Article: All Things AI: OpenAI's GPT-4o Mini, Google unifies AI, and regulations race heats up


All Things AI: OpenAI's GPT-4o Mini, Google unifies AI, and regulations race heats up

2024 has seen AI advancements with global expansion, corporate restructuring, and government regulations being established. Here is our timeline story for all things AI.
All Things AI: OpenAI's GPT-4o Mini, Google unifies AI, and regulations race heats up

Artificial Intelligence (AI) has taken the world by storm, emerging as a driving force of innovation across industries, with OpenAI's language model, ChatGPT, leading the way.  The year 2024 has been a year of remarkable progress and change. From major tech companies reorganising their AI efforts to governments setting regulations, the landscape of AI is evolving at an unprecedented pace.

This timeline dives into some of the key milestones that have unfolded so far, highlighting the growing importance of AI and the diverse approaches being taken to navigate its potential impact.

↓ July 18, 2024: OpenAI launches GPT-4o Mini 

OpenAI has announced the launch of GPT-4o Mini, a new AI model that provides similar capabilities to GPT-4o but at a significantly reduced cost. Priced 60% less than GPT-3.5 Turbo, GPT-4o Mini aims to make advanced AI technology more accessible to developers and businesses. Despite its lower cost, GPT-4o Mini retains the core strengths of its predecessors, including text processing, code generation, and question answering, according to the company.

↓ June 11, 2024: Apple and OpenAI join forces

OpenAI and Apple announced a partnership to integrate ChatGPT into iOS, iPadOS, and macOS, powered by GPT-4o. This integration enables users to access ChatGPT’s capabilities, including image and document understanding, directly on Apple devices.

"Together with Apple, we're making it easier for people to benefit from what AI can offer," said Sam Altman, CEO of OpenAI. Users can access ChatGPT for free without an account, and subscribers can connect for access to paid features. Siri will use ChatGPT for answers, requiring user consent for queries, documents, or photos.

↓ April 19, 2024: OpenAI appoints Pragya Misra as first employee in India

OpenAI has appointed Pragya Misra as its new head of public policy, marking her as ChatGPT's first team member in India. According to Bloomberg, Misra will begin her role by the end of this month.

Previously, Misra worked as the head of public affairs at Truecaller, enhancing safety in digital communications, and led WhatsApp’s anti-misinformation campaign at Meta in 2018.

↓ April 19, 2024: Google restructures for AI focus

Google CEO Sundar Pichai has restructured the company to enhance its focus on artificial intelligence, consolidating AI operations under the DeepMind division led by Demis Hassabis. This reorganisation addresses criticisms of Google trailing behind AI competitors like Microsoft and integrates all AI research, including the Gemini chatbot, into a unified team. A new platform and devices team, overseen by Rick Osterloh, will merge the hardware and software development for Android, Chrome, and other services, aiming to streamline innovations across Google’s products.

↓ April 17, 2024: APAC becomes a hotbed for Gen AI

The Asia Pacific region is experiencing an AI revolution fueled by Generative AI (GenAI). A new IDC report predicts a mind-blowing 95.4% compound annual growth rate (CAGR) by 2027, with the market reaching a staggering $26 billion. "We expect Asia Pacific to mirror North America's GenAI adoption surge," says Deepika Giri, Head of Research at IDC APJ.

↓ April 15, 2024: OpenAI opens Tokyo office

OpenAI announced its arrival in Asia with the launch of its first regional office in Tokyo on April 14th. This expansion, following offices in London and Dublin, signifies a major step for the Microsoft-backed leader in artificial intelligence. OpenAI further emphasized its commitment to the Japanese market by unveiling a custom GPT-4 model specifically designed for the Japanese language. 

↓ Apr 16 2024: TCS boasts AI workforce lead 

Tata Consultancy Services (TCS) has emerged as a 'frontrunner' in the race for an AI-ready workforce, according to CEO K Krithivasan. In an email to employees, Krithivasan credited their dedication to upskilling for this achievement, highlighting that TCS boasts one of the world's largest such workforces. This news comes with TCS actively engaged in over 200 AI projects for clients across industries, showcasing their expertise in this rapidly growing field. 

↓ April 5, 2024: Indian govt proposes new AI law

Union Minister for Electronics and IT, Ashwini Vaishnaw, announced plans for new legislation aimed at regulating artificial intelligence (AI) in India. The forthcoming law, which could be introduced as a standalone act or integrated into the expected Digital India Bill, seeks to protect the rights of news publishers and content creators while mitigating risks to users. This legislative effort will update the Information Technology Act of 2000 and is designed to ensure respect for intellectual property and address the financial implications for creators in the digital age.

↓ Mar 21, 2024: UN approves first resolution on AI

The United Nations General Assembly has adopted a resolution on Artificial Intelligence (AI) emphasising the need for international cooperation to ensure the responsible development and deployment of this powerful technology. The resolution calls for "governing AI" rather than letting it govern us, with a focus on human rights, safety, security, and sustainability. It highlights the importance of closing the digital divide to ensure equitable access to AI's benefits. 

↓ Jan 15, 2024: AI to affect 40% jobs: IMF

A report by the International Monetary Fund (IMF) warned that advancements in Artificial Intelligence (AI) could significantly impact the global workforce. The report estimates that nearly 40% of jobs worldwide could be affected by AI, with some potentially disappearing entirely. This highlights the need for proactive measures to prepare workers for the changing job landscape.

↓ Jan 05, 2024: AI: Job killer or talent liberator?

The rise of AI is causing ripples of anxiety across the job market. From self-checkout systems replacing cashiers to algorithms surpassing financial analysts, automation is raising concerns about widespread job displacement. Once-secure positions now seem teetering on the brink of obsolescence. But is AI truly an enemy, or could it liberate human talent? Read more here

↓ Dec 9, 2023: EU passes 'world-first' AI law

In a historic move, the European Union has reached a provisional deal on comprehensive laws regulating artificial intelligence (AI). The agreement covers AI systems, including ChatGPT and facial recognition. The AI Act proposals await a European Parliament vote next year, with potential enforcement from 2025. The regulations include safeguards, limitations on law enforcement AI, and the right for consumers to launch complaints, with fines for violations. EU Commissioner Thierry Breton lauds it as a "historic" step, providing clear rules for AI use and supporting EU start-ups.

