Pinterest continues on its quest to become the "Google of images" with the addition of three new features on Wednesday.

  • Instant ideas: When tapping on a special circular button on a "pin," Pinterest will immediately pull up ideas of recipes, decorations, or anything related to that item.
  • Shop the Look: Pinterest will pull up items that match or closely resemble those in an outfit, as well as suggestions of how to wear a piece of clothing.
  • Lens: This is like a "Shazam for images"—when a user points their camera at something, Pinterest will identify what's in the image and pull up related content.

Why it matters: Pinterest is mostly known as an online service for collecting home decor or wedding ideas, but behind the scenes the company has been developing some powerful image recognition technology. Lens, which the company warns is still very experimental, is a difficult technology.

Bottom line: In the end, everything Pinterest adds to its service is to make it more useful, co-founder and CEO Ben Silbermann tells Axios. And as a company making its money through advertising and e-commerce, Pinterest depends on more people using its service and for more use cases in their lives.

What about Snap? Like Snap, Pinterest is highly capitalized company with a consumer-facing product that's valued at over $1 billion. Though it hasn't discussed any plans to go public yet, Silbermann admits that his company is certainly watching Snap's upcoming IPO to see how it pans out.

Go deeper

27 mins ago - Sports

College sports stare down a coronavirus-driven disaster in the fall

Illustration: Eniola Odetunde/Axios

Wednesday was the worst day in college sports since March 12, when the coronavirus pandemic shut everything down.

Driving the news: The Ivy League announced that it will cancel all fall sports and will not consider resuming sports until Jan. 1, 2021 — and Stanford is permanently cutting 11 of its 36 varsity sports to help offset a projected $70 million, pandemic-fueled deficit.

1.3 million Americans filed for unemployment last week

Data: U.S. Employment and Training Administration via FRED; Chart: Andrew Witherspoon/Axios

Another 1.3 million Americans applied for unemployment benefits last week, the Labor Department said Thursday.

Why it matters: The number of new unemployment applications has fallen steadily since peaking in March, but the number is still historically higher than before the pandemic hit. Economists are watching the weekly gauge for any sign that spiking unemployment may come alongside the sharp uptick in coronavirus cases around the country.

Investors are ignoring the coronavirus pandemic by buying stocks and gold

Illustration: Eniola Odetunde/Axios

U.S. economic data is crumbling as increasing coronavirus cases keep consumers at home and force more cities and states to restrict commerce, but the stock market has continued to rise.

What's happening: Bullish fund managers are starting to lay down bets that it will be this way for a while. "The reason is: You have monetary and fiscal policy pushing the economy out of a problem and that is very, very bullish," Andrew Slimmon, senior portfolio manager at Morgan Stanley Investment Management, tells Axios.