EU Probes Google AI, Adobe’s AI Video Tool, OpenAI Targets $150B, Amazon’s Rufus Ads

Happy Friday, AI & Data Enthusiasts! Google is under scrutiny and must ensure responsible AI practices across different regions. Meanwhile, Adobe fans have exciting news this week. With massive investments flowing in, it's clear that AI is the driving force behind the future of business. The way we do business could completely transform within a year. Let's explore this and more in today’s newsletter….

In today’s edition: 

• EU Investigates Google’s AI Model for Data Privacy Compliance

• Adobe’s Generative AI Video Tool Set to Revolutionize Video Editing

• OpenAI Aims for $150 Billion Valuation in New Funding Talks

• Amazon Tests Ads in Rufus Chatbot to Boost Monetization

- Naseema Perveen

WHAT CAUGHT OUR ATTENTION MOST

EU Investigates Google’s AI Model for Data Privacy Compliance

Google’s Pathways Language Model 2 (PaLM 2) is under scrutiny as the Irish Data Protection Commission (DPC) opens an investigation into its data privacy compliance. This probe raises questions about how Google collects and processes EU users' data to develop AI systems, sparking concerns about potential GDPR violations.

• The Irish Data Protection Commission launched an inquiry into Google’s AI model, PaLM 2, over potential privacy breaches related to user data in the EU.

• The investigation is part of wider EU efforts to ensure AI models respect the data rights of European users, working in coordination with other national privacy regulators.

• Recent court action saw X (formerly Twitter) agree to halt data processing for AI systems without user consent, under pressure from the Irish regulator.

• Other tech giants like Meta have paused AI model training using European user content due to similar concerns.

As AI technology evolves, privacy concerns become more prominent, with EU regulators leading the charge to ensure personal data is protected. Google’s handling of this probe will be critical in setting the tone for future AI developments within strict privacy frameworks.

The EU’s ongoing focus on AI and data privacy highlights the growing need for companies like Google to navigate complex regulatory landscapes while innovating. This investigation could have far-reaching implications for AI development practices in Europe.

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KEEP YOUR EYE ON IT

Adobe’s Generative AI Video Tool Set to Revolutionize Video Editing

Adobe is making waves with its upcoming release of the Firefly Video Model. This generative AI-powered tool will allow users to create and edit videos seamlessly using AI prompts. This marks another step forward in Adobe’s expansion into the AI video creation space, putting it in direct competition with other generative video models from OpenAI and Stability AI.

• Firefly Video Model will launch in beta later this year, adding to Adobe’s Firefly suite, which includes tools for generating images and vector graphics.

• The tool will interpret both text and image prompts, allowing users to specify video elements like camera angles, panning, motion, and zoom to create five-second clips.

• Adobe is emphasizing its commitment to content quality by training its model on public domain and licensed material, ensuring compliance with intellectual property rights.

• Generative Extend, a new feature in Adobe Premiere Pro, will also be available, allowing users to extend clips by seamlessly generating additional footage.

As AI continues to reshape creative industries, Adobe’s Firefly Video Model will provide creators with a powerful tool that merges innovation with ease of use, solidifying Adobe’s position in the AI-driven video editing landscape.

OpenAI Aims for $150 Billion Valuation in New Funding Talks

OpenAI, the company behind the revolutionary ChatGPT, is reportedly in discussions to raise funds at a staggering $150 billion valuation. This would solidify its place as one of the largest AI startups globally, signaling the ongoing surge of interest in artificial intelligence technologies.

• OpenAI is seeking to raise $6.5 billion from investors, alongside an additional $5 billion in debt, as reported by Bloomberg News.

• The company's new valuation would represent a 74% increase from its earlier valuation of $86 billion, reflecting its rapid growth.

• OpenAI’s prominence has grown significantly due to its partnership with Microsoft and the success of ChatGPT, making it a key player in AI’s resurgence.

• This funding round will allow OpenAI to remain private for longer, avoiding the volatility of public markets, which has deterred many startups from going public.

As OpenAI continues to raise its profile and attract massive investments, its growing influence in the AI space is hard to ignore. This move not only highlights the increasing value of AI technologies but also positions OpenAI as a dominant force shaping the future of the industry.

Amazon Tests Ads in Rufus Chatbot to Boost Monetization

Amazon is testing ads in its shopping-focused chatbot, Rufus, marking a new phase in its monetization strategy. The sponsored ads will soon appear in Rufus for U.S. users, tailored to both Amazon searches and conversational context. The chatbot may even generate accompanying text for ad copy, enhancing the ad’s relevance during customer interactions.

This move mirrors Microsoft’s ad integrations with its AI-powered Copilot chatbot. With the high costs of developing AI technologies, companies like Amazon are exploring proven ways to generate returns on their investments, using ads as a means to support their AI initiatives.

🎤 VOICE YOUR OPINION

ICYMI

• OpenAI’s new Strawberry model may be smart, yet sluggish.

• Apple has been slower than rivals Samsung and Google to bake generative AI features.

• Highlights from the Apple 'Glowtime' event. 

• Meet Verse, an AI-powered creative app that helps Gen Z design and publish expressive content.

• Apple banks on AI to boost sales of new iPhone 16.

MONEY MATTERS

• TSMC’s August revenue climbs 33% as AI Chip demand holds up.

• NVIDIA holds an 80% AI Chip market share.

• In H1 of 2024, NVIDIA’s market cap raised to US$2.7 trillion.

• Smartcat secures $43M for its AI-powered translation platform.

• OpenAI's former chief scientist Ilya Sutskever, has raised $1 billion to develop safe AI systems.

LINKS WE’RE LOVIN’

✅ Podcast: Listen to The EU AI Act and Mitigating Bias in Automated Decisioning.

✅ Cheat sheet: Top 8 Cheat Sheets on AI.

✅ Course: Introduction to Generative AI by Google Cloud. 

✅ Whitepaper: Explore the role of Chief AI Officer for AI Adoption.

✅ Watch: Joseph Katumba reviews New iPhone 16.

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