AI STREET WEDNESDAY WITH REDIAN!

Hello there! Welcome to AI street with Redian. So much is happening in the world of artificial intelligence and every Wednesday we will be bringing you up to speed to the latest news in the AI world!

Tesla CEO Elon Musk shows off a new Optimus video, the company’s humanoid robot

Elon Musk stated that the Tesla’s humanoid robot Optimus would be the key to Tesla’s long-term plans.

The product was revealed last year during the company’s AI day but it still yet to be released. Lately, the company shared a video showing the robots walking, recognizing objects, training on human movement and picking up items. Here is the link to the shared video: https://youtu.be/KW3iRzXs940

Meet Japan’s newest billionaire thanks to AI

Shunsaku Sagami, 32, the founder and CEO of M&A Research Institute Holdings Inc is worth $950 million. He found the brokerage in 2018 to help match sellers of smaller firms in Japan to interested buyers. Many smaller businesses in aging Japan are forced to shut down each year due to lack of successors. Shunsaku shared on Bloomberg in a recent interview that he found his inspiration to start that business from his grandfather, who had been forced to shut his real estate agency on the 1980s when he retired because he was unable to find a successor.

M&A Research Institute focuses on companies with annual sales of up to 500 million Japanese yen or $3.7 million. On its website, the company being powered by AI and its proprietary data, it can close M&A deals between 49 days to six months. The fantastic advantage of it is that, the institute does not charge any fees until a transaction is closed. One of its accomplishments in 2023 is that the company managed to close 62 deals in 6 months compared to a year ago closing at 26, making more than double.

Global AI regulation from company owners to global leaders

Elon Musk, CEO of Tesla and a group of artificial intelligence experts and industry executives called for a six- month pause in developing systems more powerful than OpenAI’s newly launched GPT-4, in an open letter citing potential risks to the society. In the letter it was stated that powerful AI systems should be developed only once they are confident that the effects will be positive and the risks will be manageable. Elon being one of the co-founders of industry leader OpenAI and his carmaker Tesla uses AI for an autopilot system, expressed his frustration over regulators critical of efforts to regulate the autopilot system.

A professor of digital and information law at Cornell University, James Grimmelmann said that it is deeply hypocritical for Elon to sign on given how hard Tesla has fought against accountability for the defective AI in is self-driving cars.

Tesla last month had to recall more than 362,000 U.S vehicles to update software after U.S regulators said the driver assistance system could cause crashes, prompting Elon to tweet that the word “recall” for an over-the-air software update is “anachronistic and just flat wrong!”

The letter was signed by more than 1000 people including Elon Musk. Sam Altman, Sundar Pichai and Satya Nadella, CEO of OpenAI, Google and Microsoft were not among those who signed.

Washington, D.C- Sam Altman, OpenAI’s CEO, said before the Senate Judiciary committee on AI regulation that he supports guardrails for technology to minimize harms and regulation of AI is essential. The hearing was to discuss a path forward on the extreme impact it will have on jobs.

Sam said that there would be an impact on jobs and it would require partnership between the industry and the government but mostly action by government. He added saying that the jobs of today would get better and it is very important to understand and think about Chat GPT 4 as a tool, not a creature. Sam suggested to the Congress to consider licensing and testing requirements for AI companies.

The regulation of AI discussion moved to a global discussion in that the G7 called for a developing global technical standards for Ai.

Tokyo, May 20 – leaders of the group of seven (G7) nations called for the development and adoption of technical standards to keep artificial intelligence “trustworthy”, saying the technology’s governance has not kept pace with its growth.

The G7 leaders said that they need to immediately take stock of the opportunities and challenges of generative AI, a subset of the technology popularized by the ChatGPT app. The ChatGPT app pushed a group of AI experts including Elon Musk to raise an alarm calling for a six-month pause in developing more powerful systems, citing potential risks to the society.

The leaders agreed to create a ministerial forum dubbed the “Hiroshima AI process” to discuss issues around generative AI by the end of this year. They also urged international organizations such as the Organization for Economic Cooperation and Development to consider analysis on the impact of policy developments.

?That's all in this week's edition. What are your thoughts on the different news features happening in AI? we would love to hear your thoughts through the comment section! Till next week KEEP IT AI