↓ Dec 5, 2023: IBM & Meta, others join forces

Major players including IBM, Intel, Sony, Dell, Meta, AMD, Cerebras, Hugging Face, and Stability AI formed the "AI Alliance" to counter the influence of OpenAI, Microsoft, Google, and Amazon in the AI landscape. IBM's CEO, Arvind Krishna, emphasized the alliance's focus on safety, accountability, and scientific rigour. The alliance aims to prioritize responsible AI development, including the creation of safety and security tools. They also plan to increase the availability of open-source AI models, moving away from closed, proprietary systems.

↓ Nov. 28, 2023: Amazon unveils AI bot for companies

AWS re:Invent 2023 saw Amazon introducing its latest artificial intelligence assistant, Amazon Q. Developed by the tech giant's cloud computing division, this chatbot is uniquely designed for corporate environments, distinguishing itself from consumer-oriented counterparts. Amazon Q's primary objective is to assist employees in streamlining daily tasks, ranging from summarising strategy documents to addressing internal support tickets and providing insights on company policies. This announcement positions Amazon Q in direct competition with other corporate chatbots like Copilot, Google’s Duet AI, and ChatGPT Enterprise.

↓ Nov. 27, 2023: 46% India's accounting goes AI 

According to a recent report by Pearson, Generative AI is poised to bring about significant transformations in the accounting landscape of India. Projections indicate that approximately 46% of the traditionally time-consuming accounting tasks will undergo automation. White-collar roles, including those of accountants and administrative staff, could experience a substantial 30% or more automation in their tasks through Generative AI. In contrast, blue-collar jobs are expected to witness minimal impact, with less than 1% of weekly responsibilities susceptible to automation. This study highlights a notable 29% difference in the impact on tasks between the most affected white-collar and blue-collar jobs in India.

↓ Nov 22, 2023: EU softens stance on AI regulation

The EU AI Act could see a reduction in stringency as major members like France, Germany, and Italy advocate for lighter regulation, suggesting AI companies self-regulate by disclosing information about their foundation models. This move diverges from the European Commission's original proposal for a two-tier approach, intensifying the ongoing debate over how to regulate powerful AI systems like GPT-3.5. The push for a more innovation-friendly and risk-based approach could reshape one of the world's most comprehensive AI regulations, with implications for major players and global AI development.

↓ 20 Nov 2023: Microsoft's Copilot for Win 10 

Microsoft has broadened the reach of its AI-powered Copilot feature to Windows 10 users, previously exclusive to Windows 11. Users in the Release Preview channel of Windows 10 can now test Copilot, gaining access to AI-powered assistance for answering queries and generating text. While sharing similarities with its Windows 11 counterpart, some feature distinctions exist due to platform differences. The broader release for all supported Windows 10 users is anticipated in the coming days or weeks.

↓ October 25, 2023: 30% APAC firms to embrace Gen AI

Forrester's 2024 report reveals a hurdle for Asia Pacific (APAC) firms in embracing generative AI. Only 30% with mature IT practices are positioned to unlock its transformative potential, facing challenges like a risk-averse culture and data management gaps. Anticipating a positive CX shift driven by genAI, Forrester also notes top ad agencies investing $50 million in personalized AI solutions, while genAI initiatives aim for a 50% boost in productivity across various IT roles.

↓ 20 Sept 2023: GitHub unveils Copilot for individual users 

Expanding its AI-powered coding chatbot, Copilot Chat, GitHub has launched a public beta version for individual users. Initially designed for business users, the Copilot Chat tool is now accessible to developers and teams within Visual Studio and Visual Studio Code. Users can harness natural language outputs to learn new languages, troubleshoot bugs, and obtain coding assistance seamlessly within the integrated development environment (IDE). GitHub offers Copilot for individual users through a subscription model, priced at $10 per month or $100 per year.

↓ Nov 17, 2023: China 'at forefront' of AI, Pichai says  

Sundar Pichai, CEO of Alphabet, envisions China taking the reins in artificial intelligence (AI). At the Asia-Pacific Economic Cooperation conference in San Francisco, Pichai acknowledges China's remarkable strides in AI and emphasises the crucial collaboration needed between the US and China in regulating and innovating in the field. He draws parallels between global cooperation on AI safety and the shared responsibility for addressing climate change, emphasising the interconnected nature of AI's impact on the internet. Pichai also discussed Google’s yet-to-be-released Gemini, a language model designed to respond naturally to prompts 

↓ Nov 14, 2023: 3D Gen AI platform emerges from stealth 

Atlas, a startup developing 3D generative AI tools, has launched out of stealth mode after raising $6 million in seed funding. The Vienna-based company Atlas is developing a platform that allows game developers, 3D artists and brands to rapidly generate detailed virtual worlds and assets using AI. By integrating with design workflows, Atlas claims its technology can increase development speed over 200x compared to traditional 3D modeling. Atlas will use the new capital to further develop its core AI engine and hire talent across engineering, design and operations. The generative AI space is heating up quickly, but Atlas believes its focus on 3D content creation gives it an edge.

↓ Nov 2, 2023: Bletchley Declaration signed by 30 countries 

At the AI Safety Summit held in Bletchley Park, over 30 countries as well as the heads of top artificial intelligence companies, gathered for the world’s first AI Safety Summit at this former stately home near London to uphold principles for the safe and ethical development of artificial intelligence. The "Bletchley Declaration" outlines that AI should be designed, developed, deployed, and used, in a manner that is safe, human-centric, trustworthy and responsible. 

