Business

AI speeding up oil extraction and boosting US crude output

Artificial intelligence (AI) is making significant waves in the oil industry, with offshore drillers like Nabors Industries Ltd experiencing transformative effects. Houston-based Corva LLC’s AI technology enables autonomous control of drilling rigs, boosting drilling speeds by at least 30% while streamlining operations. The implementation of AI has led to a notable decrease in the number […]

Citi exec: Generative AI is transformative in banking, but risky for customer support

Generative AI has significantly impacted decision-making at Citi, with a notable shift towards data-driven strategies, as shared by Promiti Dutta, the head of analytics technology and innovation. Dutta emphasized the transformative power of gen AI, which propelled data and analytics to the forefront of the organization, leading to a surge in AI project proposals from […]

InvGate’s AI Hub automatically generates knowledge articles from IT incidents

InvGate, a Buenos Aires-based company, has introduced their latest innovation, the AI Hub, which leverages advanced language models to automate the creation of knowledge base articles. This tool streamlines the process of generating instructional content by transforming incident response conversations into informative entries. Users can choose specific interactions to convert, resulting in both traditional written […]

AI2 Incubator scores $200M in compute to feed needy AI startups

AI2 Incubator, a spin-off from the renowned Allen Institute for AI, has recently secured a substantial $200 million in computing resources. This windfall is intended to support startups participating in its program and help accelerate their early development. The managing director, Jacob Colker, highlighted the critical need for compute resources among AI practitioners in the […]

Cognizant launches state-of-the-art San Francisco lab to boost enterprise AI adoption

Cognizant, a renowned provider of IT, consulting, and business services, has unveiled an AI lab in San Francisco to accelerate the commercialization of artificial intelligence technologies. Fueled by the surging demand for AI solutions and corporate leaders’ discontent with progress in this realm, the lab aims to pioneer cutting-edge AI IP and solutions.   Led […]

Turnitin laid off staff earlier this year, after CEO forecast AI would allow it to cut headcount

Turnitin, a leading plagiarism detection company, has confirmed a recent round of layoffs, underscoring CEO Chris Caren’s prediction that AI advancements would eventually lead to reducing their workforce by 20%. Although the actual number of layoffs was around 15 employees, a far cry from the forecasted percentage due to the company’s size – boasting over […]

Sam Altman reinstated to OpenAI board

OpenAI CEO Sam Altman has returned to the company’s board of directors after an investigation cleared him of any wrongdoing. This move follows Altman’s firing three months ago, which caused turmoil at the artificial intelligence firm known for ChatGPT. Three new board members have been added – Sue Desmond-Hellmann, Nicole Seligman, and Fidji Simo – […]

Snowflake partners with Mistral AI, taking its open LLMs to the data cloud

Snowflake has entered into a multi-year partnership with Mistral, a Paris-based AI startup that recently secured Europe’s largest seed round. This collaboration will integrate Mistral’s large language models (LLMs) into Snowflake’s data cloud, allowing customers to access these models for building LLM applications. Snowflake has also invested in Mistral through its corporate venture capital arm. […]

Salesforce aims to blaze new generative AI trail for developers with Einstein 1 Studio

Salesforce introduces Einstein 1 Studio, an advanced AI toolset geared towards customizing the Einstein Copilot gen AI assistant. This release coincides with the TrailblazerDX developer conference, showcasing tools for tailored user experiences. The three core components of Einstein 1 Studio—Copilot Builder, Prompt Builder, and Model Builder—empower developers to create custom AI actions, prompts, and models […]

Accenture partners with Cohere to bring generative AI to enterprises

Accenture, a renowned global consulting firm, has unveiled a strategic partnership with Cohere, a leading enterprise AI startup. Together, they aim to revolutionize businesses worldwide by offering tailored generative AI solutions that enhance productivity and efficiency. Cohere’s cutting-edge technology, including the Command large language model and advanced enterprise search tools Embed and Rerank, will be […]

