Facebook fallout: Y Combinator’s Paul Graham just emailed portfolio companies warning of ‘bad times’ in Silicon Valley [BUSINESS INSIDER]

He warns: “The bad performance of the Facebook IPO will hurt the funding market for earlier stage startups. “No one knows yet how much. Possibly only a little. Possibly a lot, if it becomes a vicious circle.”

AOL’s patch: Big losses on hyperlocal news [Bloomberg Businessweek]

The sharpest words were reserved for AOL’s continued, heavy investment in Patch, the company’s network of 863 locally staffed community news sites, which AOL CEO Tim Armstrong founded and sold to AOL after joining the company. In 2011, according to Starboard’s estimates, Patch lost $147 million while generating a mere $13 million in ad revenue—roughly $15,000 per site. “We do not believe Patch is a viable business,” the Starboard report said.

Face to face: How Airtime will re-humanize the Internet [TECHCRUNCH]

On Airtime, you experience together thanks to real-time video chat and video sharing. You’re both the performer and the audience. When you look at your friend or a stranger you’ve been paired with, you get their body language, gestures, and attitude. Co-founders Sean Parker and Shawn Fanning tell me that on Airtime “there’s a depth of communication that doesn’t come through on something like Facebook. It’s much higher bandwidth.”

Toshiba Satellite U845W breaks Ultrabook mold with ultra-wide 21:9 screen [LAPTOP MAGAZINE]

The Satellite U845W has a 14.4-inch glossy display with a unique 21 x 9  aspect ratio and resolution of 1792 x 768, ideally suited for watching widescreen movies. The 2.35-1 aspect ratio is the same as many films shot today, so that the black bars above and below the image that plague most widescreen notebooks are no longer there. Instead, the image fills the screen completely, and, with a rated brightness of 300 nits, this panel should be great for curling up with a bag of popcorn.

R.I.P. Zune [THE NEW YORK TIMES]

There was nary a mention of Zune, an existing Microsoft music and movie service, at the E3 event where Xbox Music was announced. But afterward, a Microsoft spokeswoman, Melissa Stewart, confirmed that the Zune brand is going away so Microsoft can use the better-known Xbox brand for its entertainment services, including its online video service.

Apple to update most of its Mac lineup and multiple accessories at WWDC [9 to 5 MAC]

According to sources, Apple is planning to update at least four out of their five Mac lines at the June 11 WWDC kickoff keynote. Apple’s current Mac lines are the MacBook Pro, MacBook Air, iMac, Mac mini, and Mac Pro. We are hearing that Apple will release two configurations of the redesigned 15-inch MacBook Pro, but it is unclear what will happen to the other MacBook Pro screen sizes.

Apple and Google expand their battle to mobile maps [THE WALL STREET JOURNAL]

Later this year, Apple is planning to oust Google Maps as the preloaded, default maps app from the iPhone and iPad and release a new mapping app that runs Apple’s own technology, according to current and former Apple employees. Apple could preview the new software, which will be part of its next mobile-operating system, as soon as next week at its annual developer conference in San Francisco, one person familiar with the plans says.