Google to Bolster Ad Campaigns with Generative AI; Changxin Memory Contemplates IPO

In today's ExchangeWire news digest: Google plans to integrate generative AI into its ad campaigns; China's Changxin Memory contemplates and domestic IPO; and investors begin to show interest in grocery start-up Instacart.

Google plans to integrate generative AI into ad campaigns

Google is planning to implement generative AI into its advertising business. During an internal presentation to advertisers titled “AI-powered ads 2023”, the Alphabet-owned company revealed its plans for AI systems to create fresh advertisements based on content created by human marketers.

Changxin Memory deliberates local IPO

Changxin Memory Technologies is contemplating a domestic IPO that could value the firm at over USD$14.5bn (~£11.6bn). Changxin is reportedly considering listing on Shanghai’s STAR board later this year, with the chip maker currently in the process of appointing underwriters.

Instacart piques investor interest

Investors are lining up for a piece of grocery-delivery firm Instacart ahead of its anticipated IPO. The start-up filed to go public back in May 2021, with market volatility resulting in numerous delays. Despite a USD$14bn (~£11.2bn) drop in value between May and December 2022, the company is attracting the attention of numerous investors on the lookout for a bargain.

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Fact of the Day

USD$10bn (~£8bn) - Instacart's worth according to an internal valuation in December 2022.

Source: City Index