World’s first major law for artificial intelligence gets final EU green light

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1. World’s first major law for artificial intelligence gets final EU green light

The European Union has approved the AI Act, the world's first major law for regulating artificial intelligence. The Act sets comprehensive rules surrounding AI technology and allows the EU Commission to fine companies that breach it up to 35 million euros ($38 million) or 7% of their annual global revenues.

The law applies a risk-based approach, treating different applications of AI based on perceived threats to society. High-risk AI systems include autonomous vehicles, medical devices, financial services, and education. The EU AI Act will have significant implications for any entity developing, creating, using, or reselling AI in the EU.

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2. JPMorgan Says Every New Hire Will Get Training for AI

JPMorgan Chase & Co. is preparing new employees for the future of AI by providing them with prompt engineering training. AI is helping in two ways in the asset- and wealth-management division: time saving and revenue growth. It is reducing time spent on "hunting and pecking" by enabling bankers to pull up information on potential investments while clients are on the phone.

AI is also eliminating "no joy work" by eliminating repeatable, rote tasks, saving some analysts two to four hours of their workdays. JPMorgan sees the emerging technology as worth between $1 billion and $1.5 billion, impacting nearly half the company's 60,000 developers and 80,000 operations and call-center employees.

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3. Data-labeling startup Scale AI raises $1B as valuation doubles to $13.8B

Scale AI, a data-labeling startup, has raised a $1 billion Series F round from institutional and corporate investors including Amazon and Meta. The funding is part of a slew of big venture capital investments in AI, with Amazon recently closing a $4 billion investment in OpenAI rival Anthropic.

Scale AI's valuation doubled to $13.8 billion, a sign of the times as investors scramble to get ahead in the AI gold rush. The company specializes in managing and annotating large volumes of data, which is vital for training AI systems across industries like autonomous vehicles.

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4. Learning how to use AI could boost your pay by 25%, study finds

A new study by PwC has found that jobs requiring artificial intelligence skills carry up to a 25% wage premium in some countries, such as the United States. The study found that wages for AI-related roles were on average 25% higher in the United States than for comparable jobs in the same field that did not require those skills.

The premium was 14% in the United Kingdom and 11% in Canada. The report also found that labor productivity in industries most exposed to AI is growing 4.8 times faster than in other sectors.

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5. Nvidia shows no signs of AI slowdown after over 400% increase in data center business

Nvidia's revenue tripled in Q1 and its data center business grew by over 400% from the previous year. The company is now signaling to investors that companies buying billions of dollars of its chips will also be able to make money off artificial intelligence.

Finance chief Colette Kress told investors that cloud providers were seeing an "immediate and strong return" on investment. If Nvidia's chips provide a strong and sustainable return on investment, it suggests the AI boom may have room to run as it moves past the early stages of development and as companies plan for longer-term projects.

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