AI minister: Cut company tax to boost robotics, automation
Industry Minister Ed Husic called for tax cuts on corporate profits to encourage AI and automation-based investment in advanced manufacturing.
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AI, cybersecurity conference in Cyprus
An international conference on artificial intelligence (AI) and cybersecurity in civil and military aviation will be held next Thursday. The conference is expected to have over 90 attendees and will feature speakers from international and European organizations, as well as the USA, Asia, and the Middle East. AI and cybersecurity are crucial in the aviation sector, with 42 million flights worldwide carrying 4.5 billion passengers each year. The event will focus on highlighting the benefits and challenges of AI and suggest partnerships between relevant international organizations and states.
Chief Scientist highlights AI, ’s impact on data monetisation strategies at CING
Demetris Skourides visited the Cyprus Institute of Neurology and Genetics (CING) and praised the Department of Bioinformatics (C-BIG) for its expertise and diverse specializations.
AI is set to take all the jobs – who will pay our taxes?
– Schindlers Attorneys is a prestigious South African law firm that has embraced AI technology to assist with legal preparation.
– The AI engine drafted submissions for a real court case in under 30 seconds, which were successful in court.
– The use of AI in highly skilled professions like law may lead to widespread employee replacement across various industries.
– The speed of AI development may lead to rapid displacement of human workers without enough time for retraining or reassignment.
– Employers are driven by profit and competition, leading them to replace humans with AI for increased efficiency.
– The potential mass unemployment due to AI advancements raises concerns about tax revenue and government funding.
– The formalization of national income tax may face challenges if there are fewer jobs for humans to generate tax revenue.
Elon Musk, ’s xAI valued at $24 bln after fresh funding
Elon Musk’s AI startup xAI raised billion in series B funding, reaching a post-money valuation of billion.
Google set to bring ads in search AI Overviews
Google will start testing search and shopping ads in its AI-generated answers in the US.
Europe sets benchmark for rest of the world with landmark AI laws
Europe’s landmark rules on artificial intelligence will enter into force next month after EU countries endorsed a political deal reached in December, setting a potential global benchmark for the technology. The AI Act is more comprehensive than the United States’ approach and China’s approach, aiming to maintain social stability and state control. The legislation imposes strict transparency obligations on high-risk AI systems and restricts governments’ use of real-time biometric surveillance in public spaces. The new legislation will have a global reach, impacting companies outside the EU who use EU customer data in their AI platforms. Fines for violations range from 7.5 million euros to 35 million euros depending on the type of violations.
Americans must pay higher taxes if they want to keep a high standard of living
The U.S. government faces fiscal challenges that will require higher taxes, regardless of the presidential election outcome. The federal deficit is projected to grow to 6% of GDP by 2033, and debt held by the public will increase to 114% of GDP. The 2017 Tax Cut and Jobs Act simplified and cut individual income taxes and lowered business taxes, with most individual tax cuts expiring in 2025. President Biden’s proposed budget includes repealing benefits for high-income families and raising taxes on the wealthy. If former President Trump is reelected, the TCJA is likely to be extended, costing at least .3 trillion through 2033. Trump has proposed tariffs on imports from China and lowering the federal corporate tax rate. These proposals could lead to a financial “train wreck” for the nation.
Europe stock pickers go old-school to ride the next wave in AI
European stock pickers are turning to more established sectors like utilities, professional data providers, and copper miners to tap into the next wave of the AI boom.
Amazon says it has not halted any Nvidia chip orders
Amazon Web Services has not halted any orders of Nvidia’s most advanced chip, but has instead decided to purchase the company’s newer state-of-the-art chip for an upcoming supercomputer project between the two companies.