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Employee benefits startup Kota has raised $5.3 million in a seed round led by Swedish investor EQT Ventures. Kota helps businesses and employees track their enrollment and contributions through integrations with benefits providers. "Europe is very fragmented with lots of different pension and insurance plans making it hard for small companies to offer benefits because it's expensive and often very manual." Kota's seed round was led by EQT Ventures with participation from existing investors Northzone and Frontline Ventures. Check out Kota's 11-slide seed funding pitch deck below:
Persons: Luke Mackey, Kota, Mackey, Van Der Voort, Romain Huet, EQT Organizations: EQT Ventures, Irish, Frontline Ventures Locations: Swedish, Europe, Kota
The letter, issued a week before the international AI Safety Summit in London, lists measures that governments and companies should take to address AI risks. Currently there are no broad-based regulations focusing on AI safety, and the first set of legislations by the European Union is yet to become law as lawmakers are yet to agree on several issues. "It (investments in AI safety) needs to happen fast, because AI is progressing much faster than the precautions taken," he said. Since the launch of OpenAI's generative AI models, top academics and prominent CEOs such as Elon Musk have warned about the risks on AI, including calling for a six-month pause in developing powerful AI systems. "There are more regulations on sandwich shops than there are on AI companies."
Persons: Dado Ruvic, Yoshua Bengio, Geoffrey Hinton, Andrew Yao, Daniel Kahneman, Dawn Song, Yuval Noah Harari, Elon Musk, Stuart Russell, Supantha Mukherjee, Miral Organizations: REUTERS, Rights, Safety, European, Elon, Thomson Locations: Rights STOCKHOLM, London, European Union, British, Stockholm
The company commands a dominant position in the market for chips used in AI model training. But the question that still lingers in our minds is whether that growth can be substantial enough to meet the lofty, multiyear expectations that became baked into Nvidia's stock price in recent months. Based on the Reuters report, the potential boost to revenue wouldn't arrive for more than a year, and it's unclear what Nvidia's market share would look like then. Another reason for tempered enthusiasm: The gross margins on PC CPUs are typically smaller than Nvidia's data-center chips, a market in which the company has pricing power. Bottom line Nvidia's potential foray in PC CPUs is a development that we'll continue to monitor, but it doesn't put to rest longer-term questions around China.
Persons: Jim Cramer, Jim, Biden, Washington's, Grace Hopper superchip, it's, doesn't, Jim Cramer's, Tyrone Siu Organizations: Nvidia, of Commerce, Reuters, Microsoft, Arm Holdings, Intel, Devices, AMD, Bank of America, Apple, Qualcomm, CNBC, Nvidia Corporation Locations: China, Silicon Valley, U.S, Taipei, Taiwan
NEW YORK (AP) — The already-alarming proliferation of child sexual abuse images on the internet could become much worse if something is not done to put controls on artificial intelligence tools that generate deepfake photos, a watchdog agency warned on Tuesday. In a written report, The U.K.-based Internet Watch Foundation urges governments and technology providers to act quickly before a flood of AI-generated images of child sexual abuse overwhelms law enforcement investigators and vastly expands the pool of potential victims. If it isn’t stopped, the flood of deepfake child sexual abuse images could bog investigators down trying to rescue children who turn out to be virtual characters. “That is just incredibly shocking.”Sexton said his charity organization, which is focused on combating online child sexual abuse, first began fielding reports about abusive AI-generated imagery earlier this year. It particularly targets the European Union, where there's a debate over surveillance measures that could automatically scan messaging apps for suspected images of child sexual abuse even if the images are not previously known to law enforcement.
