Sandhya Gupta

Japan to Propose Rules for Generative AI to G7 Leaders: Yomiuri

Leave a Comment / Artificial Intellegence, News, Tech News / By Sandhya Gupta

Prime Minister Fumio Kishida declared Japan’s commitment to spearheading the establishment of international regulations for trustworthy artificial intelligence (AI) during a speech at the annual Science and Technology in Society forum in Kyoto on Sunday.

Highlighting Japan’s leadership, Kishida announced the proposal of the Hiroshima AI Process, a framework designed to address concerns related to generative AI, while holding the chairmanship of the G7 industrialized nations.

“With a view to ensuring trustworthy AI, Japan is now taking the lead in international rule-making on governance and transparency,” stated the prime minister, emphasizing the nation’s pivotal role in shaping the future of AI governance.

The decision to create the Hiroshima AI Process was made during the G7 summit meeting in Hiroshima in May. The G7 leaders aim to formulate international rules regarding generative AI by the year’s end, addressing issues such as the potential spread of false information and infringement of intellectual property rights, including copyrights.

Key areas of discussion during the international rulemaking deliberations will include the establishment of effective regulations across various fields like education, security, and elections. Additionally, preventing the concentration of generative AI development platforms in the hands of a few IT giants, thus avoiding service monopolization, will be a priority.

Prime Minister Kishida expressed his commitment to promoting advanced technologies like generative AI while acknowledging the necessity of addressing the negative social impacts and ethical concerns associated with such innovations. Disinformation, privacy concerns, and copyright protection were specifically mentioned as areas requiring serious attention.

Also Read: Oyo Talks to Apollo for $660 Million Refinance on IPO Delay

In response to rising concerns over disinformation, a new digital technology named Originator Profile has gained attention. This technology enables internet users to verify the credibility of information through digital signatures attached to online content, including news, corporate websites, and advertisements. These digital signatures are authenticated by a third-party organization, providing a potential countermeasure against the proliferation of false information.

As Japan takes the lead in proposing comprehensive rules for generative AI to the G7 leaders, the international community awaits the development of regulations that balance technological advancements with ethical considerations and societal well-being.

Sandhya Gupta

I am a law graduate from NLU Lucknow. I have a flair for creative writing and hence in my free time work as a freelance content writer.

Oyo Talks to Apollo for $660 Million Refinance on IPO Delay

Leave a Comment / Story, Tech Story / By Sandhya Gupta

Oyo Hotels, the hospitality startup backed by SoftBank Group Corp., is in discussions with Apollo Global Management Inc. to refinance a $660 million loan. This move comes as Oyo seeks additional time to reduce its debt, following a delay in its initial public offering (IPO), sources familiar with the matter revealed.

Oravel Stays Pvt, Oyo’s parent company, is reportedly seeking to extend the loan’s maturity to five years, compared to the existing 2026 deadline. The negotiations are ongoing, with a decision potentially being reached as early as next month, according to insiders.

The talks with Apollo come on the heels of Oyo reporting its first-ever annual profit. Fitch Ratings anticipates further improvement in earnings as the travel industry continues to recover. Oyo, initially heralded as the first Indian unicorn to secure debt from foreign institutions, had offered generous terms and maintenance covenants, a practice common among firms considered risky by investors.

A spokesperson for Oyo addressed the refinancing discussions, stating, “Due to an increase in profits, we regularly get approached for cheaper financing options, but the company’s board hasn’t approved anything, including prepaying some portion.” Apollo declined to comment on the matter.

As of now, there’s no final decision on the refinancing terms, and Oyo’s loan was indicated at 86.5 cents on the dollar according to data compiled by Bloomberg.

Oyo’s prolonged wait for its IPO has proven to be more protracted than anticipated. The anticipated proceeds from the IPO could have assisted the company in reducing its debt, but instead, Oyo is exploring refinancing options. The startup’s founder, Ritesh Agarwal, has been striving for years to bring Oyo public. The company, 47% owned by SoftBank, also counts Airbnb Inc. among its backers.

Also Read: Dell Says Servers, Not PCs, Are Its Main Growth Engine in the AI Era

Oyo had initially filed for an IPO in 2021, aiming to raise 84.3 billion rupees ($1 billion). However, it faced challenges as technology valuations plummeted, impacting startups globally. Although Oyo filed fresh IPO documents on April 1, key details such as the amount sought, advisors, and financial specifics remain undisclosed.

The ongoing negotiations with Apollo underscore Oyo’s strategic financial moves as it navigates the complexities of the hospitality industry and seeks to strengthen its position in the market.

Sandhya Gupta

I am a law graduate from NLU Lucknow. I have a flair for creative writing and hence in my free time work as a freelance content writer.

Amazon and Microsoft Cloud Units Face UK Antitrust Investigation

Leave a Comment / Microsoft, News, Tech News / By Sandhya Gupta

In a significant move, Britain’s media regulator, Ofcom, has formally requested the Competition and Markets Authority (CMA) to investigate the dominant positions of U.S. tech giants Amazon and Microsoft in the UK cloud market.

