by Samuel Mbaki | Apr 10, 2024 | Technology
Key points
- Taiwan chipmaker, TSMC has reported a rise by 16.5% in its 2024 first quarter revenue on wednesday.
- The rise beats market expectations as the company benefits majorly from AI boom.
TSMC, the world’s largest chip contract chipmaker has reaped major benefits from the continued AI surge as its 2024 quarterly earnings rise by 16.5%. It is expected that the company will continue gaining value despite its stock already being in a record high.
TSMC reports higher Q1 revenue than expected
Most companies in the world order their chips from TMSC including NVIDIA and Apple. The company has been on a rise since embarking on AI innovative chips. Now, a Wednesday financial report from the company has shown marvellous growth in sales and profits.
Its revenue in this period came in at $18.54 billion up from $16.72billion recorded in Q3 2023. The result surpassed an LSEG SmartEstimate of $18.15 billion set by 23 analysts and weighted to those who have more accuracy ratings. This data comes at a time when Taiwanese companies are recovering from the holiday seasons of Q4 2023.
In March alone, TSMC had a revenue rise of 34.3% year over year and up 7.5% from February. This trend is expected to keep rising alongside the AI boom. However, its not definite as the company’s shares are already on their all-time high zone.
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by Samuel Mbaki | Mar 28, 2024 | Technology
Key Points
- Xiaomi CEO Lei Jun has introduced the standard version of their electric car, SU7, which is expected to sell at $30,408, a price that will help them enter the market even if they make losses per car.
- The SU7 is now selling at $4K cheaper than Tesla’s Model 3 in China.
Xiaomi CEO Lei Jun has debuted their latest innovation, an electric car dubbed SU7. This vehicle will be trading at (215,900 Yuan) which is cheaper than the Tesla Model 3 (245,900 Yuan), which will see the company making losses per unit sold.
Xiaomi seeks to test the Chinese EV markets via their SU7 model
Chinese smartphone companies have done what Apple failed to do by introducing their version of an electric car. These two companies had announced plans to debut their innovations in the electric car market, but Apple backed away after ten years of no reasonable improvements.
Addressing the matter on social media, Xiaomi CEO Lei Jun explained that they are targeting to chase down Tesla and take part in its market in China. Xiaomi is now set to start deliveries of their car, SU7, by the end of April 2024, saying that the standard version of the vehicle beats the Tesla Model 3 on over 90% of its specifications, expect several that may require up to five years to catch up with the innovation at Tesla.
He said he expects the SU7 to be the best sedan under $69,328 in the Chinese market. This market is becoming more competitive by the day as multiple companies are introducing a slew of electric car models to take a share of the pie, which Tesla has been holding for a long time now. Whether the newcomers will succeed in the venture is time to tell. Keep close for more tech news.
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by Chelsea Florence | Mar 28, 2024 | Technology
Key Points
- Biden’s administration has laid out new regulations to monitor Artificial Intelligence technology usage and safety within government organizations and agencies.
- In the new rules, all agencies must establish specific safeguards for AI applications that could impact the safety of Americans or their rights.
The US government has increased its efforts to regulate Artificial Intelligence usage within it by releasing a set of new regulations that all its agencies must abide by. The administration has given them till December 1 to comply with the set regulations fully.
US government doubles down on Artificial Intelligence usage within its agencies
A March 28 White House Memorandum has come out alongside an inaugural comprehensive policy for managing risks associated with Artificial Intelligence Technology. The memo asks all federal agencies to appoint Chief AI officers, disclose all AI usages and integrate protective measures to control the use of AI within them.
These steps by Biden’s administration aim to ensure that the entire federal government remains safe in the wake of the fast-developing artificial technology innovations. It also seeks to foster the usage of Artificial Intelligence as it has become almost unavoidable now for use across different fields, including in federal agencies.
However, the US government remains adamant about the need to be cautious about the usage of AI technology within the country and its high ranks in public offices, particularly in the Department of Defense.
This regulation is an initiative by the Office of Management and Budget (OMB) and is closely related to Joe Biden’s October 2023 Executive order on AI. In that Executive order, the US introduced six standards for AI safety and its ethical usage within the government. The standards were as follows.
1: All developers of the most powerful Artificial Intelligence systems share safety test results and critical information with the US government
2: National Institute of Standards and Technology to develop standardized tools and texts for ensuring AI’s safety
3: Protect against the risk of potential illegal bioengineering using AI
4: Working towards protection from AI-enabled fraud and deception
5: To build on the administration’s ongoing AI cyber challenge by advancing a cybersecurity program that can develop AI tools and fix vulnerabilities in critical software
6: Develop a national security memorandum to direct actions on AI security.