Persons: “ We're, , Dan Sexton, , isn’t, Sexton, who’ve, , ” Sexton, they're, David Thiel, Kamala Harris, Susie Hargreaves, ” ___ O'Brien, Barbara Ortutay, Kim Organizations: Internet Watch Foundation, Court, IWF, European Union, Technology, Stanford Internet Observatory, U.S, Associated Press Locations: South Korea, Busan, Spain, London, Providence , Rhode Island, Oakland , California, Seoul
Microsoft's chief financial officer Amy Hood said on a conference call with analysts that higher-than-expected AI consumption was responsible for a 3 percentage point boost to its cloud business. Alphabet has prioritized snaring AI startups as customers for its cloud division, while Microsoft has relied on its existing relationships to secure larger customers. Azure revenue rose 29%, higher than a 26.2% growth estimate from market research firm Visible Alpha. RBC Capital Markets has previously estimated that Microsoft will clock over $3 billion in revenue from generative AI offerings this fiscal year. Quite surprising to see strong growth reacceleration in the Azure Cloud segment, which is clearly driven by AI-as-a-service related demand," said Global X analyst Tejas Dessai.
Persons: Microsoft's, Bob O'Donnell, Bing, Bard, Amy Hood, Krishna Chintalapalli, capex, Akash Sriram, Anna Tong, Max Cherney, Yuvraj Malik, Greg Bensinger, Stephen Nellis, Sayantani Ghosh, Sonali Paul Organizations: Microsoft, Wall, Microsoft's, TECHnalysis, Parnassus Investments, DAZZLES, Alpha, RBC Capital Markets, Reuters Graphics Microsoft, Tejas Dessai, AWS, Thomson Locations: Bengaluru, Anna, San Francisco
Alphabet to report third-quarter earnings after the bell
  + stars: | 2023-10-24 | by ( Jennifer Elias | ) www.cnbc.com   time to read: +3 min
Alphabet is set to report third-quarter earnings after the bell Tuesday. During the third quarter, Google made focused layoffs in various business organizations within the company. In the latest quarter, Google reshuffled its smart assistant that included layoffs as part of an effort to "supercharge" products with AI. Earlier this month, product managers and designers for Google's ChatGPT competitor Bard were reportedly skeptical about the tool's helpfulness. Along with the changes in its business, Google has seen a dramatic shake-up in its upper ranks.
Persons: StreetAccount, it's, Sergey Brin, Google's, hyping, Bard, Ruth Porat, CNBC she'll, Eddy, Apple's, iPhones Organizations: LSEG, Google, TikTok, CNBC, Department of Justice Locations: Zurich, Switzerland
The new silicon includes Qualcomm's X Elite chip for PCs and laptops and the Snapdragon Series 8 Gen 3 for high-end Android phones. The speed at which a smartphone chip processes AI models could represent a new feature battleground between high-end Android phones from companies such as Asus, Sony and OnePlus versus Apple's iPhones, which are also getting new AI features on an annual basis. Now, Qualcomm said, its smartphone chip can handle the bigger AI models used in generative AI — as many as 10 billion parameters. That's still less than some of the biggest AI models, such as OpenAI's GPT3, which has about 175 billion parameters. Qualcomm executives said these kinds of AI models can run on devices if the chips are fast enough and equipped with enough memory.
Persons: Cristiano Amon, Steve Marcus, ChatGPT, Apple's, Alex Katouzian, Qualcomm's, Katouzian Organizations: Qualcomm, Asus, Sony, Microsoft, Snapdragon, OnePlus, Elite Locations: Las Vegas , Nevada, U.S
Big Tech earnings This week is less about reading between the lines/through results, and contextualizing management comments, but rather it's about the market itself. AI - AI - AI! The options market is implying an earnings related move of 4.7%. Our options market sentiment score for GOOG/GOOGL is 80th percentile - which one may think of like a score/grade, so a B- in terms of options sentiment. Call open interest is 15% higher than put open interest, our options market sentiment score is 83% so B/B- territory.
Persons: ChatGPT, Bing, it's, AMZN, Mark Zuckerberg's, Zuckerberg, one's Organizations: Cambridge, JPMorgan Chase, Citigroup, Bank of America, BlackRock, Goldman, Equity, Big Tech, Microsoft, Apple, Nvidia, Inc, Investors, YouTube, Amazon, Google, Gaming, Activision, Logistics, Federal Express, CNBC, ExxonMobil, Chevron, Visa, Mastercard, Merck, Co Locations: financials, Wells Fargo
Insider Today: You should buy a house now
  + stars: | 2023-10-23 | by ( Dan Defrancesco | ) www.businessinsider.com   time to read: +6 min
AdvertisementAdvertisementIn today's big story, we're looking at why it's a good time to buy a house. RichLegg/Getty ImagesIt's a pretty terrible time to buy a house these days, which is why it's a good time to buy a house. AdvertisementAdvertisementInsider's Jennifer Sor detailed why it's a good time to buy a house. Part of the issue is that mortgage rates won't magically drop overnight. The Insider Today team: Dan DeFrancesco, senior editor and anchor, in New York City.
