🥼 Unveiling Google's PaLM 2 Model

Update 2023-05-09

What’s in today’s Business Edge update?

KPMG and Google Cloud are joining forces to accelerate Generative AI in enterprises, and Google's I/O 2023 is ready to unveil the PaLM 2 Language Model and fresh Bard Chatbot enhancements.

Meanwhile, Intel faces layoffs amid a historic downturn and a hefty $1.5B Q1 dividends payout. LinkedIn also feels the heat, axing 716 staff and discontinuing its Chinese Job App amidst a strategic shift, and more..

Let’s get started!

🌐 Digest

Concise summaries of the most interesting tech news stories.

[1] KPMG and Google Cloud Unite to Propel Generative AI Adoption in Enterprises

Google Cloud and KPMG are intensifying their partnership to encourage more businesses to adopt generative AI systems. With KPMG’s expertise in cloud transformation, analytics, and responsible AI, and Google Cloud's infrastructure and generative AI capabilities, the companies aim to integrate AI across all organizational departments. Initial focus will be on financial services, healthcare, and retail sectors.

More:

• The companies plan to leverage Google Cloud's generative AI in "practical, real-world" cases, aiding businesses to adapt and scale.

• This announcement builds upon five years of collaboration between Google Cloud and KPMG.

• KPMG plans to swiftly train Google Cloud experts to help businesses implement generative AI.

• Google Cloud CEO Thomas Kurian sees the partnership as empowering employees, extracting more value from data, and driving innovation.

• This move comes as other tech giants, including Microsoft, also promote generative AI use in business operations.

_{Tags: #Google, #AI, #Cloud, #KPMG, #Big tech}

Read more about it at —> (read time: 6 minutes)

Insight:

We believe this development signals an industry-wide impact, as it indicates a growing trend towards generative AI adoption in businesses. Google Cloud and KPMG, both industry leaders, are making a strong push towards AI, which could significantly alter the landscape of cloud services and business operations across different sectors. This move can encourage other companies to accelerate their own digital transformation initiatives. As businesses increasingly integrate AI, it's important to monitor this trend as it will likely influence investment opportunities and strategies in the tech sector.

[2] Google's I/O 2023 Set to Unveil New PaLM 2 Language Model and Enhancements to Bard Chatbot

Google is reportedly readying to showcase PaLM 2, an upgraded version of its large language model, at the I/O 2023 developer conference. The new model, internally dubbed the "Unified Language Model," is said to support over 100 languages and is capable of handling programming, math tasks, creative writing, and text analysis. Enhancements to its Bard chatbot, including AI image generation features, are also expected.

More:

• The original PaLM model, unveiled in 2022, had 530 billion parameters and was capable of explaining simple jokes.

• Bard, Google's chatbot built on PaLM, has been available via an API since March 2023.

• Google is also expected to introduce "generative experiences" for Bard and Google Search.

• Rumours suggest Google is developing "Multi Bard," "Big Bard," and "Giant Bard" models.

• Sundar Pichai, Google's CEO, recently hinted at more capable models in development.

_{Tags: #Google, #AI, #Big tech, #GPT-4}

Read more about it at —> (read time: 6 minutes)

Insight:

We consider this news to have an industry-wide impact. Google's development of an upgraded language model and improvements to its Bard chatbot underscores the tech giant's commitment to advancing AI capabilities. The introduction of PaLM 2, which supports over 100 languages, could significantly enhance machine-human interactions, transforming industries from customer service to healthcare. Furthermore, if Google successfully implements AI image generation in its chatbot and search functions, it may set a new industry standard for integrative and interactive AI experiences. Tech entrepreneurs, workers, and investors should monitor these developments to understand potential shifts and opportunities in the AI landscape.

[3] Intel Confirms Layoffs Amid Historic Downturn, Post $1.5B Q1 Dividends Payout

Intel Corporation, dealing with a significant downturn in the semiconductor industry, has confirmed speculations of layoffs across its data center and client computing business divisions. This decision trails an acute 36% annual drop in Q1 revenue, marking one of the company's poorest performances to date. This unfolds alongside Intel's $1.5 billion dividends payout, aimed at keeping investor relations stable.

