Recogni, an AI chip and software startup backed by BMW, Bosch, and Mayfield, has unveiled a new computing method that could revolutionise the efficiency of AI systems. The patented system, called Pareto, uses a logarithmic approach to outperform current methods in running large AI models, potentially making AI chips smaller, faster, and less costly to operate. This new method significantly reduces power consumption by converting multiplication operations into simpler additions, all while maintaining accuracy.
Recogni has already tested Pareto on AI models from companies like Meta Platforms and Stability AI. The company’s first chip was developed using Taiwan Semiconductor Manufacturing Co’s seven-nanometer process. Recogni is now collaborating with an undisclosed partner to make Pareto more widely accessible, with further details expected in the coming months. The startup is also considering offering its technology through data centres, allowing broader access to its innovative AI computing solution.
A new AI-driven device, the Bzigo Iris, is poised to change how we deal with mosquitoes at home. Equipped with advanced technology, the device detects and tracks pests using AI and infrared LEDs, even in complete darkness. Once detected, the Bzigo Iris marks its location with a safe laser pointer and sends an alert to your smartphone, guiding you to the precise spot.
Designed primarily for use in bedrooms, the Bzigo Iris offers a chemical-free, eco-friendly solution to mosquito control. It stands out by distinguishing them from other insects, ensuring minimal false alarms, and operates continuously without the need for refills or batteries. The device is easy to set up, requiring only a plug-in and a simple app download to start working.
However, while the Bzigo Iris excels at locating mosquitoes, it doesn’t kill them. Users must still rely on the included rechargeable electric swatter to eliminate the pests. Despite this, the device offers significant advantages, particularly for those seeking a safe, non-toxic method to manage gnats.
Priced at $339, the Bzigo Iris represents a significant investment, but its potential to provide a mosquito-free environment around the clock could make it a valuable addition to homes struggling with these persistent insects.
The Bank of Ghana has introduced draft regulations to establish a secure framework for the cryptocurrency sector. The proposed rules aim to enhance financial inclusion while safeguarding consumers against financial crimes. Virtual asset service providers (VASPs) will need to register with authorities and adhere to strict guidelines. Commercial banks are prohibited from directly engaging with virtual asset businesses.
Ghana’s increasing digital asset usage, driven by widespread internet access, has prompted the need for regulation. The central bank’s analysis highlighted the role of cryptocurrencies like Bitcoin and USDT in cross-border payments and remittances. The regulations are designed to address money laundering, fraud, and cybersecurity risks, aligning with international standards.
The proposed regulations will primarily oversee cryptocurrency exchanges and VASPs. These entities must register with either the Bank of Ghana or the Ghanaian Securities and Exchange Commission. They are also required to meet capital requirements and implement risk management frameworks. Financial institutions can only provide services to registered VASPs, with direct dealings with virtual asset businesses strictly prohibited.
Before the regulations are finalised, the Bank of Ghana plans to conduct sandbox testing to refine the rules. The public has been invited to submit feedback on the proposed regulations until the end of August.
Taiwan experienced a robust increase in export orders in July, with a 4.8% rise to $50.03 billion, surpassing expectations. The surge was primarily driven by the growing demand for chips used in AI and other advanced technology products. The Ministry of Economic Affairs noted that high-speed computing and preparations for new consumer electronics were significant factors behind the growth.
Orders from the United States saw a notable increase, jumping 14.3% in July compared to a 3.7% rise in June. In contrast, orders from China remained flat, showing a slight decrease of 0.1% after a 3.5% gain in the previous month. The mixed performance highlights the varying demand for Taiwanese products across different regions.
The Ministry also reported growth in orders from other regions, including a 6.1% rise from Europe and a 2.4% increase from Japan. These figures suggest that technology sector of Taiwan remains resilient amid global economic uncertainties, with strong demand for its products across multiple markets.
Looking ahead, the Taiwanese government is optimistic about sustaining this momentum. Officials predict that export orders will continue to grow, with an expected increase ranging from 6.7% to 11.0% in August.
The European Commission has approved €5 billion in German state aid to support the construction of a new microchip plant in Dresden by the European Semiconductor Manufacturing Company (ESMC), led by Taiwan’s TSMC. This subsidy marks the largest awarded under the EU Chips Act and is Germany’s first such contribution. The plant, which is expected to cost a total of €10 billion, will operate as an open foundry, allowing any customer, including the joint venture partners Bosch, Infineon, and NXP, to order chip production.
The Dresden facility is set to begin production in 2027. It will focus on producing chips essential for automotive and industrial applications, though slightly behind the cutting-edge technology used in AI chips and smartphones. The plant aims to bolster Europe’s resilience against future chip shortages similar to those experienced during the COVID-19 pandemic. The EU and German officials praised the project, emphasising its strategic importance for European manufacturing.
AMD announced plans to acquire server maker ZT Systems for $4.9 billion, aiming to strengthen its position in the AI hardware market and compete with industry leader Nvidia. The acquisition will be financed through a combination of cash and stock, with AMD leveraging its $5.34 billion in cash reserves. That strategic move is intended to enhance AMD’s ability to meet the growing computing demands of AI, where the integration of vast numbers of chips into powerful server systems is crucial.