Uk PM Rishi Sunak announced that AI companies had agreed at the summit to give governments early access to their models to perform safety evaluations. He also announced that Yoshua Bengio, a Turing Award-winning computer scientist, had agreed to chair a body that would seek to establish, in a report, the scientific consensus on risks and capabilities of frontier AI systems.

The Declaration emphasises the global imperative to address the potential impact of AI systems, stressing human rights, transparency, fairness, and ethics. The UK led the summit, rallying support from nations including the US, Canada, France, Germany, and Japan. Notably, China and Russia were absent.

↓ October 12, 2023: 95% C-suite eyes 2024 tech surge 

Top executives worldwide are gearing up for an AI-driven era, with a striking 94% intending to up technology spending in 2024, particularly in the data/AI realm, as per a recent global study. Their primary focus entering 2024 is adapting to swift technological shifts, notably in AI and automation, overshadowing concerns about cyber threats (55% vs. 48%). The Accenture Pulse of Change C-suite survey unveils that 51% of organizations are actively adopting AI for cybersecurity, and almost 9 in 10 C-suite members integrate generative AI weekly. Looking ahead, the key concern for 2024 is adapting to AI advancements (55%), and as generative AI adoption grows, so does the need for new skills. The C-suite is actively gearing up for this shift

↓ Oct 11, 2023: PwC sounds the alarm on cyber threats 

PwC's 2024 Global Digital Trust Insights survey of over 3,800 tech and business leaders worldwide has exposed a significant increase in the number of businesses worldwide falling victim to data breaches costing over $1 million. One major finding was that 36% of companies now experience data breaches costing over $1 million, up significantly from 27% last year. The report also highlighted mixed feelings on AI: 52% worry AI could enable catastrophic cyberattacks in the next year, but 77% believe it can create new business opportunities over 3 years. The generative AI space brings promise, but also urgent challenges for data security.

UOB, Salesforce, and SAP launch Generative AI Copilots

↓ October 3, 2023: UOB pilots Microsoft 365 Copilot 

Singapore's UOB is spearheading the adoption of Microsoft 365 Copilot. Starting this October, 300 employees across various business functions will harness it for improved productivity. Staff in functions such as branches, customer service and technology and operations will be able to use Microsoft 365 Copilot to improve productivity, accessibility, and collaboration in a secured manner.

↓ September 12, 2023: Salesforce's Einstein Copilot 

Salesforce has introduced Einstein Copilot, an AI-powered feature seamlessly integrated into every application. This enhancement allows users to ask questions in natural language, revolutionizing user interaction. This unveiling marks a substantial stride forward in Salesforce's AI journey, following the introduction of Einstein GPT earlier this year.

↓ September 26, 2023:  SAP launches ‘Joule’ AI Copilot 

SAP is set to deploy Joule, an AI system, throughout its cloud enterprise suite. Joule will offer tailored insights from SAP solutions and third-party sources. Joule's integration spans applications from HR to finance, supply chain, procurement, and customer experience. “With almost 300 million enterprise users around the world working regularly with cloud solutions from SAP, Joule has the power to redefine the way businesses – and the people who power them – work,” said Christian Klein, CEO and member of the Executive Board of SAP SE.

↓ September 19, 2023: Morgan Stanley adopts GPT-4

Morgan Stanley has introduced an assistant powered by OpenAI's GPT-4. The first major Wall Street player deployed a tailored GPT-4 solution, granting financial advisors access to the bank's extensive database of research reports and documents. Intel's forthcoming chip, set to launch in December, enables laptops to operate generative AI chatbots without relying on cloud data centres. Amazon is exploring the potential of generative AI to enhance its home devices, including the Alexa voice assistant. Google's Bard AI chatbot has expanded its capabilities to scan Gmail, Docs, and Drive, streamlining information retrieval for users. This integration offers a more efficient way to access needed information from emails and documents.

↓ September 13, 2023: Alibaba opens Tongyi Qianwen to public

Alibaba said it would open its artificial intelligence model Tongyi Qianwen to the public, indicating it has received regulatory approval for mass-market deployment in China. According to a post published on WeChat, the group plans to release an open-source version of the large language model for free commercial use in the near future. This development comes in the wake of the leadership change within Alibaba's Cloud division, with former CEO Daniel Zhang stepping down and Alibaba Group CEO, Eddie Wu taking his position. 

↓ August 29, 2023: OpenAI nears $1 bn annual revenue

OpenAI is poised to achieve a significant milestone, projecting a revenue exceeding $1 billion within the next 12 months. A report by The Information indicates this goal could materialise even earlier than the company initially anticipated. Previously, ChatGPT's creator had forecasted revenue of $200 million for the current year.

The AI company's monthly earnings have seen a remarkable rise to over $80 million, a substantial leap from the previous year's $28 million. In a strategic move to enhance revenue, OpenAI recently introduced an enterprise iteration of ChatGPT. This upgraded version offers advanced security, privacy features, and unrestricted high-speed access to GPT-4.

↓ August 21, 2023: Gen AI won’t take away jobs: ILO

Generative AI is expected to enhance job roles rather than replace them, according to a new study by the International Labour Organisation (ILO). The study suggests that most jobs will be complemented, not substituted, by AI automation. Clerical work faces the highest technological exposure, with around 25% of tasks highly exposed and over 50% moderately exposed. In contrast, managerial, professional, and technical roles show lower exposure to automation, with a small portion highly exposed and roughly 25% moderately exposed. The study reveals that around 5.5% of employment in high-income countries could potentially be affected by AI automation, while the risk in low-income countries is only around 0.4%. The study emphasises the need for well-designed policies to manage AI's impact, including workers' representation, skills training, and social protection. Gender differences in job impact are also noted.

↓ Aug 18, 2023: China implements new AI rules 

Starting this week, China has put into action its latest regulations for artificial intelligence-generated content. These regulations, known as the "Generative AI Measures," come after collaboration between six government agencies, including the Cyberspace Administration of China, the National Development and Reform Commission, and the Ministry of Science and Technology. These rules aim to keep China competitive in the AI race while maintaining strict control over online content. This marks the first step in AI regulation following the recent surge in AI development in the country, and the same agencies that crafted the measures will be overseeing their implementation.

