Contrary Research Rundown #37
Latest deep dive on the finance tech stack, and new memos on Patreon, SeatGeek and more
The New Frontier in Finance
Over the past two decades, the finance organization has evolved from a reporting function to a forward-looking strategic function. The looming recession in 2023 is increasing the pressure on finance teams to play offense, as business units look to finance teams to help them determine the right levers to pull in order to maximize profit, reduce operational costs, and maintain growth. Straightforward transactional responsibilities are now table stakes, with finance workflows moving from one-directional “streams” to iterative “cycles.”
As the CFO’s charter evolves from simply managing the business to running the business, so too must their organization. Executives are increasingly looking to their CFOs to develop the right data strategy to help them make better decisions, with many companies investing in solidifying their data analytics and architecture at much earlier stages. Furthermore, there is a shift towards all analytics and operations teams working together in a more integrated way to effectively orient the company on long-term strategic goals and break down information silos between teams.
In our latest deep dive, we interviewed 20+ CFOs and finance leaders to unpack the market for finance software, the implications of AI in managing financial data and processes, and what the future of the space looks like. Check it out here.
Patreon is a membership platform that enables creators to monetize their work directly via subscriptions from their audience. To learn more, read our full memo here.
DoNotPay is a robot lawyer that helps consumers file disputes and expands access to legal assistance across various issues, from overturning parking tickets to appealing bank fees. To learn more, read our full memo here.
SeatGeek is a ticket search engine aggregating listings for live sports, concerts, and theater events. It combines a consumer marketplace with primary ticketing technology. To learn more, read our full memo here.
ClassDojo is a communication platform for teachers, students, and families to easily share updates, provide feedback, and engage in conversations. To learn more, read our full memo here.
Hallow is a Catholic prayer and meditation app that offers guided meditations, daily readings, and community challenges. To learn more, read our full memo here.
OpenAI, DeepMind execs, and 350+ others released a statement saying, “mitigating the risk of extinction from AI should be a global priority.”
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Intel CEO Pat Gelsinger said the company had “serious issues” in leadership, and people and discussed the rough turnaround, competitors, and more.
TikTok stored highly sensitive financial and personal information of its biggest stars, including those in its Creator Fund, on servers in China.
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Fidelity marked down its Twitter stake, estimating that Twitter is now worth about 33% of the $44B that Elon Musk paid, down from 44% in November 2022.
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How the Shoggoth, a character from 1936, became a meme among AI workers as a metaphor for not fully understanding LLMs' inner workings.
As GitHub prepares to close its San Francisco HQ, a look back at the living testament to tech culture, with its conflicts presaging a decade of tech backlash.
MoonPay insiders, including CEO Ivan Soto-Wright, cashed out $150M in shares as part of the crypto payment startup's $555M Series A in November 2021.
Instagram details ranking content in Feed, Stories, Reels, and more and is testing more user controls, including an “Interested” button for recommended posts.
OpenAI researchers said training AI with process supervision, which rewards the thought process rather than the outcome, could help prevent hallucinations.
WordPress.com launched paid subscriptions and premium content in free newsletters, available to all WordPress blogs, including those on the free plan.