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  • The world needs a global AI observatory

The world needs a global AI observatory

Also: Microsoft Unveils Bing Chat Enterprise and Announces Pricing for Microsoft 365 Copilot


In today's edition, we explore the rising need for a Global AI Observatory (GAIO), an initiative that could shape our collective understanding and governance of AI's worldwide effects. We also delve into Microsoft's AI offering, Copilot, a promising innovation set to enhance workforce productivity and profitability. Across the Pacific, we analyze the views of Sumitomo Mitsui's CIO on how generative AI could be a catalyst for Japan's regrowth. On the startup front, the intensifying chatbot rivalry has triggered layoffs in Jasper AI and Mutiny. In the AI tools sector, Expedia incorporates new AI features, revolutionizing the way you plan your travels. Finally, our venture capital updates highlight the anticipated Series D funding round for Hugging Face, with an impressive valuation that continues to fuel the AI investment frenzy. As always, we aim to keep you updated on the most recent developments in the AI world. Enjoy the read!

Let’s get into the sliced pieces:

  • 👀 The world needs a global AI observatory

  • 👩🏻‍✈️What Do I Need To Know About Microsoft Copilot For My Business?

  • 🇯🇵 Sumitomo Mitsui executive sees AI as chance for Japan's regrowth

  • 👨🏻‍💻 Jasper, Mutiny AI Startups Cut Workers As Chatbot Rivalry Grows

As the risks of unchecked AI development increase globally, experts suggest the creation of a Global AI Observatory (GAIO) to monitor developments and predict AI’s possible global effects. Much like the Intergovernmental Panel on Climate Change, a GAIO could provide governments with scientific information for policy-making and decision-making in AI. Its four main activities would include creating a global, standardized incident-reporting database, compiling a registry of significant AI systems, synthesizing knowledge about AI's societal impacts, and fostering a global debate via an annual AI report. A GAIO should also innovate by incorporating collective intelligence methods and whistleblowing mechanisms. Its legitimacy, like the IPCC, would be achieved through the involvement of diverse member organizations and a focus on fact-based analysis over prescription. For a GAIO to grow, it must secure buy-in from key international players, underlining that no country stands to gain from out-of-control AI, paralleling the stance on unchecked pathogens.

Microsoft's AI offering, Copilot, promises to revolutionize businesses by significantly improving workforce productivity and profitability. Launched in March 2023 for selected enterprise clients, the service is expected to become generally available by early 2024. Copilot, referred to as 'ChatGPT on steroids,' is deeply integrated with Microsoft applications and will be used to automate mundane tasks, thereby saving significant time for users who master it. However, its effectiveness will be tied to the quality of the data it can access - both internal and external. While the AI has potential, it won't be perfect and will still require humans to make the final call on its suggestions and recommendations. Business owners are encouraged to understand and utilize this tool to maintain a competitive edge.

Jun Uchikawa, the chief information officer at Sumitomo Mitsui Financial Group, believes that generative artificial intelligence (AI) presents an opportunity for Japan's regrowth. According to Uchikawa, the biggest challenge faced by Japanese companies is the shortage of talent and labor, which can be resolved through generative AI. Sumitomo Mitsui Financial Group conducted a trial using generative AI based on ChatGPT's technology for information search and document creation, resulting in improved speed and efficiency. While AI is valuable for tasks such as information search and translation, there are limitations when it comes to creative work that requires human input. The company plans to expand the trial to cover all of its 40,000 employees, aiming to enhance the quality of services for corporate clients. Uchikawa emphasized that AI should be incorporated into specific operations rather than replacing human workers entirely.

As the competition in the chatbot market heightens, two artificial intelligence startups, Jasper AI and Mutiny, have recently announced layoffs. Jasper AI, a company utilizing OpenAI’s GPT to help businesses create and revise text, has reduced its staff, with its head of product, Jeremy Crane, also departing after less than a year. Mutiny, which employs AI to enhance and personalize website text, let go of approximately 30% of its workforce, amounting to around 30 jobs. These events unfold amidst growing rivalry from other startups and OpenAI, which all offer software using large language models for text manipulation.

🛠️ AI tools updates

Expedia is implementing new artificial intelligence (AI) features to simplify and enhance trip planning for its users. In April, the company integrated ChatGPT into its iOS application for conversational trip planning, enabling users to receive travel recommendations by interacting with the chatbot. This feature is slated to arrive on the Android version of the app next month, alongside new functionalities such as the Trip Planner, which stores recommended activities. Eventually, hotel recommendations complete with images, price ranges, and reviews will also be stored in the Trip Planner. Users will have the freedom to resume previous planning conversations, allowing them to continue their trip planning at their convenience. In addition, the Hotels.com app will offer a smart-shopping feature, delivering AI-driven recommendations based on user-specific criteria such as travel duration, location, and party size.

💵 Venture Capital updates

AI startup Hugging Face is set to raise a significant Series D funding round that could value the company at $4 billion, and raise at least $200 million according to multiple sources. The round is being led by Sound Ventures, Ashton Kutcher's venture capital firm, but several competing term sheets have prompted CEO Clément Delangue to continue to shop around. Final figures have not yet been agreed upon, and there's potential for the startup to raise up to $300 million. Known for providing open-source AI models, Hugging Face has seen a surge in its revenue run rate this year, now estimated between $30 million and $50 million. The upcoming funding underscores the high-demand investment atmosphere around AI companies, especially those providing large language models.

🫡 Meme of the day

⭐️ Generative AI image of the day