Aug. 16, 2023: Google tests AI for Life advice

Google's race in the A.I. realm is heating up. In a strategic move earlier this year, the tech giant merged its London-based research lab, DeepMind, with its Silicon Valley A.I. team, Brain. Just four months later, they're piloting tools that could transform generative AI into personal life coaches. Google DeepMind is actively exploring the potential of generative AI, taking on over 21 tasks – from offering life advice to providing tutoring tips, according to a report ny NYT. This marks a shift in Google's earlier caution on generative AI.

↓ August 17, 2023: Microsoft CEO likens AI to Internet wave

Microsoft CEO Satya Nadella has drawn a parallel between the current impact of artificial intelligence (AI) and the transformative influence of the Internet in 1995. Nadella stated that AI's significance is akin to a "tidal wave" and emphasised the profound changes it is set to bring. Central to Microsoft's AI endeavors is its collaboration with OpenAI a startup that has garnered substantial attention for its generative AI technology. Meanwhile, Microsoft plans to launch a tailored version of Databricks software, enabling businesses to create AI applications through Azure cloud servers, providing an alternative to proprietary models.

↓August 16, 2023: McKinsey unveils its  gen AI - Lilli

Following the adoption of generative AI tools by nearly half of its 30,000 employees, McKinsey introduces its own gen AI tool named "Lilli." Developed by McKinsey's "ClienTech" team under the leadership of Chief Technology Officer Jacky Wright, Lilli takes the form of a chat application aimed at enhancing employee productivity. Lilli serves as an information hub, providing insights, data, plans, and even suggesting suitable internal experts for consulting projects. The tool leverages an extensive database comprising over 100,000 documents and interview transcripts.

↓ August 16, 2023: APAC leads Gen AI investment

The Asia/Pacific (AP) region is boldly embracing the potential of Generative AI (GenAI), outpacing other global players, according to a recently unveiled IDC report. The report reveals that a resounding two-thirds of AP organizations are either actively delving into or already investing in GenAI technologies this year. While APAC's regulatory environment fosters this growth, challenges include evolving technology, data management, ethical concerns, and high costs. Governments are initiating guidelines to shape regulatory frameworks, emphasizing transparency and data protection. Ravikant Sharma, Senior Research Manager at IDC Asia/Pacific, highlights government support but stresses the need for robust regulations to ensure GenAI's economic possibilities are fully harnessed.

↓ August 9, 2023: Chinese giants order $5 Bn Nvidia chips

China's prominent internet players are swiftly procuring high-performance Nvidia chips, a pivotal asset for constructing generative AI systems. Fueled by concerns of potential US export restrictions, a buying frenzy has resulted in $5 billion worth of orders. Baidu, ByteDance, Tencent, and Alibaba jointly invested $1 billion for around 100,000 A800 processors, scheduled for delivery this year. 

In the booming AI landscape, Nvidia's GPUs have become highly sought-after resources  for tech giants worldwide, supplying computational power for expansive language-focused AI models. ByteDance has trialed TikTok Tako, integrating OpenAI's ChatGPT, while Alibaba plans to infuse its products, including Taobao and Gaode Map, with a comprehensive language model. Baidu is also developing its AI chatbot, Ernie Bot, akin to ChatGPT.

↓ Aug 9, 2023: Microsoft's tools for frontline workers

Microsoft unveiled a range of new tools and integrations  including the introduction of a Copilot feature designed for frontline professionals. This move aims to leverage generative AI and provide enhanced support to service experts on the frontline. According to a company statement, more than 60% of the Fortune 500 currently rely on Microsoft 365 to empower their frontline workforce. Microsoft emphasised the substantial size of this workforce, estimating a global count of 2.7 billion individuals, which is more than double the number of desk-based workers. 

"Building on this momentum, Microsoft today introduced new tools and integrations including bringing the power of next-generation AI to the frontline across three key areas to improve efficiency, enhance customer experiences, and enable faster decision making," the statement added.

↓ August 8, 2023: Genpact boosts Enterprise360 with AI

Professional services company Genpact has bolstered its proprietary Enterprise360 intelligence platform with the integration of generative AI capabilities. The integration of generative AI equips Enterprise360 users with the ability to generate innovative ideas and solutions, streamlining the process of addressing intricate operational issues and facilitating well-informed decision-making.  "This new capability will help our clients drive even greater performance and transformation, and we are excited to see the impact it will have on their businesses. From design to operations, transformation to renewals, Genpact's Enterprise360 offers comprehensive solutions that address the complete lifecycle of client requirements," said Vidya Rao, Chief Information Officer, Genpact."

↓ August 7, 2023: Disprz raises $30mn in Series C  

Skilling platform Disprz has secured $30 million in Series C funding, with the goal of expanding globally and evolving into a people intelligence suite. Through investments in AI & large language models, the startup aims to revolutionise skill-based talent management. Founded in 2015 by Subramanian Viswanathan and Kuljit Chadha, Chennai-based Disprz is an AI-powered learning platform that helps companies upskill workforces.  

"While it may be the talk of the town with every company claiming to have something on the back of ChatGPT, we are working on very different use-cases that will enable our users find the best content faster through deep and accurate search, save time through smart summarisation, author/repurpose content in engaging formats, administer learning conversationally, find personalised upskilling pathways to meet specific short-term and career goals, and many more exciting use-cases," the founders wrote in a  blog post.

↓ August 2, 2023: Cognizant to develop healthcare LLMs  

As part of an expanded partnership announced in May, Cognizant will build on Google Cloud's generative AI technology to create healthcare large language model (LLM) solutions.  The programme's initial focus will be on transforming administrative processes in areas such as appeals and grievances, and member and patient engagement. This broad-based initiative will utilize the combined capabilities of Google Cloud's Vertex AI platform, along with Cognizant's AI domain expertise and extensive healthcare industry-focused knowledge, processes and experience.

