Meta asserts that its model complies with a ruling from EU’s top court and is aligned with the DMA, expressing a willingness to engage with the Commission to resolve the issue. However, if found guilty, Meta could face fines of up to 10% of its global annual turnover. The Commission aims to conclude its investigation by March next year.
The charge follows a recent DMA-related charge against Apple for similar non-compliance, highlighting the EU’s efforts to regulate Big Tech and empower users to control their data.
The European Union has directed Chinese fast-fashion e-commerce giants Temu and Shein to disclose their compliance with EU online content regulations by July 12. This move follows complaints lodged by consumer groups and designates both platforms as Very Large Online Platforms under the Digital Services Act. These designations impose stricter obligations on handling illegal and harmful content.
According to the European Commission, requests for information have been issued to Temu and Shein regarding their measures to combat illegal products, prevent user deception through manipulative interfaces, and safeguard minors. The Commission also seeks transparency in their recommendation systems, traceability of sellers, and compliance integration into platform design.
The enforcement action stems from consumer organisations’ complaints and underscores the EU’s commitment to ensuring digital platforms uphold regulatory standards. Failure to comply with the Digital Services Act could lead to fines of up to 6% of a company’s global turnover, emphasising the seriousness with which the EU views adherence to online content rules.
Temu and Shein are mandated to furnish comprehensive responses by the specified deadline, marking a pivotal moment in how global e-commerce giants navigate regulatory landscapes beyond their home markets. The outcome of these disclosures will be closely monitored as the EU continues to assert its regulatory authority over digital platforms operating within its jurisdiction.
NBC is set to bring sportscaster Al Michaels back to the Olympics with a twist this summer: his voice will be powered by AI. The network announced on Wednesday that AI software will recreate Michaels’ voice to deliver daily recaps of the Summer Games for subscribers of its Peacock streaming platform. That marks a significant milestone for the use of AI by a major media company.
The AI-driven recaps will be part of a new feature called ‘Your Daily Olympic Recap on Peacock,’ offering 10-minute highlight packages. These packages will include event updates, athlete backstories, and other content personalised to subscriber preferences. NBC claims the highlights can be packaged in about 7 million different ways, drawn from 5,000 hours of live coverage from Paris, showcasing the efficiency of AI in delivering tailored content.
Al Michaels expressed initial scepticism about the project but became intrigued after seeing a demonstration. He is being compensated for his involvement. Michaels, known for his long broadcasting career, including the iconic Miracle on Ice Game at the 1980 Winter Olympics, lent his past NBC broadcast audio to train the AI system. NBC assures that all content will be reviewed by a team of editors for factual accuracy and proper pronunciation. The highlights tool will be available on Peacock via web browsers and iOS and iPadOS apps starting 27 July.
Channel Seven is currently investigating a significant breach on its YouTube channel, where unauthorised content featuring an AI-generated deepfake version of Elon Musk was streamed repeatedly. The incident on Thursday involved the channel being altered to mimic Tesla’s official presence. Viewers were exposed to a fabricated live stream where the AI-generated Musk promoted cryptocurrency investments via a QR code, claiming a potential doubling of assets.
During the stream, the fake Musk engaged with an audience, urging them to take advantage of the purported investment opportunity. The footage also featured a chat box from the fake Tesla page, displaying comments and links that further promoted the fraudulent scheme. The incident affected several other channels under Channel Seven’s umbrella, including 7 News and Spotlight, with all content subsequently deleted from these platforms.
A spokesperson from Channel Seven acknowledged the issue, confirming they are investigating alongside YouTube to resolve the situation swiftly. The network’s main YouTube page appeared inaccessible following the breach, prompting the investigation into how the security lapse occurred. The incident comes amidst broader challenges for Seven West Media, which recently announced significant job cuts as part of a cost-saving initiative led by its new CEO.
Why does it matter?
The breach underscores growing concerns over cybersecurity on social media platforms, particularly as unauthorised access to high-profile channels can disseminate misleading or harmful information. Channel Seven’s efforts to address the issue highlight the importance of robust digital security measures in safeguarding against such incidents in the future.
OpenAI has made a pivotal advancement in the AI sector by acquiring Rockset, known for its search and analytical database technology. The acquisition is a strategic move to elevate OpenAI’s data processing and utilisation capabilities.
By integrating Rockset’s advanced infrastructure into its product suite, OpenAI aims to significantly enhance its AI tools, making data retrieval more precise and actionable. Founded in 2016 by former Meta engineers, Rockset excels in cloud-based data management, including real-time streaming data ingestion and sophisticated querying for time series, geospatial, and vector data.
Notably, its recent Approximate Nearest Neighbour (ANN) search upgrade boosts AI efficiency through rapid similarity searches across large datasets. With an acquisition valued at several hundred million dollars, OpenAI seeks to address business challenges in data integration with AI systems, thereby improving the accuracy and utility of its offerings, such as ChatGPT.
Brad Lightcap, OpenAI’s COO, highlighted customer benefits, emphasising Rockset’s ability to turn data into actionable insights. He reassured existing Rockset clients of a smooth transition, ensuring service continuity during the integration.
A strategic move like this underscores OpenAI’s dedication to enhancing AI accessibility and functionality, promising significant improvements in data-driven AI applications.
