Wednesday, 1 May, 2024
AI business technology news – May 2024
Bookmark and revisit as updated regularly.
Welcome to the world of cutting-edge innovation and rapid progress in AI business technology. We are constantly researching AI and its development, as it is critical for identifying emerging trends.
Assisted by our AI research technology, we cover thousands of websites, videos, papers, and press releases, in order to cut through the noise and identify the most valuable information and insights that will help make a difference.
We are excited to share a slice of our research, along with our thoughts and links. We encourage you to join us on this journey of discovery, and if you need any advice, please feel free to contact us.
World’s first AI law gets green light
> CNBC – 21/05/2024
- Summary: The European Union has given final approval to the world’s first major law for regulating AI. The AI Act sets comprehensive rules surrounding AI technology and applies a risk-based approach to different applications of AI. The law aims to ensure trust, transparency, and accountability in dealing with new technologies.
JPMorgan Chase is training every new hire on AI
> Quartz – 21/05/2024
- Summary: JPMorgan Chase is providing prompt engineering training to all new hires to prepare them for the future of AI. The bank believes that AI will have a significant impact on its operations and is already using AI to save time and improve decision-making for its bankers.
- Thinking: This is a great move by JPMorgan. As AI becomes embedded in every business operation, it is good to train all staff in its potential benefits. There are huge advantages from productivity gains, innovation, and helping staff spot new AI possibilities for further gain.
Microsoft upgrades its AI app-building platforms
> Techcrunch – 21/05/2024
- Summary: Microsoft has announced updates to its Azure AI Studio and Copilot Studio platforms, focusing on generative AI. Azure AI Studio now allows developers to build generative AI-powered apps using pay-as-you-go inference APIs, while Copilot Studio introduces AI bots called Copilot agents that can independently orchestrate tasks tailored to specific roles and functions.
- Thinking: This marks a significant advancement in Microsoft’s AI capabilities, making it easier for developers to incorporate generative AI into their applications. With Azure AI Studio’s pay-as-you-go model, developers have more flexibility and control over their use of generative AI technology. Who knows, we may see Azure AI-enabled modules for most workflows similar to ChatGPT marketplace.
AI project to give X4.8 productive growth
> PWC Report – 21/05/2024
- Summary: This is an interesting report highlighting the productivity gains that AI brings to the world. It also highlights that job listings will increase 3.5 times faster than other listings and that jobs that require AI skills may pay up to 20% more.
- Thinking: These are considerable fiqures. However, we may see greater numbers when companies achieve significant AI/GenAI efficiencies. Also, wages will level out as AI skills become a base standard for most positions.
- If you are looking to achieve a productivity boost from AI, please feel free to contact us.
Scale AI valuation doubles to $14bn
> Financial Times (Login) – 21/05/2024
Google to invest €1B in Finland data center expansion
> SiliconAngle – 20/05/2024
- Summary: Google is investing €1 billion to expand its data center campus in Finland, with the aim of further unlocking the potential of AI. The investment will also lead to a 25% increase in the on-site workforce and the use of excess heat generated by the data center to warm nearby buildings.
Embracing AI could save the UK Government £40 billion a year, experts say
> Yahoo news – 20/05/2024
- Summary: A report from Sir Tony Blair’s think tank and technology firm, suggests that using artificial intelligence (AI) could save the UK government £200 billion over five years. The report recommends establishing an “AI mission control” in Downing Street and building the government’s own AI capability for national security and sensitive tasks.
New AlphaFold 3 Released By Google DeepMind
> Aithority – 20/05/2024
- Summary: AlphaFold 3 is a groundbreaking model that accurately predicts the structure and interactions of molecules involved in life. It provides a comprehensive view of molecular interactions and enhances our understanding of life’s complex mechanisms. It also has significant implications for drug development, improving the prediction of protein-molecule interactions and leading to more effective treatments and therapies.
