Article: Gen AI won’t take away jobs: ILO, Google's AI for life advice, China's new AI rules, APAC's Gen AI investment, & more


Gen AI won’t take away jobs: ILO, Google's AI for life advice, China's new AI rules, APAC's Gen AI investment, & more

Gen AI won’t take away jobs: ILO, China enforces new AI content rules, Google DeepMind explores life advice...Details in the timeline.
Gen AI won’t take away jobs: ILO, Google's AI for life advice, China's new AI rules, APAC's Gen AI investment, & more

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. Powerhouses such as Nvidia, Arm, Qualcomm, Intel, AMD and others seized the opportunity to unveil hardware specifically designed to support next-generation AI applications. 

While industry giants like Google, Microsoft, and Meta have already embraced generative AI. Google, in particular, made a significant impact at its developer conference with AI-infused search capabilities and the introduction of Bard. Microsoft has also integrated generative AI into its productivity apps, while Meta released its own AI model with capabilities similar to ChatGPT and Bard.

In other news, a recent report by McKinsey Global Institute reveals that generative AI has the potential to make an astounding $4.4 trillion annual impact on the global economy. By automating tasks and delivering time savings of 60 to 70 per cent for workers, generative AI, including chatbots like ChatGPT, can transform several industries.

Amidst these remarkable advancements, the conversation surrounding AI regulation and responsible usage has gained momentum. The industry recognises the importance of addressing potential risks and ensuring ethical practices, sparking ongoing debates and dialogues.

Let's dive into a recap of the key highlights that have been making waves in the world of AI.

↓ September 19, 2023: Morgan Stanley adopts GPT-4, Intel's chip powers AI chatbots, Amazon enhances Alexa with Gen AI 

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 centers. 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 AI model 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 billion 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: Generative 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 an AI Assistant 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 impact to Internet tidal 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 own gen AI tool 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 internet 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 unveils AI 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 enhances Enterprise360 with Gen 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 LLM solutions 

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: Over 70% IT pros are 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: Indian Gen-AI startups more than 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 - Mckinsey

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 can change ESG reporting: EY

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 advanced chip plant amid AI boom

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 and Symbotic form JV 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 spend

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 beyond OpenAI 

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 powerhouses 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 Chatbot 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 ChatRhino: 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 annual 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 implemented gen AI: Gartner

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, to train 250,000 employees

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 fraud 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, cloud services 

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 - the 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-powered tech

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, ChatGPT 

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 with new products

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 gen 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 its Ernie Bot now 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: WEF

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 bets on gen AI to detect employee dissatisfaction

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 generative 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: Generative AI to impact 50,000 jobs in India

A recent study by IT market intelligence firm UnearthInsight reveals that the application of generative artificial intelligence (AI) could significantly impact approximately 1% of India's 5.4-million IT workforce, primarily in sales and support roles. This transformation has the potential to generate an additional $2-3 billion in revenue for the industry. The study, according to reports, indicates that over the next three to five years, around 50,000 to 60,000 employees may experience changes in their work responsibilities.

↓ June 20, 2023: Teleperformance, Microsoft sign deal to launch TP GenAI 

Teleperformance, a leading outsourcing group from France, has partnered with Microsoft in a $185 million agreement to launch TP GenAI, their proprietary generative AI solution. Leveraging algorithms like ChatGPT, TP GenAI aims to enhance efficiency, accuracy, and customer experience by enabling the creation of new content, including audio, text, and simulations. During a pilot phase, TP GenAI demonstrated impressive results, including a 25% reduction in call handling time, a 20% decrease in email response times, a 90% improvement in addressing customer needs, a 35% increase in sales conversions, and real-time insights on customer interactions. By automating simple, low-value tasks, TP GenAI allows staff to focus on more critical matters.

↓ June 13, 2023: Generative AI can add $4.4 tn to economy: McKinsey 

McKinsey Global Institute predicts that generative artificial intelligence (AI) could contribute up to $4.4 trillion annually to the global economy. By automating work and saving 60 to 70 percent of workers' time, generative AI, including chatbots like ChatGPT, has the potential to revolutionise various industries. The report highlights that about 75% of the value generated by generative AI falls within customer operations, marketing and sales, software engineering, and R&D.

“Generative A.I. has the potential to change the anatomy of work, augmenting the capabilities of individual workers by automating some of their individual activities,” the report said.

↓ June 13, 2023: Accenture pours $3 billion into AI

Accenture, the global consulting firm, has announced an investment of $3 billion in its Data & AI practice. Accenture plans to double its AI talent to 80,000 professionals through a combination of hiring, acquisitions, and training. Julie Sweet, chair and CEO, Accenture, said, “Companies that build a strong foundation of AI by adopting and scaling it now, where the technology is mature and delivers clear value, will be better positioned to reinvent, compete and achieve new levels of performance”.