"Together, Cognizant and Google Cloud are moving beyond highly publicized content generation applications of generative AI to build enterprise healthcare solutions that drive significant cost optimization, business efficiencies and better experience," said Ravi Kumar S, CEO of Cognizant. "Google Cloud's generative AI capabilities are helping healthcare organizations set a new standard for operations," said Thomas Kurian, CEO of Google Cloud.

↓ August 1, 2023: Meta prepares chatbots to retain users

Meta Platforms is set to launch a variety of AI-powered chatbots with distinct personalities, targeted for a September release, as reported by the Financial Times. These chatbots are part of Meta's efforts to enhance engagement on its social media platforms. Some prototypes include chatbots mimicking the speech of Abraham Lincoln and offering travel advice like a surfer. The aim is to improve search functionalities and personalised recommendations. Meta's move comes after the launch of its text-based app Threads, which saw a significant drop in users. The introduction of AI chatbots seeks to enrich the user experience and boost retention.

↓ July 28, 2023:  70% IT pros using gen AI tools

A Freshworks survey covering 2,000 IT professionals worldwide unveils that 71% are already using A.I. to support their workload, and 46% are using generative A.I. tools like ChatGPT. While some express concerns about false information and security issues, 49% are enthusiastic about freeing up time from repetitive tasks and 45% see potential for employees to tackle more complex work with generative AI. "There’s a huge opportunity for AI within organizations’ IT departments — which often are struggling with software bloat — to better manage the out of control number of business software apps and systems that seem to expand in complexity every year and drag down productivity, budgets, and morale," said a blog post. 

↓ July 28, 2023: India gen-AI firms double in 2023 

The Indian SaaS ecosystem has proved even more resilient than its global counterparts. Revenues crossed $7 billion, formation of new SaaS companies expanded three-fold, and India now corners 2% of the global SaaS market, a new study by the SaaS founder community, SaaSBoomi, and knowledge partner McKinsey shows. Capital invested in Indian SaaS companies grew 24% from $5.9 billion in 2021 to $8.4 billion 2022, even as SaaS investments globally got a 20% shaving from $305 billion to $245 billion in the same period. India had a record 6.7% share of new global unicorns in 2022, most of which are SaaS companies.

↓ July 28, 2023: Capgemini to invest €2 bn in AI 

Capgemini has revealed its ambitious plan to invest €2 billion in Artificial Intelligence (AI). The company is actively developing a diverse portfolio of industry-specific offerings and forging strategic partnerships with major players like Google Cloud and Microsoft. The company is taking steps to upskill its workforce through its Data & AI Campus, ensuring they harness the full potential of generative AI in their operations.“Generative AI is already becoming a key pillar of digital transformation for businesses, and we see a breadth of opportunities to unlock substantial business value for our clients, which go way beyond important productivity gains,” comments Franck Greverie, Chief Portfolio Officer, Global Business Lines leader[3] and Group Executive Board Member at Capgemini. 

↓ July 26, 2023:AI to automate 30% Of US work hours 

A new McKinsey report reveals that activities currently accounting for up to 30% of hours worked in the US economy could be automated by 2030, driven by generative A.I., resulting in 12 million job switches in the post-pandemic labor market. People in the lowest wage quintiles face up to 14 times more chances of needing to change occupations than high earners. One of the biggest questions of recent months is whether generative AI might wipe out jobs. "Our research does not lead us to that conclusion, although we cannot definitively rule out job losses, at least in the short term," said the report. 

↓ July 26, 2023: AI lesson for Microsoft and Google 

Artificial intelligence holds significant promise for tech giants like Microsoft and Alphabet in the future. However, both companies emphasise the need for substantial upfront investments before witnessing tangible returns. Microsoft reveals rising costs due to new data center construction for AI support, with continued capital expenditures in acquiring chips from companies like Nvidia Corp to power these centers.

Microsoft bears AI costs to fuel its products, including the forthcoming $30-a-month Copilot AI assistant, and to serve other companies utilising Azure cloud computing services for AI products. Executives anticipate substantial revenue generation in the second half of fiscal 2024, concluding on June 30.

↓ July 24, 2023: Enterprise gen AI to change ESG reporting

In India, SEBI mandates the disclosure of ESG data for the top 1,000 listed companies under its Business Responsibility and Sustainability Reporting (BRSR) framework. However, many of these companies lack confidence in meeting their ESG requirements. Globally, over 50,000 organisations are now obligated to follow the European Union's Corporate Sustainability Reporting Directive. To tackle these challenges, many organisations are turning to Artificial Intelligence (AI) solutions. However, effective integration and disclosure of ESG practices are still evolving. Enter Generative AI powered by Large Language Models (LLMs). Enterprise Gen AI-based ESG platforms, trained on sector-specific data, not only consolidate, analyse, and summarise business information but also provide a coherent way of ESG reporting across geographies, according to a report by EY.

↓ July 25, 2023: TSMC to invest $2.9 bn in chip plant 

Taiwan Semiconductor Manufacturing (TSMC) revealed its ambitious plan to invest approximately T$90 billion (equivalent to S$3.8 billion) in an advanced packaging facility in northern Taiwan. The move comes as TSMC experiences a surge in demand driven by the booming market for artificial intelligence (AI) technologies.

In a statement, TSMC announced its intention to establish an advanced packaging fab in the Tongluo Science Park to meet the escalating market needs. CEO CC Wei expressed that the current capacity is unable to satisfy the soaring customer demand resulting from the AI boom. Therefore, TSMC aims to significantly expand its capacity for advanced packaging, a process that involves integrating multiple chips into a single device, thereby reducing the additional cost of high-performance computing.

↓ July 24, 2023: SoftBank to build AI-powered warehouses

SoftBank Group and Symbotic announced the formation of a joint venture called GreenBox Systems to construct AI-powered warehouses. SoftBank, the Japanese technology investor, will hold the majority ownership in the venture. The companies are jointly investing $100 million in this initiative, and GreenBox Systems has already entered into a contract to purchase AI-powered systems worth $7.5 billion from Symbotic for its warehouses.

