AI News

On 16 August 2024, the Commonwealth Secretariat and Intel Corporation, in collaboration, launched StrategusAI, an innovative Artificial Intelligence (AI) toolkit designed to transform the way member governments develop and implement policies. This tool aims to help governments across the Commonwealth by addressing challenges and leveraging the opportunities that AI presents. StrategusAI represents a significant advancement in policy development, enabling governments to create data-driven, informed strategies that integrate global best practices while addressing local needs. The launch of StrategusAI solidifies the Commonwealth's commitment to closing the digital divide and fostering economic resilience among its member states. By equipping policymakers of member states with this cutting-edge technology, the Commonwealth Secretariat and Intel Corporation are ensuring that governments can effectively harness the power of AI to drive progress and innovation, making this an important...

On 15 July 2024, the U.S. Copyright Office released a Report titled "Copyright and Artificial Intelligence, Part 1: Digital Replicas." The Report explores the complex relationship between copyright law and the rapidly advancing capabilities of artificial intelligence (AI). Specifically, the report focuses on digital replicas, which are realistic digital reproductions of an individual's voice, appearance, or other personal attributes created using AI technologies. These replicas can be so lifelike that they are often indistinguishable from authentic content. While AI offers exciting opportunities for creative expression, the emergence of digital replicas has raised significant legal and ethical concerns, particularly regarding unauthorised use and the protection of personal identity. The report identifies several critical lacunas in the existing legal frameworks that fail to adequately address the challenges posed by digital replicas. Firstly, current copyright laws are fundamentally...

On 14 August, 2024, the Securities and Exchange Commission (SEC) Chairman Gary Gensler released a statement highlighting the growing influence of artificial intelligence (AI) in financial markets and the potential risks it poses to investors. With AI increasingly embedded in everyday digital experiences, from search algorithms to personalized marketing, the SEC's attention has turned to its application in the financial sector, particularly in investment platforms and brokerage services. The rise of AI has brought significant advancements in the ability to process vast amounts of data, recognize patterns, and make predictions. This technology allows companies to "narrowcast," tailoring messages, pricing, and products to individual consumers with unprecedented precision. In the financial sector, this manifests in the use of Robo-advisors and brokerage applications that rely on AI algorithms to provide personalized investment recommendations and alerts. However, as SEC Chairman Gary...

On 14 August 2024, the Monetary Authority of Singapore (MAS) signed a Memorandum of Understanding (MoU) with major banks and financial institutions to reinforce the country’s financial sector against potential cybersecurity threats from quantum computing. This MoU, which involves collaboration with major banks like DBS, HSBC, OCBC, UOB, and technology partners SPTel and SpeQtral. The companies involved in this initiative represent a cross-section of Singapore's financial and technological leadership. DBS, HSBC, OCBC, and UOB are among the largest and most influential banks in the region, while SPTel and SpeQtral bring cutting-edge technological expertise to the table. The initiative follows the announcement of the National Quantum Strategy by Deputy Prime Minister Heng Swee Keat on 30 May 2024 and builds on MAS’s commitment, announced on 18 July 2024, to allocate an additional S$100 million under the Financial Sector Technology and Innovation Grant Scheme (FSTI 3.0) to support the...

Elon Musk’s venture, xAI, has commenced training its large language model (LLM), Grok, on what he claims is the world's most powerful AI training cluster. On July 22, 2024, Musk announced that the Memphis Supercluster, located in Memphis, Tennessee, is equipped with 100,000 Nvidia H100 AI chips and has begun its training operations. Musk made this announcement on X (formerly Twitter), his other company. “Nice work by @xAI team, @X team, @Nvidia & supporting companies getting Memphis Supercluster training started at ~4:20am local time,” he posted. The Memphis Supercluster is designed to develop Grok, an AI system that can understand and respond to human language in highly advanced ways. This project aims to create what Musk calls "the world’s most powerful AI" by December 2024. The supercomputer's size and power are unprecedented, boasting more GPUs than some of the world's leading supercomputers, such as the Frontier supercomputer and Microsoft’s Eagle. Musk’s company, xAI, is...

The Monetary Authority of Singapore (MAS) announced on 18 July 2024 a substantial commitment of S$100 million under the Financial Sector Technology and Innovation Grant Scheme (FSTI 3.0) to enhance quantum and artificial intelligence (AI) capabilities within the financial sector. This initiative aims to advance innovation and adoption of quantum and AI technologies, providing significant support to financial institutions. Quantum technology, a rapidly advancing field with transformative potential, is poised to revolutionize the financial industry. Following the National Quantum Strategy announced by Deputy Prime Minister Heng Swee Keat in May 2024, MAS will establish a dedicated Quantum track under FSTI 3.0. This track will offer various grants to support financial institutions in developing quantum capabilities in Singapore. The Quantum track includes the Technology Centres Grant, providing funding up to 50% for establishing quantum computing and security innovation functions,...