AI Business Weekly - September 3, 2024 Edition

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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 explore Intel and IBM's collaboration for AI cost performance, China's AI innovations, ethical AI advancements, and the latest 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

• Intel and IBM Collaborate to Provide Better Cost Performance for AI Innovation: IBM and Intel have announced a groundbreaking collaboration to deploy Intel® Gaudi® 3 AI accelerators as a service on IBM Cloud. Expected to be available in early 2025, this offering aims to help enterprises scale AI innovations more cost-effectively while ensuring robust security and resiliency. IBM Cloud will be the first cloud service provider to adopt Gaudi 3, enhancing both hybrid and on-premise environments. This collaboration also extends support for Gaudi 3 within IBM's watsonx AI and data platform, marking a significant advancement in AI infrastructure. Read more.

• China Powers the Future of Global AI Innovation: Shanghai's 2024 World Artificial Intelligence Conference (WAIC) highlighted major technological advancements and heightened global competition in AI development and governance. Despite challenges posed by US-led sanctions, China demonstrated resilience and innovation, reinforcing its role as a major player in the future of AI. The Shanghai Declaration, adopted during the event, reflects China’s commitment to advancing global AI governance, fostering cooperation, and promoting inclusive development. However, the predominantly Chinese presence at the conference emphasized that true inclusivity has yet to be realized. Read more.

• Synergist Technology Partners with Microsoft to Drive Ethical and Compliant AI Innovation: Synergist Technology, a leader in AI governance and compliance, has announced a strategic partnership with Microsoft aimed at advancing the development and deployment of compliant AI solutions. By integrating Synergist's expertise with Microsoft's robust cloud infrastructure, the partnership seeks to address the growing market demands for ethical and secure AI systems. Read more.

• Students Solve Real-World Problems with Summer AI Research: With a three-year grant of $461,597 from the National Science Foundation, Worcester Polytechnic Institute (WPI) launched a 10-week research-intensive program in June 2024. Eleven students from eight institutions across the United States completed the program, successfully presenting their research findings on Aug. 1 at WPI’s annual summer undergraduate research showcase. The students tackled diverse AI challenges, including developing better algorithms for computer vision and designing models to detect and remove biased language in medical curricula. Read more.

• Exclusive: New Research Finds Stark Global Divide in Ownership of Powerful AI Chips: When we think of the “cloud,” we often imagine data floating invisibly in the ether. However, the reality is far more tangible: the cloud is located in huge buildings called data centers, filled with powerful, energy-hungry computer chips. These chips, particularly graphics processing units (GPUs), have become critical infrastructure for the world of AI, as they are required to build and run powerful chatbots like ChatGPT. Read more.

Investments and Growth

• Magic Raises $320M to Advance AI Software Development: San Francisco-based Magic, which develops AI models to write software, has raised $320 million from new investors including Eric Schmidt and Sequoia. This announcement follows nearly two months after reports that the company was in talks to raise $200 million at a $1.5 billion valuation. Founded in 2022, Magic has now raised $465 million to date, underscoring its rapid growth and market interest. Read more.

• Codeium Secures $150M Series C to Expand AI-Powered Coding Platform: AI-powered coding assistant Codeium closed a $150 million Series C round led by General Catalyst, valuing the Mountain View-based startup at $1.25 billion. Codeium’s platform leverages generative AI models trained on public code to provide developers with suggestions for building apps and supports dozens of programming languages. Founded in 2021, the company has raised $243 million to date. Read more.

• Cisco Set to Boost AI Security with Planned Acquisition of Robust Intelligence: Cisco has announced a significant step in its mission to secure AI-driven enterprises with the planned acquisition of Robust Intelligence, an AI security solutions vendor and member of the Cisco Investments portfolio. Robust Intelligence’s platform offers comprehensive protection for AI models throughout their lifecycle, empowering organizations to securely deploy AI applications while adhering to industry and regulatory standards. Read more.

• Carbon6 Acquires Junglytics to Provide AI Tools for Amazon Sellers: Toronto-based e-commerce software aggregator Carbon6 has acquired Washington, DC-based AI-powered retail analytics platform Junglytics for an undisclosed amount. This acquisition aims to enhance the AI tools available to Amazon sellers, helping them optimize their sales strategies through advanced analytics. Read more.

• Viggle AI Closes $26M CAD Series A to Expand AI-Powered Video Generator: Toronto-based generative AI startup Viggle AI has secured nearly $26 million CAD ($19 million USD) in Series A funding to fuel the growth of its platform, which uses AI to help users create videos from simple text and image prompts. This funding round will support the expansion of Viggle AI's platform and its capabilities in the rapidly growing field of generative AI. Read more.

Politics, Governance, and Trends

• OpenAI and Anthropic Sign Deals with US Government for AI Research and Testing: AI startups OpenAI and Anthropic have signed agreements with the U.S. government for research, testing, and evaluation of their artificial intelligence models. This collaboration is part of the U.S. Artificial Intelligence Safety Institute's efforts to ensure AI systems are developed and deployed responsibly and securely. Read more.

• AI Ethics Boards Gaining Traction in Indian Tech Majors: Indian technology giants are rapidly setting up internal panels to oversee the development of responsible AI systems. Companies like IBM, Wipro, and Automatic Data Processing (ADP) have constituted these boards in response to growing concerns about data privacy, bias, and other ethical issues related to generative AI models. Read more.

• California Lawmakers Approve Legislation to Ban Deepfakes and Regulate AI: The California Legislature has passed several bills aimed at banning deepfakes, protecting workers, and regulating AI technologies. The legislation, which is expected to be signed by Governor Gavin Newsom, reflects growing concerns about the impact of AI on privacy and the integrity of elections. Read more.

• Recent Bot Campaign Backs Poilievre, Highlighting AI’s Role in Political Messaging: A suspected bot campaign surrounding a recent Pierre Poilievre event has demonstrated how generative AI tools are increasingly accessible for influencing political messaging online. This development underscores the need for greater oversight and regulation of AI in political contexts. Read more.

• How AI-Generated Memes Are Changing the 2024 Election: AI-generated memes are playing a significant role in the 2024 election cycle, with recent examples including a fake image of Taylor Swift endorsing Donald Trump. This trend raises new challenges for AI governance, particularly in the context of misinformation and electoral integrity. Read more.

Latest AI Feature Releases

• Apple Watch: Discover the Low-Key AI Features Already on the Wearable: Apple may have entered the generative AI conversation recently, but AI has long been working behind the scenes on its most popular products, including the Apple Watch. These features, while not as prominent as ChatGPT, play a crucial role in enhancing user experiences. Read more.

• Nextech3D.ai Unveils New AI Features for Aritize3D Platform to Elevate E-Commerce Experiences: Nextech3D.ai has announced significant enhancements to its Aritize3D platform, powered by generative AI. These updates aim to enrich product experiences and simplify the process for customers to visualize and interact with 3D models, marking a major step forward in e-commerce innovation. Read more.

• 5 New Features Alexa AI Will Bring to Paying Subscribers Next Month: According to a new leak, Amazon's Alexa AI is set to introduce five new features next month, available to paying subscribers. These updates, expected to launch in mid-October, will add significant value to Alexa's capabilities, although the current version of Alexa will remain free under the "classic Alexa" branding. Read more.

• Wyze Tests New AI Feature That Lets You Search Video Footage by Keyword: Smart home brand Wyze is expanding access to its new AI-Fueled Video Search tool on mobile, allowing users to search security footage via text. Although this feature has been in beta since May, it remains in the "Pilot Launch" phase, with no official release date announced. 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!