Seeds of Wisdom RV and Economic Updates Monday Afternoon 9-2-24
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This Week in AI: OpenAI signs landmark AI deal with US
OpenAI is preparing to raise its next funding round, seeking to secure billions of dollars at a $100 billion valuation. Tech giants like Microsoft (NASDAQ: MSFT), Apple (NASDAQ: AAPL), and Nvidia (NASDAQ: NVDA) are rumored to be interested in participating.
Each of these companies is no stranger to OpenAI:
▪️Microsoft has been a primary investor, owning a 49% share of the company thanks to its $13 billion investment in 2019.
▪️Apple partnered with OpenAI in June to use its models to power upcoming AI features.
▪️Nvidia, the dominant chipmaker, provides OpenAI with the infrastructure it needs to train and run its models.
Although OpenAI’s ChatGPT remains the market leader, with hundreds of millions of monthly users, the company has yet to turn a profit from its AI products and services. Moreover, OpenAI must continue spending billions to stay competitive and maintain its market leadership.
Rumors suggest the company is on track to lose $5 billion this year from its AI operations, making it unsurprising that OpenAI needs to raise significant capital to keep the business going.
Google’s Imagen 3 relaunches with enhanced AI accuracy and ethics
Google (NASDAQ: GOOGL) announced that it would reintroduce its image generation AI, Imagen 3, into its products, starting with Gemini Advanced.
Google’s AI image generation tool was previously operational but was pulled in February following incidents where the AI overcompensated for race and ethnicity when generating images of people.
For example, when prompted to produce an image of the four founding fathers of the United States, Imagen returned an output featuring diverse individuals who were not the founding fathers.
These incidents sparked discussions about Google’s AI being overly concerned with ethics, bias, and censorship, leading the company to suspend its model from generating images of people.
All AI models walk a fine line between ethics and bias, especially regarding race and ethnicity. It’s more common for AI to exclude racial and ethnic diversity in outputs, but Google’s first iteration did the opposite, creating inaccurate outputs due to overcompensation.
As Google reintroduces Imagen 3, it will be interesting to see how the company addresses these challenges and whether the new version of its AI can strike a better balance between inclusivity and accuracy. People are likely to stress-test this model in the same areas as before, pushing it to its limits to see how well it handles these nuances.
Nvidia stock dips despite beating earnings: Has the AI boom peaked?
Nvidia recently held its latest earnings call, surpassing analyst expectations on several fronts. However, despite beating expectations, the company’s stock closed roughly 8% down the following day.
Nvidia’s forecast that next quarter’s gross margins might fall short of analyst estimates could have contributed to this decline. In contrast, others believe the dip reflects investors’ unreasonably high expectations for Nvidia, which are becoming increasingly challenging to meet.
The question now is whether this decline signals that Nvidia has peaked and is entering a period of cooling off. Linear growth typically doesn’t continue forever, and Nvidia has had a historic run during the AI boom, supplying nearly 90% of the chips companies need to train and run their AI models.
Even Nvidia seems aware that its winning streak might be cooling off, as reflected in its forecast for the next quarter.
Amazon set to launch AI-powered Alexa
Amazon (NASDAQ: AMZN) is reportedly gearing up to launch an AI-enhanced version of its home assistant, Alexa.
The upgrade, expected in October, will include features such as AI-generated summaries of news articles tailored to users’ preferences.
It will also introduce voice recognition capabilities, allowing Alexa to differentiate between speakers and provide personalized experiences, such as finding recipes suited to individual tastes or tailoring shopping experiences to the user.
The AI-enhanced Alexa will only be available to subscribers of a new service, which would help offset the costs associated with Alexa. The device has allegedly contributed to Amazon’s devices department losing billions of dollars, as most Alexa users opt for the free version after purchasing the physical device.
While we’ve seen several companies attempt to create AI wearables, there haven’t been as many efforts to develop in-home AI assistants.
Due to their reliance on voice commands, existing home assistants have struggled to gain traction, often proving awkward to use. These devices tend to add more friction to users’ workflows rather than simplifying them.