As part of the deal, SoftBank will receive warrants representing approximately 2% of Symbotic's outstanding shares. Additionally, SoftBank has acquired 17.8 million shares of Symbotic from its CEO, Rick Cohen. This move comes as SoftBank's CEO, Masayoshi Son, aims to shift the conglomerate's stance to "offence mode" in light of exciting advancements in AI.

↓ July 18, 2023: Infosys signs AI deal with US$2 bn target 

Indian software services giant, Infosys, has inked a significant AI and automation deal with an existing client, spanning a five-year period and estimated at US$2 billion in expenditure. The agreement encompasses AI and automation-related development, modernization, and maintenance services. Infosys aims to strengthen its position in the competitive AI landscape alongside rivals Tata Consultancy Services and Wipro, who have also made strategic AI investments recently. Infosys' AI endeavors have been further amplified by the launch of its generative AI platform, Infosys Topaz, in May.

↓ July 18, 2023: Meta alliance expands Microsoft's AI bet  

During the Microsoft Inspire event, tech giants Meta and Microsoft revealed their joint expansion of AI partnership, incorporating support for the Llama 2 family of large language models (LLMs) on Azure and Windows. Llama 2 is designed to enable developers and organisations to harness the power of generative AI in creating innovative tools and experiences. Both Meta and Microsoft share a commitment to democratising AI, and this collaboration signifies Meta's open approach with Llama 2. Azure customers can now  fine-tune and deploy the 7B, 13B, and 70B-parameter Llama 2 models, while Windows developers can access Llama through the DirectML execution provider via the ONNX Runtime. 

↓ July 15, 2023: Indian IT giants double down on Gen AI

During the first-quarter earnings commentary for FY24, prominent Indian IT firms underscored the importance of generative AI. While these IT powerhouses have previously focused on generative AI,  TCS, Wipro, and HCLTech expressed their commitment to integrating GenAI into software services for enterprises.

"We are proactively building differentiating capabilities in generative AI and actively working on such projects with our clients, stated N Ganapathy Subramaniam, Chief Operating Officer and Executive Director, TCS, in their in their Q1 report

C Vijayakumar, Managing Director of HCL Tech, highlighted during the Q1FY24 investor call that the company has over 140 external and internal projects in various stages of maturity in GenAI, ranging from proof of concept to implementation.

Wipro’s first quarter results come with a strong backbone of large deal bookings, robust client additions, and resilient margins,” said Thierry Delaporte, CEO and Managing Director. "The launch of Wipro ai360 and the USD 1 billion investment solidifies Wipro’s position as a leading transformation partner that delivers the results and innovation our clients need to future-proof their businesses."

↓ July 13, 2023: AP, OpenAI join for AI AI-powered news

The Associated Press, a news publisher, announced that it has partnered with OpenAI to investigate the utilization of generative AI in news products. As part of the agreement, OpenAI will license a portion of AP's text archive, while AP will leverage the technology developed by ChatGPT-maker. It should be noted that AP currently does not employ generative AI in its news stories. “The arrangement sees OpenAI licensing part of AP’s text archive, while AP will leverage OpenAI’s technology and product expertise,” the two organisations said in a joint statement.

↓ July 13, 2023: Google's Bard expands to Europe, Brazil

ALPHABET revealed that it is introducing its artificial intelligence chatbot, Bard, to Europe and Brazil. This move puts Bard in direct competition with ChatGPT, which is supported by Microsoft. Elon Musk, billionaire entrepreneur, also recently launched his much-anticipated artificial intelligence startup xAI, which includes former engineers from Google, Microsoft, and OpenAI. Additionally, Google has introduced new features to Bard, which will be available worldwide. “Starting today, you can collaborate with Bard in over 40 languages, including Arabic, Chinese, German, Hindi and Spanish,” Google senior product director Jack Krawczyk said in a blog post.

↓ July 13, 2023: unveils China's new enterprise AI, China's second-largest e-commerce platform, unveiled ChatRhino, a large language model (LLM) designed for enterprise applications. This move aligns with domestic counterparts like Alibaba Group Holding in the development of advanced artificial intelligence solutions, similar to OpenAI's ChatGPT. Initially, will deploy ChatRhino internally across e-commerce, logistics, and marketing sectors. The company has plans to expand its services to enterprise clients by the first half of 2024.  Peng Cao, Chair of's Technology Committee and President of JD Cloud, said, "The digital intelligent supply chain trains industrial large models, while large models leverage supply chains to go deep into industries.

↓ July 13, 2023: GenAI set to boost GCC with $23.5bn growth

According to Strategy& Middle East, a division of the PwC network, the widespread adoption of generative AI (GenAI) is expected to persist in the corporate world over the next 6 to 12 months, accompanied by rapid advancements in the field. Strategy & Middle East's conservative top-down estimate suggests that the GCC region could experience approximately $9.9 of economic growth for every $1 invested in GenAI. If this trend continues, the overall economic impact of GenAI in the GCC could reach $23.5 billion per year by 2030. Saudi Arabia and the UAE are projected to be at the forefront, with estimated annual impacts of $12.2 billion and $5.3 billion, respectively. Tony Karam, a Partner at Strategy& Middle East, emphasized the remarkable potential of Generative AI to revolutionize the business landscape in the Middle East.

↓ July 12, 2023: Only 5% of HR exes embraced gen AI

According to a survey conducted by Gartner, only 5% of HR leaders have implemented generative AI in their function, while an additional 9% are conducting generative AI pilots. The survey revealed that over half of HR leaders are currently exploring the potential of generative AI, with no implementation in place yet. Around 25% of HR leaders plan to utilise generative AI for personalised career development plans. The top use cases for generative AI in HR include HR operations and recruiting, encompassing administrative tasks, policies, document generation, and job descriptions. Among the surveyed HR leaders, 84% believe that generative AI will enhance productivity in existing HR activities, while two-thirds anticipate the elimination of redundant tasks within the function.

