Meta introduces tools to enhance the Metaverse

Meta has announced the release of a new AI model, Meta Motivo, designed to enhance the realism of human-like digital agents in the Metaverse. This innovation promises more lifelike movements for avatars, addressing longstanding issues with digital body control. The company believes these advancements will revolutionise character animation and create immersive experiences with highly interactive non-playable characters (NPCs).

Meta’s focus on AI and Metaverse technologies has led to record-breaking investment forecasts for 2024, with capital expenditures projected to reach up to $40 billion. The company has also embraced an open-source approach by making its AI models available for free to developers, fostering innovation across its platforms.

In addition to Meta Motivo, the company introduced the Large Concept Model (LCM), an AI system designed to reimagine language modelling by focusing on high-level concepts rather than predicting text tokens. This system processes entire sentences in multilingual and multimodal contexts, aiming to enhance reasoning capabilities. Meta also unveiled Video Seal, a tool that embeds invisible, traceable watermarks into videos, signalling its commitment to both innovation and security in digital content creation.

These releases reflect Meta’s vision of advancing AI to shape the future of digital interaction and the Metaverse, aiming to establish itself as a leader in cutting-edge virtual and augmented reality technologies.

Russia aims for AI leadership by 2030

Russia has the potential to improve its global AI standing by 2030, bolstered by local talent and the development of its own generative AI models, according to Alexander Vedyakhin, the first deputy CEO of Sberbank. Speaking at the bank’s AI Journey conference, Vedyakhin highlighted the resilience of Russian developers in navigating Western sanctions, which aimed to limit the country’s computing resources. He emphasised the importance of fostering experimentation to maintain progress in AI.

Although Russia currently trails the US and China in AI innovation by six to nine months, Vedyakhin is optimistic about closing the gap. Instead of building massive data centres, Russia is focusing on smart AI models tailored to its market, similar to Meta’s Llama. These efforts, he said, will ensure technological sovereignty, especially as generative AI gains global importance. For example, Russian language models address local cultural contexts better than English-trained systems, avoiding misunderstandings like misinterpreting cultural dishes.

President Vladimir Putin also underscored the strategic significance of AI, announcing plans to collaborate with BRICS countries to challenge US dominance. Vedyakhin added that while Europe and China face setbacks due to overregulation, Russia’s supportive regulatory environment could be a competitive advantage. Encouraging investment in AI startups and allowing for innovation without severe penalties for mistakes are key to advancing the sector.

Despite a broader decline in venture capital investment in Russia, funding for AI startups continues to grow, hinting at a more diversified market. Vedyakhin also suggested that decentralised autonomous organizations (DAOs), powered by blockchain, could address labour shortages, paving the way for Russia to strengthen its AI ecosystem in the years ahead.

Apple partners with Broadcom for AI innovation

Apple is teaming up with Broadcom to develop its first server chip dedicated to artificial intelligence processing. Expected to enter mass production by 2026, the chip, code-named Baltra, represents Apple’s latest venture into custom hardware aimed at reducing reliance on Nvidia’s high-cost and supply-constrained processors.

The chip will use Taiwan Semiconductor Manufacturing Co.’s N3P process, highlighting Apple’s commitment to furthering manufacturing technology. Broadcom, already benefiting from AI-driven growth, saw its shares climb 5% following the announcement.

This partnership builds on Apple’s recent successes in chip growth, including its M-series processors for Mac devices. It also echoes a broader trend among tech giants like Google, which have pursued custom AI chips to enhance their services. With the global market for custom chips projected to reach $45 billion by 2028, Apple’s move furthers its role as a leader in the AI tech industry.

AI transforms bank operations yet struggles to drive revenue

Banks are embracing AI to boost productivity, with significant advancements in coding, task automation, and reporting processes. At the Reuters Next conference, executives from leading financial firms highlighted AI’s transformative potential.

Goldman Sachs has used AI to enhance coding productivity, potentially improving output by up to 30%, according to CEO David Solomon. Similarly, BNY Mellon has enabled employees to build AI tools for daily tasks, reflecting the industry’s drive to streamline operations.

