Nubank Goes ‘Hyper’ on AI-first Future with Hyperplane
FoF Specials – Generative AI News Nexus | Edition #6 (June 2024)
Generative models steal the show! From eerily realistic AI art to 'text-to-everything' applications, creativity is booming. But ethical concerns simmer, with debates on bias and control in AI-generated content. Let’s dive deep into the potential and pitfalls of this game-changing tech! 🤿
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Today’s ‘ÀI’ la carte:
Europe’s Balancing ‘AI’ct: Innovation vs. Regulation
Algorithm A-List: 10 Must-Know AI Headlines This Month!
Code-undrum decoded, sorted by segment!
AI Alchemy: AI Resources for the Curious Minds
Europe’s Balancing ‘AI’ct: Innovation vs. Regulation
Breakthroughs in AI development are accelerating, and while this is fostering progress, it’s also prompting the EU to establish a robust regulatory framework to ensure responsible use.
As the EU tightens its grip, two tech giants - Apple and Meta - find themselves navigating the evolving regulatory landscape in Europe:
Apple's App Store Under Scrutiny
The European Commission charged Apple over €1.8B for imposing restrictions on app developers that prevented them from informing iOS users about alternative and cheaper music subscription services available outside of its App Store (‘anti-steering provisions'). This is a violation of the Digital Markets Act (DMA), which aims to create a fairer and more competitive digital market. The EC argues that Apple's App Store practices give it an unfair advantage over other app stores and harm consumers by limiting their choices and driving up prices.
Meta's AI Assistant on Hold
Meta is pausing the launch of its AI assistant, Meta AI, after a request from the Irish Data Protection Commission (DPC). The DPC wants Meta to delay training its AI models with content from Facebook and Instagram users. The DPC is concerned that Meta's AI models could be used to collect and analyse personal data without users' consent.
The European Commission is playing a leading role in regulating tech companies. The DMA is a landmark piece of legislation that aims to create a fairer and more competitive digital market. The EC is also investigating other tech companies, such as Google and Amazon, for anti-competitive practices.
By taking a measured approach that balances innovation with user trust, the EU is shaping the future of AI in a way that prioritises responsible development and ethical considerations. At the same time, this evolving regulatory landscape in the EU presents a compelling case study for other regions grappling with the challenges and opportunities presented by rapid technological advancements.
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Don't miss the real-world ‘AI’ction in Edition #6! > > >
🔝 Top 10 AI Updates from June 2024 🔝
Funding and Acquisitions:
↳ OpenAI's on a buying spree! The company acquired Rockset, which builds tools to drive real-time search and data analytics. At the same time, it also purchased Multi, a startup developing an enterprise-focused, video-first collaboration platform.
↳ Nubank acquired Hyperplane, a data intelligence company, to leverage foundational models across multiple areas and accelerate its AI-first strategy.
↳ Microsoft-backed French tech startup Mistral AI raised a funding round of €600M (or $645M), valuing the company at €5.8B (~$6.2B).
AI-powered Alliances:
↳ Apple and OpenAI joined forces to allow Siri to leverage ChatGPT's capabilities for complex queries, offering enhanced functionality while maintaining Apple's renowned privacy standards.
↳ Neobank Bunq partnered with Mastercard to advance AI-powered open banking services and give users spending insights across all their bank accounts. bunq users can now get spending insights from all their bank accounts directly within the bunq app, where bunq’s AI money assistant, Finn, will enrich these insights with transaction data from multiple banks.
New features unlocked:
↳ Apple announced “Apple Intelligence” at WWDC 2024, its name for a new suite of AI features with some of its capabilities including context-aware notifications, personalised task management, and even AI-powered image creation.
↳ Wix, the platform known chiefly for its web design tools, launched a generative AI feature that’ll let customers create and edit iOS or Android apps by describing what they want to see in plain English.
AI assistants steal the spotlight:
↳ NatWest announced plans to roll out its generative AI-powered virtual assistant service, Cora+, which has been developed in collaboration with IBM’s enterprise AI and data platform, Watsonx.
