AI Business Weekly - August 27, 2024 Edition

Hello AI Enthusiasts,

Welcome to this week’s edition of AI Business Weekly, where we bring you the most significant developments in artificial intelligence. This week, we delve into Microsoft's latest AI advancements, the growing impact of AI on entertainment and academia, and the exciting new investments shaping the AI landscape. As AI continues to evolve and influence various sectors, staying informed is essential. Let’s dive into the key updates from the past week.

AI Innovations and Research Advances

• Microsoft’s latest AI release, the Phi-3.5 series, marks a significant step forward in the world of small language models: The series includes three distinct models—Phi-3.5-mini-instruct, Phi-3.5-Mixture of Experts-instruct, and Phi-3.5-vision-instruct—each tailored to enhance AI performance across a broad spectrum of tasks. This release underscores Microsoft’s commitment to advancing AI technology while ensuring efficiency and accessibility. Read more.

• AI in Entertainment: 5 Innovations That Are Changing the Game:
  AI’s influence on the entertainment industry is profound, from its role in the Hollywood Strike to innovative developments like AI-powered news anchors. These advancements are reshaping the landscape of entertainment, making AI a pivotal force in the sector’s evolution. Read more.

• An ‘AI Scientist’ Is Inventing and Running Its Own Experiments:
  A groundbreaking AI system developed by a lab at the University of British Columbia is automating scientific research processes. Dubbed the “AI Scientist,” this system represents a leap forward in generative AI and large language models, although it also introduces potential challenges. Read more.

• How AI Tools Help Students—and Their Professors—in Academic Research: AI tools are transforming the academic research landscape, offering new ways for students and scholars to navigate and utilize academic literature. This shift is making research more accessible and efficient. Read more.

• New Nvidia Research Shows AI Can Predict Local Weather: Nvidia’s research division has published an AI model that enhances regional weather forecasting, particularly for short-term weather events. This innovation is poised to play a crucial role in the evolving field of atmospheric science. Read more.

Investments and Growth

• Fetch.ai Launches Innovation Lab with $10M Fund for Startups:
  Fetch.ai is establishing a new Innovation Lab in San Francisco, allocating $10 million annually to support early-stage AI startups. This hub aims to advance AI agent solutions and is part of a broader effort to expand the autonomous AI agents market, projected to reach $88.1 billion by 2032. Read more.

• Dropbox Acquires Index Ventures-Backed AI Scheduling Tool Reclaim.ai: Dropbox has acquired Reclaim.ai, an AI-powered scheduling tool. This acquisition signals Dropbox’s commitment to integrating advanced AI features into its platform, although the deal’s terms have not been disclosed. Read more.

• AMD Acquires ZT Systems for $4.9B: AI Race Heats Up: In a strategic move to challenge Nvidia’s dominance, AMD has acquired ZT Systems for $4.9 billion. This acquisition is aimed at bolstering AMD’s position in the cloud computing market by combining its AI chips with ZT Systems’ high-performance data center infrastructure expertise. Read more.

• Ex-Google DeepMind Leaders Bring Reliant AI Out of Stealth with $15.4M CAD Seed Round: Reliant AI, a startup focused on data processing, has officially launched and secured $15.4 million CAD in seed funding. The round was led by Inovia Capital and Tola Capital, with notable participation from AI pioneer Yoshua Bengio. Read more.

• Metadome.ai Secures $6.5M in Series A Funding to Bring Immersive Experiences to Home Decor, E-commerce, and Mobility: Metadome.ai, an XR startup, has raised $6.5 million in Series A funding to expand its immersive AI-driven solutions across various industries, including home decor, e-commerce, and mobility. Read more.

Politics, Governance, and Trends

• Meta, Spotify CEOs Slap Down European Officials for ‘Stifling’ AI Innovation: In a recent op-ed, the CEOs of Meta and Spotify criticized European lawmakers for imposing regulations they argue are stifling AI innovation. The tech leaders call for more consistent and supportive policies to foster growth in the AI sector. Read more.

• OpenAI Says California’s Controversial AI Bill Will Hurt Innovation:
  OpenAI has voiced opposition to California’s proposed AI safety bill, arguing that the new regulations would hinder AI innovation. This stance is part of a broader debate on balancing safety with progress in AI development. Read more.

• Trump Posted a Fake Taylor Swift Image. AI and Deepfakes Are Only Going to Get Worse This Election Cycle: The rise of AI-generated deepfakes is becoming increasingly problematic, as evidenced by a recent incident involving a fake image of Taylor Swift shared by Donald Trump. This development highlights the growing challenges of AI governance in the context of misinformation. Read more.

• AI Governance in Latin America: The Case of Mexico: The Wilson Center has launched an initiative to explore AI's impact on economic development in Latin America, with a focus on Mexico. This effort aims to generate policy ideas for responsible AI development in the region. Read more.

• Causal AI Could Give Hong Kong the Leap It Needs in AI Governance Tech: As AI technology evolves, so does the need for robust governance. Hong Kong is exploring causal AI to enhance transparency, accountability, and ethical decision-making in AI systems, which could set a precedent for other regions. Read more.

Latest AI Feature Releases

• Salesforce Releases ‘xGen-MM’ Open-Source Multimodal AI Models to Advance Visual Language Understanding: Salesforce has introduced a new suite of open-source multimodal AI models designed to accelerate research in visual language understanding. This release is expected to significantly impact the development of more capable AI systems. Read more.

• The New OnePlus AI Features Leave Most Users Frustrated: OnePlus recently launched an AI Toolkit, but many users are frustrated by its limited availability. The new features are currently accessible only to select users of specific OnePlus models in certain regions. Read more.

• Apple Is Expected to Debut the First Generative AI iPhone at Its September 9 Event: Apple has scheduled a major event for September 9, where it is expected to launch the iPhone 16 with embedded generative AI features. This release is anticipated to be a significant milestone in Apple’s AI integration efforts. Read more.

• Why Microsoft's New AI Feature Has Prompted Privacy Concerns:
  Microsoft's Copilot+ PCs, designed with AI integration in mind, have raised privacy concerns among users. The launch of these products has sparked a broader discussion about the balance between innovation and user privacy. Read more.

• Qualcomm's New Processor Could Bring AI Features to Less Expensive Phones: Qualcomm’s latest processor, the Snapdragon 7S Gen 3, is set to bring powerful AI features to more affordable smartphones. This development could democratize access to advanced AI capabilities. Read more.

Closing Thoughts

This week’s edition highlights the dynamic nature of AI innovation, with significant advancements in technology and notable shifts in governance and ethics. As AI continues to drive progress across various industries, it’s essential for businesses and policymakers to stay proactive in addressing the challenges and opportunities that arise. Thank you for reading AI Business Weekly—stay tuned for more insights next week!