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Caitlin “CK” Kalinowski, former head of Meta’s Orion AR glasses initiative, has joined OpenAI to lead its robotics and consumer hardware efforts. Her focus will be on integrating AI into the physical world, coinciding with OpenAI's investment in the robot startup Physical Intelligence, which recently raised $400 million. Kalinowski brings extensive experience from her roles at Meta and Apple, where she contributed to significant hardware projects.
As the U.S. presidential election approaches, historical trends suggest a market rally post-election, despite potential short-term volatility. While major Wall Street CEOs express skepticism about further Federal Reserve rate cuts, consumer confidence in equities remains high, indicating optimism amid uncertainty. Stocks have dipped ahead of Election Day, but typically recover within a month following the elections.
OpenAI is in preliminary discussions with California regulators to transition from a non-profit to a for-profit entity. This process will likely involve scrutiny of how the company values its lucrative intellectual property, including its ChatGPT application.
Robot startup Physical Intelligence has raised $400 million at a $2.4 billion valuation, with investments from Jeff Bezos, OpenAI, and others. The company aims to integrate general-purpose AI into robotics, aspiring to develop artificial general intelligence that allows users to command robots for various tasks.
Global AI deal volumes surged to 1,245 in Q3 2024, marking a 24% year-over-year growth, despite a 29% decline in funding from $1B+ rounds. U.S. startups led with $11.4B across 566 deals, while generative and industry-specific AI investments drove confidence, resulting in 13 new unicorns, primarily in generative AI. Challenges remain for enterprises in adopting these technologies at scale, as they must integrate AI into existing workflows while addressing data management issues.
UBS is set to enhance its operations by introducing Microsoft 365 Copilot at 50,000 workstations and launching its proprietary AI assistant, "Red," for 20,000 employees across Switzerland, Hong Kong, and Singapore. This initiative marks the largest deployment of such tools in the global financial services sector, as the bank invests heavily in AI, automation, and cloud technologies. Additionally, UBS is exploring AI algorithms to identify potential takeover targets.
OpenAI CEO Sam Altman announced that the release of the next major AI model, likely GPT-5, will not occur this year as the company focuses on refining existing models. He highlighted challenges in resource allocation and the need for safety and performance improvements for upcoming features like Sora and DALL-E updates. Amidst competition from Google and other startups, OpenAI recently launched a real-time search feature in ChatGPT, enhancing its capabilities against traditional search engines.
Google has integrated real-time search capabilities into its Gemini AI platform, allowing developers to enhance applications with current information from Google Search. This feature, called "Grounding with Google Search," comes as OpenAI launched its consumer-focused ChatGPT Search, marking a competitive shift in how users access information online. Both companies are navigating challenges related to accuracy, publisher compensation, and the sustainability of their AI-driven services.
Microsoft's stock fell over 5%, marking its worst day in two years, despite a strong earnings report. The company forecasted revenue between $68.1 billion and $69.1 billion for the current period, below analyst expectations, while its cloud business, Azure, saw a 33% revenue increase. CEO Satya Nadella noted supply chain issues affecting data center infrastructure and anticipated a $1.5 billion income hit from AI investments.
OpenAI has launched a search feature within ChatGPT, named SearchGPT, enhancing its competition with Google and Microsoft. This feature provides real-time information on sports, stocks, news, and weather, utilizing partnerships with various news and data providers. The rollout, which began with ChatGPT Plus and Team users, allows for a more conversational search experience, with plans for further improvements in shopping and travel. OpenAI's valuation has reached $157 billion, despite anticipated losses of $5 billion against $3.7 billion in revenue this year.
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