-- Microsoft announced its acquisition of search engine Powerset for a rumored $100 million -- a move BusinessWeek says "could give Microsoft a big leg up in efforts to catch Google." Keep dreaming, I say. [Microsoft, Businessweek.com]

-- Google has launched a new algorithm to index textual content in Flash files. Next up, Google will launch an algorithm to index the textual content in your brain. [Google]

-- AT&T announced its pricing plans (pricey plans?) for the iPhone 3G ranging from $199 to $499 for customers who don't qualify for an upgrade. The company made the announcement in a video urging consumers to be "iReady!" for AT&T stores to open at 8 a.m. local time on July 11th. [TechCrunch]

-- Not a single venture-capital backed company went public last quarter thanks to the weak economy, according to the National Venture Capital Association. But there's an upside: better technology and lower costs. Oh, and this novel concept: you have to demonstrate how you're going to make money. [NYT, Portfolio.com]
...