southern California, has a broad portfolio including jets, submarines, and counter-drone systems. The company has signed a memorandum of understanding with the historic Sparrow's Point Yard in Baltimore County, though deals are still under negotiation and could fall through.