Kudos raises $10.2m for AI-powered smart wallet
> Finextra – 19/05/2024
- Summary: Kudos, an AI-powered smart wallet and shopping assistant, has raised $10.2 million in funding. The app and browser extension help users maximise their rewards and cash back by recommending or automatically selecting the best credit card to use when paying, simplifying the process for consumers.
Snapchat Aims to Spend $1.5 Billion Per Year on AI
> Pymnts – 19/05/2024
- Summary: Snapchat plans to increase its spending on artificial intelligence (AI) and machine learning, recognising the need to catch up in this area. The company aims to invest in AI, machine learning, and augmented reality (AR) features to enhance its advertising business and user experience, with over 300 million people engaging with AR on Snapchat every day.
AI skills can boost your salary by up to 60%
> The Times (Login) – 18/5/2024
Approach GenAI with open eyes
> HBR – 17/5/2025
- Summary: Generative artificial intelligence (GenAI) has the potential to greatly benefit young professionals by increasing productivity and providing creative inspiration. Despite concerns about its capabilities and trustworthiness, embracing GenAI strategically can lead to efficiency gains, skill development, and a competitive advantage in the job market.
Biggest Google I/O AI/tech Announcements 2024
> Aithority – 17/5/2025
- Summary: The biggest announcements from Google I/O 2024 include advancements in AI assistants, a lighter and faster Gemini model, improved AI tools for music and video creation, and a new vision-language model. These developments will make Google Workspace smarter, make Android more efficient, simplify tasks like homework with NotebookLM, enhance Google Photos with AI, and provide new ways to search using videos.
OpenAI and Reddit Partner on Data Licensing
> Pymnts – 16/5/2025
- Summary: OpenAI and Reddit have formed a partnership that will benefit both companies. OpenAI will use Reddit content to train its AI models, allowing its tools to better understand and showcase Reddit content. In return, Reddit will be able to bring new AI-powered features to its users and moderators, enhancing the overall Reddit experience.
Senate considers $32 billion yearly investment in artificial intelligence
> Dataconomy – 16/5/2025
- Summary: The Senate is considering a $32 billion yearly investment in artificial intelligence (AI) programs, aiming to advance AI research and development, address ethical implications, and bolster American capabilities in AI hardware and software. The investment would support collaboration among federal agencies, fund research into new semiconductor technologies, mitigate potential risks associated with AI, and develop training programs to equip workers for an AI-powered economy.
How New Science Fiction Could Help Us Improve AI
> Scientific American – 16/5/2025
- Summary: A growing number of AI and computer science experts are advocating for the use of fiction to shape positive narratives about AI and imagine futures in which algorithms serve human goals. By leveraging fiction and philosophy, these experts argue that the arts and humanities can play a crucial role in ensuring that AI development aligns with human values and aspirations.
UK business leaders to increase investments in AI
> Consultancy UK – 16/5/2025
- Summary: A majority of UK businesses are planning to increase their investments in artificial intelligence (AI) over the next year, with 75% of business leaders concerned about missing out on the technology. UK organizations are looking to establish leading positions in the market and are focusing on hardware and cloud consumption to boost their generative AI strategies.
Google unleashes AI in search
> AP – 15/5/2024
- Summary: Google has introduced a revamped search engine that will prioritise responses generated by AI over website links, potentially disrupting internet traffic and advertising revenue. The AI summaries will appear at the top of search results for complex subjects or brainstorming, while simpler searches will still display traditional website links and ads.
Senate release AI policy roadmap
> US Government – 15/5/2024
- Summary: Senators from both parties, under the leadership of Majority Leader Chuck Schumer, have unveiled a plan for regulating AI in the US. The group recommends allocating $32 billion over several years for AI research and development, with additional funding likely needed for defence and national security concerns related to AI.
OpenAI co-founder and chief scientist Ilya Sutskever departs
> Financial Times (Login) – 15/5/2024
UAE release Falcon 2 AI model
> Reuters – 15/5/2024
- Summary: The United Arab Emirates (UAE) has released a new open-source AI model called Falcon 2, which includes a text-based model and a vision-to-language model. The UAE is demonstrating its ability to be a major player in AI and is competing with big technology companies in this field.