More:

• The layoffs are part of Intel's strategy to reclaim its position in the chipmaking market, posing competition to the Taiwan Semiconductor Manufacturing Company (TSMC), and to enhance its manufacturing footprint in America.

• Earlier this year, Intel implemented broad pay reductions, causing senior executives and employees to miss out on bonuses and face salary reductions.

• The company's current market capitalization stands at $129 billion, overshadowed by its smaller competitor, Advanced Micro Devices, Inc. (AMD), valued at $145 billion.

_{Tags: #Big tech, #Financial report, #Regulation}

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

Insight:

This news bears an industry-wide impact. It underscores the ongoing difficulties in the semiconductor industry, which have implications for both manufacturers and designers. For Intel, this illuminates the struggle to maintain financial stability amidst a significant slump in its key segments. The ripple effects could be felt across the tech industry, given Intel's pivotal role in the supply chain. Furthermore, this may hint at a potential shift in the industry power balance, as rivals like AMD are inching ahead in market share. We anticipate the industry will closely monitor Intel's approach to these challenges and its strategic efforts to recover.

[4] LinkedIn Sheds 716 Staff and Axes Chinese Job App Amid Strategic Shift

LinkedIn is set to lay off 716 employees and phase out its job search app, InCareer, in China as it adapts to market changes. This comes amidst slower revenue growth and shifting consumer behaviour, according to CEO Ryan Roslansky. Despite the layoffs, the company intends to create 250 new roles in specific operational areas starting May 15th. Meanwhile, the tech industry continues to experience widespread job cuts.

More:

• LinkedIn's workforce reduction equates to approximately 3.4% of its total estimated employee base from 2022

• The company plans to restructure by focusing on agility, team alignment, and reorganizing work execution

• LinkedIn is set to phase out the InCareer app in China due to intense competition and economic challenges

• Despite the layoffs, LinkedIn plans to create 250 new roles focused on growth and profitability

• The tech industry at large has seen significant layoffs recently, with 191,538 tech staff losing jobs this year

_{Tags: #LinkedIn, #Layoffs, #China, #Big tech, #Job market}

Read more about it at —> (read time: 10 minutes)

Insight:

This move by LinkedIn is an industry-wide impact event. It highlights the current economic landscape's complexities, particularly in the tech sector, and how even large companies must adapt to survive. LinkedIn's layoffs and strategic shifts are emblematic of the challenges tech companies face in a rapidly changing market. The decision to close the InCareer app in China reflects the difficulty of competing in saturated markets with unique regulatory landscapes. However, the creation of new roles despite the layoffs shows a strategic pivot toward future growth. For tech workers and investors alike, this event underscores the importance of agility in the face of market shifts and macroeconomic conditions.

⚡️Bites

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

Following Apple CEO Tim Cook's statement, analyst Dan Ives of Wedbush Securities suggests that tech industry layoffs are largely behind us, with Apple poised for growth. (link)

Apple raised $5.25 billion in a five-part bond sale, surpassing the initial $5 billion target, to be used for corporate purposes, reflecting confidence in expanding cash flow. (link)

Spotify removed approximately 7% of songs uploaded by AI music startup Boomy, suspecting bots instead of human listeners, causing industry concern. (link)

Goldman Sachs reports suggest AI could automate up to 25% of all work in the future, but experts highlight the need for human supervision and the current inability of AI to replace qualified specialists. (link)

IBM's new Watsonx platform aims to help enterprises build and manage AI models, including generative AI. It provides pre-trained models, data and governance services, and partners with Hugging Face for open AI models. (link)

🔍 Extra

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

In 2023, corporate VCs have increased their lead in startup funding rounds, including Microsoft's $10 billion investment in OpenAI, as other venture investors scale back. This reflects a shift in investment strategies and time horizons. (link)