COST OF AGI SYSTEMS
Amagi, Shiprocket post profits; US polls’ impact on IT
Amagi’s Q2 profit surged nearly 30x while Shiprocket swung into the black for the first time. This and more in today’s ETtech Top 5.
OpenAI’s IPO dream may shatter with distress sale to MS
In a recent discussion, Gary Marcus raised critical flags about OpenAI's fiscal responsibilities as the stock market faces instability. He warned that the demise of leading AI firms could trigger extensive financial repercussions. Notably, Marcus compared the current climate to WeWork's disastrous decline, suggesting that Microsoft might pick up OpenAI at a bargain.
Next phase of AI about driving outcomes, not experiments: OpenAI's Pragya Misra
She said it was no longer about just deploying ChatGPT at scale but about going to a company's board and CEO, asking what the hardest problems they were trying to solve were, and working with them to solve those specific problems so that they could report the results to shareholders and investors.
Course correction? How the last 10 days changed the way we see AI
In a series of cascading events over a 10-day stretch, OpenAI and Anthropic, the largest AI labs, found themselves reeling as their own creations threatened to break humanity itself.
BFSI sector in no hurry to adopt complete automation: Perfios Group CEO
The BFSI sector adopts automation cautiously due to strict regulations and its conservative nature. Artificial general intelligence adoption will likely be slow, with humans remaining essential. Automation will enhance underwriter efficiency for loan decisions, not replace human oversight entirely. Perfios launched an agentic AI system for credit evaluation using real-world data.
Nvidia Chief Jensen Huang declares arrival of AGI; Congratulates OpenAI team on GPT-6 Astra model
OpenAI has launched its new GPT-6 Astra model, which is described as its most intelligent system. Nvidia's CEO Jensen Huang stated that Artificial General Intelligence has now arrived with this release. The advanced model demonstrates exceptional performance across various complex tasks and benchmarks.
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GPT-6 Astra signals new leap in AI autonomy
Unveiled on Thursday, Astra has outperformed rival models from Anthropic, Google, Meta and Chinese labs Alibaba and Moonshot on key benchmarks for coding, cybersecurity, computer use and reasoning, according to the Sam Altman-led company.
At Beijing AI-themed bar, DeepSeek tokens come with the pints
As AI enthusiasm sweeps across China, Song De opened AGI Bar, named after the concept of artificial general intelligence where AI systems surpass human intelligence, last year in Zhongguancun, the capital's high-tech neighbourhood in Haidian district. It is now a hub for Beijing's AI developers, investors and students.
Chinese AI drives price competition among US labs
A new generation of cost-efficient, high-performance Chinese AI is putting pressure on Silicon Valley's leading labs to lower prices to grab market share as they try and find ways to turn a profit. New Chinese AI models big and small, from Moonshot AI's Kimi K3 to Alibaba's popular Qwen series, are grabbing attention as challengers to Anthropic and OpenAI's lead.
Google shakes up AI leadership as DeepMind CEO Demis Hassabis shifts role
Google's AI division sees a significant leadership overhaul and key departures. Demis Hassabis moves to chief scientist while Koray Kavukcuoglu takes over daily operations. Several prominent AI engineers, including Jeff Dean, have left to form a new startup. This shakeup occurs as Google's Gemini model faces launch delays and competitive pressure. The company faces challenges in its artificial intelligence development race.
Marc Andreessen sketches AGI pricing for advanced AI systems like OpenClaw
Marc Andreessen has outlined a tiered pricing vision for artificial general intelligence (AGI). Paid LLMs such as Claude and OpenAI for open-source AI systems like OpenClaw become the cost differentiator.
Marc Andreessen dismisses AI layoff fears; Musk says work will be optional in future
Countering the Lump of Labour Fallacy, which holds that the amount of work in an economy is fixed, Andreessen argued that productivity gains from technology expand economic output, creating jobs in other areas. The historical base rate of technology creating new job categories at least as fast as it destroys old ones is 100% across every major technological transition in recorded economic history, he added.
Arm unveils new AI chip, expects it to add billions in annual revenue
Arm Holdings announced a new artificial intelligence data center chip on Tuesday which it said will add billions of dollars of revenue and represent a significant shift in the company's strategy.
Amid AI job loss fears, Uber founder Travis Kalanick says automation to make human work more valuable
Travis Kalanick said automation could raise the value of human work. As automation dramatically increases productivity and lowers costs, demand for complementary human roles could expand. Using plumbers as an example, he argued demand could rise until AI reaches super AGI and can fully replace humans across tasks.
Microsoft AI chief Mustafa Suleyman predicts widespread white-collar job automation within 12-18 months
Suleyman predicted that creating customised AI models will soon be as simple as launching a blog or podcast today. Within two to three years, he said, AI agents could manage substantial portions of institutional workflows.
