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| Here's a look at today's AI briefing: - 🤝 U.S., China to collaborate on AI safety: White House
- 🔍 Deep Dive: Samsung bets on AI to revive sales
- 💳 PayPal CEO unveils AI products in bid to boost share value
Thanks for reading. Shriram
p/Shriram | |
| 1 | | White House science adviser Arati Prabhakar indicated that the U.S. and China are set to collaborate on AI system safety despite ongoing trade tensions. Both nations aim to assess AI capabilities and mitigate risks, addressing global concerns about cybersecurity and misinformation linked to the rapid development of AI. More: - According to earlier reports, Chinese specialists met in secret with top U.S. AI businesses, OpenAI among them, to examine new concerns related to the technology.
- The U.S. has implemented export controls on chips and equipment to impede China's progress in technologies such as AI.
- Despite differences in values and regulatory approaches, the adviser sees areas of agreement between China and the U.S., particularly in establishing global technical and safety standards for AI software.
- The partnership seeks to address the rapidly advancing field of artificial intelligence and show that communication between the two countries can produce positive outcomes.
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| 2 | | Samsung has introduced its latest Galaxy smartphone, the S24 family, with on-device artificial intelligence capabilities. 
What the numbers say: Apple overtook Samsung in market share after the South Korean company saw a nearly 14% decline in global smartphone shipments to 226.6 million units in 2023. Relevance: Samsung aims to boost smartphone sales and compete with Apple in the premium market by introducing AI features, such as real-time translation and image-based web search, in its latest Galaxy S24 family. The company hopes that AI-enabled devices will reverse the declining trend in smartphone sales, a challenge it faces amid increased competition. More data: Samsung's AI-centric S24 lineup, shipping soon, seeks to outpace the upcoming iPhone release, and UBS projects AI smartphones may reach 190 million units in 2024, capturing 16% of the global market in their debut year, while a modest uptick in PC sales is expected, with AI-enabled devices contributing to the potential recovery. | | | |
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| 3 | | PayPal, led by CEO Alex Chriss, is introducing AI-driven products and a one-click checkout to revive its stock, which is down 22% since January 2023. This aligns with the trend of companies leveraging AI to capitalize on investor enthusiasm, with Chriss emphasizing AI's opportunities for understanding consumer behavior and enhancing merchant targeting. More: - After announcing the company's AI-driven initiatives, investors analyzed the news, and PayPal shares saw a 4.6% decrease.
- The forthcoming platform will use AI to help merchants analyze past shopping history and expand their customer base using data from around half a trillion dollars' worth of global transactions.
- "Smart receipts," an AI-powered technology that retailers may use to suggest customized products to customers via email receipts and cashback incentives, will be available to them.
- With the launch of "Fastlane," a one-click checkout option, checkout times have accelerated by over 40% in preliminary testing, and Venmo business profiles will get more functionality.
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| 4 | | According to industry executives, AI is expected to halve the time needed to develop new battery materials, boosting climate change innovation. Umicore, partnered with Microsoft, anticipates a substantial impact, aiming to reduce the research stage for battery materials from five or six years to two using AI. More: - The partnership benefits Umicore by filing AI-enabled patents for solid-state materials and disordered rock salt breakthroughs to improve the electric car range and enable new battery applications.
- AI is anticipated to drive advancements in battery material development, inspired by its successful application in the pharmaceutical sector.
- Microsoft's partnership with the Pacific Northwest National Laboratory led to an algorithm efficiently identifying 18 promising battery materials out of 32 million candidates within 80 hours.
- According to James Frith of Volta Energy Technologies, AI in battery optimization gives the U.S. a chance to compete globally, reducing reliance on China.
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| 5 | | Ola founder Bhavish Aggarwal's AI startup, Krutrim, achieved unicorn status by raising $50M in a funding round led by Matrix Partners India. Specializing in a large language model trained in local Indian languages and English, Krutrim attained a $1B valuation, becoming the fastest Indian AI startup to reach unicorn status. More: - The business wants to introduce a conversational AI assistant to speak and understand several Indian languages through voice commands.
- Next month, Krutrim intends to launch a test version of its chatbot and provide developers and businesses with APIs.
- The ride-hailing company also intends to build internal resources to produce chips optimized for AI computation.
- The investment in Krutrim indicates a global trend in which investors are looking for ways to profit from AI innovations and the possibility of large profits.
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| 6 | | Learnable.ai, backed by Richard Li, is seeking to raise $70M to automate the grading process of China's college entrance exams, "gaokao," utilizing AI. The startup aims to modernize a system that has remained unchanged since the 1950s, where millions of students undergo handwritten exams, waiting weeks for human evaluators to grade their papers. More: - Chairman Guan Wang sees AI quickly reducing grading times and instantly generating standards, revolutionizing the assessment process.
- At a $200M valuation, Wang, who is also the director of the Ningbo Artificial Intelligence Research Institute, raised about $14M in 2022 for Learnable.ai.
- With around 1% of Chinese students entering the top 20 institutions after studying, they view the gaokao as essential to professional success.
- China's Ministry of Education has tested Learnable.ai's model since 2019, employing it as an auxiliary tool in entrance exams across multiple provinces since 2021.
- The business wants to create a consumer app called Dakaotong that would allow K-12 children to take practice tests, grade them, find errors, receive personalized feedback, and complete follow-up tasks.
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- ElevenLabs, an AI startup, has banned an account accused of creating a fake audio recording of President Biden using the company's technology, according to Bloomberg.
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- Two privacy-centric web browser startups, Arc and Brave, have unveiled new generative AI-powered features aimed at transforming web browsing.
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 | Freelance Writer | | Shriram is pursuing Master’s in Business with Marketing at Warwick Business School. He worked as a Senior Consultant in Tech and Political Consultancies before his Masters. He is passionate about Tech, Marketing, Strategy, Anthropology and Politics. He is also the Postgraduate Ambassador for Warwick Business School. | | This newsletter was edited by Aaron Crutchfield | |
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