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Industry competition continued to increase innovation. That said, human-oriented roles continued to be augmented by their AI counterparts.
Here are the headlines:
Google continued to be in the driver's seat;
Open AI wants to go after search engines ;
Amazon is (allegedly) mulling AI hardware manufacturing;
Plus, Cisco's new firewall is fully automated ;
Also, we covered a few new terms that will make you rethink your overreliance on AI systems (read on to find out);
And much more!
Of course, it's your Daily AI™!
The DWN AI Index™ Update
On 7/25/24, the index continued to slide with a -43.95-point change, at -1.56%, to close at 2766.31.
DWN/AI Index™ Individual Stock Closing Prices:
Amazon (AMZN) at $179.85,
Arista Networks (ANET) at $314.12,
C3.ai (AI) at $26.84,
CrowdStrike Holdings (CRWD) at $254.15,
Duolingo (DUOL) at $168.31,
iRhythm Technologies (IRTC) at $94.93,
Microsoft Corporation (MSFT) at $418.40,
NVIDIA Corporation (NVDA) at $112.28,
Palantir Technologies (PLTR) at $26.63,
Taiwan Semiconductor Manufacturing (TSM) at $160.28,
Meta Platforms, Inc. (META) closed at $453.41, while Alphabet Inc. (GOOG) closed at $169.16.
Under the AI Hood
Industry leader Google made headlines this week on several fronts. The first of these was the announcement of the launch of its Gemini 1.5 Flash AI model. The integration improves the quality and speed of responses.
According to a July 25 revelation from DeepMind, its AlphaProof, and AlphaGeometry 2 models solved four of the six problems in the 2024 International Mathematical Olympiad. Complicated mathematical problems have always given AI models issues.
Open AI
Search engines continued to be a focus point with the launch of SearchGPT by Open AI. Limited access to the Perplexity AI competitor is (initially) available to 10,000 users. The GPT-4 LLM series powers the model.
Open AI also intends to integrate the features into its ChatGPT family of models. Additionally, the prototype connects publishers with responses.
Amazon
E-commerce giant Amazon is (reportedly) looking to enter into the AI chip sector with advances at its Texas chip laboratory. The move follows news of Amazon executive Rami Sinno's visit to the Texas facility.
During the visit, engineers unveiled an AI server packed with chips that Amazon aims to use to beat industry leaders, including NVIDIA.
Industry Dive
WhatsApp/Apple
Meta-owned WhatsApp continued its AI-focused advancements. Following last week's AI studio addition for Android, the messaging platform rolled out the iOS variant.
The new personalized chatbot feature is currently is (currently) in beta for both operating systems. Furthermore, WhatsApp unveiled the offering via the Apple TestFlight beta program.
Cisco Systems, Inc.
Tech giant Cisco revealed the (recent) launch of an AI firewall. Yes, the solution comes with all the expected bells and whistles and has (extra) self-updating capabilities.
The firewall can write, test, and deploy its (own) code. Additionally, the product can (also) introduce and eliminate rules autonomously. Furthermore, the technology behemoth (also) introduced the Cisco AI Assistant for Security, an automated network administrative tool.
Visa
Interestingly, payments colossus Visa has taken the AI game to another notch in the fraud detection and prevention fight. According to a July 25 CNBC report, Visa created a scoring system (that) considers 500 different characteristics in a single transaction. An AI model powers the ecosystem.
A recent Visa report suggested that fraudsters have turned to GenAI solutions to create (seemingly) realistic scams against their (targeted) victims.
Everything Else
Nature Magazine
Again, AI models risk imploding due to "AI incest," a phenomenon where AI models get trained on AI-generated data. A recent July 24 study in Nature Magazine suggests that "Model Collapse" is possible because of the exponential rise in AI-generated content.
Additionally, the study suggested that AI-generated content quality decreases in volume while human-generated content will continue to increase as demand improves because of scarcity.
Google/Public
Across the pond in the United Kingdom, AI could improve 61% of all job roles. That's what a recent Google-commissioned study (in partnership with premier policy consultancy Public) suggests.
Consequently, 31% of jobs are (essentially) AI-proof.
J.P. Morgan
The finance world had its (own) share of the AI drama with the launch of an AI chatbot (LLM Suite) by banking giant J.P Morgan. A July 26 Financial Times article states that LLM Suite has financial analysis capabilities and assists in regular tasks, including creativity, summarization, and writing.
Furthermore, about 15% of the bank's human resources (already) use the tool.
Following the Money
State of New Jersey
Hot summer became even hotter for AI firms that wish to relocate to the Garden State with a bold announcement. On July 26, New Jersey Governor Phil Murphy (D) signed legislation that enabled $500 million in tax credits via two incentive programs for AI-focused firms.
Firms must (either) have at least 50% of their human resources in the industry or have revenues from the same.
Furthermore, the firms should invest at least $100 million in the state and create at least 100 AI jobs to qualify. The state's Economic Development Authority will administer the "Next New Jersey" program.
Harvey
AI Legaltech Harvey raised $100 million in a Series C funding round led by Google Ventures, which included Open AI, Sequoia Capital, SV Angel, Kleiner Perkins, and Elad Gil.
Pearl
Similarly, California-based dental AI firm Pearl secured $58 million in Series B funding. London, United Kingdom-based Left Lane Capital led the round alongside Alpha Partners, Smash Capital, Craft Ventures, and others.
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