Daily AI News Digest - Sep 30, 2024

CA Governor Gavin Newsom vetoes AI Regulation Bill

Governor Gavin Newsom vetoed SB 1047, a bill aimed at regulating large AI models to mitigate the risk of harm that such models could enable. The rationale given by Newsom was that the bill would stifle AI innovation, whose epicenter has been Silicon Valley, and force companies out of California. He also said that the regulation only targeted large models from incumbent AI frontrunners, whereas smaller startups could also create models with similar risks. California Senator Scott Wiener called it a setback for AI regulation (KQED).

Nvidia's acquires Generative AI startup OctoAI

Nvidia has acquired OctoAI, a startup specializing in generative AI tools, for $250 million. This acquisition is part of Nvidia's strategy to build a comprehensive generative AI stack for enterprises. OctoAI, formerly known as OctoML, has made significant strides in optimizing AI model performance, making this acquisition a pivotal move for Nvidia. Learn more about this acquisition at Forbes.

Discover’s CIO, and many others using risk mitigation frameworks for proper AI deployment

Discover Financial Services is taking a strategic approach to generative AI, focusing on risk mitigation and value identification. By implementing specific guardrails, Discover is ensuring that AI projects, are adopted correctly from the get g-. (CIO Dive).

Retail Growth Through AI-Powered Chatbots

Generative AI chatbots are proving to be valuable assets for retailers. These chatbots, capable of responding to natural language questions with accurate and effective answers, can significantly enhance customer experience. However, the challenge lies in ensuring that these chatbots do not "hallucinate" or provide incorrect information, which could deter customers. Dynatrace's CEO, Rick McConnell, shares optimism about the potential of AI-powered chatbots in retail. Learn more at Inc.

Investment Opportunities in AI: A Trillion-Dollar Market

A report from UBS Global Wealth Management projects that AI revenue will reach $1.2 trillion by 2027. The investment opportunities in AI are categorized into three layers: enabling, intelligence, and application. Explore the investment landscape at The Motley Fool.

Fujitsu's Takane: A Japanese-Language AI Model for Enterprises

Fujitsu has launched Takane, a large language model designed for secure enterprise use. Developed in collaboration with Cohere Inc., Takane offers advanced customization and world-class Japanese language capabilities. This model represents a significant advancement in generative AI for industry-specific applications. Learn more at SentinelSource.com.

Disclaimer: This newsletter is not investment advice even if it may contain financial results and/or opinions from individuals or publishers on investment decisions.