The regulator expressed concerns over features that hindered UK businesses from using multiple cloud suppliers, citing a lack of flexibility and increased difficulty in switching providers. According to Ofcom, Amazon Web Services (AWS) and Microsoft jointly commanded a substantial 70-80% share of Britain’s public cloud infrastructure services market in 2022, leaving Google as their distant competitor with a mere 5-10% share. Ofcom contends that this concentration could have adverse effects on competition within the market.

“The CMA will now conduct an independent investigation to decide whether there is an adverse effect on competition, and if so, whether it should take action or recommend others to take action,” stated Ofcom.

Amazon responded with disagreement, stating that Ofcom’s findings were based on a “fundamental misconception of how the IT sector functions, and the services and discounts on offer.” The company warned that unwarranted intervention might lead to unintended harm to IT customers and competition but expressed willingness to work constructively with the CMA.

Similarly, Microsoft, holding a significant stake in the UK cloud industry, pledged its commitment to ensuring innovation and high competitiveness. A Microsoft spokesperson asserted, “We will engage constructively with the CMA.”

Ofcom’s move follows its earlier expression of concern in April, prompting speculation about a potential antitrust investigation. UK businesses, in their feedback to Ofcom, emphasized the difficulties in switching or combining cloud providers, leading to the decision to refer the matter to the CMA. Fergal Farragher, Director at Ofcom, stated, “So, we’re referring the market to the CMA for further scrutiny, to make sure business customers continue to benefit from cloud services.” The CMA welcomed the referral, acknowledging the critical role of effective competition in the £7.5 billion ($9.1 billion) cloud services market, upon which many businesses rely.

Also Read: Google’s New Virtual Assistant to Include Bard AI Tools

This move aligns with a broader global trend, as both the French antitrust authority and EU regulators have shown an increasing interest in scrutinizing practices within the cloud computing sector. Google’s Vice President, Amit Zavery, stressed the need for an open cloud market without vendor lock-in, reflecting the sentiments of UK government agencies, businesses, and consumers.

The CMA is expected to conclude its investigation by April 2025, marking a pivotal moment in shaping the landscape of the UK’s cloud services market.

Sandhya Gupta

I am a law graduate from NLU Lucknow. I have a flair for creative writing and hence in my free time work as a freelance content writer.

Google’s New Virtual Assistant to Include Bard AI Tools

Leave a Comment / Google, News, Tech News / By Sandhya Gupta

In a strategic move towards advancing artificial intelligence capabilities, Google has announced the imminent release of a revamped version of its virtual assistant, powered by the cutting-edge Bard artificial intelligence technology. This development is poised to elevate the capabilities of the Google Assistant, allowing users to seamlessly navigate and tackle more intricate tasks with unprecedented ease.

The innovative offering, aptly named “Assistant with Bard,” is set to undergo a test phase in the near future before its official rollout to the general public in the coming months, according to an announcement made by the tech giant on Wednesday. This update aims to imbue the Assistant, known for aiding users on Android and Google devices in task completion and information retrieval, with functionalities reminiscent of Bard—a chatbot designed by Google to rival the widely acclaimed ChatGPT from OpenAI.

In a blog post accompanying the revelation, Sissie Hsiao, a Google vice president, expressed enthusiasm about the transformative potential of generative AI in creating a more intuitive, intelligent, and personalized digital assistant.

“As technology continues to evolve, generative AI is creating new opportunities to build a more intuitive, intelligent, personalized digital assistant,” wrote Hsiao.

As major players in the tech industry compete to harness the power of AI advancements, Google is proactively integrating this technology across its extensive portfolio of products. In the preceding month, Alphabet Inc.’s division revealed plans to incorporate its Bard chatbot into services such as Gmail, Maps, Docs, and YouTube.

The announcement was made during a hardware event hosted at Google’s Pier 57 Manhattan office, where Rick Osterloh, Google’s devices chief, expounded on the company’s broader strategy of infusing generative AI into various apps and services. Osterloh disclosed that, in the next year, the Google Home app is slated to introduce experimental features. These features include summaries of activities around users’ front doors and the ability to inquire about the status of packages using natural language.

Also Read: Ex-Twitter Executives Win $1.1 Million Legal Fees From Musk’s X

Google Assistant is already a formidable player in the virtual assistant arena, competing with the likes of Apple’s Siri and Amazon’s Alexa. Its expansion into AI capabilities reflects the industry’s recognition of AI as the new frontier in this fiercely contested market. Google Assistant can be found across a spectrum of devices, including smartphones, smart speakers, smartwatches, and other computers.

With the integration of Bard AI technology, Google is poised to redefine the capabilities of its Assistant, promising users a more intelligent and intuitive digital companion for their daily tasks. As the virtual assistant landscape evolves, this move underscores Google’s commitment to staying at the forefront of innovation in artificial intelligence.

Sandhya Gupta

I am a law graduate from NLU Lucknow. I have a flair for creative writing and hence in my free time work as a freelance content writer.

