by Samuel Mbaki | Jun 6, 2023 | Technology
- Apple Vision Pro headset revealed at the WWDC on June 5 and dubbed the first special computer edging out VR, AR and metaverses.
- The device will be rolled out in the U.S. in 2024 before shipping to other nations.
- This innovation has sparked a debate on social media on whether it’s the next technological step away from metaverse and virtual reality.
Apple Vision Pro headset challenges Metaverse’s continuity
Apple has released its newest product, the Apple Vision Pro headset, a virtual and augmented reality-powered device that challenges the highly hyped virtual existence “metaverse”. The searches of the word Metaverse and developments towards it have been slowing down and causing considerable losses to several companies like Meta.
This innovation had massive hype in 2021 when there was a bull cycle, but it died down as virtual and augmented reality competition set in. In the launch of the new Apple Vision Pro headset at WWDC on June 5, 2023, the word metaverse was omitted in the whole presentation.
The company has dubbed the product its first “spatial computer”, moving further away from the metaverse. It has indicated that it will launch it in the U.S. near 2024, bearing a hefty retail price tag of $3,499, after which it will roll out to other countries.
Comparatively, Meta and Microsoft have both released their headsets which are used in generally the same purpose. However, instead of focusing on the terms “AR”, “VR”, and “Metaverse”, Apple has decided to go with “Spatial Computing.”
Additionally, the Apple Vision Pro headset has the capabilities of both AR and VR, as it can even create the full experience of immersive environments. An excerpt from the official announcement reads:
“Featuring visionOS, the world’s first spatial operating system, Vision Pro lets users interact with digital content in a way that feels like it is physically present in their space.”
Though the product is distanced from buzzwords, it has received a generally high reception from social media, with people believing that it could be another step toward the future of technology.
Keep watching Fintech Express for more updates on Tech and Fin-Tech-related stories.
by Samuel Mbaki | May 5, 2023 | Technology
US vice president Kamala Harris met with top tech CEOs to discuss the risks associated with AI. She met with the CEOs, accompanied by Biden’s top advisors, on May 4, 2023, to figure out the impacts of the budding technology.
AI discussions continue raging
Kamala was joined by Biden’s nine advisors in Science, national security, economics, and policy in a meeting with CEOs of OpenAI, Microsoft, Anthropic, and Google in the discussions about the risks associated with Artificial Intelligence technology (AI)
Before the meeting, the White House released a series of AI-related announcements regarding the efforts to support AI research. The meeting largely focussed on the transparency of AI systems, the need for evaluating and validating their safety, and ensuring that they won’t land in the hands of bad actors
Reportedly, the meeting resolved that more work is needed to ensure the technology’s safety. The CEOs pledged to engage with the White House to ensure that Americans would benefit from the revolution. However, no information was shared with the general public regarding the specific details of the required safety measures for the AI programs.
The absence of Meta’s CEO, Mark Zuckerberg, was widely noticed despite his company having worked on AI for the past several years. As retaliation, a White House official told CNN that the meeting was held with companies currently leading in the AI space.
The efforts towards monitoring the AI space and products associated with AI are intensifying as individuals like Elon Musk, companies like Samsung, banking corporations, and governments worldwide notice that the technology could endanger humanity.
However, these entities are not condemning or hindering the development of AI technology; they are seeking ways to regulate and sensitize the public to its possible risks.
Now, the US has said that it will release a draft policy on how the US government will use AI and be open for public commentary this summer. It also said that it would introduce technology policies in the future. Keep watching Fintech Express for updates on this and other tech stories.
by Fintech Express | May 2, 2023 | Finance, Technology
Uber reported its Q1 results on Tuesday, showing higher performance than analysts’ expectations. It has recorded a revenue increase of 29% YoY
Uber revenue rises 29% for Q1 2023 YoY
Taxify company Uber gained 9% in its shares pre-market trading Tuesday after it released a financial report showing that it had registered a massive growth in Q1 2023 against analysts’ expectations.
Here is how it performed:
- Loss per share: 8 cent loss vs the expected 9 cents
- Revenue: $8.82B vs. $8.72B expected revenue
- Mobility (gross bookings): $14.98 billion, up 40% year-over-year
- Delivery (gross bookings): $15.02 billion, up 8% year-over-year
The company noted that it had registered a net loss of $157 million for the quarter but had a net profit of $320 million due to unrealized gains on equity investments. This report is much different and encouraging for the market, unlike the $5.9 billion loss it registered in the same period last year.
Its CEO, Dara Khosrowshahi, said Uber had showcased a strong start to the year. He added that the company’s global scale gives it an advantage over its competitors, allowing it to onboard AI solutions for both the consumer and earner sides of its business model.
He added that the company is already using AI to predict highly accurate arrival times for rides and deliveries and expediting driver onboarding via processing documents more reliably and cost-efficiently.
“We are still in the early stages of using large data models to power improved user experiences and efficiencies across our platform, with much more to come,” he added.