Persons: OpenAI's Sam Altman, Jennifer Sor, Jacob Zinkula, they're, that's, Gen Zers, who's, it's, Doug Haynes, Haynes, Steve Cohen's Point72, Leon Cooperman isn't, Arantza Pena Popo, carmakers, EVs, Tyler Le, Satya Nadella, Mathias Döpfner, Axel Springer, Jensen Huang, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: FBI, RichLegg, Norias Research, Investments, Ameriprise, Insurance, Microsoft, Activision Blizzard, Nvidia, ZTE Corp, Philips, NBA Locations: West Palm Beach, Fla, Tokyo, Oklahoma City, New York City, San Diego, London, New York
Jim Cramer has some simple advice for investors trying to make sense of the latest Apple (AAPL) news going into next week's earnings: Don't panic. State media Global Times reported on Sunday that Chinese authorities are investigating key Apple supplier Foxconn. It's just the latest in a string of negative headlines for the tech giant in China, its third-biggest market. However, Apple stock was still nearly 9% below its Sept. 5 close, the day before the Journal report. Instead of trading on speculation, however, we will listen to what management says about Apple's AI efforts during next week's earnings call.
Persons: Jim Cramer, It's, Jeff Marks, Terry Gou, Foxconn, Apple, Jim, Jefferies, Jim Cramer's, Alexi Rosenfeld Organizations: Apple, Global Times, Bloomberg, Beijing, Journal, Huawei, U.S, Microsoft, Club, CNBC, Getty Locations: China, Taiwan, Washington, Americas, Europe, India, New York City
The draft AI rules have to be agreed by the European Parliament and European Union member states. A fourth trilogue meeting will be held on Tuesday, a day after EU lawmakers are scheduled to discuss their negotiating stance around foundation models and high-risk AI systems, sources said. Discussions could then be further de-railed by the European parliament elections in June. The EU started working on the draft AI Act in 2021. In May this year, the European parliament agreed on draft legislation including new rules around the use of facial recognition, biometric surveillance, and other AI applications.
Persons: Dado Ruvic, Thierry Breton, Dragoș Tudorache, Brando Benifei, Supantha Mukherjee, Foo Yun Chee, Matt Scuffham, Mike Harrison Organizations: REUTERS, Rights, European Union, Reuters, EU, Thomson Locations: Rights STOCKHOLM, BRUSSELS, trilogues, Spain, Stockholm, Brussels
Apple is on track to spend $1 billion per year on developing its generative artificial intelligence products, Bloomberg reported. The spending comes as the company plays catch-up to some competitors who have already debuted new AI products and features, such as Google , Microsoft and Amazon , according to the report Sunday. Apple uses AI in its products but hasn't launched a generative AI product along the lines of OpenAI's ChatGPT or Google Bard. For the latter, Apple would use AI to create auto-generated playlists like Spotify does via its partnership with OpenAI. The company is also exploring using AI in Xcode to assist app developers, according to the report.
Persons: Tim Cook, hasn't, Google Bard, Apple GPT, Siri, John Giannandrea, Craig Federighi, Eddy, wasn't Organizations: Apple, Bloomberg, Google, Microsoft, Amazon, Ajax, OpenAI
Since the AI boom began, Apple has been quieter about incorporating the new technology than its peers. To catch up, the company is planning updates to Siri that incorporate AI. His employees are reworking a "smarter " Siri that uses them, per Bloomberg. AdvertisementAdvertisementBut Apple's lag doesn't mean they haven't been thinking of AI before this year: "We've been doing research across a wide range of AI technologies, including generative AI, for years," Cook told Reuters in August. AdvertisementAdvertisementAnd to be sure, while Apple's AI push may have been muted, it is predominantly a hardware company.