↳ Anthropic released a new collaborative tool for its Claude AI Assistant. Dubbed Projects, the tool will allow users to ground the output of the chatbot to the internal knowledge provided to it.
AI on pause for now:
↳ Apple reportedly blocked the release of Apple Intelligence, iPhone Mirroring, and SharePlay Screen Sharing in the EU this year, citing the Digital Markets Act (DMA) as the reason.
Now, let's decode the ‘code’-undrum –
OpenAI has been busy making a difference this month, from bringing in expertise to keep things secure and safe to teaming up with doctors to fight cancer.
Retired General Paul Nakasone, former head of the NSA, to join OpenAI's board of directors and its "Security and Safety" subcommittee. This move aims to address critics' concerns that OpenAI is advancing too quickly.
Color Health, a cancer screening company, partnered with OpenAI to develop a new copilot application for enhancing cancer screening and treatment. Powered by OpenAI's GPT-4o model, this copilot assists healthcare providers by detecting missing diagnostics and creating customised workup plans.
OpenAI announced plans to block access to its technology used for building artificial intelligence products for entities in China. The company has reportedly notified developers in China that their access to its tools and software will be restricted starting in July.
OpenAI to delay the launch of Voice Mode for ChatGPT from late June to July to address technical challenges and ensure high-quality user experience, focusing on safety and user satisfaction.
Welcome to the Startup Showcase, where innovation is a way of life! From AI-powered tools revolutionising the job hunt to audio storytelling taken to new heights, these startups are reimagining the future >>>
Pocket FM and ElevenLabs partnered to introduce a new AI Audio Series, making advanced Voice AI technology globally available. This partnership allows writers worldwide to effortlessly transform their written stories into engaging audio series.
AI-powered search startup Perplexity enhanced its search capabilities with factual queries like weather, time, currency conversion, and simple math directly through cards, aiming to reduce reliance on Google for such information.
Snapchat parent company Snap launched new generative AI tools that help users create augmented reality (AR) effects. These tools will enable artists and developers to create AR effects in hours rather than weeks.
Privacy-focused search engine and web browser company Brave Software integrated search results into its Leo chatbot. The company said that this integration will help users find more up-to-date information.
Stability AI secured significant new funding from an investment group and appointed a new CEO and executive chairman. This infusion of capital and leadership will accelerate the company's growth and enhance its ability to deliver generative AI products.
Big Techs were on fire in June, pushing the boundaries of AI yet again! AI assistants are levelling up, new tools are making waves, and AI-powered creativity is taking centre stage:
Google's Grand Gestures
Google released its dedicated AI mobile app Gemini in India — just over four months after its debut in the US — with support for nine Indian languages alongside English.
Google launched NotebookLM, its AI-powered note-taking assistant, in over 200 new countries. Powered by the Gemini 1.5 Pro LLM, the platform now includes new features and languages to help users generate summaries and ask questions based on their documents.
Google DeepMind unveiled V2A, a new AI model that can generate soundtrack and dialogue for videos. This work-in-progress AI model “combines video pixels with natural language text prompts to generate rich soundscapes for the on-screen action.”
Google added its AI assistant, Gemini, to the side panel of Gmail. The AI assistant will be available to Google Workspace customers with the Gemini Business and Enterprise add-on, the Gemini Education and Education Premium add-on, and Google One AI Premium.
Meta’s Momentous Moves
Meta enhanced the WhatsApp Business app with AI-driven tools aimed at supporting business accounts in their customer interactions. The new AI features will help businesses provide more options for people to find what they're looking for and discover new products and services.
Meta introduced its AI chatbot, Meta AI, for users in India on WhatsApp, Facebook, Messenger, and Instagram. It allows users to accomplish tasks, create content, and explore topics directly within the apps without switching platforms.
Meta released 5 new AI research models, including ones that can generate both text and images and can detect AI-generated speech within larger audio snippets.