ZT Systems, which generates about $10 billion in annual revenue, will bring approximately 1,000 engineers to AMD, allowing the company to accelerate the testing and deployment of its AI GPUs on a larger scale, particularly for major cloud providers like Microsoft. AMD’s CEO, Lisa Su, emphasised that AI systems are the company’s top strategic priority and expects the acquisition to boost GPU sales significantly. However, AMD plans to divest ZT Systems’ server manufacturing business post-acquisition, as it does not intend to compete in that segment.
The deal is expected to close in the first half of 2025, with AMD anticipating a positive impact on its financial performance by the end of that year. The following acquisition is part of AMD’s broader strategy to challenge Nvidia’s dominance in the AI hardware space, where Nvidia is projected to generate $105.9 billion from its data centre segment this year.
The UNCTAD (UN Trade & Development) published the Digital Economy Report 2024, which highlights the urgent need for sustainable and inclusive strategies in digitalisation. As the digital economy expands, its environmental toll grows significantly, with the production and disposal of devices contributing to rising energy consumption and digital waste. Developing countries bear the brunt of these environmental costs while gaining fewer benefits, often exporting raw materials and importing digital waste, exacerbating their ecological and economic vulnerabilities.
The UNCTAD report emphasises the critical need for a global shift towards a circular digital economy. It calls for durable product designs, responsible consumption, and sustainable business models prioritising recycling and reuse. Addressing these challenges requires coordinated action from policymakers, industry leaders, and consumers to curb the environmental impact and ensure that the benefits of digitalisation are shared equitably across the globe.
The report urges international cooperation to achieve this, particularly in managing critical minerals essential for digital technologies. It highlights the importance of balancing economic opportunities with environmental and social responsibilities, ensuring that developing countries are not left behind in the digital era but are instead empowered to advance sustainably.
The Pakistan Software Houses Association (P@SHA) has warned that Pakistan’s new internet firewall could cost the economy up to $300 million. The firewall, designed to monitor and regulate online content, has already led to significant disruptions including prolonged internet outages and unstable VPN performance, threatening business operations across the country. P@SHA describes these issues as a severe blow to the industry’s viability.
The government, which denies using the firewall for censorship, has faced criticism for its lack of transparency. This yhas sparked fears among internet users and international IT clients about data privacy and security. The firewall’s impact on the economy is exacerbated by existing restrictions, such as the blocking of the social media platform X.
P@SHA has called for an immediate halt to the firewall, urging the government to collaborate with the industry to establish a robust cybersecurity framework. IT sector of Pakistan, which recorded a significant increase in exports this year, stands to suffer considerable losses if the disruptions continue.
Norway’s $1.7 trillion sovereign wealth fund, one of the world’s largest investors, is calling for improved AI governance at the board level across its portfolio companies. Carine Smith Ihenacho, the fund’s Chief Governance and Compliance Officer, highlighted the need for boards to not only understand how AI is being used but to also establish robust policies to ensure its responsible application. The fund, which holds stakes in nearly 9,000 companies, has already shared its views on AI with the boards of 60 major firms.
The call for enhanced AI competency in Norway comes as the fund has increased its focus on the technology sector, where it has significant investments in major tech companies like Microsoft and Apple. The fund’s emphasis is on ensuring that AI is used responsibly, particularly in high-impact sectors such as healthcare. Smith Ihenacho stressed that boards must be able to address key questions about their AI policies and risks, even if they don’t have a dedicated AI expert.
Despite its concerns, the fund supports the responsible use of AI, recognising its potential to drive innovation and productivity. The push for better AI governance is part of the fund’s broader strategy to maintain high standards in environmental, social, and corporate governance (ESG) across its investments.
As the AI sector continues to grow, the fund’s recommendations reflect a broader trend towards increasing accountability and transparency in the use of emerging technologies.
A coalition of cryptocurrency advocates, including billionaire Mark Cuban and financier Anthony Scaramucci, is urging Kamala Harris to reform the Democratic party’s policy on digital assets. The newly established Crypto4Harris group convened virtually to advocate for an end to the Biden administration’s stringent regulations on the cryptocurrency industry. They argue that current policies risk pushing the industry overseas and are pushing Harris to support a comprehensive policy reset.
Senate Majority Leader Chuck Schumer also joined the conversation, indicating a desire to pass new crypto legislation this year. The group plans to support Kamala Harris’s campaign with nationwide fundraisers in September and is working to identify potential crypto-friendly candidates for regulatory positions if Harris is elected.
Despite Crypto4Harris’s efforts, the Harris campaign has yet to publicly address its stance on cryptocurrencies. This initiative highlights a growing effort within the Democratic party to engage with the crypto sector, particularly as some crypto advocates consider shifting support away from Republican nominee Donald Trump, who has made pro-crypto promises.
The ongoing regulatory clash between the industry and the SEC, which views many crypto tokens as securities, has sparked debate. While Harris’s campaign has met with major crypto firms, concrete policy positions remain unclear, and upcoming Democratic events may provide further insight into the party’s approach to digital assets.
