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The week has proven to be quite the cliffhanger. New technologies came with problems, but innovation continued.
Also, regulatory frameworks are the focus of the AI discussion.
How things go from here depends on government and private sector cooperation.
Here are the headlines:
Google's AI search overview had several errors;
The EU was back again with its AI law;
Truecaller and Microsoft have personalized AI voices for interactions;
Tech firms (now) want to make AI movies in Hollywood;
French President Macron is optimistic about the emergence of AI;
And much more!
Of course, it's your Daily AI™!
The DWN AI Index™ Update
The DWN AI Index™ Update
On 5/23/24, the index remained positive with a +60.75-point change, at +2.25%, to close at 2755.37.
DWN/AI Index™ Individual Stock Closing Prices:
Amazon (AMZN) at $181.05,
Arista Networks (ANET) at $301.42,
C3.ai (AI) at $23.94,
CrowdStrike Holdings (CRWD) at $342.35,
Duolingo (DUOL) at $175.78,
iRhythm Technologies (IRTC) at $88.04,
Microsoft Corporation (MSFT) at $427.00,
NVIDIA Corporation (NVDA) at $1,037.99,
Palantir Technologies (PLTR) at $20.72,
Taiwan Semiconductor Manufacturing (TSM) at $157.09,
Alphabet, Inc. (GOOG) closed at $175.06, while Meta Platforms, Inc. (META) closed at $465.78.
Under the AI Hood
According to a May 24 Axios report, search engine giant Google's bold new AI overview integration experiment is going differently than planned. Users are complaining about several AI hallucinations, with overview results mistaking satire for facts.
Similarly, in a May 20 Decoder podcast interview, Google CEO Sundar Pichai iterated that search results in AI overviews have higher click-through rates.
Meta
Social media behemoth Meta unveiled Chameleon, a family of AI models that takes image generation to another level.
Chameleon can generate images from text prompts, answer questions, and more. Meta's Fundamental AI Research (FAIR) team developed the Chameleon, which answers prompts from within its (own) internal model rather than relying on outside models for functions.
In related news, in a May 22 Financial Times interview, Meta's AI chief, Yann LeCun, pointed out that LLMs are limited in their logic, hinting that AI models are less intelligent than humans.
The European Union (EU) Commission
Across the pond, in Europe, member states of the EU Council gave their (final) approval for the regional bloc's AI Act, the world's first regulatory legislation for the industry.
According to a CNBC May 21 report, the legislation allows the EU Commission to charge firms that break the law as much as €35 million/$38 million (approximately) or 7% of their global revenues (whichever amount is higher) in fines.
The broad-based law covers several domains (including education, finance, risky AI, and social scoring).
Industry Dive
Proxet Group Inc./Palantir Technologies Inc.
Massachusetts-based Proxet revealed its partnership with Palantir to provide its clients with AI Integrations and access to Palantir's expertise across several fields. Through the partnership, Proxet is (now) a preferred Palantir partner.
Truecaller/Microsoft
Caller identification firm Truecaller partnered with Microsoft to allow users to create an AI version of their voices to answer calls. The collaboration integrates Microsoft's Azure AI Speech with the Truecaller app, allowing AI-generated versions of recorded user voices to answer calls.
Additionally, the Truecaller AI Assistant screens calls and interacts with callers to identify critical issues, giving users the power to respond.
Precisely/Generali Real Estate
Across the pond in Europe, data-focused Precisely collaborated with Generali Real Estate to boost the real estate industry. The partnership integrates precise points of interest (POI) data with the Generali ecosystem, delivering (improved) property insights.
Everything Else
University of Copenhagen (Denmark)
Scientists at the University of Copenhagen's Department of Chemistry unveiled a tool that enhances the study of neurodegenerative-related diseases like dementia, Alzheimer's, and Parkinson's.
The tool tracks the proteins that cause the conditions, improving accuracy and reducing study times. The tool is also being used to study insulin-related illnesses and is available for free.
Alphabet/Meta
Tech giants continued to push the AI gospel. This time, Alphabet and Meta hit Tinsel Town with expressions of interest in creating AI-generated videos from studio libraries.
According to a May 24 Bloomberg report, the technology behemoths are talking to Hollywood Studios to grant them licensing for their content. Additionally, the firms are (reportedly) developing tools that can create scenes from text prompts.
Republic of France
In a recent CNBC interview, French President Emmanuel Macron highlighted AI's "good" and "bad" effects, indicating that the emergence of AI technologies will revolutionize the workplace.
Macron also iterated that the focus should shift to upskilling and retraining as AI technologies disrupt industries.
Additionally, he expressed his desire to see France lead the space.
Following the Money
HoneyNaps
Sleep tech-focused AI firm HoneyNaps announced a successful Series B funding round, raising $11.6 million. Several firms participated in the round, including QUAD Investment Management, Korea Industrial Bank, and Hi Investment Partners.
xAI
The Elon Musk-backed xAI raised about $6 billion from several heavyweights, including Tribe Capital, Andreessen Horowitz, Lightspeed Venture Partners, and Sequoia Capital. The latest investment drive values xAI at $18 billion (approximately).
The H Company
Across the pond, in Europe, the H Company completed its (huge) seed funding round, raising $220 million with a promise to bring action-oriented human-centric AI models to the fore. The round included Eric Schmidt, Amazon, Xavier Niel, Accel, UiPath, and Bpifrance.
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