However, if I had to guess, the lack of AI features probably isn’t the main reason these devices haven’t taken off, so I am doubtful that these new AI capabilities will be the boost products like Alexa, Google Home, or Apple’s Siri need to regain popularity.
OpenAI and Anthropic establish landmark AI safety partnership with US government
In a first-of-its-kind agreement, OpenAI and Anthropic have signed a deal with the U.S. Artificial Intelligence Safety Institute at the Department of Commerce’s National Institute of Standards and Technology (NIST).
This agreement grants the U.S. AI Safety Institute—which was established via President Biden’s executive order on AI—access to major new models from each company before their release.
Additionally, the companies will collaborate with the institute on research to evaluate AI models’ capabilities and safety risks and explore methods to mitigate those risks.
It wouldn’t be surprising to see more AI providers follow suit and partner with government entities. The government tends to scrutinize AI systems, particularly regarding their safety and potential societal risks. A partnership of this nature signals that the AI provider is at least attempting to make its systems safer and more secure.
These collaborations probably give AI companies some breathing room when releasing models that might otherwise face government scrutiny.
By addressing potential issues early in the process, thanks to early access and the other benefits that sometimes come with a government partnership, AI providers can save time, money, and trouble, allowing them to refine their models before launching them in a way less likely to lead to regulatory concerns.
In order for artificial intelligence (AI) to work right within the law and thrive in the face of growing challenges, it needs to integrate an enterprise blockchain system that ensures data input quality and ownership—allowing it to keep data safe while also guaranteeing the immutability of data
@ Newshounds News™
Source: CoinGeek
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Elon Musk Considers Dogecoin for Tesla Payments Again
▪️Elon Musk hinted at Dogecoin's return as a Tesla payment option.
▪️Judge dismissed a $258 billion lawsuit against Musk and Tesla.
▪️DOGE's price dropped over 2% in the last 24 hours.
Tesla CEO Elon Musk indicated the potential return of Dogecoin as a payment option for Tesla products. This statement came just two days after he and Tesla successfully dismissed a June 2022 lawsuit accusing them of defrauding investors through a Dogecoin pump-and-dump scheme.
On August 31, Musk responded affirmatively when asked if anyone else wanted Tesla to bring back Dogecoin as a payment option for products.
▪️What Is Happening on the Dogecoin Front?
▪️Details on the Matter
What Is Happening on the Dogecoin Front?
Tesla previously accepted Dogecoin for products in January 2022, but it is unclear if the company will reimplement this feature.
At that time, the company stated that only Dogecoin would be accepted and warned that other crypto assets sent to them would not be returned. However, the Dogecoin payment option later disappeared without any explanation.
Given Musk’s known support for Dogecoin, a return would not be surprising. Earlier this year, Tesla hinted at the possibility of accepting Dogecoin as a payment method. Musk has consistently expressed his fondness for DOGE and frequently influenced its price movements with his actions.
Musk’s defense of Dogecoin has also led to legal challenges. On August 29, Judge Alvin Hellerstein dismissed a $258 billion class-action lawsuit against the billionaire and his company.
The lawsuit accused Musk and Tesla of manipulating Dogecoin’s price and claimed that Musk used his influence, including his appearance on Saturday Night Live, to affect the token’s value.
Details on the Matter
Judge Hellerstein ruled that Musk’s statements about Dogecoin were enthusiastic and exaggerated rather than factual claims that could mislead investors. He concluded that no reasonable investor would rely on these statements and that the pump-and-dump allegations were unfounded:
“As for the alleged pump-and-dump scheme by Musk and Tesla, it is impossible to understand the plaintiffs’ claims of market manipulation, pump-and-dump scheme, breach of fiduciary duty involving insider trading, or state law claims.”
Despite these developments, DOGE’s price dropped by more than 2% in the last 24 hours to $0.099113 at the time of writing, according to Tradingview data. This decline reflects a broader market trend, with significant crypto assets like Bitcoin experiencing substantial losses during the reporting period.
@ Newshounds News™
Source: Coin-Turk
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