NASA Names First Chief Artificial Intelligence Officer
> NASA – 15/5/2024
- Summary: NASA has appointed David Salvagnini as its new chief artificial intelligence (AI) officer to lead the agency’s responsible use of AI technology. The use of AI tools at NASA can accelerate the pace of discovery, support missions and research projects, analyze data, and develop autonomous systems for spacecraft and aircraft, ultimately benefiting humanity.
Google rolls out AI-generated, summarised search results in US
> The Guardian – 14/5/2024
- Summary: Google is rolling out AI-generated summarised search results in the US, providing users with concise overviews of information alongside traditional search results. This feature aims to save users time and provide them with quick and relevant information, ultimately enhancing the search experience.
AI is poised to drive 160% increase in data center power demand
> Goldman Sachs – 14/5/2024
- Summary: The increasing demand for AI is expected to drive a 160% increase in data center power demand by 2030. This growth in power consumption will lead to significant investments in renewable energy and new generation capacity, while also accelerating innovation in sectors such as healthcare, agriculture, education, and energy efficiency.
Artisan AI Closes $7.3M Seed Funding Round
> Finsmes – 13/5/2024
- Summary: Artisan AI, a San Francisco-based startup, has raised $7.3 million in seed funding to expand its operations and development efforts. The company offers autonomous AI employees and a unified platform that replaces the entire SaaS stack, allowing humans and AI to work together and eliminating the need for context-switching in enterprise teams.
Arm owner SoftBank reports £1.2bn profit as it shifts towards AI
> The Guardian – 13/5/2024
- Support: SoftBank, the Japanese tech investor, reported a profit of £1.2bn in the first quarter of 2024, marking its second consecutive profitable quarter. This positive performance will help justify further large investments, particularly in artificial intelligence, as SoftBank aims to shift its focus towards AI technologies.
AI-related spending expected to comprise 10% of 2024 IT budgets
> SeekingAlpha (Login) – 13/5/2024
BT incorporates AI into its cyber defence
> Dataconomy – 13/5/2024
- Summary: BT is incorporating AI into its cyber defence to identify and mitigate cyber threats against its business clients. The use of AI technology allows BT to process attack data and secure technological infrastructures, protecting customer data from hacks and swiftly identifying and repairing network faults.
Microsoft to invest 4 billion euros in France for AI development
> Reuters – 13/5/2024
- Summary: Microsoft plans to invest 4 billion euros in France, with a focus on the AI sector and the establishment of a data center in Mulhouse. This investment will contribute to the growth of the AI industry in France and enhance Microsoft’s presence in the country, bringing economic benefits and technological advancements.
Alibaba leverages cloud business to become a leading AI investor in China
> FT (Login) – 13/5/2024
AI News: Get Ready, Things Are About to Get Crazy!
> (YouTube) – Matt Wolfe – 12/5/2024
- Summary
- Anticipation of AI Growth: Matt expects an unprecedented wave of AI announcements soon, suggesting a significant acceleration in AI developments.
- AlphaFold 3 by Google’s DeepMind: This groundbreaking model can predict the structure of proteins, DNA, RNA, and other molecules, potentially revolutionising drug discovery and our understanding of human biology.
- Microsoft AI Developments: Mustafa Suleyman, formerly of Inflection AI, now leads Microsoft AI, focusing on developing advanced AI models, hinting at a GP4-level model being developed in-house.
- Microsoft’s AI Strategy: The relationship between Microsoft and OpenAI could evolve if OpenAI achieves AGI (Artificial General Intelligence), affecting their business arrangements.
- Investment in Infrastructure: Microsoft is investing $3.3 billion in an AI data centre in Wisconsin, expected to create thousands of jobs.
