Canadian AI startup Cohere has raised $450 million in funding from returning investors such as Nvidia (NVDA.O) and Salesforce Ventures (CRM.N), as well as new investors including Cisco (CSCO.O) and Canadian pension fund PSP Investments, according to a source familiar the matter.This concludes the first tranche of Cohere’s monthslong fundraising efforts, while the company is … Read more
The world’s leading internet firms are engaging extensively with regulators in the European Union to ensure their artificial-intelligence products comply with data protection rules.
OpenAI has formed a Safety and Security Committee led by CEO Sam Altman, directors Bret Taylor, Adam D’Angelo, and Nicole Seligman. Former Chief Scientist Ilya Sutskever and Jan Leike, leaders of OpenAI’s Superalignment team, left the firm. The committee will make recommendations on safety and security decisions for OpenAI’s projects and operations, evaluating and developing safety practices over the next 90 days.
France is banking on a new push to integrate the European Union’s fragmented capital markets to give them the scale needed to wean its flourishing startup sector off of dominant US venture capital.
PwC will become the largest customer and first reseller of OpenAI’s enterprise product, ChatGPT Enterprise, for its employees in the US and UK.
Elon Musk’s AI startup xAI raised billion in series B funding, reaching a post-money valuation of billion.
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.
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.
Investors are pouring billions of dollars into AI companies, with the market capitalization of major tech giants increasing significantly since the release of ChatGPT in November 2022. However, the income generated by AI remains relatively small compared to the investments being made. The promise of future riches has led to forecasts of up to trillion needed for advanced semiconductors, data centers, and power to train and run AI models. Similar investment booms have occurred in the past with industries like railways and telecom, but they often resulted in financial disappointment for investors. The AI boom also comes with risks such as the short lifespan of AI models, potential commoditization of advances, and government regulations that could limit profits.
The task force at the EU’s privacy watchdog has stated that OpenAI’s efforts to ensure compliance with European Union data rules are not enough, specifically in terms of data accuracy. The report highlighted concerns about the ChatGPT chatbot potentially producing biased or false outputs that may be perceived as factually accurate by end users.