1. Bloomberg reported over the weekend that the so-called "drone bubble" has burst after startups founded during peak hype ran out of funding before generating profits. According to Crunchbase, at least 25 drone startups have shuttered in the past 10 years, despite funding of $2.6 billion from venture capitalists pumped into the industry between 2012 and 2019. Jack Pitcher writes for Bloomberg that "all that over-heated enthusiasm is getting a cold blast of reality," citing Kay Wackwitz, founder of Drone Industry Insights, who acknowledges that "was some irrationality around drones, a period of hype driven by the popularity of the hobby sector." However, articles note that the drone industry is not dying but rather changing, such as in the case of larger tech companies developing their own drones in-house, or companies halting manufacturing of certain drones and embracing others. - BLOOMBERG
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