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TODAY’S TOP PICKS FOR YOU

1. Google Bolsters AI Race with $2 Billion Investment in Anthropic

2. G7 Nations unveil AI code of conduct

3. New features announced for ChatGPT Plus users

4. A Bitter Tweet: The Downfall of Twitter X’s Valuation

INSIGHTS

Google Bolsters AI Race with $2 Billion Investment in Anthropic

• Google has agreed to invest up to $2 billion in AI company Anthropic, with an initial investment of $500 million, to bolster its AI capabilities against rivals like Microsoft.

• This investment follows Amazon's commitment of up to $4 billion in Anthropic, emphasising the escalating competition among tech giants in the AI domain.

• Anthropic, co-founded by ex-OpenAI executives, is emerging as a strong contender in AI, attracting significant investments from big tech firms.

• The investments underscore a broader trend of tech giants securing ties with promising AI startups to lead in the AI-driven tech landscape​.

Why this matters: This movement of capital signifies a burgeoning rivalry in the AI arena, where tech giants are vying for dominance by backing startups. The substantial investments in Anthropic by both Google and Amazon not only highlight the startup's potential but also the escalating competition to lead in AI innovations.

G7 Nations unveil AI code of conduct

• G7 countries are to adopt a voluntary AI code of conduct to ensure the responsible development and use of advanced AI technologies.

• The 11-point code aims at promoting safe, secure, and trustworthy AI globally, advising organisations on handling AI risks and challenges.

• Companies are encouraged to publicise reports on AI capabilities, limitations, and misuse, alongside investing in robust security controls.

• This initiative comes as part of a broader global effort, with the EU leading in regulatory measures while others adopt a more hands-off approach​.

Why it matters: The G7's move reflects a growing global initiative to establish a governance framework around AI, setting a precedent for other nations and possibly influencing the global stance on AI ethics and regulations. This initiative might spark discussions on standardised AI practices across various sectors, ensuring that the rapid advancements in AI are harnessed responsibly and safely.

New features announced for ChatGPT Plus users

• OpenAI has introduced beta features for ChatGPT Plus, including multiple file uploads and multimodal support, enhancing user interaction based on context.

• Advanced Data Analysis feature allows for summarisation, query answering, and data visualization.

• Multimodal interactions automate mode selection, improving user experience.

• The update bridges the gap between ChatGPT Plus and Enterprise plans, offering a glimpse of office features to individual subscribers.

Why it matters: The evolution of ChatGPT Plus hints at OpenAI's vision of seamless user experiences. By incorporating elements from its Enterprise plan into individual subscriptions, OpenAI is not only enhancing functionality but also broadening the scope of how AI can be utilised by a wider audience. This update, with multimodal and data analysis features, stands to transform user engagement with AI, making it more intuitive and powerful across different use cases.

A Bitter Tweet: The Downfall of Twitter X’s Valuation

• Twitter X's valuation plunged by 56% to $19 billion within a year of Elon Musk's acquisition, down from $44 billion.

• The drop is attributed to issues like diminishing global brand awareness, deplatforming journalists, and facilitating impersonation.

• Employees now receive restricted stock units (RSUs) at a share price of $45, thanks to a more conservative 409A valuation, benefiting from lower taxes and potentially more stock.

• This valuation dip mirrors broader tech industry trends where private companies often see reduced valuations post a 409A appraisal.

Why it matters: The plummet in Twitter X's valuation reflects a wider trend where tech companies face reevaluation challenges, which may affect their brand and user trust. This could be a wake-up call for similar platforms to tread cautiously with strategies that could potentially dent their market value and stakeholder confidence.