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by Leroy Prince | Sep 11, 2023 | Technology
Key Points
- Mark Zuckerberg’s Meta is reportedly working on an AI project that is meant to rival OpenAI’s ChatGPT
- Wall Street Journal Exclusive story indicates that Meta is in very advanced stages of AI chatbot development
Meta has been on the spot before for training its AI with licensed artwork, and reports leaked that it was working on an AI chatbot. A Wall Street Journal exclusive story now indicates that its AI project will rival OpenAI.
Meta’s AI conversation continues.
Meta, the parent company to multiple social media platforms, WhatsApp, Facebook, Instagram, and Threads, has indicated that it is working on the world’s most powerful artificial intelligence project.
This project is meant to rival OpenAI’s ChatGPT models, with sources close to the company saying it aims to have its AI (Llama) be “several times” more powerful than its earlier version, the Llama 2 model released earlier this year.
Meta has been building data centers necessary for developing such a project, acquiring respectable numbers of Nvidia’s H100 semiconductor chips- the most powerful and highly coveted ones on the market. Wall Street Journal’s sources expect that the company will make the AI project open, allowing other companies to learn from its code and produce similar high-level models.
Llama was trained on over 70 billion parameters, making it one of the most potent AI projects. However, OpenAI’s ChatGPT 4 was reportedly trained on over 1.5 trillion parameters, though official numbers are yet to be released.
At the same time, the claims of Meta having a rival Llama model remains to be certified as no official communication is out yet. Keep watching Fintech Express for updates on this and other tech-related developments.
by Melissa Adams | Aug 10, 2023 | Technology
Key Points
- Microsoft has announced a partnership with Aptos labs for AI solutions, driving Aptos tokens’ prices high.
- Microsoft has been pushing its limits to stay competitive amid the rise of AI among tech companies like Meta and OpenAI.
Aptos Labs, started by former Facebook employees, has partnered with Microsoft to develop AI solutions. Within minutes of announcing the deal, the Aptos token surged about 15% to around $7.70.
Aptos Labs to be Microsoft’s partner in new AI adventure
In this arrangement, Aptos Labs will leverage Microsofts infrastructure to deploy new AI solutions encompassing blockchain technology. One of the solutions that Aptos Labs is eyeing is an AI chatbot called Aptos Assistant, which will be able to answer any question regarding the Aptos ecosystem and provide resources for developers who want to build on the network.
In the press release, Aptos Labs indicated that it was also integrating Move, its native programming language, onto GitHub’s copilot service. This AI programming tool will support developers in their building efforts.
Regarding the arrangement, Microsoft’s General Manager of AI and emerging technologies said they aim to democratize blockchain technology to enable users to board onto Web 3 seamlessly.
“By fusing Aptos Labs’ technology with the Microsoft Azure Open AI Service capabilities, we aim to democratize the use of blockchain enabling users to seamlessly onboard to Web3 and innovators to develop new exciting decentralized applications using AI.”
Microsoft has been pushing its limits in developing AI tools, mostly via partnerships with other companies. It recently struck a partnership deal with OpenAI to incorporate the widely known ChatGPT AI Bot into its search engine, Bing. The deal was done to keep the company in touch with emerging companies before it releases its AI products.
Now, it has struck a deal with Aptos Labs to push its presence in both the AI and blockchain industries, hoping that it would help to onboard even more users to emerging technologies as the hype for both blockchain and AI industries keep growing.
Keep watching Fintech Express for more updates on this and other fintech-related developments.
by Samuel Mbaki | Aug 7, 2023 | Technology
Key Points
- Disney has reportedly created a task force to study how AI can be used to cut costs in the studio.
- The development comes when Writers and Actors are on strike due to payment concerns and AI threats to their job security.
House of Mouse CEO Bob Iger has reportedly given the green light to create an AI task force to explore how AI can be used to cut costs in the company. The development comes at a time when the AI industry is blooming. Other companies like Netflix have also previously advertised for high-interest AI position(s).
Bob Iger brings together an AI task force as the WGA strike continues
A Reuters report indicates that a popular entertainment studio, Disney Studios, has created an Artificial Intelligence (AI) Taskforce to explore the best ways to employ the technology in edging out the competition, improving products, and cutting operational costs.
The report indicates that three insiders have vouched for the information, with one saying that competition is a key point in the recent decision by Disney that risks adding fuel to the continuing writers’ and actors’ strike.
House of Mouse has 11 job openings that seek to add AI and machine learning knowledgeable persons to its team and serve in different company branches spanning Walt Disney Studios, engineering, and theme parks.
Other studios like Netflix have also been advertising for highly paid AI-related positions, a key pressure point in the ongoing Hollywood strike involving anyone represented by the Screen Actors Guild, an American Federation of Television and Radio Artists. This strike seeks to add more revenue to the participants from the studios and ban the use of AI to safeguard their jobs; however, no real settlement has been reached yet.
Keep watching Fintech Express for updates on technology and other Fintech-related developments.
