Need to Know News - July 10th, 2024
In this week's Need to Know News edition...a new Sora competitor enters the ring...AI-powered shopping carts?...and meet the AI robots Big Tech thinks can solve a global labor shortage. Plus, a whole lot more!
AI In Action
Former Self-Driving Tech Execs Launch AI Video Startup for Hollywood Films
Odyssey, a startup that’s around a year old, announced it’s building Hollywood-grade visual AI that should be able to generate cinematic scenery, characters, and lighting. What Odyssey promises to do differently than other text-to-video tools is to give you full, fine-tuned control over every element in your scene.
Odyssey co-founder Jeff Hawke argued that if ChatGPT produced text that users couldn’t edit, they wouldn’t use it. Hawke was a founding researcher at Wayve, a UK-based company which is testing autonomous vehicles in cities across the UK.
Microsoft Ditches OpenAI Board Observer Seat to Stave Off Antitrust Scrutiny
Microsoft has given up its board observer seat at OpenAI in a move aimed at easing U.S. and UK antitrust regulators' concerns about the extent of its control over the AI startup amid the soaring popularity of generative artificial intelligence. But the change was unlikely to resolve concerns by the U.S. Federal Trade Commission, a source at the agency said on Wednesday. The FTC is conducting an antitrust review of deals by Big Tech firms and top AI companies.
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4 Ways AI is Transforming Retail Media
AI is revolutionizing retail media, offering unprecedented opportunities for marketers and retailers alike. In this eye-opening article, you'll discover four key ways AI is transforming the landscape:
1) Hyper-personalized targeting: Learn how 52% of marketers predict AI will enable highly tailored shopper experiences.
2) Bridging online and offline data: Explore why 54% of marketers view AI as crucial for seamlessly integrating e-commerce and in-store data. With 83.7% of US retail sales still happening in physical stores, uncover the massive potential for AI-driven in-store advertising.
Full Story
Instacart Unveils Ads on Its AI-Powered Smart Carts
Instacart is also changing retail media with AI-powered smart carts, bringing digital advertising directly to in-store shoppers. Instacart's partnership with Shopic will integrate personalized ads into smart carts across major grocery chains.
This innovation allows brands to deliver tailored recommendations based on real-time shopper behavior and track in-store campaign performance with digital precision. Major players like Unilever are already on board.
Microsoft Ads Releases AI-Powered Asset Recommendation for Video and Display Ads
Microsoft Advertising announced new AI-powered asset recommendations for video ads, with Connected TV ad recommendations coming soon.
How it works:
- Advertisers input their landing page URL.
- AI generates video ad recommendations.
- Marketers can edit and refine the AI-generated assets.
At the Frontier of AI
How Much Does It Cost to Develop and Train AI? Here's the Current Price
Anthropic CEO Dario Amodei predicts AI development costs could soar to $10-$100 billion by 2025-2027. Currently, training an AI model requires $100 million to $1 billion. These escalating costs create significant barriers for startups in the AI race. Despite this, Amodei anticipates a thriving ecosystem for smaller models.
AI Powered Interactive Billboard In Times Square
As artificial intelligence continues to advance and become incorporated in all aspects of life and business, the Nasdaq Tower in Times Square offers an opportunity for advertisers to develop custom digital campaigns that harness the power of demographic information and behavior patterns.
Digital billboard agency R.E.D Marketing Firm has recently announced their vision for AI-driven interactivity, including real-time data feeds, social media trends, weather conditions, and crowd analytics.
Jared Leto Invests in Generative AI Video Startup
Jared Leto is getting into the generative artificial intelligence business.
The actor and musician is among the investors in a startup called Captions, which is developing Gen AI tech in the video creation and editing space. Captions announced its Series C funding round Tuesday, which sees Leto investing alongside VC heavyweights like Kleiner Perkins, Sequoia Capital and Andreessen Horowitz, as well as Index Ventures and Adobe.
The startup said that with the $60 million Series C round, which values the company at $500 million, it has now raised $100 million.
Meet the AI-Powered Robots that Big Tech Thinks Can Solve a Global Labor Shortage
Companies like Tesla, Amazon, Microsoft and Nvidia have plowed billions of dollars into what are known as “humanoid” robots. These machines typically stand on two legs, and are designed to perform tasks meant for people.
For now, they’re being deployed in warehouses. But proponents say the possibilities extend well beyond fulfillment centers. These bots could eventually work alongside people, in homes and offices.
Tesla CEO Elon Musk has been among the leading evangelists. The electric vehicle maker is betting on its Optimus robot, which Musk argues are “going to transform the world to a degree even greater than the cars.”
Alibaba Bets on Gen AI Tools for Overseas Merchants, Executive Says
Chinese tech giant Alibaba's international e-commerce unit is tapping generative AI-powered tools to help cross-border merchants with translation, content creation and product returns, senior executive Kaifu Zhang said.
Speaking on stage at the Reuters Next Conference in Singapore, the vice president of Alibaba International Digital Commerce Group and head of AI initiative, said he was bullish on AI's potential for the company, even in the face of increasing tensions between China and the U.S..
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