“Over the next decade, AI will be a mega-trend, transforming industries, companies, and the way we live and work, as generative AI transforms 40% of all working hours,” said Paul Daugherty, group chief executive, Accenture Technology. 

Accenture’s investment in AI follows layoff announcement in March, when it decided to let go of about 19,000 jobs in the face of a economic downturn.

↓ June 13, 2023: AMD unveils new AI chip to rival Nvidia

AMD is set to challenge Nvidia's dominance in the AI market with its upcoming line of artificial intelligence processors. The company unveiled its most advanced GPU for AI, the MI300X, designed to handle the growing demands of AI workloads. With over 80% market share, Nvidia has been the dominant player in AI chips. However, AMD's MI300X, equipped with an accelerator to enhance generative AI processing, poses a strong competition.

↓ June 13, 2023: AI firm Synthesia raises £71.4m, turns unicorn 

Synthesia, a generative AI firm based in London, has secured $90 million in funding, with a valuation reaching $1 billion. The company specializes in creating realistic human avatars that deliver presentations. Synthesia's success aligns with the booming generative AI sector, which has gained substantial popularity since the launch of ChatGPT. The recent Series C funding round, led by Accel, NVIDIA's venture capital arm NVentures, and other prominent investors, will fuel Synthesia's vision to produce enterprise videos and including workplace training and corporate presentations.

“We’ve made great strides towards our vision to make video easy for everyone, but there’s still a long way to go,” said Synthesia co-founder and CEO Victor Riparbelli.

↓ June 12, 2023: Salesforce's $500mn startup fund 

Meta Platforms, parent company of Facebook and Instagram, released I-JEPA, an AI model with "human-like" image completion. OpenAI strengthens its text-generating models and lowers prices in response to increased competition. The latest releases, GPT-3.5-turbo and GPT-4, introduce function calling, enabling developers to describe programming functions and generate corresponding code execution. Salesforce boosts generative AI startup fund to $500M, launches AI Cloud service offering integrated AI-powered products, including Einstein, Slack, and Tableau, starting at $360,000 per year. Oracle partners with Cohere to develop native generative AI services for global organisations, enabling end-to-end process automation, improved decision-making, and enhanced customer experiences.

↓ May 30, 2023: Baidu's $140 mn fund to support AI firms

Baidu, China's leading internet search giant, is creating a substantial $140 million fund to support startups focused on generative AI. With the aim of fostering innovation and capitalising on the AI-powered services hype, Baidu plans to provide seed funding of up to 10 million yuan per deployment, nurturing projects built on their advanced Ernie AI model. Venture investors, including IDG Capital, will evaluate founder pitches and facilitate the development of compelling demo products to secure funding.

↓ May 30, 2023: Nvidia hits $1 trillion market value 

Nvidia, the chip manufacturer, reaches a milestone with a market value of $1 trillion, driven by soaring demand for AI tools like ChatGPT and Bard. As tech giants prioritise AI integration, Nvidia's role as a chip supplier grows more significant. The recent debut of Avatar Cloud Engine for Games at Computex 2023 highlights Nvidia's commitment to advancing AI technology. CEO Jensen Huang envisions a revolutionary "new computing era" where voice commands empower effortless computer programming, opening doors to limitless possibilities.

↓ May 4, 2023: Biden administration's AI regulation

The Biden administration faces a challenging AI rule dilemma as officials engage in a heated debate over the level of regulation needed for emerging AI tools. At the US-EU Trade and Technology Council gathering in Sweden, the EU proposes strict measures for AI products like ChatGPT and Dall-E. While some White House and Commerce Department officials support the EU's approach, others, including US national security officials and certain individuals in the State Department, argue that aggressive regulation may hinder national competitiveness.

↓ May 31, 2023: Alibaba's AI push

Alibaba Group is taking a significant step by integrating its artificial intelligence system into its DingTalk messaging app and meeting assistant called Tingwu. The language model developed by Alibaba Cloud, known as Tongyi Qianwen, now powers interactions with the new version of the assistant, Tongyi Tingwu. This integration allows users to benefit from audio and video file analysis and text summaries. The cloud unit of Alibaba has opened up the new assistant for public testing and plans to incorporate it into the DingTalk platform.  

↓ May 26, 2023: JPMorgan trademarks IndexGPT  

JPMorgan Chase is embracing artificial intelligence with the development of a ChatGPT-like software service. The company aims to provide personalised investment recommendations that align with customer requirements and has applied to trademark a product called IndexGPT. This software service utilises cloud computing software and artificial intelligence to analyse and select securities tailored to customer needs. 

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Topics: Technology, #ArtificialIntelligence

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