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Meta agrees to stress test on EU online content rules as part of AI Act
⚡ Today’s Highlights
📰 News: Meta agrees to stress test on EU online content rules
💰 Funding: AvoMD and BIOS Health
🦾 Tools: Create professional videos in minutes using this AI tool
📰 Today's Top Stories
(2 min read) (Source: Reuters)
TLDR: Meta and the European Union have agreed to conduct a stress test in July to assess Meta's compliance with the EU's online content rules, specifically focusing on content targeting children.
EU industry chief Thierry Breton emphasized the need for immediate action from Meta regarding its content policies. Breton also mentioned that 1,000 Meta employees are working on the Digital Services Act (DSA) in discussions with Meta CEO Mark Zuckerberg.
Meta is required to demonstrate the measures it plans to take to comply with the DSA by August 25 or face significant penalties. The DSA prohibits certain types of targeted advertisements, especially those aimed at children or based on sensitive personal data.
(5 min read) (Source: TechCrunch)
TLDR: The UK government is allocating £21 million ($26.75 million) to its National Health Service trusts to accelerate the deployment of AI tools in hospitals, aiming to revolutionize healthcare with the use of powerful language models and AI applications.
The move comes as part of the UK's efforts to position itself as a leader in AI, with initiatives such as global summits, funding for AI development, and partnerships with leading AI companies like OpenAI and Google's DeepMind.
The AI Diagnostic Fund will focus on using AI imaging and decision-support tools to diagnose and treat patients with heart conditions, cancer, and strokes. The government aims to deploy AI tools across all NHS stroke networks by the end of the year and utilize AI for early detection of lung cancer through chest x-ray analysis.
(10 min read) (Source: The Economist)
TLDR: Tech stocks, including major players like Alphabet, Amazon, Apple, Meta, and Microsoft, have surged by 60% in share price since January, propelled by the promise of AI. Chipmaker Nvidia saw its shares triple, and AMD's shares almost doubled.
Across industries, AI adoption is on the rise. In the S&P 500, two-thirds of companies have placed job ads mentioning AI skills, with a notable increase from a 3-year average of 2.5% to 5.3% of listed vacancies mentioning AI. In retail, the proportion of AI mentions in job listings has grown from 3% to 11%.
The use of generative AI is gaining momentum, with McKinsey predicting that three-quarters of its expected value will come in critical business functions such as research and development, software engineering, marketing, and customer service. Companies like Morgan Stanley and SLB have already leveraged AI-powered chatbots to enhance internal processes.
The Big Picture: While there are risks and challenges associated with AI adoption, such as security concerns and potential inaccuracies, the transformative potential of AI is significant. Companies are embracing AI to avoid falling behind and harness the benefits it can bring to reshape industries and drive growth.
(6 min read) (Source: The Wall Street Journal)
TLDR: Google Cloud has launched Anti Money Laundering AI, an AI-driven product designed to enhance anti-money laundering efforts for financial institutions.
The product has already gained notable users, including HSBC, Banco Bradesco, and Lunar. Unlike traditional tools, it eliminates rules-based programming and utilizes machine learning to identify potentially suspicious activity, offering a new approach to compliance.
By leveraging an AI-first approach, it aims to reduce false positives and increase the accuracy of identifying true positives, ultimately streamlining the detection of unusual customer activity.
💰 Funding Alerts
1. AvoMD, an AI-enabled no-code platform for clinicians and hospitals, raised $5 million in seed funding led by AlleyCorp (Brenton Fargnoli, MD, Managing Partner), with participation from Las Olas, Epsilon Health, MedMountain Ventures, notable physician angel investors, and existing investors.
AvoMD allows clinicians and hospitals to build their own applications for use at the point of care.
With the funding, AvoMD intends to further develop its platform and expand its reach, enabling clinicians to easily create applications tailored to their specialty and care setting.
2. BIOS Health, a company focusing on precision medicine, raised an undisclosed funding from investors including Selvedge Venture, XTX Ventures, Real Ventures, Fifty Years, Y Combinator, and prominent individuals in the biotech, healthcare, and AI industries.
BIOS Health leverages data-driven insights from the nervous system to develop neural digital therapies.
With the funding, BIOS Health plans to further develop its neural data and AI platform, accelerate bioelectronic and AI-driven drug discovery, and expand its market share in the neurotech space. The company aims to pioneer new treatments for various conditions and improve the quality of life for individuals suffering from chronic diseases.
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👀 More Reading:
Companies That Replace People with AI Will Get Left Behind (Harvard Business Review)
AI watch: from Wimbledon to job losses in journalism (The Guardian)
🌎 Fresh Content
1. If you were in the mood to watch researchers mess with robots, today is your lucky day. Google DeepMind published a technical blog on their new self-improving AI agent for robotics, RoboCat. Check out the full blog here or see the demonstration below. (YouTube)
2. In other Google DeepMind news, they recently introduced their new system known as AlphaDev and Two Minute Papers broke down all of the technical details. AlphaDev is based on a system called AlphaZero, which mastered games such as Go and Chess at a level surpassing the highest-ranked players of these games in the world. In the same way that AlphaZero learned to play these games, AlphaDev learned to code through a gamified process and can solve coding problems with incredible speed. (YouTube)
Utilize ChatGPT's ingenuity to give life to a cutting-edge pop-up shop. Through this prompt, ChatGPT will employ its creative prowess to help you envision a pop-up shop that not only amplifies brand awareness but also offers unique experiences and drives sales. Tailor the prompt with specifics, and you will be armed with a well-thought-out blueprint, ready to make waves in the market and on social media.
Pop-Up Shop Ideation
Prompt: "ChatGPT, as a pop-up shop strategist, could you assist me in devising a sophisticated plan for a pop-up shop that can be implemented either in a physical location or online? The shop should focus on enhancing brand visibility, offering exceptional customer experiences, and boosting sales through direct engagement. Additionally, it should be designed in a way that is shareable on social media platforms."