Ema, a ‘Universal AI employee,’ emerges from stealth with $25M

Ema, a San Francisco-based startup, has recently emerged from stealth mode with an AI product aiming to revolutionize how businesses operate. The company’s CEO and co-founder, Surojit Chatterjee, envisions creating a universal AI employee to automate mundane tasks and free up employees for more strategic work.   With impressive backing from investors and customers, Ema […]

TurboTax Adds AI That Gives Horribly Wrong Answers to Tax Questions

Tax season has arrived, bringing with it a surge of questionable financial guidance, now readily available through AI automation. According to the Washington Post, leading tax preparation services TurboTax and H&R Block have joined the AI trend by introducing chatbots designed to assist individuals with complex tax inquiries.   Despite the initial promise of these […]

Copilot for OneDrive will fetch your files and summarize them – coming in April

Microsoft has unveiled Copilot for OneDrive, set to launch in late April, in a recent blog post. This new feature will act as a research assistant for users by finding, summarizing, and extracting information from various types of files, including text documents, presentations, spreadsheets, and more. Users can personalize the summaries by specifying key points […]

SambaNova now offers a bundle of generative AI models

SambaNova, a well-funded AI chip startup, has unveiled Samba-1, an AI-powered system targeted at enterprise customers. This system, dubbed a “composition of experts,” comprises 56 generative open-source AI models aimed at tasks like text rewriting, coding, and language translation. Rodrigo Liang, the company’s CEO, touts Samba-1’s modularity, allowing companies to seamlessly integrate new models without […]

As Nvidia hits $2 trillion, billionaire Marc Rowan’s asset manager Apollo calls AI a ‘bubble’ worse than even the dotcom era

Nvidia, the technology giant, reached a milestone by surpassing a $2 trillion market cap, propelling artificial intelligence (AI) stocks into the spotlight. However, Apollo Global Management, led by Marc Rowan, expressed concern over the current market valuations, highlighting similarities to the tech bubble of the 1990s.   The chief economist at Rowan’s firm warned that […]

Klarna deepens automation fears with claim AI assistant does work of 700 people

Klarna, the Swedish fintech unicorn, has stirred controversy by claiming that its AI assistant can handle the workload of 700 full-time agents. Despite recent layoffs and hiring freezes due to economic factors, Klarna’s partnership with OpenAI has led to the successful implementation of an AI-driven customer service chatbot. The assistant, powered by ChatGPT technology, has […]

Willy Wonka fiasco highlights risks of AI-made ads

The use of AI in advertising is raising concerns and sparking regulatory discussions across the United States. The issue gained attention after incidents such as Florida Governor Ron DeSantis utilizing AI-generated images of former President Donald Trump in a political ad, prompting calls for guidelines on AI usage in advertising. In response, state lawmakers in […]

Writer unveils Palmyra-Vision, a multimodal AI to reimagine enterprise workflows

Writer, a prominent enterprise AI startup, has unveiled its latest innovation – a cutting-edge multimodal AI model known as Palmyra-Vision. This groundbreaking model is designed to revolutionize how businesses handle complex workflows involving visual data and text integration, catering to industries ranging from retail to healthcare.   May Habib, CEO and co-founder of Writer, explained […]

Google is reportedly paying publishers thousands of dollars to use its AI to write stories

Google has expanded its Google News Initiative (GNI) program by quietly entering deals with select publishers to utilize new generative AI tools in crafting stories, as reported by _Adweek_. These agreements, rumored to be worth tens of thousands annually, aim to help smaller publishers efficiently create content by summarizing and republishing reports from various sources […]

WordPress and Tumblr Plan to Sell User Content to AI Companies

Automattic, the parent company of WordPress and Tumblr, is reportedly in discussions to sell user-generated content from its platforms to AI companies like MidJourney and OpenAI for training purposes, as revealed by a new report from 404 Media. While specific details are still emerging, Automattic is assuring users that they will have the option to […]

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