↓ July 12, 2023: Wipro to invest $1 bn in AI

Wipro, a leading technology services and consulting company, has announced the launch of Wipro ai360, an AI-first innovation ecosystem. The company plans to invest $1 billion over the next three years to advance AI capabilities. With ai360, Wipro aims to integrate AI into all internal operations and client solutions, leveraging its expertise in data analytics, AI, cloud, consulting, and cybersecurity. The initiative includes training all 250,000 employees on AI fundamentals. Wipro's Lab45 innovation hub will play a crucial role, providing clients with talent, training, and research capabilities. The investment will enhance AI, data analytics, R&D, and FullStride Cloud, while Wipro Ventures will support cutting-edge startups.

↓ July 12, 2023: AI threatens 27% of jobs: OECD

According to the Organisation for Economic Co-operation and Development (OECD), more than a quarter of jobs in OECD countries rely on skills that could be easily automated in the forthcoming AI revolution. While there is currently limited evidence of AI significantly impacting jobs, the OECD suggests that this may be due to the early stages of the revolution. The report states that jobs at the highest risk of automation constitute approximately 27% of the labor force on average across OECD countries, with eastern European countries being particularly vulnerable. These high-risk jobs are defined as those requiring more than 25 out of 100 skills and abilities that AI experts believe can be easily automated. The OECD underscores the need to urgently address the potential risks associated with AI, despite recognising its numerous benefits.

↓ July 12, 2023: AI's rise in finance raises concerns

An analysis by CBInsights reveals that the majority of retail banks have already hired for AI-related roles, with over half of them investing in at least one AI startup since 2019. This trend is particularly evident in US-based banks such as Capital One and JPMorgan Chase, which lead the pack in recruiting top AI researchers, acquiring AI startups, and patenting AI-related technologies. However, as the financial sector increasingly adopts AI, the Financial Conduct Authority (FCA) in Britain emphasises the need for parallel investments in fraud prevention and operational and cyber resilience. The FCA underscores the importance of mitigating potential risks as AI is further integrated into financial services.

↓ July 11, 2023: IBM Watsonx available for enterprise 

IBM has announced the rollout of IBM watsonx, their enterprise-ready AI and data platform. Comprising three products, watsonx aims to accelerate and scale AI capabilities within organizations. The studio, offering foundation models, generative AI, and machine learning, is now available. The, a fit-for-purpose data store built on an open lakehouse architecture, is also now available. Additionally, the watsonx.governance toolkit, enabling responsible, transparent, and explainable AI workflows, is expected to be released later this year.

↓ July 11, 2023: Shutterstock expands partnership with OpenAI 

Shutterstock has announced plans to expand its existing partnership with OpenAI to provide training data for AI models. Over the next six years, OpenAI will license data from Shutterstock, including images, videos, music, and associated metadata. In return, Shutterstock will gain priority access to OpenAI's latest technology and new editing capabilities, enabling Shutterstock customers to transform images in their stock content library. Shutterstock CEO Paul Hennessy expressed the company's commitment to driving AI tech innovation and positioned Shutterstock as the preferred data and distribution partner for generative AI industry leaders.

↓ July 11, 2023: KPMG to invest $2 billion in AI

KPMG, one of the Big Four accounting firms, has announced its ambitious plan to invest $2 billion in artificial intelligence (AI) and cloud services across its global business lines over the next five years, according to a Reuters report. This investment comes as part of an expanded partnership with Microsoft. With the aim of automating aspects of its tax, audit, and consulting services, KPMG seeks to empower its workforce to provide faster analysis, offer strategic advice, and facilitate AI integration for client companies. KPMG's global chair and chief executive, Bill Thomas, emphasised that the focus is not on eliminating jobs but rather on enhancing the workforce with AI skills, creating new roles and offering training opportunities for employees.

↓ July 11, 2023: Anthropic unveils Claude 2 -competitor to ChatGPT

Anthropic, an AI startup founded by former OpenAI executives, has announced the launch of Claude 2, its new text-generating AI model. As a successor to its previous commercial model, Claude 2 is now available in beta across the United States and the United Kingdom through a paid API with limited access. Similar to its predecessor, Claude 2 offers capabilities such as document search, summarisation, writing, coding, and answering specific topic-related questions.

↓ July 11, 2023: Sapphire Ventures commits $1B+ to AI 

Sapphire Ventures, a global software venture capital firm focused on supporting impactful companies, has announced its commitment to invest more than $1 billion in AI-powered enterprise technology startups, particularly those specialising in generative AI. The CEO and Partner of Sapphire, Nino Marakovic, highlights the transformative potential of AI, expressing conviction in its future opportunities and anticipating a massive productivity boom driven by AI and Generative AI. Jai Das, the President and Partner of Sapphire Ventures, emphasised the paradigm shift facilitated by GenAI and Language Model Libraries (LLMs), envisioning the reinvention of applications and user experiences. Sapphire Ventures aims to partner with companies that not only enhance existing workflows and software but also build AI-native solutions, driving labour productivity growth.

↓ July 09, 2023: Emirates NBD to use GitHub Copilot X

Emirates NBD, in partnership with Microsoft, is undergoing a transformative initiative to leverage generative AI and boost productivity across its business functions. The bank's IT teams are utilising Github Copilot X, empowering over a thousand developers with this coding assistant. Emirates NBD is piloting the use of Microsoft 365 Copilot to automate repetitive tasks and enhance productivity. Additionally, ChatGPT, OpenAI's AI model, will be deployed across various departments, including Contact Centers, Marketing, Legal, Compliance, and Risk. 

Abdulla Qassem, Group Chief Operating Officer, Emirates NBD, stated: “By leveraging the power of generative AI, we aim to transform our business operations, elevate our customer experience, and stay at the forefront of technological innovation."