Despite these productivity gains, financial institutions face challenges in monetising AI. Kristin Milchanowski, chief AI officer at Canada’s BMO Financial Group, noted that while AI has reduced reporting times significantly, its impact on revenue generation remains limited.

Future advancements depend on identifying specific use cases, such as optimising trades and attracting clients. Experts agree that AI’s long-term success in banking hinges on precise application and measurable outcomes.

BRICS alliance targets AI innovation and collaboration

Russia has unveiled plans to create an AI alliance with BRICS countries Brazil, China, India, and South Africa along with other interested nations. President Vladimir Putin made the announcement at a major AI conference in Moscow, highlighting the initiative as a key step to challenge the dominance of the United States in the rapidly advancing field of AI.

The AI Alliance Network will promote joint research, technology development, and regulation among member nations. Despite Western sanctions that have hampered Russia’s access to essential AI hardware like microchips, domestic leaders like Sberbank and Yandex are driving innovation with generative AI models such as GigaChat and YandexGPT.

Russia also has ambitious plans to integrate AI across its economy, targeting a contribution of 11.2 trillion roubles to GDP by 2030 and training 80% of its workforce in AI skills. While the country currently lags behind global leaders like the US and China in AI development, this alliance could mark a turning point in its technological aspirations.

Yelp adds AI tools to improve user reviews and business communication

Yelp has launched a series of updates, including AI-powered review insights, a personalised home feed, and an upgraded inbox for business owners. These changes aim to enhance user experience and streamline business interactions.

The new AI review insights categorise feedback into food quality, service, and ambiance, each scored from 1 to 100 with sentiment ratings. Users can access relevant reviews directly through the app. Initially available for restaurant, food, and nightlife listings, the feature is exclusive to iOS users.

Business owners also benefit from a redesigned inbox to manage customer interactions more efficiently, reflecting Yelp‘s broader effort to support businesses and users alike.

Alphabet bets big on AI for search

Alphabet, the parent company of Google, is doubling down on AI to reshape its core search business, which generates the majority of its $300 billion annual revenue. At the Reuters NEXT conference in New York, Alphabet President Ruth Porat described AI as a ‘generational opportunity’ for the company, with tools like AI-generated query overviews aiming to make search more intuitive. However, challenges such as AI ‘hallucinations,’ where incorrect information is generated, remain a key hurdle.

Beyond search, Alphabet is channeling its AI expertise into healthcare advancements. Porat highlighted innovations like AlphaFold, which predicts protein structures to aid drug discovery, and AI tools that could prevent blindness or enhance the doctor-patient relationship by reducing screen time for medical professionals. These efforts reflect the company’s broader commitment to applying technology for societal benefits.

Alphabet’s financial investments in AI are substantial, with $50 billion projected in capital expenditures for 2024, including data centres and chips. Porat emphasised the need for these investments to yield tangible returns while shaping the future of both technology and human connection.

New acquisition expands Automattic’s AI efforts in WordPress

Automattic, the company behind WordPress, announced its acquisition of WPAI, a startup specialising in AI tools for WordPress. WPAI’s offerings include CodeWP, a tool for creating plugins using AI, and AgentWP, an AI assistant for site builders. While these tools will be discontinued in their current form, Automattic plans to integrate their capabilities into its own suite of products.

The founding team of WPAI will join Automattic to spearhead AI initiatives within the WordPress ecosystem. According to Automattic, their efforts will focus on creating new AI-driven solutions to simplify development, enhance website management, and improve user experience all while staying true to WordPress’s open-source values.

This acquisition comes on the heels of Automattic’s recent purchase of Harper, a Grammarly competitor for developers. Together, these moves highlight Automattic’s growing investment in AI technologies to streamline content creation and site functionality for its millions of users worldwide. Financial details of the WPAI deal were not disclosed.

WPAI has expressed a commitment to advancing AI standards for WordPress and collaborating closely with the community to ensure thoughtful and innovative implementation. These developments could redefine how developers and users interact with WordPress, making the platform even more accessible and efficient.