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✨ [Tiferes] AI Future Newsletter - Issue #29

✨ [Tiferes] AI Future Newsletter - Issue #29

Clark Valberg
December 26, 2023 • Estimated Reading Time: 11 minutes

Your weekly briefing on all things AI

In this week's newsletter, we explore the multifaceted world of AI, where innovation intersects with ethical dilemmas. As AI usage continues to rise, we see a divide: businesses that adhere to the law and those that do not. Let's dive in.

🧑‍💻 ByteDance utilizes OpenAI technology to enhance their AI models.

💼 Deloitte leverages AI technology to navigate workforce challenges.

💰 OpenAI offers $1 Million for innovative AI startup ideas.

🙈 FTC hits RiteAid hard for their use of facial recognition in stores.

📰 AI in the News

ByteDance Uses OpenAI's GPT, Sparks API Drama

ByteDance, the behemoth behind TikTok, is stirring the AI pot. They've been dabbling with OpenAI's GPT tech, but not without drama. OpenAI hit pause on ByteDance's account, raising eyebrows over how the Chinese tech giant's been using GPT data, despite ByteDance's statement that they are only leveraging the model to a "very limited extent" in their global products.

The Verge, however, reported that according ByteDance's internal docs, they’ve been leaning on OpenAI's API for its own LLM, codenamed Project Seed at "nearly every phase of development".

OpenAI's stance is clear: play by the rules or game over. They're digging deeper into ByteDance's use of their tech. If things don't line up, it could mean curtains for ByteDance's access to GPT. This tussle is a snapshot of the US-China tech rivalry heating up, especially in the AI arena. ByteDance might be walking a fine line, but they're not alone. China's tech giants are all in on the ChatGPT-style tool race, adding more fuel to the fire. (Full Story)

Deloitte Innovates Workforce Management Using AI

Deloitte, a global consulting firm, is taking a proactive approach to workforce management by leveraging AI technology. Amidst the rapid advancements in AI and its potential disruptions to the labor market, Deloitte is using AI to assess its employees' skills and strategically shift them into more promising areas of the business. This move, as reported by Bloomberg, aims to stave off mass layoffs and balance new hiring growth, marking a significant shift in how major firms are adapting to technological changes.

Deloitte's global chief talent officer, Stevan Rolls, also emphasized the goal of avoiding large swings in hiring and layoffs. The firm has already started using generative AI tools to eliminate repetitive work, increasing productivity and potentially boosting profits significantly.

Deloitte's initiative comes at a time when the firm has seen substantial growth in new hires post-pandemic, bringing on 130,000 new employees this year alone. However, with revenue growth not keeping pace, Deloitte, along with other consulting firms, is facing the challenge of managing a large workforce amid a slow business climate. This strategic use of AI reflects a broader trend in the industry, where technology is increasingly seen as a solution to optimize workforce management and adapt to changing market conditions. (Full Story)

💡 Industry Insights

🏥 Healthcare

AI Beats Clinical Diagnostics: Researchers from Beth Israel Deaconess Medical Center (BIDMC) found that the large language model (LLM) ChatGPT-4 outperforms clinicians in some instances of estimating the probabilities of diagnoses before and after laboratory testing. (link)

Advancing Antibiotics: MIT researchers have utilized AI to identify new antibiotic candidates, potentially advancing the treatment of antibiotic-resistant bacteria. This AI-driven approach accelerates the discovery process and could lead to the development of effective new antibiotics, addressing a crucial need in global healthcare. (link)

🏠 Real Estate

Real Estate AI Smart Assistant: Inside Real Estate has unveiled a first-of-its-kind AI integration called Smart Assistant, powered by GPT-3. This AI tool aims to enhance the real estate experience by providing intelligent insights and assistance to real estate professionals. It offers personalized responses, property details, and market insights, streamlining communication and decision-making in the real estate industry. (link)

🔐 Finance:

OpenAI’s Next Funding Round: OpenAI is currenly in early talks about another funding round at a $100 Billion valuation. The money would be used for a new chip venture with Abu Dhabi-based G42. (link)

Huawei Cloud and Pangu AI Transform Finance: Huawei Cloud and Pangu AI are revolutionizing finance through advanced AI models, enhancing risk management, fraud detection, and efficiency in financial services. (link)

🔐 Cyber Security

AppOmni's Generative AI for SaaS App Security: AppOmni provides a glimpse of its generative AI tool designed to bolster the security of Software as a Service (SaaS) applications, addressing vulnerabilities and data protection challenges in the SaaS environment. (link)

🌎 Politics

AI in Political Campaigning: Former Pakistani Prime Minister Imran Khan is reportedly using an AI-generated clone to campaign while detained. This unique application of AI technology illustrates its growing role in political communication, allowing leaders to maintain public engagement despite physical constraints. (link)

Google's AI Strategy for Election Integrity: Google is set to restrict election-related queries on its AI tools like Google Bard and SGE to combat misinformation in the 2024 U.S. presidential election. This effort includes transparency measures on YouTube and Google's ad services, reflecting the company's commitment to maintaining reliable information during critical election periods. (link)

⚖️ Legal

AI's Status in Patent Law: The UK Supreme Court has ruled that AI cannot be recognized as an inventor in patent applications, a landmark decision in intellectual property law. This ruling emphasizes that patent inventors must be human, impacting how AI contributions are viewed in legal contexts. (link)

AI Contract Negotiation Tool: Law firm Allen & Overy introduces an AI contract negotiation tool, streamlining contract review and drafting with AI-driven data extraction and analysis, enhancing efficiency in legal document management. (link)

Authors Join AI Copyright Lawsuit: Pulitzer Prize-winning authors have joined OpenAI and Microsoft's lawsuit against the U.S. government to prevent copyright restrictions on AI-generated content. The case raises significant questions about the legal rights and responsibilities of AI creators and users in the realm of intellectual property. (link)

📈 Venture Deals

IBM will procure StreamSets and WebMethods from Software AG in a $2.3 billion deal. (link)
Anthropic to raise $750 million from Menlo Ventures. (link)
GreyOrange raises $135 million in Series D funding. (link)
Vestwell secures $125 million for workplace savings programs. (link)
Harvey, a legal-centric AI, raises $80 million in Series B funding. (link)
VideoVerse secures $45 million from Bluestone Equity Partners. (link)
Arcane, AI marketing co-pilot, raises $5 million in Seed funding. (link)
Inverted AI Secures $4 million in Seed Round. (link)

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