Cisco faces fallout from a massive data leak exposing critical files, while China accuses the U.S. of cyber espionage amid rising tech tensions. AI governance sparks debate as Europe enforces strict rules, and ASIC sues HSBC for $23M scam failures. Global cyber affairs take center stage this week.
ASIC is suing HSBC Australia over $23M in scam losses, alleging systemic failures in fraud detection and delays in resolving complaints. Meanwhile, Singapore's proposed anti-scam law aims to freeze accounts of scam victims to prevent further losses, sparking debate on privacy and autonomy.
Broadcom joins Nvidia in the $1 trillion club, reshaping the AI chip race with a 51% revenue surge in Q4 2024 and VMware's $69B acquisition. As China invests $25B to boost semiconductor self-reliance, U.S.-China tensions escalate, redefining global innovation and geopolitical power dynamics.
In a bold and somewhat controversial move, Eleven Labs has launched "Iconic Voices," an AI-powered feature that brings back the voices of legendary stars like Judy Garland, James Dean, Burt Reynolds, and Sir Lawrence Olivier.
In a bold and somewhat controversial move, Eleven Labs has launched "Iconic Voices," an AI-powered feature that brings back the voices of legendary stars like Judy Garland, James Dean, Burt Reynolds, and Sir Lawrence Olivier. Available on their reader app, this new technology allows users to listen to books and articles narrated by these iconic voices, much to the excitement of fans and the estates of these stars.
Liza Minnelli, daughter of Judy Garland, expressed her enthusiasm, stating,
"It’s exciting to see our mother's voice available to the countless millions of people who love her. Through the spectacular new technology offered by Eleven Labs, our family believes that this will bring new fans to Mama and be exciting to those who already cherish the unparalleled legacy that Mama gave and continues to give to the world."
While this innovation has been met with applause, it also raises ethical questions. Can we justify the resurrection of deceased celebrities through AI? Critics argue that it borders on necromancy, with Morgan tweeting, "Appropriately licensed necromancy." However, proponents like Liza Minnelli highlight the potential for these AI avatars to introduce beloved voices to new generations.
From a business perspective, this move opens a new revenue stream for the estates of famous personalities.
As Dustin Blanks, head of partnerships at Eleven Labs, stated,
"Adding them to our growing list of narrators marks a major step forward in our mission of making content accessible in any language and voice."
Cynics might see this as another monetization strategy, but there is no denying the appeal to fans who can once again hear their favourite stars.
Suno, the AI music generation app, has officially launched on iOS, allowing users to create and share music from their phones. This innovation has polarised the music community, with some hailing it as a revolutionary tool while others decry it as a threat to human creativity.
Riley Brown, a prominent AI content creator, praised the app, tweeting, "OK, this is lit AF." Yet, this praise is juxtaposed with legal challenges and scepticism about AI's role in art. The app is currently available only in the US, but an Android release is on the horizon, promising broader access soon.
Despite the controversy, Suno’s launch signifies a significant leap in AI-driven creativity. As the app gains traction, it forces us to reconsider the boundaries between human and machine-generated art. Will AI composers replace human musicians, or will they coexist, enhancing the creative process? Only time will tell.
Ken Griffin, founder of Citadel, recently voiced his doubts about AI's immediate impact on the finance sector. Contrary to the prevalent hype, Griffin argues that AI models are not yet ready to replace human jobs. Drawing an analogy to self-driving cars, he points out that AI struggles with unanticipated scenarios, a challenge that also applies to complex financial environments.
"For a number of reasons, I am not convinced that these models will achieve that type of breakthrough in the near future," Griffin stated.
His cautious stance serves as a reminder that while AI has enormous potential, it also faces significant hurdles. This scepticism may temper the overenthusiastic expectations that often accompany AI advancements.
In a strategic move, Robinhood has acquired Pluto Capital, an AI-driven investment research firm. This acquisition marks Robinhood’s foray into AI-enhanced investment strategies, setting the stage for a potential expansion into the investment advisory space.
Pluto Capital, unlike robo-advisors, focuses solely on providing customised investment research. This distinction is crucial as it suggests Robinhood's intent to enhance user experience through sophisticated AI analytics rather than directly managing assets.
