EU's AI draft in trouble

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Today we will discuss-

• 🤔European companies call for a rethinking of draft AI law

• 🙏US lawmaker asks tech firms to identify AI content

• 🤩Meituan aquires OpenAI competitor Light Year

• 🧠9 amazing AI tools you might not have heard of

All this and more - Let's dive in!

🍟What’s cooking in the newsroom

European companies speak out against proposed EU artificial intelligence regulation

🔥News - Dozens of European companies have expressed concerns about proposed EU artificial intelligence regulation.

In an open letter, sent on Friday, more than 150 executives from companies like Siemens and Airbus said that AI offers Europe a chance to "rejoin the technological avant-garde." However, they warned that strict regulation could stifle innovation and prevent Europe from taking advantage of this opportunity.

👴🏼What exactly does the letter reveal? The letter discusses companies’ proposals around AI safety. As per the signatories, the proposed rules are too focused on "rigid compliance" and do not take into account the various risks posed by different types of AI systems.

👨🏼‍🎨Are companies particularly concerned about Gen AI?

• Large companies, from carmaker Renault to brewer Heineken, are concerned that the proposed EU AI regulation would heavily regulate generative AI.

• They worry that this would lead to disproportionate compliance costs and liability risks for companies developing and implementing Gen AI systems. It would, thus, discourage companies from developing AI in Europe, leading to a "critical productivity gap" compared to the US.

US lawmaker requests tech firms to label AI-generated content

👨‍🔬News - U.S. Senator Michael Bennet wrote to leading tech firms including OpenAI and Microsoft urging them to label AI-generated content and limit the spread of information aimed at misleading users.

Bennet has also introduced a bill that would require political ads to disclose whether AI was used to create imagery or other content.

👨‍💼Why is labeling important though?

• AI-generated content that is not clearly marked as such can have a significant impact on public discourse and electoral integrity.

• For example, it can be used to spread misinformation, manipulate public opinion, and suppress voter turnout. This is because AI-generated content can be very realistic, making it difficult for people to distinguish it from real content.

In the letter, the lawmaker has also asked the companies to provide answers to a few questions by July 31. These include -

• What standards or requirements does the company have in place to identify AI content?

• How were these standards developed and audited to ensure their effectiveness?

• What happens to users who violate the companys’ rules on AI content?

Chinese food delivery giant Meituan aquires 4-month-old ChatGPT rival Light Year

👨‍🏫News - Meituan, a Chinese food delivery giant has acquired AI company Light Year for $281 million. The deal allows Meituan to strengthen its position in the AI landscape of China.

The deal would also give Meituan access to Light Year's cutting-edge AI technology, which could be used to improve Meituan's food delivery services in a number of ways, such as by providing more personalized recommendations and by making it easier for customers to communicate with customer service representatives.

🤔Why is this news so important for other countries? Well, the news of Meituan's acquisition of Light Year is important because it shows that China is investing heavily in AI technology. This could have implications for other countries in a number of ways.

• It could lead to increased competition in the AI market. As China continues to invest in AI, its companies will become more competitive with companies from other countries. This could lead to lower prices for AI products and services, as well as more innovation in the field.

• It can also lead to China gaining a technological advantage over other countries.

• It can give way to increased concerns about China's use of AI technology. Some people worry that China could use AI technology for surveillance or censorship.

😎What else is happening?

• Microsoft introduces AI-powered shopping tools in Bing and Edge

• Class-action suit filed against OpenAI and Microsoft over internet data use for AI models

• Sam Altman has vowed to improve the AI tools of ChatGPT after his world tour

• US antitrust enforcer raises concerns about Generative AI

• Melinda French Gates says more women must join the AI race to help prevent bias

🧐Did you know?

• AI algorithms can be vulnerable to adversarial attacks, where malicious inputs are crafted to deceive the system or cause it to make incorrect decisions.

• AI has been used to predict and prevent forest fires. Machine learning models can analyze environmental data, including temperature, humidity, wind patterns, and vegetation density, to predict areas at high risk of wildfires.

• Artificial Intelligence has also been used to develop AI-generated recipes for cocktails and beverages. By analyzing the ingredients, flavors, and mixology techniques of existing cocktails, AI algorithms can create new and unique drink recipes.

 🤯Discover mind-blowing AI tools

1. Uing - A tool that allows users to simplify data exploration and extract valuable insights from CSV files

2. Checkmyidea - An AI-powered service that helps entrepreneurs evaluate their side business ideas

3. CardZap - A free digital business card app that allows users to create and share professional business cards

4. No Stress - An innovative relaxation tool that combines ASMR (Autonomous Sensory Meridian Response) and AI technology

5. FaceFiesta.io - Allows users to create personalized stickers and emojis based on their own face

6. WorkoutPro - Creates personalized workout plans based on individual goals

7. Highcharts - A tool that uses ChatGPT's natural language processing abilities to produce secure and reliable data visualizations in seconds

8. Unakin - Assists game developers in producing game prototypes

9. Thing Translator - Allows users to use their phone's camera to translate physical objects from one language to another

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