↓ July 05, 2023: Alibaba, Huawei join AI wave 

Alibaba Cloud, a subsidiary of Alibaba, showcased Tongyi Wanxiang, an image generator, at the World Artificial Intelligence Conference in Shanghai. Initially available in beta for enterprise customers, Tongyi Wanxiang will compete with globally popular rivals such as OpenAI's DALL-E and Midjourney Inc's Midjourney. Alibaba Cloud, formed through a significant restructuring, also introduced Tongyi Qianwen, a ChatGPT-like text generator, in April. Furthermore, they released ModelScopeGPT, an AI tool tailored for developers.

At the same time, Huawei unveiled the third version of its Panggu AI model during its annual developer conference in Dongguan, spanning three days. Chinese tech companies are aggressively pursuing AI product development following the success of OpenAI's ChatGPT. 

With the surge in demand for AI products, Chinese tech companies are actively investing in AI research and development to capitalise on its potential benefits.

↓ July 03, 2023: EU, Japan join forces for AI and chips 

In a move to diversify technological alliances and reduce reliance on China in specific sectors, the European Union (EU) is intensifying collaboration with Japan on technologies like artificial intelligence (AI) and semiconductor chips. EU Commissioner Thierry Breton said, “I will engage with Japanese government … on how we can organise our digital space, including AI based on our shared value.”  Additionally, the EU and Japan are set to collaborate in the semiconductor domain, leveraging Japan's role in the global supply chain and their efforts to strengthen the domestic industry.

Meanwhile, Japan is laying the groundwork to become a global hub for AI companies. Economy Minister Yasutoshi Nishimura addressing a group of University of Tokyo students highlighted the country's commitment to supporting startups and established enterprises in this field. 

↓ June 28, 2023 : Oracle adds gene AI to its HR software

Oracle Corp has announced the integration of generative artificial intelligence (AI) features into its human resources software, aimed at assisting with tasks such as drafting job descriptions and employee performance goals. The software will include a button that automatically generates draft text for job listings and performance goals, ensuring a reliable and safe result.  

"We don't expect generative AI is going to write your goals for you. It's going to give you a starting place, and it's going to give you useful information that you can get going with," said Rich Buchheim, vice president of product management for Oracle Adaptive Intelligence Applications.

Oracle is also exploring the use of AI for more complex HR tasks, like creating job requirement listings that comply with local regulations in various markets. The new features are scheduled to be available by the end of the year. The features are expected to roll out by the end of this year.

↓ June 27, 2023: Mizuho enables AI access to 45k bank staff 

Mizuho Financial Group has announced that all 45,000 bank employees in Japan will gain access to Microsoft's Azure OpenAI service this week. The banking giant aims to enable its workforce in core lending units to test and utilize the service. While some global banks have restricted employee access to ChatGPT, Japanese financial firms, including Mizuho, are adopting a more permissive stance, allowing the use of generative AI internally. The service will support various business purposes such as portfolio scanning for wealthy clients and screening potential defaulters.

↓ June 27, 2023: Baidu claims Ernie Bot beats ChatGPT 

China's search leader, Baidu, said on Tuesday that its ChatGPT-style service, Ernie 3.5, has surpassed OpenAI's GPT-3.5 and even outperformed the more advanced GPT-4 on several Chinese-language capabilities. The claim is based on a test conducted by China Science Daily, utilizing datasets such as AGIEval and C-Eval. Baidu's Ernie Bot also demonstrated improved training and inference efficiency, enabling faster iterations and future upgrades. The rival to ChatGPT has been in public beta testing for the last three months, sparking competition among domestic tech firms in China.

↓ June 27, 2023: Gen AI tech goes beyond producing texts, images

The advent of AI-based language models, such as ChatGPT, has already made a profound impact in educational institutions, workplaces, and various industries. When employed effectively, these tools have the potential to elevate productivity and spur creative outputs.

Nevertheless, the scope of Gen AI technology extends far beyond generating written texts, images, and sound, according to a report by World Economic Forum. It finds application in diverse fields, including targeted drug design for specific medical conditions, architectural innovation, and engineering advancements. Notably, NASA engineers are leveraging AI systems to expedite the development of lightweight space instruments, enhancing structural performance and minimizing time requirements. 

"In the workplace, the use of AI-based language models like ChatGPT or its successors can increase productivity and improve output quality, restructuring human tasks towards idea generation and editing as opposed to rough drafting," said the report.

↓ June 26, 2023: Genpact adopts AI to detect employee moods

Genpact, a professional services firm, has been using AI to effectively identify employee dissatisfaction. According to a Fortune report, Genpact's people team recognises the significant benefits of generative AI in their retention efforts. In 2018, Genpact introduced a test called Amber, aimed at measuring employee engagement and sentiment. Piyush Mehta, Genpact's Chief Human Resources Officer, highlighted the limitations of traditional employee surveys, which proved to be unproductive and burdensome due to the extensive human involvement required throughout the entire process, from data collection to analysis to taking action. To overcome these hurdles, Genpact implemented a chatbot that provides real-time analytics.

↓ June 13, 2023: Walmart announces a new gen AI playground

Walmart Global Tech is currently testing internal generative AI options for safe employee data utilisation. In a recent LinkedIn post, Cheryl Ainoa, EVP of new businesses and emerging technology at Walmart Global Tech, shared about The Walmart GenAI Playground "where associates can explore and learn about this new technology, while keeping our company and its data safe".

“There will be various GenAI models available to try out all in one place…enabling our associates to see the difference in how each model reacts to the same prompts,” the post reads.

Meta (formerly Facebook) launched generative AI-based tools for advertisers, and LinkedIn introduced a feature suggesting alternative ad copies. LinkedIn utilises OpenAI models, leveraging marketers' data to generate copy suggestions. The feature is being tested with select North American customers, with plans for expansion.

↓ June 21, 2023: Gen AI to impact 50,000 jobs in India

A recent study by IT market<

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Topics: Technology, #Artificial Intelligence

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