The Wall Street Journal notes that this acquisition could be the first step towards a broader AI-driven advisory service. As Robinhood integrates Pluto's capabilities, we might witness a new era of personalised, AI-powered financial advice.
Sentient Labs, a Singapore-based AI startup, has raised $85 million to develop an open-source platform that combines AI and blockchain technology. This significant funding, led by Peter Thiel's Founders Fund, underscores the growing interest in decentralising AI development.
Co-founded by a former executive of the Polygon blockchain, Sentient Labs aims to create a platform where developers are compensated for their contributions to AI tools. This approach challenges the centralised control of AI by tech giants, promising a more equitable distribution of benefits.
Sandeep Nailwal, co-founder of Sentient Labs, emphasised the potential of blockchain to "completely disrupt the way AI will play out." This intersection of AI and decentralisation could redefine the landscape, fostering innovation and democratising access to AI technologies.
Stay tuned with AI Diplomat for more insights and in-depth analyses as we continue to explore the ever-evolving world of artificial intelligence.
The annual Morningstar Investment Conference, held on June 26 and 27, 2024, in Chicago, brought together investors and advisors eager to gain from Morningstar's premier research and analysis, and to hear from leading industry thought leaders. The two-day event featured a plethora of panels, each offering invaluable insights for all investors. Sheryl Rowling, Morningstar’s editorial director for financial advice, spotlighted sessions particularly advantageous for financial advisors aiming to elevate their practices and help their clients achieve greater success.
Artificial intelligence (AI) was a major highlight this year, reflecting its transformative impact on the financial sector. Futurist Zack Kass explored how AI is revolutionising various industries by enhancing efficiency, alleviating employee burnout, and redefining work processes. Karen Zaya, a senior manager research analyst at Morningstar, led engaging discussions with portfolio managers from AlphaSimplex, AQR, BlackRock, and Fidelity.
They examined how AI, machine learning, and natural language processing are currently being integrated into investment strategies and what the future holds for these innovative technologies. The latest issue of Morningstar magazine delves into AI opportunities for advisors and investors, with John Rekenthaler drawing parallels between today's AI stocks and the internet stocks of 1999, highlighting significant players like Nvidia that are turning AI potential into substantial revenue.
Exchange-traded funds (ETFs) that focus on AI have seen considerable interest and inflows, signifying the growing investor enthusiasm in this space. This trend is just one of many driving the popularity of ETFs, especially active ones. Jack Shannon of Morningstar hosted a compelling panel with leaders from Dimensional Fund Advisors, MFS Fund Distributors, and T. Rowe Price.
They discussed the potential of active ETFs to revitalise active management, which has been losing market share to passive strategies. These industry experts underscored how active ETFs are reshaping the investment landscape, offering new opportunities and challenges for the future of active management.
The Morningstar Investment Conference showcased the dynamic interplay between AI and financial services, highlighting the optimism and potential for future growth and innovation in this field.
Cisco faces fallout from a massive data leak exposing critical files, while China accuses the U.S. of cyber espionage amid rising tech tensions. AI governance sparks debate as Europe enforces strict rules, and ASIC sues HSBC for $23M scam failures. Global cyber affairs take center stage this week.
Broadcom joins Nvidia in the $1 trillion club, reshaping the AI chip race with a 51% revenue surge in Q4 2024 and VMware's $69B acquisition. As China invests $25B to boost semiconductor self-reliance, U.S.-China tensions escalate, redefining global innovation and geopolitical power dynamics.
The Pacific tech war intensifies as Trump's return to power amplifies U.S. export bans, targeting China’s AI progress. ByteDance, Nvidia's largest Chinese buyer, counters with bold strategies like crafting AI chips and expanding abroad. A fragmented 2025 looms, redefining tech and geopolitics.
Australia pushes tech giants to pay for local journalism with new laws as Meta faces a global outage, raising concerns over platform reliability. Meanwhile, Meta joins hyperscalers like Google and Amazon, exploring nuclear energy to power AI ambitions and unveils a $10B AI supercluster project.
