Start-Up Nectar Made $35 Million in Revenue During Their First Year
The mattress industry is estimated to be worth around $15 billion. So it's no surprise that there are countless mattress and box mattress companies vying for a piece of the pie. What actually is surprising, is that start-up Nectar did $35 million in revenue their first year.
Craig Schmeizer, co-founder of Nectar, joins Cheddar to explain why his company has been so successful. He said Nectar uses big data to better understand what the consumers want out of their mattress and mattress shopping experience. Nectar offers a one-year trial period because Schmeizer is convinced once consumers test their product, they will be pleased.
Schmeizer is bullish on the future of the mattress market because he says consumers will continue to need new mattresses at the turning points of their life. He also weighs in on the egg drop test that other companies use to show the stability of their mattresses. Schmeizer says Nectar's product speaks for itself.
Chipmaker Nvidia is poised to release a quarterly report that could provide a better sense of whether the stock market has been riding an overhyped artificial intelligence bubble or is being propelled by a technological boom that’s still gathering momentum.
A group of book authors has reached a settlement with AI company Anthropic after suing for copyright infringement. A federal appeals court filing Tuesday said both sides have negotiated a proposed class settlement, with terms to be finalized next week. Anthropic declined to comment. A lawyer for the authors called it a "historic settlement." In June, a federal judge ruled that Anthropic didn't break the law by training its chatbot on copyrighted books. However, the company was still facing trial over acquiring those books from online "shadow libraries" of pirated copies.
Elon Musk on Monday targeted Apple and OpenAI in an antitrust lawsuit alleging that the iPhone maker and the ChatGPT maker are teaming up to thwart competition in artificial intelligence.
