- 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.
- 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.
- 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.
- The Monetary Authority of Singapore released a report indicting a plan to commit S$150 M to explore and support emerging FinTech solutions like Web3.
- This report comes at a time when the MAS has been increasing its efforts in regulating and boosting the blockchain industry in the region and via international cooperation with authorities like UK FCA.
On August 7, 2023, the Monetary Authority of Singapore released a report announcing that it committed 150 million Singaporean dollars to explore emerging Financial Technology innovations. This plan progresses the efforts by the regulator to foster the growth of the blockchain industry in the region.
Monetary Authority of Singapore to explore Web 3 and other Fintech innovations
The renewed Financial Sector Technology and Innovation Scheme (FSTI 3.0) seeks to accelerate and strengthen the country’s innovative culture by supporting cutting-edge projects.
An excerpt from the report reads:
FSTI 3.0 seeks to accelerate and strengthen innovation by supporting projects that involve cutting-edge technologies or with a regional nexus while doubling down on the Monetary Authority of Singapore’s commitment to promoting a vibrant technology ecosystem for the financial sector.
According to the report, the new FSTI 3.0 will include 3 new tracks, namely: “The enhanced Centre of Excellence track, formerly known as Labs Track, Innovation Acceleration Track, and Environmental and Social Governance (ESG) FinTech track.” it will also continue to support the advanced capability development in key areas like Artificial Intelligence and Data Analytics (AIDA) and Regulation Technology (RegTech).
The blog announcement said that the Monetary Authority of Singapore would mainly “focus on promoting AIDA adoption in smaller financial firms” and support the need of “less digitally mature firms” seeking to acquire RegTech solutions.
It also noted that applicants “will also be required to devote resources to talent developments” to strengthen the Singaporean FinTech talent pool. Regarding the new turn of events, Mr. Ravi Menon, the Managing Director at the Monetary Authority of Singapore, explained that it has always been in the interest of MAS to support the FinTech industry, and it looks forward to continuing its vision via the FSTI 3.0.
“Since 2015, the Financial Sector Development Fund (FSDF) has awarded $340 million as part of the FSTI program to drive the adoption of technology and innovation in the financial sector.
Transformative technology projects that MAS has piloted with the industry include SGFinDex, Project Orchid’s Purpose Bound Money, Project Veritas’ Responsible AI, green and sustainable finance through Project Greenprint, as well as large payment initiatives such as the cross-border payment linkage with Thailand.
Notably, FSTI 1.0 and 2.0 helped strengthen the digital capabilities of financial institutions, which served them and their customers through the COVID pandemic. With FSTI 3.0, we look forward to continued collaboration with the industry to advance purposeful financial innovation.” He said.
Keep watching Fintech Express for more Fintech-related news and developments.
- Mark Zuckerberg’s Meta is preparing to have an edge against its competitors by launching AI chatbots with personalities.
- The move is to ensure that the company ‘retains users’ as more competitors grow in the budding industry.
Meta, a social media incorporation company, plans to launch AI chatbots with personalities to retain their user base as competition grows in the budding industry.
Meta takes a step further by developing AI chatbots with personalities
Artificial Intelligence has grown to a whole new level and keeps getting wild developments. As such, AI investors want to introduce new products to edge each other. Mark Zuckerberg’s Meta is rumored to launch AI chatbots with personalities that make them more human-like to retain users.
An August 1st report by Financial Times indicates that people close to the matter have revealed that prototypes of such chatbots are already underway, with final products being able to carry out the discussion at almost a human level.
These chatbots are reportedly scheduled for initial public releases or tests as early as next month and will come with different human-like personalities. The sources disclosed that the chatbots have been dubbed “personas” and will be different characters. A given source even stated that one of the chatbots has voice capabilities and takes after the famous US President Abraham Lincoln. At the same time, another speaks like a surfer and will be giving travel advice.
Some of the bots’ abilities will be offering recommendations and bearing search functionality along with being a “fun product to play with.” These reports come when tech industry stakeholders are moved by the risks associated with Artificial Intelligence. An open forum is already being signed to try and slow down the development of such technologies till fitting regulatory insight and frameworks are in place.
In the EU, the first comprehensive regulatory framework for AI products is already in place, with the US needing to catch up as talks are in place to develop a fitting regulatory framework for the industry. Whether Meta’s “Personas” will follow the few set regulations in the world and be accepted by governments and regulators is time to be seen. Keep watching Fintech Express for more updates on AI and other Tech stories and developments.
- Author Sarah Silverman and two others have filed a lawsuit against Meta and Open AI, citing copyright issues.
- The three claim that Open AI and Meta used their works to train their Artificial intelligence programs
American comedian and author Sarah Silverman and two other authors, Richard Kadrey and Christopher Golden, have filed a lawsuit against Meta and Open Ai, claiming that the two establishments used their copyrighted works to train their AI models.
Sarah Silverman not happy with OpenAi and Meta’s insensitivity
Meta and OpenAI have been slapped with a lawsuit that claims that they willingly used copyrighted work belonging to three journalists to train their AI models without prior permission. According to the court documents, many of the books that appear in the data set that Meta once admitted to have used to train Llama are copyrighted and belong to the three authors.
Similarly, in the case against OpenAI, Sarah Silverman’s lawsuit alleges that when ChatGPT generates summaries of the plaintiff’s work, it indicates that it had training with copyrighted content.
“The summaries get some details wrong. This is expected since a large language model mixes expressive material derived from many sources. Still, the rest of the summaries are accurate…”
The plaintiffs claim that the above companies retrieved copyrighted data from “shadow libraries” like Library Genesis, Bibliotik, and others. They explain that these libraries use torrent systems to make books available in bulk while overriding all copyright protocols; thus, they are illegal, unlike open-source data sources.
“These shadow libraries have long been of interest to the AI-training community because of the large quantity of copyrighted material they host.”
The lawsuit also said they are carrying out the lawsuit and representing others whose works were used without their permission. This development comes at a time when global economic powers are introducing regulatory frameworks for artificial intelligence development and issuance for commercial purposes.
However, the regulatory steps still need to be introduced properly as the AI industry is young and thus needs more time to be fully regulated. Keep watching Fintech Express for more updates on this and other fintech-related developments.