Persons: Siri, , John Giannandrea, Craig Federighi —, Per Forbes, hasn't, Apple, it's, Tim Cook, We've, Cook Organizations: Apple, Bloomberg, Service, Meta, Microsoft, Google, Worldwide, Reuters, Ajax —, Ajax
Just like the cloud transformed every software category, we think AI is one such transformational shift. Therefore, this notion of Copilots that we're introducing is really going to be revolutionary in terms of driving productivity and communication. Milton Friedman once famously said: "the business of business is business." One is, is the business of business just business? So, I think AI can actually be very helpful in many ways to be a little more empathetic and more understanding of the world.
Persons: Satya Nadella, Axel Springer's, OpenAI, Nadella, Axel Springer, , Mathias Döpfner, Pankaj Nangia, Steve Ballmer, Steve, I've, It's, I'd, Herbert Simon, Karl Marx, Lakshmi, Hayek, Marx, Justin Sullivan, Carol Dweck, they're, Vuk Valcic, That's, it's, you've, Jae, Copilot, Jeff Bezos, I'm, We've, Milton Friedman, Elon Musk, we've, Lina Khan, Sam Altman, Sam, Tomohiro Ohsumi, Bard, Bing, Mathias, wouldn't, Picasso, Jakub Porzycki, Mustafa Suleyman, We'll Organizations: Service, Microsoft, Olympic, Australia, Getty, Activision Blizzard, Gaming, AP, Windows, Linux, Children's Hospital, University of Wisconsin, Associated Press, Google Locations: Berlin, India, Hyderabad, Seattle, United States, Milwaukee, American, China, derisking, DC, Beijing, Europe, GitHub, British
Google's Philip Moyer told Insider that generative AI will boost job satisfaction. He said AI tools are cutting out tedious work and that workers are now "waiting for it to show up." Some fear AI could lead to job losses, with Goldman Sachs saying 300 million jobs could be impacted. Philip Moyer, vice president of Google Cloud's global AI business, told Insider that rather than taking workers' jobs, generative AI tools like ChatGPT and Bard will likely boost job satisfaction and help employees be more productive. However, it has faced questions over the accuracy of generative AI tools such as its Bard chatbot, which like its rival ChatGPT is prone to "hallucinating" wildly false information .
Persons: Google's Philip Moyer, Goldman Sachs, , Philip Moyer, Bard, Netzer, you've, Moyer, ChatGPT Organizations: Service, Google, National Bureau of Economic Research, Columbia University, Microsoft
Recruiters told Insider they caught candidates using the AI chatbot to write cover letters and answer questions. AdvertisementAdvertisementKnowing how to use OpenAI's ChatGPT could potentially help you land your next job — unless you trust the AI chatbot to apply for roles for you, recruiters told Insider. Shapiro admits that using ChatGPT can be "great' in helping applicants "brainstorm verbs" and reframe language that can "bring a level of polish to their applications." AdvertisementAdvertisementA "really bad practice"If used improperly, ChatGPT can actually stop a job applicant from moving forward in the hiring process. AdvertisementAdvertisementThe human touch may be what stops job candidates from getting replaced by AI.
Persons: , ChatGPT, they've, Alex Shapiro, she's, Shapiro, Jasper, shouldn't, Coronini, he's, Lindsey Duran, Chris Foltz, Duran, Nvidia's Duran, Ashley Couto Organizations: Service, Nvidia, National Bureau of Economic Research, IBM Locations: Jasper
But, like us, Wall Street analysts have not waivered in their buy recommendations on Nvidia, despite acknowledging the semiconductor giant's opportunity in China may be diminished long term. Morgan Stanley left its Nvidia earnings estimates unchanged but adjusted the premium it expects investors to pay for those future earnings. All three firms maintained buy-equivalent ratings on Nvidia stock. The tougher export rules announced Tuesday specifically hit a pair of Nvidia AI chips designed to comply with Washington's initial restrictions last year. The A800 and H800 have slower data-transfer speeds than the cutting-edge AI chips Nvidia sells to U.S. technology firms, such as fellow Club holdings Microsoft (MSFT) and Oracle (ORCL).