Zoom Adds Features Like Document Editing in Bid to Compete With Microsoft

Leave a Comment / Microsoft, News, Tech News / By Sandhya Gupta

Zoom Video Communications, a key player in the communication and collaboration software market, is gearing up to take on Microsoft’s Teams with a slew of new features and tools.

As of the first quarter of this year, Zoom controlled only about 7% of the market, while Microsoft dominated with a 42% share, according to industry analyst IDC. In a move aimed at enhancing collaboration, Zoom announced on Tuesday that it will be adding word processing capabilities to its suite of tools. This includes collaborative document editing, a feature reminiscent of Alphabet’s Google Docs. However, what sets Zoom apart is its innovative integration of information and artificial intelligence-generated summaries from Zoom meetings directly into the document editing process, as revealed by Chief Product Officer Smita Hashim in an interview.

Zoom’s meteoric rise during the pandemic, with its fiscal-year revenue surging over fivefold to $4.1 billion from 2020 to 2022, has plateaued as offices reopened, and competition, especially from Microsoft, intensified. Analysts now anticipate a modest growth of less than 2% in the coming quarters. To counter this, Zoom aims to diversify its business tools beyond video meetings. This strategy includes incorporating features from Workvivo, an employee communication service it acquired in April.

Zoom has found success with its office phone service, generating approximately $500 million annually, and its customer-service center offering, which has attracted over 500 clients. Despite these positive developments, Microsoft’s Teams remains a formidable adversary. Zoom executives have met with regulators in both the U.S. and the European Union to voice concerns about Microsoft’s preferential treatment through design and price bundling.

To stay ahead, Zoom is experimenting with novel features, as revealed in recent patent filings. These include interactive virtual objects in meetings for purposes such as product advertisements or education. Another patent shows a feature that scans the “nonverbal cues” of meeting participants, providing prompts based on their expressions.

Also Read: Ex-Googler’s Struggling Search Startup Becomes Antitrust Cautionary Tale

In September, Zoom introduced AI features, such as call summarization and message drafting, included in paid plans at no additional cost. Hashim emphasized that these AI features are not promotional pricing and are committed to remaining free for users.

As Zoom seeks to expand its suite of tools, the company is confident that customer interest and adoption will continue to rise. “The focus right now is bringing more and more value to customers through these kinds of cross-product journeys,” Hashim said. Time will tell if these innovations will be enough for Zoom to bridge the gap with Microsoft and secure a more significant share of the competitive communication and collaboration software market.

Sandhya Gupta

I am a law graduate from NLU Lucknow. I have a flair for creative writing and hence in my free time work as a freelance content writer.

Visa Initiative to Invest $100 Million in Generative AI Ventures

Leave a Comment / Artificial Intellegence, Story, Tech Story / By Sandhya Gupta

In a move set to reshape the landscape of commerce and payments, Visa has declared its intention to invest $100 million in companies at the forefront of developing generative AI technologies.

The investment initiative will be executed through Visa Ventures, the global corporate investment arm with a history spanning 16 years. Visa, a trailblazer in AI applications for payments since 1993, is now focusing its attention on the burgeoning field of generative AI. This subset of artificial intelligence is characterized by its ability to generate text, images, or other content based on extensive datasets and textual prompts.

Jack Forestell, Chief Product and Strategy Officer of Visa emphasized the profound impact generative AI will have, stating, “While much of generative AI so far has been focused on tasks and content creation, this technology will soon not only reshape how we live and work, but it will also meaningfully change commerce in ways we need to understand.”

David Rolf, Head of Visa Ventures, underscored the transformative potential of generative AI, calling it “one of the most transformative technologies of our time.” He noted that Visa Ventures possesses flexibility in terms of the number and size of investments, expressing an interest in making a range of smaller investments in the early stages of the industry.

Rolf outlined the criteria for potential investments, specifying that Visa is seeking to support companies applying generative AI to address real challenges in commerce, payments, and fintech. This includes B2B processes around payments and infrastructure with the potential to significantly impact commerce. Rolf emphasized that Visa is open to engaging with companies at various levels of the technology stack, from data organization for generative AI to end-user experiences.

Also Read: Arc Raises $70 Million to Build the Tesla of Boats

Furthermore, responsible AI use aligning with Visa’s policies is a key consideration. Rolf stated, “One of our key considerations is how well these companies are practicing responsible use of AI, in line with Visa’s policies.”

This announcement follows Visa’s strategic move to appoint Marie-Elise Droga as the head of fintech, who noted that her team frequently collaborates with the Visa Ventures team. This collaboration serves as a scouting engine, identifying innovative startups that align with Visa’s vision for the future of commerce and payments. As Visa Ventures embarks on this $100 million investment journey, the landscape of generative AI technologies in commerce and payments is poised for significant transformation.

Sandhya Gupta

I am a law graduate from NLU Lucknow. I have a flair for creative writing and hence in my free time work as a freelance content writer.

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