Need to Know News - March 20th, 2024
In this week's Need to Know News edition...from the founders of fintech unicorn Stax comes a new mission-driven venture that's reshaping start-up funding. Their goal? To democratize access to capital for businesses using AI.
Google wows with a new AI model that transforms simple photos into dynamic, video avatars. And Apple is rumored to be courting another tech giant to power the AI on their iPhones. Plus, a whole lot more!
AI In Action
Microsoft CEO Hedges OpenAI bet, Launches New AI Organization
Microsoft is forming a new organization, called Microsoft AI, that will focus on the company's consumer-facing AI products, technology and research. Mustafa Suleyman, the founder of DeepMind and co-founder of Inflection AI, will lead the organization as its CEO.
The partnership is just the latest in a lengthening list of partnerships that Microsoft has made with AI startups; the most prominent of these, of course, is Microsoft's partnership with OpenAI, which involved a more than $10 billion investment by the tech giant. But are they hedging their bets?
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AI-Generated Ads Are On The Rise
AI has transformed various sectors, and advertising is no exception. With rapid advancements, AI has become increasingly proficient in generating realistic imagery, including ad campaigns without human intervention.
"Traditional ad shoots, with their extensive requirements for actors, crew, and logistical arrangements, incur substantial expenses. In contrast, a subscription to AI-based image generation models slashes costs by over 80%, primarily by eliminating the need for elaborate setups and personnel," said Sabbir Islam, CEO of Wire Digital Multimedia Marketing.
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Fintech Veterans Launch Worth AI - The First AI-Powered Business Credit Score and Financial Underwriting Platform
Suneera Madhani and Sal Rehmetullah, founders of the successful fintech company Stax, have launched a new AI-powered credit underwriting and risk management platform called Worth AI.
The Orlando-based startup aims to standardize business credit scores, helping lenders gain a comprehensive view of businesses and reducing human bias in the lending process. Worth AI has raised an eight-figure pre-seed round from investors, including DeepWork Capital and the Florida Opportunity Fund, and already employs over 40 people.
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Elon Musk Releases Code for His AI Chatbot
Some of the world’s largest companies and richest people are fighting over a question that will shape the future of humanity: Should AI companies reveal exactly how their products work?
Elon Musk upended the debate in recent days by opting to release the computer code behind his AI chatbot, Grok. The move contrasts with the approach taken by OpenAI whose opted to release comparatively few details about the latest algorithm behind its models.
YouTube Details New Rules Requiring Creators to Disclose AI-Generated Content
YouTube is rolling out new rules that will require creators to disclose to viewers when realistic content is made with altered or synthetic media, including generative AI. These disclosures will be displayed to viewers as labels in the expanded description, in most cases. For videos having to do with health, news, elections, finance and other sensitive topics, the labels will be shown prominently on the video itself.
At the Frontier of AI
Google’s New VLOGGER AI Will Let You Create A Lifelike Avatar From Just A Photo
VLOGGER is a new AI model from Google able to create a realistic avatar from a still image. All while maintaining the photorealistic look of the person in the photo in every frame of the final video. The model is built on the diffusion architecture that powers text-to-image, video and even 3D models like MidJourney or Runway but adds additional control mechanisms.
Apple May Hire Google to Build Gemini AI Engine Into Next-Generation iPhones
The next batch of Apple iPhones could feature an AI upgrade that comes from search engine giant Google. Apple is exploring a deal with Google that would allow Google to build its Gemini AI engine into Apple's iPhones.
"We believe the company is looking to upgrade Siri, augment the App Store for AI developers and foster edge processing on its devices for faster, secure experiences," Melius Research analysts said.
AI Startup Attentive Is Making SMS Marketing More Personal
AI marketing and messaging platform Attentive announced products that allow brands to personalize text messages by applying a mix of machine learning and generative AI to their first-party data.
More than 100 brands participated in closed beta tests of Attentive’s AI-powered SMS products over the past six to eight months, including Reebok, Brooks Brothers, Forever 21 and Hot Topic. On average, brands in the beta saw revenues rise 115%, purchases 117% and clicks 120%, according to Attentive.
Saudi Arabia In Talks with VC Firms Like Andreessen Horowitz to Create Mammoth $40 Billion AI Fund
Saudi Arabia’s sovereign wealth fund is in talks with American venture capital firm Andreessen Horowitz and potentially others to create a $40 billion fund to invest in artificial intelligence.
The move, which two people with knowledge of the matter told CNBC has been under discussion for months, would see a partnership formed between Saudi Arabia’s $925 billion Public Investment Fund and Andreessen Horowitz, one of Silicon Valley’s largest venture capital firms.
Thanks to Generative AI Ad Agencies Business Models Will Be Reinvented
Ad agencies are faced with a Catch-22 scenario: They are concerned that AI will significantly change the agency landscape while also investing millions of dollars to stay relevant for clients who are looking for AI-enabled marketing. And this won’t change anytime soon.
According to a report from WPP’s GroupM, AI-enabled marketing today accounts for nearly half (45%) of all advertising globally, and by 2032, AI will influence 90% of all ad revenue which is more than $1.3 trillion. As Marla Kaplowitz, president and CEO of the 4As, recently stated, “Gen AI is here to stay, leaving the advertising industry with a stark choice: adapt or become irrelevant.” No one can afford the latter.
Agencies must embrace the opportunity to transform their revenue model. Let’s explore one option: value based pricing.
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