Is it AI or is it Magic? 🧙🏻‍♂️

PLUS: AI vs. Guns 🔫

Reading time: 5 minutes  

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Key Points 

  • Magic AI raised $320M, with backing from ex-Google CEO Eric Schmidt, pushing its total funding to nearly $500M.

  • Partnering with Google Cloud and Nvidia, Magic is building two AI supercomputers designed for cutting-edge AI model training.

  • Magic's latest model boasts a record-breaking 100 million-token context window, far surpassing competitors like Google’s Gemini.

🤓News - Magic, the AI startup revolutionizing software development, has raised $320 million in a recent funding round, backed by notable investors like former Google CEO Eric Schmidt and Alphabet’s CapitalG. This latest round brings Magic’s total funding to $465 million, positioning it among the top-funded AI coding startups.

Magic also announced a partnership with Google Cloud to build two advanced AI supercomputers, the Magic-G4 and Magic G5, using Nvidia’s cutting-edge GPUs. These supercomputers will power Magic’s innovative AI models, designed to assist software engineers by automating tasks such as writing and optimizing code.

Notably, Magic’s latest model, LTM-2-mini, features a record-breaking 100 million-token context window, allowing it to handle extensive codebases with unprecedented accuracy. With these advancements, Magic is pushing the boundaries of AI, aiming to achieve Artificial General Intelligence (AGI).

💡What's more?  Magic’s ambitions go far beyond automating software development. With plans to scale its AI infrastructure to tens of thousands of GPUs, the company is setting the stage for breakthroughs in Artificial General Intelligence (AGI). To support this vision, Magic recently hired Ben Chess, a former lead from OpenAI’s supercomputing team, and is expanding its engineering and research teams. With substantial funding and visionary leadership, Magic is poised to push the boundaries of what AI can achieve.

🐙What about the market? - Magic's rapid rise and bold moves signal a significant shift in the AI landscape. By securing massive funding and building cutting-edge AI supercomputers, Magic is positioning itself as a key player in the race toward more advanced AI capabilities, including the pursuit of Artificial General Intelligence (AGI). This could accelerate innovation across the industry, setting new standards for what AI can accomplish in both software development and beyond. As Magic pushes the boundaries of AI technology, it’s likely to drive increased competition, spur further investment, and potentially lead to breakthroughs that could reshape the future of AI.

Key Points 

  • CTA pilots AI gun detection tech from ZeroEyes to monitor rail system cameras and alert security in under a minute.

  • $200,000 contract awarded to enhance safety for 1 million daily riders with advanced machine learning and computer vision.

  • No facial recognition involved—only firearm detection, ensuring quick, accurate alerts to Chicago Police and CTA officials.

🤓News - The Chicago Transit Authority’s new AI gun detection pilot program is making headlines because it represents a significant leap in public safety technology. By integrating ZeroEyes’ advanced machine learning and computer vision technology into its existing camera system, the CTA aims to enhance security across its rail network without intruding on personal privacy. This $200,000 initiative not only demonstrates a proactive approach to preventing violent incidents but also sets a precedent for other transit systems and public spaces looking to leverage AI for safety. As crime prevention and public safety become increasingly critical, this move highlights the growing role of AI in creating safer environments for millions of daily commuters.

💡What's more?  This AI pilot is more than just a safety measure; it’s a potential game-changer for urban transit security. By harnessing advanced AI technology, the CTA is setting a new standard for how public systems can leverage existing infrastructure for enhanced protection. This initiative could serve as a model for other cities and transit systems looking to integrate similar AI solutions. Additionally, the rapid identification and verification process—taking less than a minute—could significantly improve response times to potential threats. As this technology evolves, it might not only bolster security but also pave the way for more sophisticated AI applications in public safety and beyond.

🐙What's this mean for the market?- The CTA's AI gun detection pilot signals growing demand for advanced security technologies. This move could drive increased investment and adoption of AI solutions in public safety, potentially expanding the market for similar technologies and spurring innovation in the sector.

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