- Partnership between Stack Overflow and OpenAI: This collaboration aims to enhance AI’s coding abilities using Stack Overflow’s extensive coding data, though it has stirred some controversy among contributors.
- OpenAI’s Media Manager Tool: OpenAI plans to release a Media Manager by 2025, allowing content creators to control the use of their content in AI training models.
- Potential Google Search Competitor: OpenAI might soon announce a new product that could compete with Google Search, affecting how businesses and individuals optimise for online presence.
- AI in Creative and Media Fields: Developments include AI tools for generating music videos, handling complex editing tasks, and potentially changing content creation dynamics.
- Forthcoming AI Events and Developments: There are many AI-focused events and innovations coming up, suggesting that the pace of AI development is set to increase, impacting a wide range of industries and technologies.
Microsoft VC’s warning about AI washing
> CNBC – 12/5/2024
DEEPX raises $80.5M in fresh funding to mass-produce its AI chips
> SiliconAngle – 12/5/2024
Apple is finalising a deal with OpenAI over AI
> Fortune – 12/5/2024
UK agency launches AI testing toolset ‘Inspect’: How it works
> Newsbytes – 12/5/2024
It’s Too Soon to See AI’s Full Impact on Economy
> Bloomberg – 11/5/2024
Arm Holdings plans to launch AI chips in 2025
> Reuters – 11/5/2024
What C-suite leaders say about responsible genAI at scale
> Kyndryl – 11/5/2024
GenAI can reduce information overload, increase loyalty and sales
> CSA – 11/5/2024
GenAI is everywhere – but policy is still missing
> Computer Weekly – 11/5/2024
Apple Will Revamp Siri to Catch Up to Its Chatbot Competitors
> The New York Times – 11/5/2024
Shopify has acquired AI startup
> Business Insider (Paywall) – 11/5/2024
AI disrupting the enterprise
> CIO – 10/5/2024
Reebok explore AI for personalised shoe design
> Marketing Drive – 10/5/2024
The AI chip wars have gone nuclear
> Yahoo finance – 10/5/2024
Business AI spend set to continue rising
> TechRadar – 10/5/2024
Will AI have an impact on growth
> FT – 10/5/2024
AI Safety Institute releases new AI platform
> UK Gov – 10/5/2024
OpenAI looking to challenge Google search
> Reuters – 10/5/2024
Currys teams up with Microsoft for AI
> Microsoft – 9/5/2024
AI Squared acquires Multiwoven for AI business insights
> AI Squared – 9/5/2024
Fairgen raises $8M for AI survey technology
> Fairgen – 9/5/2024
Elite athletes invest in analytics-powered nutrition app
> Tech.EU – 9/5/2024
Checkfirst raises $1.5M for AI audit tech
> TechCrunch – 8/5/2024
Apple release M4 chip
> Wired – 8/5/2024
Google releases AlphaFold 3
> Google – 8/5/2024
OpenAI’s Model Spec outlines some basic rules for AI
> The Verge – 8/5/2024
Panax raises a $10M for cash flow forecasting
> TechCrunch – 8/5/2024
State of AI at work
> Microsoft – 8/5/2024
Toyota to invest $13bn in EVs, AI and supply chain
> Nikkei Asia – 7/5/2024
This year’s Met Gala theme is AI deepfakes
> TechCrunch – 7/5/2024
AI can help people keep physical jobs for longer
> BBC – 7/5/2024
Nvidia Launches ChatRTX Chatbot for RTX GPUs
> ExtremeTech – 7/5/2024
Google’s AI plans now include cybersecurity
> The Verge – 6/5/2024
Amazon records largest quarterly operating profit, boosted by AI
> Coingeek – 6/5/2024
- Summary: Amazon has reported its largest quarterly operating profit, driven by its focus on artificial intelligence (AI). The company’s revenue reached over $140 billion in the first quarter, with CEO Andy Jassy attributing the success to the growth of Amazon Web Services (AWS), its cloud computing division, and the increasing demand for AI services.
