AmEx Labs Innovates AI Financial Services, Microsoft Chief Urges Broad AI Regulation and more

Pivot 5: 5 stories, 5 minutes, 5 days a week.

1. AmEx Digital Labs Exploring Generative AI to Enhance Financial Services

American Express (AmEx) Digital Labs is investigating the potential of generative AI to enhance its financial services and customer experience.

Rather than developing its own large language models (LLM), the firm intends to leverage existing ones through partnerships. AI may assist with transaction approval, predictive analytics, and customer interaction and sentiment analysis. Despite this, AmEx is being cautious about security and regulation concerns. The company is testing AI models behind the scenes, with humans reviewing the output.

AmEx's measured approach reflects wider industry trends, with many firms anticipating generative AI's high impact but delaying implementation to further understand the technology.

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2. Microsoft President Calls for Comprehensive AI Regulation Amid Deepfake Concerns

Microsoft President Brad Smith voiced concerns over deepfakes, advocating for better regulation of AI and measures to ensure content authenticity.

Addressing potential misuse of AI in his speech, Smith highlighted the need to protect against altered content aiming to deceive and called for licensing of critical AI forms. He suggested export controls to prevent model theft or misuse, as well as accountability for problems caused by AI. Smith also recommended the implementation of safety measures on AI controlling critical infrastructure and a "Know Your Customer" approach for AI developers.

He urged lawmakers to prioritize civil rights and non-discrimination in AI regulation.

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3. AI Enthusiasm Boosts US Equity Futures; Nvidia's Value Approaches $1 Trillion

US equity futures rose on Tuesday, driven by enthusiasm over artificial intelligence, sparking a rally in tech stocks and chipmakers.

S&P 500 and Nasdaq 100 contracts climbed 0.6% and 1.5%, respectively, as Nvidia's value surged towards $1 trillion in premarket trading after the launch of several AI products. Other AI-related stocks, including AMD, Intel, and Meta Platforms, also increased. Meanwhile, treasury yields dropped amidst optimism that Congress would pass a debt deal to prevent a default.

Despite economic gloom surrounding China, the focus this week shifts to the US jobs data expected on Friday.

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4. AI Business: Recent Funding Boosts for Insider, DataOps.live, Spellbook, UrbanChain, Gan.ai

AI Business recently reported funding news for several startups. AI marketing platform Insider raised $105M in a venture round, with funds earmarked for accelerating M&A strategy.

DataOps.live, a London-based startup helping organizations build, test, and deploy data products, secured $17.5M in a series A round to expand its team and platform. Spellbook, a Canadian legal tech startup, raised $10.9M in series A funding to expand R&D and hire staff. UrbanChain, a peer-to-peer energy exchange, received $6.5M in series A funds for international expansion and technology enhancement.

Gan.ai, a customized video generation software provider, raised $5.25M in a seed round for expansion.

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5. Paralyzed Dutch Patient Walks Again Thanks to AI-Powered Brain-Spine Interface

Gert-Jan Oskam, a Dutch patient paralyzed due to a spinal cord injury, has regained the ability to walk thanks to an AI-enabled implant serving as a 'digital bridge' between his brain and spinal cord.

The device, a brain-spine interface, transmits Oskam's thoughts about walking to a spinal implant via an external computer. An ML-powered thought decoder was instrumental in linking Oskam's thoughts to the implants.

The groundbreaking technique, combining efforts of University of Texas, Austin and Swiss scientists, indicates a significant advancement in neuroscience and AI.

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