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.
Australia‘s Federal Court has fined Bit Trade, the local operator of cryptocurrency exchange Kraken, A$8 million ($5.1 million) for unlawfully offering credit facilities to over 1,100 customers. The ruling came after the Australian Securities and Investments Commission (ASIC) filed civil proceedings against the company, accusing it of non-compliance with regulations for its margin trading product.
ASIC revealed that Bit Trade failed to assess whether its margin extensions—a form of credit repayable in digital assets like bitcoin or national currencies—were suitable for customers. This led to combined customer losses exceeding $5 million, while Bit Trade charged over $7 million in fees and interest. The court classified the margin extension product as a credit facility requiring a specific consumer suitability document, which the company had not provided.
In a statement, Kraken expressed disappointment, arguing the ruling could stifle economic growth in Australia. The exchange emphasised its willingness to work with regulators to shape the evolving cryptocurrency framework. The case marks a milestone for ASIC, as it is the first penalty imposed on a company for failing to provide a target market determination for a financial product.
The US Justice Department has urged a federal appeals court to reject TikTok‘s emergency request to delay a law requiring its Chinese parent company, ByteDance, to divest from the app by 19 January or face a nationwide ban. TikTok argued the law threatens to shut down one of America’s most popular social media platforms, which boasts over 170 million US users, while the Justice Department maintains that continued Chinese ownership poses a national security risk.
While the law would not immediately block users from accessing TikTok, the Justice Department admitted the lack of ongoing support would eventually render the app inoperable. A three-judge appeals court panel recently upheld the divestment requirement, and ByteDance has asked the US Supreme Court to review the case.
The controversy places TikTok’s future in the hands of the incoming presidential administration. President Joe Biden could grant a 90-day extension to the divestment deadline before President-elect Donald Trump, who has vowed to prevent a ban, takes office on January 20. Trump’s stance on TikTok has been consistent since his unsuccessful attempts to ban the app during his first term.
The law also strengthens the US government’s powers to ban other foreign-owned apps over data security concerns, following a broader trend initiated under Trump, including an earlier attempt to block Tencent-owned WeChat. As legal battles continue, TikTok’s operations in the US hang in the balance.
Aqemia has secured $38 million in funding led by Cathay Innovation, marking its second successful raise this year and bringing its total funding past $100 million. Founded in 2019, the company leverages a unique combination of ‘quantum-inspired’ physics and generative AI to accelerate drug discovery, focusing initially on cancer and immuno-oncology treatments.
By using statistical mechanics algorithms, Aqemia creates synthetic data to predict drug molecule properties, bypassing the costly need for experimental data. The France-based startup’s approach has already attracted partnerships, including a lucrative agreement with Sanofi worth up to $140 million.
The latest funding will support Aqemia’s global expansion, with a London office set to open in 2025, tapping into the UK‘s talent pool. Backers include Cathay Innovation and previous investors such as Bpifrance and Eurazeo, boosting the company’s reach into international markets.
HarperCollins CEO Brian Murray highlighted the evolving audiobook market and AI’s potential during the UBS Global Media and Communications Conference. He praised Spotify‘s innovative approach to audiobooks, offering 15 free listening hours to Premium users, which he said attracted casual listeners and boosted HarperCollins’ revenue. Spotify’s wholesale distribution model also provides clear royalty structures for authors.
Murray acknowledged AI’s dual role as a threat and opportunity. Generative AI could flood the market with lower-quality content, but high-quality works may continue to thrive. He noted AI’s potential for streamlining marketing, translations, and audiobook production for niche markets, while also envisioning its use in adapting books for film or television.
Spotify, aiming to grow its global audiobook market, is testing family plan access. HarperCollins is closely watching these developments as both companies explore expanding their audiobook offerings and incorporating AI-driven solutions.
General Motors has announced it will cease funding its Cruise self-driving taxi project, redirecting its autonomous vehicle efforts toward personal cars. The decision reflects the intense competition and financial demands of scaling in the robotaxi sector. GM stated that the resources required to make Cruise profitable were a major factor in its pivot.
Cruise has faced mounting challenges in recent months. Following a fatal accident in October 2023 that led California to revoke its driverless testing permit, the company suspended operations across the US and cut a quarter of its workforce. Leadership changes and federal scrutiny further complicated Cruise’s trajectory, with co-founder Kyle Vogt departing amid the fallout.
This move signals broader difficulties within the autonomous taxi industry, where other giants like Ford and Volkswagen have also scaled back ambitions. GM, which owns 97% of Cruise, had once predicted billions in revenue from the venture by 2030. While companies like Tesla, Waymo, and Amazon continue to chase the robotaxi dream, GM is betting its future on personal autonomous vehicles instead.
LambdaTest, a leading cloud-based software testing platform, has secured $38M in Series D funding to expand its technological capabilities and enhance its AI-driven offerings. The funding round, led by Avataar Ventures with participation from Qualcomm Ventures, brings the company’s total funding to $108M. LambdaTest plans to use this investment to strengthen its market presence and advance its automation tools.
The platform enables companies to test software on over 5,000 browser and operating system combinations without the need for costly, complex testing suites. With AI increasingly generating code, LambdaTest is addressing the demand for smarter testing solutions through innovations like KaneAI, an AI-powered tool that reduces manual effort in creating and managing test scripts by up to 70%.
LambdaTest also boasts HyperExecute, a high-speed testing solution that accelerates testing cycles and improves error detection efficiency. Additional features like flaky test identification and auto error categorisation enhance productivity for its 15,000 customers, including major enterprises across diverse industries.
As AI integration grows in software development, continuous testing is essential to maintain fast release cycles and reliable systems. With this new funding, LambdaTest aims to solidify its position as a transformative force in quality assurance, competing against established players like BrowserStack and SauceLabs.
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, 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.
OpenAI Chief Financial Officer Sarah Friar sees President-elect Donald Trump as potentially becoming ‘the president of this AI generation,’ arriving at a pivotal moment in the development of artificial general intelligence (AGI). Speaking at the Reuters NEXT conference in New York, Friar highlighted that Trump will be in office as critical infrastructure for AGI, such as autonomous systems, begins to take shape. While acknowledging Elon Musk’s public opposition to OpenAI’s corporate restructuring, Friar expressed confidence that Musk, a close advisor to Trump, would prioritise national interests in his competitive efforts.
Friar also discussed OpenAI’s recent advancements, including the release of its video generation tool, Sora, which has seen overwhelming demand. Account creation has been paused, but she emphasised the company’s careful approach to ensure safety. She predicted significant progress in AI agent products in the coming year, with more autonomous software expected to assist with everyday tasks. Friar further noted the growing collaboration with Microsoft, OpenAI’s largest investor, while also advocating for diversification within the industry.
Despite governance controversies and recent executive departures, Friar reported that OpenAI continues to expand rapidly, with ChatGPT’s weekly active users growing from 200 million to 300 million since August. This surge, she said, is driven by new reasoning models like o1, indicating that the company’s innovation trajectory is accelerating.
