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When it comes to investing and planning your financial future, are you more willing to trust a person or a computer? This isn’t a hypothetical question any more. Big banks and investment firms are using artificial intelligence (AI) to help make financial predictions and give advice to clients. Morgan Stanley uses AI to mitigate the potential biases of its financial analysts when it comes to stock market predictions. And one of the world’s biggest investment banks, Goldman Sachs, recently announced it was trialling the use of AI to help write computer code, though the bank declined to say which division it was being used in. Other companie...... Read Full article on HadNews

OpenAI, the artificial intelligence company that developed the popular ChatGPT chatbot and the text-to-art program Dall-E, is at a crossroads. On Oct. 2, 2024, it announced that it had obtained US$6.6 billion in new funding from investors and that the business was worth an estimated $157 billion – making it only the second startup ever to be valued at over $100 billion. Unlike other big tech companies, OpenAI is a nonprofit with a for-profit subsidiary that is overseen by a nonprofit board of directors. Since its founding in 2015, OpenAI’s official mission has been “to build artificial general intelligence (AGI) that is safe and benefits al...... Read Full article on HadNews

Elon Musk‘s artificial intelligence company, xAI, is expected to complete a funding round in June, potentially valuing it at more than $24 billion, Bloomberg reports. The company aimed to finalize a $6 billion financing earlier this month, but the completion of this deal, which started last year, has yet to occur. The xAI funding round includes contributions from investors like Andreessen Horowitz and Sequoia Capital, as mentioned in a recent company blog post. According to a statement from Musk on X, the company’s valuation before this round was $18 billion. Apologies for my typo, pre-money was $18B — Elon Musk (@elonmusk) May 27, 20...... Read Full article on HadNews

Former Apple design lead Jony Ive and current Open AI CEO Sam Altman are sourcing funding for a new “artificial intelligence-powered personal device”. Sources speaking to The Information state that the duo are working together on the new device. Exact details are not yet known but it reportedly won’t look anything like a smartphone. Plans for this new venture have been underway since the fall of 2023 but now funding is being sought to bring it to reality. Already, the lofty circles that Ive and Altman come from within the tech world are gathering attention from some of the biggest names in technology investment. Ive and Altman seek bil...... Read Full article on HadNews

Staying competitive in the finance sector is vital, with many companies moving quickly to adopt artificial intelligence (AI) to reduce costs and streamline operations. But two companies recently came unstuck when the United States Securities and Exchange Commission (SEC) accused them of exaggerating their use of AI, marking the world’s first significant move in combating so-called “AI washing”. Delphia (USA) Inc and Global Predictions Inc, boasted about using AI for designing investment strategies, but the SEC found their claims to be unsubstantiated. There’s much speculation around AI, especially with generative technology app Ch...... Read Full article on HadNews

Amazon is reportedly gearing up to invest nearly $150 billion over the next 15 years in data centers. This substantial financial commitment will equip the cloud-computing giant with the necessary resources to manage a projected rise in demand for AI applications and various digital services. Bloomberg reports that this investment is a strategic display of dominance, to preserve Amazon’s leading position in the cloud services sector. Amazon currently holds about twice the market share of its closest competitor, Microsoft Corp. An Amazon spokesperson confirmed to ReadWrite that the figures were based on its recent infrastructure announce...... Read Full article on HadNews

The AI startup Inflection closed a $1.3 billion funding round in 2023, but just a year later its main investor Microsoft has taken on some of its key employees. In a blog post published by Microsoft yesterday (Mar. 19) the CEO Satya Nadella shares a message to its employees: “I want to share an exciting and important organizational update today. We are in Year 2 of the AI platform shift and must ensure we have the capability and capacity to boldly innovate… “In that context, I’m very excited to announce that Mustafa Suleyman and Karén Simonyan are joining Microsoft to form a new organization called Microsoft AI, focused on advancing Co...... Read Full article on HadNews

Saudi Arabia is set to see a $100 billion investment over the next six years, with an aim to become a leader in the field of electronics and advanced industrials. On February 1, 2024, the country’s Public Investment Fund company Alat was launched. Four partnerships and the news of major investment have now been revealed. In an announcement today via press release (Feb 20) $100 billion will be invested by 2030. This will go towards enhancing the “capabilities of the technological sector, benefitting from the rapid development of this sector in Saudi Arabia.” Alat will be partnering with Softbank Group, Carrier Corporation, Dahua Technol...... Read Full article on HadNews

SoftBank Group’s Masayoshi Son is making the next move in his far-reaching artificial intelligence (AI) strategy, fundraising $100 billion for a new chip venture. The Softbank founder has long since been clear about the company’s focus on AI, with SoftBank chief financial officer Yoshimitus Goto also telling the Wall Street Journal that the company was “getting ready to go on the offensive with the AI revolution on the horizon” last year. Now, a new AI chip venture appears to be the next link in the chain. Reportedly dubbed the codename of Izanagi, the new venture would see Softbank collaborate with Arm, the chip design company that So...... Read Full article on HadNews