AI Launches & Industry Updates 💎 AI Will Not Displace Humans Anytime Soon, Says MIT Study: A MIT study explored the potential impact of AI, particularly computer vision, on jobs involving visual analysis. The findings suggest that only 23% of wages in these jobs are cost-effective to automate with current AI. Job displacement is expected to be gradual, taking decades to significantly affect employment levels, contrary to some earlier predictions. 💎 Voice Cloning Startup ElevenLabs Raises $80 Million, Achieves Unicorn Status: ElevenLabs, a voice AI startup, secured $80 million in Series B funding, reaching a $1 billion valuation. Their tech creates realistic voices from text or samples, targeting audiobooks, dubbing, and gaming. While investors highlight its potential, ethical and legal concerns persist regarding voice cloning. 💎 Samsung Introduces New AI Features in Galaxy Phones: Samsung's Galaxy S24 smartphones now offer AI translation features with up to 13 languages. Users can call, text, and translate live audio and text using Google's Gemini AI model, ensuring private and secure on-device translations, aiding international communication and travelers. 💎 AI Graphic Design Startup Recraft Raises $12 Million: London's Recraft, an AI graphic design startup, secures $12 million in Series A funding, led by Khosla Ventures and Nat Friedman. Their platform helps brands create visuals from text prompts. With 300,000 users, Recraft aims to develop its own graphic design foundation model, potentially reducing the need for designers as the global design AI market is expected to reach $7.75 billion by 2032. 💎 OpenAI CEO Looking to Establish Own AI Chip Factories: OpenAI CEO Sam Altman is seeking billions in investment, including $8 billion from G42, to establish his own AI-specific ASIC factories due to concerns about semiconductor foundries' ability to meet future AI chip demand. This move aims to secure OpenAI's access to specialized AI processors and promote industry self-reliance in chip design and manufacturing. 💎 Meta CEO Mark Zuckerberg Enters Race to Build AGI: Meta CEO Mark Zuckerberg aims to develop artificial general intelligence (AGI), bolstered by 600,000 GPUs by 2024. He plans to integrate AGI into Meta apps and share models openly, though closure is an option if safety or strategic concerns arise in the pursuit of superhuman intelligence. AI in Education 💎 OpenAI Signs Deal with Arizona State University: OpenAI signed a deal with Arizona State University to bring its ChatGPT AI chatbot to ASU researchers, staff and faculty. This indicates shifting views on using AI in education as the technology advances. AI has potential benefits for helping students but concerns about plagiarism linger largely unaddressed. 💎 Microsoft Makes AI-Powered Reading Coach Freely Available: Microsoft offers free access to its AI-based Reading Coach for users with Microsoft accounts. The tool offers personalized reading practice with features like text-to-speech, but experts emphasize the irreplaceable role of teachers in assessing comprehension. AI in Healthcare 💎 AI to Save Asia-Pacific Healthcare $100 Billion Annually by 2025: IDC predicts generative AI will save 10% of clinician time in Asia-Pacific (excluding Japan) by 2025, leading to $100 billion in healthcare savings. By 2027, half of healthcare organizations will double AI investments for personalized care. Other forecasts include 30% adopting virtualized work models by 2025 and 60% emphasizing "techquity" partnerships to bridge digital divides. IDC anticipates the next five years shaping a patient-centric, AI-driven healthcare future in the region. 💎 WHO Releases Guidance on Ensuring Ethics of Powerful AI Models: The WHO releases guidelines for Large Multi-Modal Models (LMMs) in healthcare, highlighting their potential and risks. Over 40 recommendations address responsible development, oversight, and equitable use, emphasizing diversity and safety to protect users and promote health equity. AI in Finance 💎 Survey Finds Majority of Finance Leaders Believe AI Will Boost Productivity: A survey by OneStream found 80% of financial decision-makers believe AI will increase productivity in finance departments within five years. AI streamlines data management and improves forecasting, despite challenges like training and data privacy. Finance leaders see AI as a key part of their operations. 💎 Singapore Fintech Startup Secures Series A Funding to Automate Accounting: Singapore-based AI accounting startup Bluesheets secured $6.5 million in a Series A round led by Illuminate Financial Management, with support from Antler. Bluesheets, founded in 2020, uses ML to simplify financial workflows for businesses, serving 10,000+ customers globally. Despite generating $180,000 in revenue last year, the company incurred $2.39 million in losses while expanding its platform. AI in Supply Chain Management 💎 AI and Supply Chain Changes Top Priorities for Apparel Brands in 2024: A survey of 250 apparel and fashion executives reveals that top tech priorities include using AI for marketing and financial forecasting. Many plan to increase onshoring and invest in automation, while also opening and closing stores to focus on smaller formats. |