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OpenAI Initiates Training On Next-Gen AI Model, Establishes Safety Committee

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OpenAI has started developing a new flagship artificial intelligence (AI) model to succeed GPT-4 that powers its online chatbot, ChatGPT. Concurrently, OpenAI announced the formation of a Safety and Security Committee to handle risks associated with future technologies. This dual initiative reflects OpenAI's commitment to both advancing AI capabilities and maintaining rigorous safety standards. The timeline for the new model's arrival is estimated around nine months to a year.

đź’ˇ Insight: OpenAI's move to train a new flagship AI model underscores its aggressive push toward artificial general intelligence (AGI). The creation of a Safety and Security Committee signifies a proactive step to address rising critiques and regulatory scrutiny over AI's ethical and societal impact. Their balancing act between innovation and responsibility will be crucial as competition intensifies with industry titans like Google and Microsoft.

Amazon Web Services (AWS) is negotiating an investment of billions of euros in Italy, following a €15.7B spending strategy in Spain. This potential investment is part of AWS's broader European expansion and could involve enlarging its existing Milan site or building a new one. The company's first localized cloud region in Italy was launched in 2020 with a €2B investment plan running until 2029. AWS's global cloud infrastructure spending spiked by 21% YoY in Q1 2024, driven by enterprises' growing needs for Artificial Intelligence (AI) services. AWS led the market share, reporting a 17% sales growth during the quarter.

💡 Insight: AWS's potential investment in Italy underscores its aggressive…

YouTube has expanded its Playables gaming program to all users, offering over 75 games, including mobile titles such as Angry Birds Showdown! and Cut the Rope. Initially available only to YouTube Premium subscribers, this move follows the trend of tech companies using casual games to attract and retain subscribers. The gaming initiative advancement comes despite parent company Google's failed foray into the sector with Google Stadia, which was shut down in 2023.

💡 Insight: YouTube's expansion into casual gaming with Playables signifies…

PayPal is developing an ad network leveraging customer transaction data from itself and Venmo. It will be spearheaded by former Uber Advertising VP, Mark Grether, and will collect data from its card users by default with an opt-out option. The platform, in its initial phase, aims to assist merchants in effectively selling more products and services while making product recommendations for customers.

💡 Insight: PayPal's entry into ad networks leveraging Venmo data indicates a strategic…

BRIEF

Fintech firm Klarna is deploying generative AI to operate marketing campaigns, resulting in annual savings of approximately $10 million. The implementation of AI reduced the company's Q1 sales and marketing expenses by 11%, with AI accounting for 37% of the savings. Utilizing tools like Midjourney, DALL-E, and Firefly, Klarna has minimized image production costs by $6 million.

HubSpot's shares saw a 9% increase following reports of a potential all-stock acquisition by Alphabet, Google's parent company. Alphabet's potential purchase, its largest to date, would surpass its $12.5 billion acquisition of Motorola Mobility in 2011. This move could potentially enhance Google's cloud revenue by providing marketing technology and customer relationship management tools to its customers.

AI expert Jan Leike, previously with OpenAI, has joined its competitor Anthropic to initiate a new "superalignment" team. The team aims to enhance AI safety, focusing on scalable oversight, broad generalization, and automated alignment research. Existing Anthropic researchers working on scalable oversight will move under Leike's supervision as the team develops.

Cybersecurity startup, Wiz, has secured $1 billion in funding, earning an impressive $12 billion valuation. CEO Assaf Rappaport suggested a potential IPO, citing strong financial footing and market readiness. Approximately 40% of Fortune 100 companies make up Wiz's client base, indicating a promising position for future expansion.

Robinhood Markets Inc. plans to repurchase up to $1 billion of its shares as its business and cash flow continue to grow. The retail brokerage anticipates the buyback program, approved by its board, to begin in Q3 and span two to three years.

QUICK

Transcend Secures $40m Series B Funding for Privacy, AI Governance Suite Expansion - Transcend raised $40m in Series B funding for enhancing its data privacy platform. The company plans to transform enterprise privacy management with focus on AI governance and privacy lifecycle.

Google Announces AI-Driven Features for Chromebook Plus, Unveils New Models - Enhancements to Google's Chromebook Plus, incorporating AI features like writing tools and a Gemini chatbot, were revealed. New devices offer Google's One AI premium plan and accessibility to Gemini Advanced. Google also exhibited six new Chromebooks from HP, Acer, and Asus.

LumApps Nets $650M Investment, Eyes AI-Powered Assistant Development - LumApps, a French intranet superapp startup, received a $650M investment from Bridgepoint, raising its valuation to $2.5B. The funds will aid LumApps' expansion, acquisitions, and development of an AI-powered assistant.

Microsoft Adds AI Copilot Bot to Messaging App Telegram - Microsoft is beta testing its official Copilot bot in Telegram, offering AI-led assistance, albeit with some limitations. This is part of Microsoft's continued expansion of its Copilot offerings.

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