Persons: Morgan Stanley, , KeyBanc, Piper, Jim Cramer's, Jim Cramer, Jim, Tyrone Siu Organizations: Nvidia, Wall Street, Club, NVIDIA, Citigroup, Microsoft, Oracle, ., Nvidia —, CNBC, Nvidia Corporation Locations: China, San Francisco, U.S, Taipei, Taiwan
More than 100 mayors attended Bloomberg CityLab's Mayors Innovation Studio to learn about using artificial intelligence in city government. James Anderson, head of government innovation programs at Bloomberg Philanthropies, introduces mayors to the Mayors Innovation Studio on AI. The focus of Wednesday's session was primarily on how generative AI may streamline processes for cities or offer new insights to make them safer or more efficient. More than 100 mayors attended Bloomberg CityLab's Mayors Innovation Studio to learn about using artificial intelligence in city government. The event sought to give mayors a starting point for how to think about implementing generative AI into their processes.
Persons: Bloomberg Philanthropies, they're, James Anderson, Anderson, Mitch Weiss, Weiss, ChatGPT, chatbot, they've, Breda, Santiago Garces, Garces, Tim Kelly, Kelly, Andrew Ginther, Ginther, we're, Breed Organizations: Bloomberg CityLab's, Innovation, Bloomberg, Congress, Harvard Business School, Boston, CNBC, Center for Government Excellence, Johns Hopkins University, AI, San Francisco Mayor London Breed, YouTube Locations: Washington ,, Washington, Boston, New York City, York, Buenos Aires, Argentina, Chattanooga , Tennessee, Columbus , Ohio, coders, India
Meta's chief AI scientist Yann LeCun said that superintelligent AI is unlikely to wipe out humanity. He told the Financial Times that current AI models are less intelligent than a cat. AI CEOs signed a letter in May warning that superintelligent AI could pose an "extinction risk." AdvertisementAdvertisementFears that AI could wipe out the human race are "preposterous" and based more on science fiction than reality, Meta's chief AI scientist has said. However, LeCun told the Financial Times that many AI companies had been "consistently over-optimistic" over how close current generative models were to AGI, and that fears over AI extinction were overblown as a result.
Persons: Yann LeCun, , Albert Einstein, Sam Altman, Demis Hassabis, Dario Amodei, OpenAI's, LeCun, They're, Meta Organizations: Financial Times, Service, Intelligence, Microsoft
Huawei's Ascend AI chips are comparable to Nvidia's in terms of raw computing power, analysts and some AI firms such as China's iFlyTek (002230.SZ) say, but they still lag behind in performance. "This U.S. move, in my opinion, is actually giving Huawei's Ascend chips a huge gift," Jiang said in a post on his social media Weibo account. Huawei and Nvidia did not immediately respond to Reuters' requests for comment. Huawei's partners in China so far include iFlyTek, a leading Chinese AI software company which is using the Ascend 910 to train its AI models. Other partners include state-owned software firms Tsinghua Tongfang and Digital China.
Persons: Benoit Tessier, Jiang Yifan, Jiang, CANN, Woz Ahmed, Ahmed, Meng Wanzhou, IFlyTek, Jiang Tao, Charlie Chai, 86Research, Xi Jinping, Chai, Josh Ye, Brenda Goh Organizations: Huawei Technologies, Viva Technology, Porte de, REUTERS, Nvidia, Huawei, Securities, Tsinghua, Digital, Thomson Locations: Porte, Paris, France, HONG KONG, China, United States, U.S, Digital China
Those summaries appear on the top of the Google search homepage, with links to “dig deeper,” according to Google’s overview of SGE. Most significantly, publishers want to be compensated for the content on which Google and other AI companies train their AI tools – a major sticking point around AI. In late September Google announced a new tool, called Google-Extended, that gives publishers the option to block their content from being used by Google to train its AI models. Publishers want clicks to secure advertisers, and showing up in Google search is key to their business. When given the option, websites are blocking their content from being used for AI if doing so doesn’t impact search, according to exclusive data from AI content detector Originality.ai.
