OpenAI releases ChatGPT Enterprise, Swift & Chainlink Blockchain Interoperability Report, Startup's $2B Valuation Falls to Bankruptcy and more!
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Welcome to QX Snapshots - a weekly recap of the key news on emerging technologies. In this newsletter, you will get a "digest" of latest info on AI, Quantum Technology, Industrial Metaverse and Enterprise Blockchain.
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[Quantum Technology] IDC: Customer spend on quantum computing services has fallen but will grow. IDC reports that customer spending on quantum computing will increase from $1.1 billion in 2022 to $7.6 billion in 2027, a 48.1% CAGR. This updated forecast is lower than IDC's 2021 prediction due to factors such as slower quantum hardware developments, competing technologies like generative AI, and macroeconomic challenges. Growth is anticipated to be driven by maturation in "quantum computing as a service" and workloads apt for quantum technology. Investments in the quantum market are expected to grow 11.5% CAGR from 2023 to 2027, reaching $16.4 billion by 2027. This includes investments from institutions, tech vendors, venture capitalists, and 14 global government agencies, promoting quantum research. While 2022 was pivotal for quantum computing, with significant advances and strategic roadmaps released, quantum's full potential is yet to be realized. IDC emphasizes that despite current limitations, continuous advancements mean businesses should invest in quantum now to be prepared for the future. Indeed, The International Organization for Standardization (ISO) has released its first set of standards for Quantum Key Distribution (QKD) security requirements. Aimed at setting an international benchmark for QKD development, these standards detail security evaluations for QKD systems, covering both conventional and quantum components. ISO Experts believe this move will pioneer a new age of secure data transmission and solidify quantum communication system security, addressing the growing challenges of digital threats.
[AI] OpenAI launched ChatGPT Enterprise. OpenAI is launching ChatGPT Enterprise, a powerful upgrade of ChatGPT with enterprise-level security and privacy. This version boasts unlimited high-speed GPT-4 access, extended context windows for more extended inputs, and advanced data analysis. Aimed to enhance work efficiency, it's customized for organizational needs while ensuring data protection. Since ChatGPT's debut, over 80% of Fortune 500 firms have adopted it, with major companies like Block and PwC using it for diverse tasks from communication to coding. Key features include data ownership, SOC 2 compliance, encrypted conversations, an admin console for streamlined team management, and domain verification. ChatGPT Enterprise offers 32k context, enabling longer inputs and unlimited advanced data analysis access. Customizable with shared chat templates and API credits, it's now available for enterprises, ensuring top-notch security, broad deployment features, and the most enhanced version of ChatGPT yet. Meanwhile Google is integrating its Duet AI assistant into all Workspace apps, offering features like converting Google Docs outlines to Slides presentations, generating images, grammar checks, and summarizing documents. Duet’s app-specific features include AI-based enhancements in Google Meet and summarizations in Chat. It is priced at $30 per user for large organizations.
[Blockchain] Swift’s interoperability experiments connecting to public and private blockchain networks. Swift announced results from experiments demonstrating its capacity to seamlessly transfer tokenised assets across various public and private blockchains. Tokenisation is seen by 97% of institutional investors as a game-changer for asset management due to its potential to enhance efficiency, reduce costs, and democratize investment opportunities through fractional ownership. However, a significant challenge has been the fragmentation of blockchains, each hosting tokenised assets with unique functionalities. Swift’s solution aims to provide a unified access point for these diverse blockchains, eliminating the need for institutions to connect to each one individually. In collaboration with major financial institutions and Chainlink, a leading Web3 service platform, Swift proved that its existing infrastructure can connect multiple networks, reducing operational costs and challenges. The experiments also delved into technical requirements for interoperating with different blockchains and explored blockchain interoperability protocols.The immediate focus for Swift will be on non-listed assets and private market secondary trading as it continues to assess tokenised asset adoption use cases. Full report availabe here.
[Metaverse] Saudi Arabia's Strategic Investments: A Vision for Global Metaverse Leadership. Saudi Arabia, aligned with Crown Prince Mohammed bin Salman's Vision 2030, is actively investing in the metaverse to position itself as a global tech leader. The Public Investment Fund (PIF), the country's sovereign wealth fund, has invested heavily in metaverse giants Magic Leap and Meta (previously Facebook). Saudi Arabia's $450 million stake in Magic Leap has granted it over 50% ownership and substantial influence in the firm's direction, holding half of the company's board seats. The PIF's association with Meta marks its entry into the virtual social space. Moreover, Saudi Arabia is committing $1 billion to the NEOM Tech & Digital Company, aiming to craft its metaverse within a futuristic city project. These investments showcase Saudi Arabia's commitment to diversify beyond oil and to be at the forefront of tech innovations. As the metaverse grows, Saudi Arabia's influence will be pivotal, highlighting its ambition to lead globally in technological advancements. On a heartlighted note, Meta has finally introduced legs to avatars in its metaverse, addressing widespread mockery over their absence. Previously, users floated as torsos with arms and heads in Horizon Worlds. The update, announced in a beta version of Quest Home, will soon be available in Horizon Home and Meta Horizon Worlds. These legs, however, are approximations and won't mirror users' real movements. While others can see a user's legs, and they're visible in reflections, users cannot directly view their own avatar's legs.
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[General technology] ?Startup once valued at $2B goes bankrupt. Babylon Health, a London-based telehealth startup once valued near $2 billion, has declared bankruptcy for its U.K. subsidiary. After recent financial struggles, the majority of Babylon Health's assets were purchased by eMed Healthcare UK, a new subsidiary of U.S. company eMed. The acquisition does not include GP at Hand, a primary health service app still operational in the U.K. Babylon Health's fall was preceded by allegations about patient safety and governance, culminating in significant contract losses, including one with the NHS. The company's shares were delisted from the NYSE and efforts to find a buyer in Swiss health tech startup MindMaze and shareholder AlbaCore failed. Babylon's U.S. operations were wound down as they couldn't finalize a transaction due to unforeseen circumstances. While eMed plans to keep the acquired Babylon business operational, the future direction remains uncertain. eMed, previously a startup, focuses on telehealth services for various health assessments, especially COVID-19. The challenge for eMed now is to turn around a business that faced significant struggles under Babylon Health.
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