Meta postponed the launch of its AI assistant, Meta AI, in Europe following a request from the Irish Data Protection Commission (IDPC), acting on behalf of European data protection authorities (DPAs). The IDPC told Meta to postpone its plan to use data from Facebook and Instagram adult users to train large language models (LLMs).
Meta expanded its AI Startup Program across Europe, emphasising innovation and the influence of American tech companies. In partnership with Hugging Face and Scaleway, the program will select five startups to receive mentoring, tools, and computing power.
Amazon's AI Advances
Amazon is developing a new AI chatbot named Metis. This virtual assistant is designed to provide text and image-based responses in a conversational manner, similar to other AI bots like ChatGPT, CoPilot, and Gemini.
Amazon expanded generative AI listing tools for European sellers. By providing a few keywords or uploading a product image, sellers can generate compelling titles, descriptions, and other details.
More from AI's expanding empire:
Apple expanded its Developer Academy program to focus on AI. The curriculum, offered to thousands of students and alumni across 18 academies in six countries, will enhance opportunities for developers, designers, and entrepreneurs in the iOS app economy and beyond.
LinkedIn launched new AI-powered features to improve job searches, customise resumes, and offer advice through AI chatbots. These include natural language job prompts, generative AI tools for applications, and AI to highlight relevant learning materials and expedite searches.
AI is the new MVP of the financial world! AI Finance is transforming everything from insurance to e-commerce. Buckle up as we explore platforms that are reshaping how we spend, save, and insure:
Insurtech Qover launched its AI-enabled solution designed to streamline the claims experience. With the potential to settle claims within minutes of approval, Qover aims to redefine the user experience and operational efficiency in the insurance industry.
Shopify launched an AI assistant for business owners. Shopify's e-commerce assistant, Sidekick, is now available in early access, alongside updates designed to simplify shopping for customers and business owners.
US-based cloud banking company nCino rolled out its GenAI-powered conversational tool Banking Advisor to augment decision-making and efficiency for bankers.
Mastercard announced that Michael Kors is its first retail partner to use the Shopping Muse, the artificial intelligence-powered shopping assistant by Dynamic Yield, a Mastercard company. This tool helps consumers quickly find the perfect look based on their inquiries and preferences.
Rules are being written in the AI Regulation. Governments are stepping into the arena, trying to lasso this powerful technology and ensure it plays fair.
The U.S. Department of the Treasury announced a new Request for Information (RFI) on AI's uses, opportunities, and risks in financial services. This move aims to integrate responsible innovation within financial institutions while safeguarding the broader economic landscape.
FTC Chair Lina Khan announced that the agency will thoroughly investigate the rise of AI technology across various sectors. She emphasised the goal is to ensure a fair and competitive marketplace, not to stifle startups with increased regulation.
The United States Department of the Treasury detailed a proposed rule to restrict and monitor US investments in China's AI, computer chips, and quantum computing sectors.
The Consumer Financial Protection Bureau approved a new rule to address the current and future applications of complex algorithms and artificial intelligence used to estimate the value of a home.
The world of tech talk and gadgets galore might look like a binary maze, but fear not! We're here to guarantee the techno-lingo won't scramble your neural network. 💭
Come aboard each edition as we decode some AI terms:
And that's a wrap 👋
We hope this AI expedition has sparked your circuits, filled you with wonder, and ignited a hunger for more! Keep your data lines active with our Generative AI News Nexus, because we're committed to serving up a monthly feast of AI marvels!
🔗 As thanks for cruising with us through the AI journey together, grab these awesome resources to supercharge your AI engine and keep the momentum going:
Generative AI and the EUDPR. First EDPS Orientations for Ensuring Data Protection Compliance When Using Generative AI Systems - European Data Protection Supervisor
Broadening the Gains from Generative AI: The Role of Fiscal Policies - IMF
AI Gains Momentum in Core Financial Services Functions - MIT
AI in Finance - CITI
Generative AI Eats SaaS - HFS
How Financial Firms Can Maximise Value, Minimise Risk with Gen AI - Cognizant
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