Top 10 in Tech – June 2023

1. Baidu Launches $140 Million Fund to Boost Generative AI Startups 

Baidu has created a 1 billion yuan ($140 million) fund to support Chinese startups that are developing generative AI technology. The fund will be used to incubate projects built atop Baidu’s Ernie AI model, with each project receiving up to 10 million yuan in funding. Venture investors including IDG Capital will evaluate pitches from founders, who will then build demo products before receiving a verdict on whether they get seed funding. Baidu’s move comes amid a global investment wave in generative AI, which is a type of artificial intelligence that can generate text, images, and other creative content. 

Source: Bloomberg

2. Nvidia Hits $1 Trillion Market Cap with the Effect of the AI boom

Nvidia’s stock price briefly reached $419, giving the company a market capitalization of $1 trillion. This made Nvidia the sixth U.S. company to reach the trillion-dollar mark, and the first chipmaker to do so. Nvidia’s stock price has been on a tear in recent years, thanks to the growing demand for its graphics processing units (GPUs). GPUs are used in a wide range of applications, including gaming, artificial intelligence, and data centers. Nvidia’s growth has been fueled by the rise of artificial intelligence, which is a technology that is becoming increasingly important in a variety of industries. AI requires powerful computing resources, and GPUs are well-suited for this task. As the demand for AI continues to grow, Nvidia is well-positioned to benefit.  

Source: The Verge

3- Google I/O 2023 Keynote Summary

Google I/O 2023 saw the announcement of several new products, including the Pixel Fold, Pixel 7a, Android 13, Google Wallet, and Google Home Pixel. In addition, Google announced a number of updates to its existing products and services, such as live traffic conditions in Google Maps and automatically generated stories in Google Photos.

Source: Engadged

4- Nvidia Unveils DGX GH200: Next-Gen Supercomputer for Generative AI Workloads

Nvidia announced its next-generation DGX supercomputer, the DGX GH200. The DGX GH200 is designed for generative AI workloads and is powered by the new Grace Hopper H100 GPU. The H100 GPU offers up to 40 teraflops of performance and 144 terabytes of shared memory. Nvidia says that the DGX GH200 is the world’s most powerful supercomputer for generative AI and can train a generative AI model in half the time of its predecessor. The DGX GH200 is available now and starts at $1.99 million. 

Source: Engadged

5. Biden Administration Invests $140M in 7 New National AI Research Institutes

The Biden administration will invest $140 million to launch seven new National AI Research Institutes. The institutes will be located at universities across the country and will focus on research in areas such as climate change, healthcare, and cybersecurity. The goal of the institutes is to accelerate the development of ethical and trustworthy AI technologies. 

Source: Engadged

6- China and South Korea to Strengthen Chip Industry Cooperation Amid Global Shortage Concerns

China and South Korea have agreed to strengthen talks on the chip industry, the Chinese commerce ministry said on May 27. The two countries will cooperate on chip design, manufacturing, and packaging, and will also work to ensure the stability of the global chip supply chain. The agreement comes amid growing concerns about the global chip shortage, which the COVID-19 pandemic and the war in Ukraine have exacerbated. 

Source: Reuters

7- FDA Grants Approval for Neuralink’s Human Brain Implant Trial

Elon Musk’s Neuralink has received FDA approval to conduct a clinical trial of its brain implant technology in humans. The trial will involve implanting Neuralink’s brain chips in patients with severe paralysis to help them control external devices using only their thoughts. The trial is expected to start soon.

Source: Reuters

8- JPMorgan Chase’s IndexGPT: AI Investment Advisor in the Works

JPMorgan Chase is developing an AI investment advisor called IndexGPT. The AI advisor will use natural language processing to understand customer goals and then select investments that are most likely to meet those goals. JPMorgan Chase has applied to trademark IndexGPT and is expected to launch the AI advisor in the coming months.

Source: CNBC

9- G7 Leaders Advocate International Standards for Trustworthy AI

The G7 leaders called for the development and adoption of international technical standards for trustworthy AI. They recognized that the approaches to achieving the common vision and goal of trustworthy AI may vary. Still they said the rules for digital technologies like AI should be in line with their shared democratic values. They also said they need to immediately take stock of the opportunities and challenges of generative AI. 

Source: Reuters

10- President Biden Engages with AI Industry Leaders on Ensuring Ethical AI Usage

President Biden met with CEOs of top AI companies to discuss the potential dangers of AI and the need for safeguards to ensure that AI is used for good. The CEOs acknowledged the potential dangers of AI, such as the use of AI for disinformation and propaganda, and expressed their commitment to working with the government to ensure that AI is used for good. Biden said that the United States must be a leader in the development of AI, but that it must also be a responsible leader. He said that the government must work with the private sector to ensure that AI is used for the benefit of all Americans.

Source: CNBC tv18