AI Regulation, Investment Strategies, and Microsoft's Latest Moves: A Recap from OWITH.ai

OWITH.ai - Only What's Important to Hear around AI and Tech

Good morning from OWITH.ai: the podcast that gives you only what's important to hear in AI and tech world.California Governor Gavin Newsom has signed five AI bills into law this week, focusing on election deepfakes and protecting performers' digital likeness. The bills aim to regulate the use of AI in political ads, deceptive content, and digital replicas of performers. California's leadership in AI regulation sets a precedent for other states and countries to follow. On the other hand, LinkedIn has faced backlash for training its AI on user data without notification, raising concerns about transparency. The US will host a global summit on AI safety in November to collaborate on AI regulation. The significant energy consumption of generative AI models like OpenAI's ChatGPT, used by millions of people weekly for various tasks, highlights the environmental impact of AI models and calls for awareness and sharing of the information provided in the post.Avid Ventures has raised an $87 million second fund that focuses on their "toehold" strategy of making small initial investments in high-quality startups and increasing ownership over time. The firm, founded in 2020 by Addie Lerner, aims to back the best founders and companies without the adverse selection of being a new firm. Avid Ventures' ability to attract high-quality founders has attracted investors like Vintage Investment Partners. In other news, 23andMe faced a major board shakeup as all directors resigned over disagreements with CEO Anne Wojcicki's plan to take the company private. Despite this, Avid Ventures remains committed to its unique investment strategy and building strong relationships with founders to continue supporting innovative startups and generating returns for investors.California Governor Gavin Newsom has signed new laws to regulate deepfakes, following an incident involving Elon Musk sharing an altered video of Kamala Harris. The laws make it illegal to include deceptive content of elected officials in election ads and require online platforms to label or remove deceptive content. Newsom also signed bills prohibiting studios from using AI impersonators without permission. In other news, Hollywood studio Lionsgate has made a deal with AI startup Runway to train a new AI model on their catalog for use as a production tool. Additionally, all seven directors on the board of 23andme have resigned, criticizing CEO Anne Wojcicki for not providing a clear direction for the company.The Federal Reserve cut interest rates by half a percentage point, causing concern about a possible recession despite Fed Chair Jerome Powell's positive outlook on the economy. FedEx CEO Raj Subramaniam discussed the potential decoupling of interest rates and hiring due to advancements in AI and productivity gains. In other news, a majority of CEOs prefer in-person employees, all seven independent board members of 23andMe resigned following a dispute with CEO Anne Wojcicki.Microsoft has made significant announcements regarding its AI initiatives, particularly focusing on the Copilot Wave 2 and data center expansion. Microsoft's Copilot era aims to enhance productivity through generative AI, and it has partnered with Blackrock to raise $100 billion for AI data centers. The company has also introduced Copilot Pro, a subscription-based service offering generative AI functions. Microsoft is also establishing AI centers in Abu Dhabi as part of its global competition for technological superiority. Despite antitrust hearings, big tech companies like Microsoft continue to dominate the AI market and leverage their influence on a global scale.

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