Persons: Annegret, Jon Fosse ”, , Japan –, , Danielle Coffey, Forrester, Nikhil Lai, , Helen Coster, Kenneth Li, Claudia Parsons Organizations: Google, Arena, REUTERS, NPR, The New York Times, Reuters, News Media Alliance, Washington Post, Thomson Locations: Berlin, Germany, United States, India, Japan, Paris, SGE
OpenAI is looking to sell shares at a sky-high valuation
  + stars: | 2023-10-19 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOpenAI is looking to sell shares at a sky-high valuationCNBC's Deirdre Bosa joins 'Power Lunch' to discuss OpenAI's high valuation as the company is reportedly in talks to sell its employee shares.
Persons: Deirdre Bosa
A view of a Nvidia logo at their headquarters in Taipei, Taiwan May 31, 2023. U.S. officials asked for input in devising a "tamperproof" way to keep systems that might contain up to 256 AI chips from being strung together into a supercomputer. The other primary gift that U.S. officials gave Nvidia, Intel and AMD was hobbling their most capable Chinese competitors. New rules will make it nearly impossible for Moore Threads and Biren, two well-funded Chinese startups founded by Nvidia veterans, to have their designs manufactured using cutting-edge chipmaking technology. That means whatever Nvidia is able to sell to China will likely be Chinese buyers' best legal option.
Persons: Ann Wang, ChatGPT, Thomas Krueger, They're, Moore, Piper Sandler, Dan Hutcheson, Japan's, Clete Willems, Akin Gump, Gregory Allen, David Kanter, Stephen Nellis, Max A, Kenneth Li, Jamie Freed Organizations: REUTERS, FRANCISCO, Biden, Nvidia, Intel, Devices, U.S . Bureau of Industry and Security, U.S . National Security Council, BIS, AMD, Japan's Nikon, U.S, Center for Strategic, International Studies, Real, Thomson Locations: Taipei, Taiwan, China, U.S, Netherlands, Japan, San Francisco
AI (Artificial Intelligence) letters are placed on computer motherboard in this illustration taken June 23, 2023. “It is clear over the last three years that transparency is on the decline while capability is going through the roof," said Stanford professor Percy Liang, a researcher behind the Foundation Model Transparency Index. Foundation models are AI systems trained on massive datasets that can perform a variety of tasks from writing to coding. The index’s authors hope that the report will encourage companies to increase their foundation model transparency, and also serve as a starting point for governments grappling with how to regulate the burgeoning field. The index is a project from the Stanford Institute for Human-Centered Artificial Intelligence’s Center for Research on Foundation Models.
Persons: Dado Ruvic, Percy Liang, Amazon’s, OpenAI’s, Anna Tong, David Gregorio Our Organizations: REUTERS, Stanford University, Google, Stanford, Microsoft, Stanford Institute for, for Research, Thomson Locations: San Francisco
Universal Music has sued artificial intelligence startup Anthropic over "systematic and widespread infringement of their copyrighted song lyrics," per a filing Wednesday in a Tennessee federal court. One example from the lawsuit: When a user asks Anthropic's AI chatbot Claude about the lyrics to the song "Roar" by Katy Perry, it generates an "almost identical copy of those lyrics," violating the rights of Concord, the copyright owner, per the filing. The lawsuit also named Gloria Gaynor's "I Will Survive" as an example of Anthropic's alleged copyright infringement, as Universal owns the rights to its lyrics. Anthropic was founded in 2021 by former OpenAI research executives and funded by companies including Google , Salesforce and Zoom. "We have been focused on businesses, on making Claude as robustly safe as possible," Daniela Amodei, co-founder and president of Anthropic, told CNBC in a July interview.
Persons: Katy Perry, Claude, Gloria Gaynor's, Anthropic's, Anthropic, Kamala Harris, OpenAI's, Daniela Amodei Organizations: Pepsi, University of Phoenix, Farm, Universal Music, Universal, Google, White, Microsoft, CNBC Locations: Glendale , Arizona, Tennessee, Concord, ABKCO
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