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OpenAI's Advanced Voice Mode Ushers in Promising AI-Driven Future
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Kristoffer Lindström
August 19, 2024
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Hey there, folks!
We're back from our summer "break" and ready to dive into our daily tech brief. We've rounded up the top tech stories from the past 24 hours just for you. Enjoy!
/Kris
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TECH BRIEF
OpenAI has introduced an advanced voice mode (AVM) feature for its AI model, GPT-4o, as part of a limited alpha test. The AVM facilitates more natural and friendly interactions with AI, incorporating humor, impersonations and varying its tone depending on context. However, compared to rival features such as Siri, Alexa and Google's Gemini Live, AVM cannot yet perform tasks like setting reminders or benefiting from real-time web searches. Despite AVM's propensity to glitch, its engaging method of interaction represents a shift in how humans utilize and communicate with AI.
GenAI is expected to fuel a shift from services spend to software spend, significantly expanding the size of software markets and the equity value created. By making certain processes more cost-effective, GenAI could unlock new opportunities and expand use cases. As AI reduces costs and increases efficiency, consumption of software is anticipated to increase rather than decrease, causing a rise in the total market size. Moreover, the shift could create a compounding effect on equity valuations as spend moves from lower-multiple services to higher-multiple software categories.
Wipro's 'Pulse of Cloud' report states 54% of organizations identify AI as their primary cloud investment motivation. Companies are augmenting investments in hybrid (54%) and public (56%) clouds to prepare for an AI-driven future. The increasing need for AI support prompts bigger cloud investment decisions. On the cost front, utilization analysis and automation tools are leveraged by 54% of organizations for cloud cost management, with 59% adopting a unified cloud management strategy.
Publicly traded AI companies are traded at around double the forward multiple of non-AI firms, a trend mirrored in the private market where Series A startups raise 1.5-2x the post-money valuations of all software companies. AI businesses represent 30% of Series As in 2024, with major public AI entities like NVIDIA and Microsoft sparking initial market interest. Current trends suggest a parallel movement between the public and private markets with no notable kink in valuation curves.
ByteDance, the parent company of TikTok, is appealing a US ban on the platform, rejecting Department of Justice (DOJ) claims that the Chinese government can use the app's algorithm for propaganda, and that US users' personal data may be shared with China. The firm insists that TikTok's content recommendation engine and user data are US-based, and that US content moderation decisions are also made domestically. The appeal is currently being heard in court.
Google has begun its roll-out of the August 2024 core update targeting all types of content and rewarding beneficial web pages globally. Expected to significantly impact small and independent publishers, it also affects Google Discover and feature snippets. The four-week rollout takes into account feedback from creators, aiming to foster improvements and perpetually surface the best of the web.
Google has launched Imagen 3, its latest advanced AI image generator. The new model emphasizes safety with content filtering, text rendering improvements, and the addition of Google's SynthID digital watermark.
Palantir has expanded its partnership with Microsoft, aiming to enhance sales to defense and intelligence agencies. Despite potential to boost government sector growth, high valuation advises investment patience.
Google expands AI Overviews in Search, adding more detailed results and new link displays. Despite reducing referral traffic, Google has seen a rise in quality traffic and an increase in site diversity.
Nancy Pelosi, alongside top California leaders, opposes Senate Bill 1047 on AI, fearing it could stifle innovation and damage the U.S. AI ecosystem, despite intended consumer and IP protections.
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Revolut Skyrockets to $45B Valuation, Outpaces Traditional European Banks - Revolut, a UK fintech firm, has hit a $45 billion valuation following a secondary share sale, earning its title as Europe's most valuable private tech company. This achievement showcases Revolut's rapid growth and robust financial performance.
US Top Series A&B Investors Amplify Activity, Signaling Reviving Venture Market - In the first half of 2024, Andreessen Horowitz, General Catalyst, and Khosla Ventures proved to be the most active U.S. investors for Series A and B rounds. Investments were primarily focused on healthcare, biotech, and AI sectors.
Radical Ventures Unveils $800M Fund for Growth-Stage AI Startups - Radical Ventures has unveiled an $800 million growth fund specifically for AI-focused growth-stage startups, marking it as their largest AI fund yet, and boosting their total assets under management to $1.8 billion.
Google Admits Significant Search Ranking Bug Amid August 2024 Update - Google has identified a bug disturbing its Search rankings, unrelated to the August 2024 core update. The tech giant counsels disregarding current ranking changes until the issue is resolved.
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