Hundreds of billions at stake? Microsoft AI CEO Mustafa Suleyman sounds alarm for staying in the AI game over the next five to 10 years
Mustafa Suleyman, the head of Microsoft AI, has said that companies may have to spend hundreds of billions to lead the race of Artificial Intelligence, adding that competing at the top level of AI will require an investment of "hundreds of billions of dollars" over the next five to ten years. His remarks come at a time when major tech companies have also invested billions of dollars in building AI data centres.
OpenAI may move forward with new business structure, partnership with Microsoft, regulators say
OpenAI has changed its ownership structure and become a public benefit corporation. This move allows the ChatGPT maker to profit more from its AI technology. Regulators in Delaware and California have agreed not to oppose the plan. OpenAI CEO Sam Altman indicated a stock market debut is likely. Microsoft's stake in the new for-profit company is about 27%.
Microsoft, OpenAI reach new deal valuing OpenAI at $500 billion
Microsoft and OpenAI have agreed to a significant restructuring. OpenAI will now operate as a public benefit corporation, valued at $500 billion. This move grants OpenAI greater autonomy in its business dealings and capital raising. Microsoft will retain a substantial stake. The companies have also secured a massive cloud computing contract, ensuring their partnership continues until at least 2032.
Microsoft reveals 27% stake in OpenAI, shares jump 4%; ChatGPT maker now valued at $500 billion
Microsoft and OpenAI on Tuesday said they had reached a deal to allow the ChatGPT maker to restructure itself into a public benefit corporation, valuing OpenAI at $500 billion and clearing the way for it to become a publicly traded company.
AI will create more jobs, but only in companies with these 3 factors: Meta CMO Alex Schultz explains the growth equation for future
Meta’s Chief Marketing Officer Alex Schultz says the impact of AI on jobs hinges on three factors: efficiency gains that cut roles, creation of entirely new work, and affordability of previously cost-prohibitive projects. Speaking on The A16z Podcast (as reported by Business Insider), Schultz noted AI could both shrink and expand workforces, depending on how these forces interact. He added that the arrival of artificial general intelligence could redefine the balance altogether.
Swiss AI startup Giotto.ai seeks funding at over $1 billion valuation, sources say
Swiss AI lab Giotto.ai is seeking over $200 million in funding, aiming for a valuation exceeding $1 billion. Positioning itself as a European contender in the AGI race, the Lausanne-based startup plans to use the capital for AI research, commercial prototypes, and open-sourcing core technology.
OpenAI says it raised $40 billion at valuation of $300 billion
OpenAI on Monday said it raised $40 billion in a new funding round that valued the ChatGPT maker at $300 billion, the biggest capital-raising session ever for a startup. SoftBank is to pump $10 billion into OpenAI to start, and $30 billion more by the end of this year pending certain conditions.
Fractal Analytics pitches for India’s first large reasoning model
In a proposal to the IndiaAI Mission, Fractal has sought an external funding of Rs 76.6 crore from the government for the initiative. The proposed LRM series will include a small model (2-7 billion parameters), medium model (20-32 billion parameters) and a large state-of-the-art model (70 billion parameters) with up to 1 trillion training tokens.
Google DeepMind CEO says DeepSeek’s AI model is ‘best work’ from China, but hype is ‘exaggerated’
Google DeepMind CEO Demis Hassabis said that DeepSeek’s AI model is probably China's most impressive work but noted that it relies on existing techniques, suggesting the hype around it is a bit exaggerated.
Sam Altman downplays the dangers of AI
On AI safety Altman said, "Well, I'd point to our track record. I would say, you know, we talked about we've got this big product out there. But this is a very new technology moving very quickly......And it is now generally considered by most of society to be acceptably safe and acceptably robust. Safety, that's always a contract negotiated by a bunch of stakeholders. It's maybe hard to exactly define what it means for ChatGPT to be safe."
Building AI system to help financial institutes capture frauds: Paytm chief Vijay Shekhar Sharma
Paytm is now making lending the cornerstone of its business. Currently, it does not have a lending licence and is working as a loan sourcing platform for its financial partners. The company’s application for a payment aggregator licence was recently returned by the RBI.
The true threat of artificial intelligence
In May, more than 350 technology executives, researchers and academics signed a statement warning of the existential dangers of artificial intelligence. "Mitigating the risk of extinction from A.I. should be a global priority alongside other societal-scale risks such as pandemics and nuclear war," the signatories warned.
Questions for OpenAI’s Sam Altman
The biggest achievement for Sam Altman's OpenAI has been gently nudging the Overton window - the range of ideas on public policy considered acceptable by the public at any given time - on AGI to shift out, in an uncomfortable yet mindful manner.
Can AI replace jobs & surpass human mind? Google CEO Sundar Pichai speaks up on the dangers of artificial intelligence
Talking about the future of software engineering jobs, Pichai laid out two things that can turn out to be true.
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