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Leaked iOS 18 Details Reveal Significant Siri Upgrade, Enhanced AI Capabilities

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New York's Legislature has passed the Stop Addictive Feeds Exploitation (SAFE) for Kids act, which prohibits social media platforms from using recommendation algorithms for users under 18. Instead, platforms will provide reverse-chronological feeds. The Act brands such feeds as damaging to children's mental health and obliges the attorney general to enforce regulations. Penalties for non-compliance can reach $5,000 per minor. The Act's fate lies with Governor Kathy Hochul. Despite legal challenges predicted, there's bipartisan backing for similar legislation at both state and federal levels.

💡 Insight: New York’s SAFE for Kids act, pending the governor’s signature, could drastically alter the social media landscape for minors by banning algorithmic content feeds. This approach prioritizes youth mental health but faces substantial First Amendment challenges, potentially reshaping tech companies' strategies nationwide.

Norway's sovereign wealth fund, Norges Bank Investment Management, will oppose Elon Musk's $44.9 billion compensation package at Tesla's upcoming annual meeting. Tesla chair Robyn Denholm warns that Musk may potentially resign if shareholders reject his pay. This situation has prompted concerns given Musk's significant influence in driving Tesla's future growth and innovation.

💡 Insight: Growing resistance to Musk's $44.9 billion pay package among major investors like Norges Bank Investment Management signifies potential instability in Tesla's leadership. Rejection could lead to Musk's resignation, amplifying concerns about Tesla’s future direction and market perception amidst increased competition, especially from cost-effective EV alternatives in key markets like China.

Elon’s bonus was predicated on Tesla's value increasing significantly for the payments to occur. Even though the bonus is enormous, Tesla's value increased substantially more, which has benefited all shareholders. The board likely signed the compensation packages because they thought the bonus triggers would never be met; now, when they have, they try to back out of it.

AI giants in California, including OpenAI, Anthropic, Cohere, and Meta are protesting a proposed state bill deemed 'Safe and Secure Innovation for Frontier Artificial Intelligence Systems Act.' This mandate seeks to introduce a strict safety framework for AI, including a 'kill switch' and prevents the development of potentially hazardous models. Critics argue the bill could stifle innovation and force AI startups out of the state, while supporters believe it's necessary to mitigate AI-related safety risks.

💡 Insight: The proposed Californian AI regulation risks creating an exodus of tech companies due to stringent compliance requirements, potentially stifling innovation and open-source development. While amendments aim to address some concerns, the broader impact could deter start-up growth and drive talent away.

The AI industry is in its infancy, and regulating too much this early will damage innovation long-term. If the Internet had been attacked by regulation to this degree at the start, it would not have developed into what it is today.

BRIEF

Nvidia, leading the current wave of generative AI, is focusing efforts on 'physical AI', capable of understanding physics and executing complex tasks, CEO Jensen Huang revealed. Nvidia's Isaac robot, used in numerous factories and warehouses, is spearheading this shift towards AI automation globally. Anticipating further advancements, the company announced plans for the release of the Blackwell Ultra chip in 2025, and an upgraded AI chip, Rubin, in 2026. The updates came as Nvidia reported a record-breaking $26 billion revenue, significantly surpassing Wall Street expectations.

Apple's iOS 18 upgrade will enable Siri to interact with almost all iOS apps and perform tasks such as opening ebooks, setting camera timers, managing folders and tags, and organizing albums, according to a leak presented by AppleInsider. In addition to these, the AI-related capabilities for Siri include summarizing and categorizing emails, transcribing and summarizing text notes, enhancing photos, and more. The leak provides the most detailed information about Siri's capabilities ahead of the WWDC 2024 event on June 10.

BlackRock recently valued its share in Indian edtech firm Byju's, once assessed at $22 billion, at zero. The revision comes after a challenging year for Bengaluru-based Byju's, previously India's most valued startup, which underperformed financial targets by over half and saw abrupt departures of its auditor and board members. Concurrent governance issues and a failed $1 billion fundraiser further contribute to Byju's challenges. Now, an additional $200 million funding raised this year faces legal dispute by key investors.

The U.S. economy outperformed previous job expectations last week leading to a mixed stock market performance, yet unemployment neared 4% for the first time since January 2022. While investors question the Federal Reserve's steady interest rates at 5.25%-5.50%, the European Central Bank and Bank of Canada have cut theirs.

Google chose a bench trial over a jury trial for its impending antitrust case this fall eyed by the Justice Department and eight states. Evading a potentially unpredictable jury verdict, Google deposited a $2.3 million check covering potential triple damage and interest, without admitting liability.

QUICK

Adobe Refutes Claims of Unethical User Content Scrutiny Amid Privacy Backlash - Adobe faced user backlash over its terms-of-use update with privacy concerns. Adobe's Chief Strategy Officer refuted claims, stating customer content isn't used for their AI model training.

LinkedIn Curbs EU Targeted Ads Amid Data Use Controversy - In response to a complaint lodged with the European Commission, LinkedIn will cease advertisers using group membership data for targeting users in the EU, despite debating its platform's indirect usage.

Amazon Facing £1bn Lawsuit by UK Retailers over Data Misuse Claims - Amazon is facing a £1bn lawsuit filed by the British Independent Retailers Association (BIRA), accusing the e-commerce giant of data misuse and unfair marketplace manipulation since October 2015.

Microsoft Unveils Disc-less White Xbox Series X, Matching Performance of Original - Microsoft announces a white, all-digital Xbox Series X, alongside plans for a 2TB "Galaxy Black" version and a 1TB white Xbox Series S. The release disputes the anticipated 'Brooklin' refresh.

Meta's Messenger Launches Large Scale Community Chats Like Discord - Meta has expanded Messenger with a feature for creating large community chats, similar to Discord, accommodating up to 5,000 users, unhinged from Facebook groups.

Meta Ordered to Face Lawsuit Over Fraudulent Chinese Ads - Meta is obliged to face a lawsuit claiming it solicited fraudulent ads from Chinese companies, a US appeals court ruled, overturning a previous dismissal citing Section 230 immunity.

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