The Q1 report was impressive compared to last year. The company expects to report gross bookings of between $33 and $34 billion for Q2 2023. It also expects an adjusted EBITDA of $800 million to $850 million.
by Samuel Mbaki | May 2, 2023 | Technology
Samsung has issued a company-wide ban against generative AI tools like ChatGPT on all internally owned devices and networks. The company is now among the growing number that detests using AI tools.
Battle against AI tools continues
Samsung has joined a number of high-profile individuals and companies that are fighting against the use of AI. This mobile manufacturer has issued an ultimatum to its employees against using AI tools like ChatGPT on the devices it issues or its internal networks.
The company has said it’s taking this step to protect its trading secrets after one of its employees uploaded a sensitive code to ChatGPT. The company told its staff that although the interest surrounding AI platforms is growing, their security risks are also increasing.
In the internal memo, the company highlighted concerns over the data shared with AI platforms and its potential to be stored on external servers that it may have little control over retrieving or modifying. It added that its HQ is reviewing the safety measures for using AI tools to enhance the productivity of its employees.
However, it added that its worth noting that unless and until such measures are in place, the use of AI tools by its employees is temporarily restricted. It added that the company employees would go against the memo’s instructions and risk disciplinary action, including the termination of work contracts.
Samsung is now among other major companies like JPMorgan, Bank of America, Goldman Sachs and Citigroup that are restricting the usage of AI tools. Others like Elon Musk have warned that the risks of using AI tools may be far more significant than any weapon ever created.
However, most of these entities are already developing their AI-based tools. Keep watching Fintech Express for updates on technology and Fintech-related stories.
by Samuel Mbaki | Apr 11, 2023 | Technology
Jack Ma’s Alibaba has announced that it plans to roll out its AI chatbot, Tongyi Qianwen. The company will roll out the chatbot and integrate it with its tech ecosystem in the “near future”.
AI usage continues spreading
The launch of OpenAI’s chatbot ChatGPT brought life to a sector thought only to be futuristic. Since then, numerous artificial intelligence applications and platforms have surfaced, with major technology giants like Microsoft showing interest in the industry.
Now, Alibaba has joined the club and is developing its version of an AI chatbot to compete with the innovations in the market. According to a report by BBC, the company’s version will be named Tongyi Qianwen, which translates to “seeking an answer by asking a thousand questions.”
The report explained that this chatbot is set to be integrated with the company’s vast tech ecosystem, including its workplace messaging app DingTalk and voice assistant smart speaker Tmall Genie. It will also be able to communicate in English and Mandarin at the first stage of launch.
Additionally, its task scope will include transcribing conversations into written notes, composing emails, and drafting business proposals. However, whether the chatbot can accomplish more creative tasks than ChatGPT already does is still being determined. This concern is a major issue as other big tech companies like Google and China’s Baidu are developing their versions of AI, namely Bard and EernieBot, respectively.
The fast growth of the AI sector has attracted mixed reactions from users, tech innovators, and governments. Some, like Elon Musk, believe that AI could be an existential threat to human life, while others believe it could solve significant issues like harsh work environments. As such, Alibaba’s chatbot must abide by the rules that China’s Cyberspace Administration has set to ensure that it is “Accurate and doesn’t “endanger security.”
by Fintech Express | Mar 22, 2023 | Banking, Technology
Video game retailer GameStop has released a positive Q4 financial report, shocking many short-sellers as its shares skyrocketed. The company’s stocks had been on almost a free fall over the past few months, but the trend seems to be reversing now.
GME shorters in for a rude shock
GameStop managed to stay afloat and turn a profit $48.2 M in Q4 2022 after successively making losses in all quarters since 2021. The report set the market ablaze, with GME stocks rising by almost 50% at one point. As the euphoria behind the company’s stock continues growing, more shorters are at risk of being squeezed out of the markets.
In the financial report announcement, the company said that its hardware and accessories category had a net profit of $1.24B, a 4.6% rise, while its software sales fell 15% to 670.4M. It also stated that its collectibles category slingshot by 12% to 313.2M. The company reported 16 cents per share, a huge difference from the reported 49 cents per share loss a year earlier
Global Markets continue receding
The ongoing financial crisis is becoming a worrying issue lately, with banks collapsing globally and inflation spiking. Recently, major banks like SVB, Credit Suisse, Silvergate, and Signature banks were forced to close down due to bank runs and non-compliance with banking regulations.
Ironically, investigators and auditors have discovered over 200 more banks may have the same loopholes in their balance sheets as the Silicon Valley Bank. These developments have sparked debates on Socials, with people exchanging views on who is to blame for what’s happening.
President Joe Biden has come out to say that Venture Capitalists and Bank investors are to blame for the mismanagement that is going on. Therefore, they will not be bailed out if case banks do not perform according to their plans
He has also ‘assured’ US Citizens that the banking system is strong and safe, a comment that not so many people agree with. Some Twitter users criticized the FDIC and current efforts to ‘save’ the banking system.
Keep watching Fintech Express for banking and other Fintech-related news.