A new International Monetary Fund (IMF) report reveals that Nigeria and several other developing nations need more digital infrastructure to effectively deploy AI. The shortfall persists despite Nigeria’s recent launch of its first Multilingual Large Language Model (LLM) and unveiling of an AI strategy in April. The IMF’s ‘AI Preparedness Index,’ which evaluates 174 economies, highlights that many developing countries like Nigeria are trailing in AI readiness due to inadequate digital infrastructure.
According to the Index’s interactive map, most African nations, with exceptions like Namibia, Botswana, and South Africa, exhibit low preparedness for AI. Wealthier economies are generally better equipped for AI adoption, and the IMF warns that the disparity could exacerbate existing global inequalities. The report suggests that while AI has the potential to enhance productivity and expand opportunities in countries like Nigeria, it may also widen the gap between those who can leverage the technology and those who cannot.
To address Nigeria’s challenges, the IMF recommends that emerging markets and developing economies invest heavily in digital infrastructure and worker training. For advanced economies, the priority should be on expanding social safety nets and fostering AI innovation and integration. International coordination is also essential to establish regulations that protect against AI risks and abuses while building public trust in the technology.
Infosys is intensifying efforts in generative AI (GenAI) with over 225 programs aimed at client AI strategies, emphasising the role of talent in complex transformations. Chairman Nandan Nilekani highlighted the gradual adoption of enterprise AI compared to consumer AI, citing the need for significant internal adjustments and adherence to global laws.
The company has become a global leader in adopting GitHub Copilot, generating over 3 million lines of code using advanced language models. Nilekani expressed optimism about GenAI’s potential to address business challenges and enhance productivity through tools like GitHub Copilot.
Infosys is leveraging its platform, Infosys Topaz, and recent acquisitions like In-tech and InSemi to bolster capabilities, especially in the automotive sector, which focuses on software-defined vehicles. Infosys plans to emphasise cloud and GenAI capabilities through Infosys Cobalt, foreseeing growth opportunities in Northern Europe and sectors such as healthcare.
Financially, Infosys aims for margin expansion and continues to recruit fresh talent to support strategic initiatives amid evolving market demands.
Amazon is set to unveil its own AI chatbot, named ‘Metis’, following reports from Business Insider about the project’s development. Similar to OpenAI’s ChatGPT, Metis will operate via web browsers, offering conversational text responses, source links, suggested follow-up queries, and image generation capabilities, as revealed in internal documents.
What sets Metis apart is its integration of retrieval-augmented generation (RAG), allowing it to fetch information beyond its initial training data. This advanced capability promises to give Metis a competitive edge in the AI chatbot landscape, surpassing the limitations of existing models like ChatGPT, which have cutoff dates for their data reservoirs.
Metis is also poised to function as an ‘AI agent’, potentially serving as a smart home assistant capable of automating tasks such as controlling lights, organising travel itineraries, and booking flights. It operates on Amazon’s new internal AI model called Olympus, an upgraded version of the existing Titan model used in Amazon’s AI ecosystem, with expertise from the Alexa team enhancing its development.
However, opinions within Amazon about Metis are divided. While CEO Andy Jassy is reportedly invested in its development, others view the project as arriving late to an already crowded AI market dominated by advanced competitors. Amazon’s previous AI efforts, including corporate chatbots and AI chips, have seen mixed success, indicating a need for Metis to succeed as a significant player in AI technology.
Why does it matter?
The launch of Metis is tentatively scheduled for September, potentially coinciding with Amazon’s major event, although these plans remain subject to change. As Amazon navigates its entry into AI with Metis, the tech industry eagerly anticipates whether this new venture will mark a breakthrough or another challenge for the retail giant.
A recent report from Citigroup predicts a significant rise in banking profits, driven by the adoption of AI, with projections soaring to nearly $2 trillion by 2028 from the current $1.7 trillion. While AI has traditionally been used to optimise products and boost productivity, its role is expanding to include customer-facing tasks, similar to how ATMs revolutionised cash withdrawals.
Leading this transformation is DeepBrain AI, a startup based in California founded by Eric Seyoung Jang in 2016. Initially focusing on chatbots, the company now develops AI-powered avatars used by major South Korean banks like KB Kookmin Bank to manage frequently asked questions, thereby reducing the workload on human bankers.
Despite concerns that AI could replace human jobs, the Citigroup report and experts suggest that technology adoption historically leads to more job creation. For instance, the number of compliance officers in the United States has tripled since 2000. While AI may alter the nature of banking roles, it is unlikely to eliminate them. Roles are expected to evolve, necessitating new skills that complement AI technologies.
DeepBrain AI continues to innovate, expanding into sectors such as retail and broadcasting. In banking, their AI avatars are transitioning from in-branch kiosks to mobile banking apps, aiming to offer personalised, face-to-face conversational services.
Micron Technology surpassed revenue expectations in the third quarter due to robust demand for its memory chips, particularly in AI applications. However, its fourth-quarter revenue forecast, while meeting expectations, disappointed investors, leading to a 7.2% drop in after-hours trading.
The forecast failed to meet recent optimistic projections fuelled by the AI boom, which tempered market enthusiasm following a significant rise in Micron’s stock price earlier in the month. Micron’s Chief Business Officer emphasised their strategic advantage in AI chip supply, highlighting robust ongoing demand for their products in the years ahead.
Why does it matter?
Micron remains a prominent player in high-bandwidth memory chips essential for advanced AI systems, positioning it strongly in the semiconductor market. The company’s performance typically establishes benchmarks for the broader chip sector, influencing market sentiment toward competitors like Nvidia, whose stock declined following Micron’s earnings report.
