🚨 Legendary AI Pioner Leaves Google: AI Risks Alert

Update 2023-05-02

What’s in today’s Business Edge update?

AI legend Geoffrey Hinton exits Google, sounding the alarm on AI risks!

Meanwhile, Samsung restricts employee AI usage after a ChatGPT data leak, Microsoft Teams launches a payment system for small businesses, Apple Card Savings collects a whopping $990M in just four days, and ChatGPT is back in Italy after addressing privacy concerns and more..

Let’s get started!

🌐 Digest

Concise summaries of the most interesting tech news stories.

[1] AI Pioneer Geoffrey Hinton Leaves Google, Warns of AI Dangers

Geoffrey Hinton, widely known as "The Godfather of AI," has left Google after a decade to speak out about the potential dangers of artificial intelligence. Hinton's concerns include the risks of AI taking jobs and the proliferation of fake content that appears genuine to the average person.

• Hinton previously thought AI posed a threat in 30-50 years but now believes it's much sooner

• He points to the power of GPT-4, an advanced large language model from OpenAI

• Google CEO Sundar Pichai has also warned about the risks of AI, but remains optimistic about humanity's adaptability

• Tags: #AI #Google #GPT-4

_{Tags: #AI #Google #GPT-4}

More:

AI is already impacting job markets, and the increasing prevalence of realistic fake content, such as photos, videos, and text, raises significant concerns. Hinton specifically mentioned the capabilities of GPT-4, the most advanced large language model from OpenAI, which has gained widespread attention since the launch of the ChatGPT chatbot.

Google CEO Sundar Pichai has also publicly addressed the risks associated with AI, stating that society is unprepared for rapid technological advancements. However, Pichai remains optimistic about humanity's ability to adapt. Meanwhile, Google has showcased its AI products, such as self-learning robots and Bard, a ChatGPT competitor.

Hinton's departure from Google is a significant loss for the company's Google Brain team, which has been responsible for much of its AI development. Hinton's research group made substantial breakthroughs in deep learning, leading to advancements in speech recognition and object classification. These innovations paved the way for AI applications like ChatGPT and Bard.

Google has been working to integrate Bard's technology and large language models into more of its products and services. Last month, the company announced plans to merge Google Brain with DeepMind to accelerate AI progress.

Hinton left Google to discuss the risks of AI without being constrained by the company's interests. He maintains that Google has acted responsibly, but he believes that it's important to have a public conversation about the potential dangers of AI.

Read more about it at —> (read time: 5 minutes)

Insight: We classify this news as having a Global Impact. Geoffrey Hinton's departure from Google and his decision to focus on warning society about the potential dangers of AI demonstrates the growing concern surrounding technology. As a pioneer in the field, Hinton's voice carries significant weight, and his concerns may spark further discussion and regulatory action on a global scale.

[2] Samsung Bans Employee Use of AI Tools After Discovering ChatGPT Data Leak

Samsung Electronics bans its employees' use of generative AI tools, including ChatGPT, Google Bard, and Bing, after discovering sensitive code uploaded to ChatGPT. The company cites concerns over data storage on external servers and potential disclosure risks.

More:

New policy implemented after sensitive code was uploaded to ChatGPT

Concerns about data storage on external servers and potential disclosure to other users

_{Tags: #Big tech #AI #Privacy}

Read more about it at —> (read time: 3 minutes)

Insight: We classify this news as having a Company Impact, as it directly affects Samsung Electronics and its employees' use of generative AI tools within the company. The decision comes after concerns were raised over data security risks associated with external server storage and potential disclosure to other users.

[3] Microsoft Teams Introduces Payment System for Small Businesses

Microsoft Teams launches a payment system for small and medium-sized businesses (SMBs) in the US and Canada to charge for appointments, webinars, and more. The service allows businesses to host and accept payments for webinars or one-on-one sessions through partnerships with GoDaddy, PayPal, and Stripe.

More:

• Payment system allows SMBs to earn money from virtual meetings

• Partnerships with GoDaddy, PayPal, and Stripe enable payment processing

• Available in public preview for Teams business users

_{Tags: #Microsoft #SaaS #SMB}

Read more about it at —> (read time: 4 minutes)

Insight: We classify this news as having a Market Impact, as it directly affects the specific market segment of small and medium-sized businesses using Microsoft Teams. The introduction of the payment system enables these businesses to charge for appointments, webinars, and more, reflecting the growing shift toward virtual services.

[4] Apple Card Savings Account Attracts $990M in Deposits in Just Four Days

Apple launched its Apple Card Savings account on April 17th, and within four days, it received up to $990 million in deposits, according to anonymous sources.

More:

• First-day deposits reached $400 million

• Approximately 240,000 accounts opened within a week

• Exclusive to Apple Card holders

• 4.15% APR with no fees or minimum balance

_{Tags: #Apple #FinancialReport}

Read more about it at —> (read time: 3 minutes)

Insight: We classify this news as having a Market Impact, as it affects a specific market segment within the tech and finance industry. Apple's move into high-yield savings accounts strengthens its position in the financial sector and challenges traditional banks and digital competitors, altering consumer behavior and preferences within the market.

[5] ChatGPT Resumes Operations in Italy After Addressing Privacy Concerns

OpenAI has announced that its AI chatbot, ChatGPT, is once again available to users in Italy. After facing a ban due to privacy concerns, the company has met the country's data protection authority's requirements.

More:

• Italy was the first Western country to ban ChatGPT-4

• Data Protection Authority cited lack of legal basis for data collection and storage

• Other governments are also considering regulation of AI technology

_{Tags: #AI #Privacy #Regulation}

Read more about it at —> (read time: 4 minutes)

Insight: We classify this news as having a Market Impact, as it primarily affects the AI chatbot market within Italy. The ban on ChatGPT was a result of regulatory concerns specific to the country. OpenAI's response to these concerns could set a precedent for how AI chatbot companies address privacy issues in other markets.

⚡️Bites

Brief news summaries that provide quick and easy-to-consume information.

YouTube introduces new ad formats for its short-form feature Shorts, expanding its reach in video campaigns and enabling brands to upload 60-second vertical videos for better engagement. (link)

Ubisoft reveals AI tool "Ghostwriter" to help generate dialogue for non-playable characters in video games, aiming to make NPCs more engaging and assist writers in creating immersive content. (link)

Meta Platforms plans to raise $7 billion in a second bond offering, intending to finance capital expenditures, stock repurchases, acquisitions, and investments. (link)

Spotify's Findaway eliminates its 20% royalty fee for indie authors' audiobook sales on Spotify, aiming to attract more creators and compete with Audible. (link)

IBM plans to halt hiring for jobs that may be replaced by AI, affecting around 26,000 non-customer-facing roles, with 30% potentially replaced in the next five years. (link)

🔍 Extra

A mix of learning links, software products, deals, and other interesting content.

Chat by Copy.ai launches a smarter ChatGPT, offering features like scraping public data, generating personalized copy, and summarizing YouTube videos. (link)

SaaS M&A multiples in Q1 normalize to 5.2x LTM revenue with deal volume up 21% from Q4 2022, signaling a healthy market despite lower 2022 figures. (link)

Q1 2023 global M&A deal value exceeds $1 trillion despite 32% decline from peak, driven by lower valuation multiples and smaller companies. (link)