- Thinking: These are impressive figures. Amazon is in a ‘prime’ position to capitalise on the rise of cloud-based AI growth. As more businesses investigate the advantages of AI, they will seek platforms that enable them to fulfil their business objectives.
- Keywords: AI, Finance, Cloud
Oracle’s Bet on Generative AI
> Pymnts – 6/5/2024
Elon mentioned that SpaceX may use AI in future
> Business Insider – 6/5/2024
New financial AI assistants to be launched by Wipro, Microsoft
> CIO – 5/5/2024
- Summary: Wipro and Microsoft are collaborating to launch a suite of cognitive assistants for financial services, powered by generative artificial intelligence (GenAI). These assistants will provide financial professionals with market intelligence and timely information on investment products and investor behaviour, enabling them to deliver personalised and efficient services to clients.
- Thinking: Financial assistants will be prevalent in the future as they combine the ability to obtain the latest knowledge with the ability to deliver it in a personalised way.
- Keywords: Finance, Agents, AI
Microsoft is developing new AI model to rival Google, OpenAI
> NewBytes – 5/5/2024
- Summary: Microsoft is working on a new AI language model called MAI-1 to compete with Google and OpenAI’s models. Mustafa Suleyman, a co-founder of Google DeepMind and a former CEO of AI startup Inflection, is in charge of the project.
- Keywords: AI, Tech
Palantir looks to AI to boost earnings
> Barron’s – 5/5/2024
CERN uses artificial intelligence
> Gagadget – 5/5/2024
Google DeepMind Introduces Med-Gemini
> Marketpost – 5/5/2024
How generative AI will unlock big value in the Big Apple
> (Report) – 4/5/2024
- Summary: A new report predicts that artificial intelligence (AI) will contribute $320 billion to New York City’s economy by 2038. The report highlights the city’s existing talent pool of 40,000 AI professionals and executives’ efforts to attract more talent, as well as the potential for AI to automate or augment two-thirds of New Yorkers’ working hours within 15 years.
- Keywords: GenAI, AI
Penn Engineering announces first Ivy League Master’s degree in AI
> MSN – 4/5/2024
Chile launches national AI policy
> UNESCO – 4/5/2024
FINOS launches open-source AI initiative for Financial Services
> MSN – 4/5/2024
JPMorgan Chase Unveils AI-Powered Tool for Thematic Investing
> Pymnts – 3/5/2024
- Summary: JPMorgan Chase has introduced an AI-powered tool called IndexGPT for thematic investing. The tool uses OpenAI’s GPT-4 model to generate thematic investment baskets by analysing keywords associated with specific themes and identifying relevant companies through natural language processing, aiming to provide a more accurate and efficient approach to thematic investing.
- Keywords: AI, Finance
Microsoft releases AI transparency report
> Microsoft (PDF) – 2/5/2024
- Summary: Microsoft released its inaugural transparency report, highlighting its efforts in responsible AI in 2023. The report showcases achievements such as creating 30 responsible AI tools, adding content credentials to image generation platforms, and expanding red-teaming efforts for third-party testing.
- Keywords: AI, Governance
AI iPhones could liven up Apple sales
> FT – 2/5/2024
Japan unveils framework for global regulation of GenAI
> AP – 2/5/2024
Four start-ups lead China’s race to match OpenAI’s ChatGPT
> FT – 2/5/2024
Microsoft to invest $2.2 billion in cloud, AI services in Malaysia
> AP (Video) – 1/5/2024
Amazon sales surge as company trains focus on AI
> Fox news – 1/5/2024
Sam’s Club implementing AI to speed up checkouts
> USA today – 1/5/2024
- Summary: Sam’s Club is implementing AI technology in all of its nearly 600 stores by the end of the year to confirm purchases and eliminate the need for physical receipt checks, allowing customers to leave the store 23% faster. This rollout is said to be the largest-scale implementation of member-facing AI-powered technology in the retail industry.
- Keywords: AI, Tech
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