Daily Archives: June 18, 2024

Google, too, has funneled money into its Anthropic AI developments, and its CEO, Sindar Pichai, warned of continuous cuts throughout 2024, which began in January. That comes despite Google reporting strong growth. Were responsibly investing in our company's biggest priorities and the significant opportunities ahead, says Bailey Tomson, a Google spokesperson. In 2023 and 2024, several Google teams made changes to become more efficient and work better, Tomson says. Through this, were simplifying our structures to give employees more opportunity to work on our most innovative and important advances and our biggest company priorities, while reducing bureaucracy and layers.

This pivot-to-AI narrative echoes past moves by tech companies, like outsourcing workers, which led to poor working conditions for some contracted workers in other countries. It feels less like theres a real connection between investment in AI and trade-offs having to be made in other parts of the workforce, but really that this is a narrative shift being used to package a shift that predates the move to AI, says Parul Koul, president of the Alphabet Workers Union-CWA, which represents some employees from the companies affected by recent layoffs. But because workers dont receive a lot of transparency about whether their layoffs are tied to AI, its still hard to tie some job cuts directly to the tech, Koul says.

The next step, naturally, would be to see the AI that these companies invest in further disrupt their own workplaces. But for now, that doesnt seem to be happening. AI-fueled layoffs are making up a small portion of job cuts across industries. More than 5,000 jobs were cut between May 2023 and April 2024 where companies cited AI as the reasonbut this was either due to companies shifting focus to developing AI tech or because they used AI tools to take over tasks and roles, according to a report from outplacement services firm Challenger, Gray, and Christmas.

In the tech world alone, there have been nearly 100,000 layoffs in 2024, according to Layoffs.fyi, a site that tracks job cuts in the tech industry. Still, specific types of jobs are beginning to bounce back. Openings for AI roles or those that require AI skills made up 12 percent of all tech job offerings in Maythe largest percentage in six yearsaccording to CompTIA, a nonprofit trade association for the US IT industry. But AI doesnt exist in a silo, says Tim Herbert, CompTIAs chief research officer, and its adoption will likely create adjacent jobs needed to support the new technology. AI will probably spur investment in other areas, he says.

The AI reshuffle may not be the great AI takeover, but if AI is the next big opportunity for companies like Alphabet, the lack of efforts to up-skill and train employees to work in those divisions is troubling, Koul says. There are ways in which the existing workforce can be kept whole or treated with dignity and respect through this process, Koul says. A lot of my coworkers, a lot of our union members, work here because they are mission-driven, they believe in the utility of the products they are working on. More opportunities for retraining and moving people to other divisions would be very welcome.

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AI Is Coming for Big Tech Jobsbut Not in the Way You Think - WIRED

Almost 30 European industry groups warned that the EU should not discriminate against major US tech companies in the upcoming European Cybersecurity Certification Scheme on Cloud Services (EUCS).

The certification scheme is an initiative by the European Union Agency for Cybersecurity (ENISA) which aims to improve the cloud services market conditions within the EU market and to help European companies and governments select a trusted provider.

The first draft of the scheme was published in 2020 and included propositions to harmonise the security of cloud services with EU regulations, international standards, industry best practices, as well as with existing certification in EU Member States, the document read. However, the first draft has been modified more than once in the past four years, and the latest version of the scheme is set to be discussed and reconsidered this week by EU countries, the ENISA and the European Commission.

Prior to this meeting, 26 industry groups from around Europe signed a letter on Monday emphasising the importance of having access to a diverse range of resilient cloud technologies tailored to their specific needs to thrive in an increasingly competitive global market, Reuters reported. Signatories include the European Payment Institutions Federation, the German Bundesverband deutscher Banken and the Irish business lobby group IBEC.

The letter to EU countries and legislators says: We believe that an inclusive and non-discriminatory EUCS that supports the free movement of cloud services in Europe will help our members prosper at home and abroad, contribute to Europes digital ambitions, and strengthen its resilience and security. The letter also added that the removal of both ownership controls and Protection against Unlawful Access (PUA) / Immunity to Non-EU Law (INL) requirements ensures that cloud security improvements align with industry best practices and non-discriminatory principles.

This warning comes as one of the main amendments made to the latest version the most controversial one is the removal of the sovereignty requirements proposed in the initial draft. Under the newest version of the scheme, US tech giants can qualify for the highest assurance level without having to set up a joint venture or cooperate with an EU-based company.

Big tech companies such as Google, Microsoft and Amazon welcomed the scrapping of sovereignty requirements, as it allows them to bid for major EU cloud computing contracts.

However, EU cloud vendors have expressed concerns about this amendment to the scheme and said they favour stricter requirements for non-EU tech companies to qualify for the certification.

In a joint letter to relevant authorities signed in April 2024, companies including Airbus, Orange and Capgemini argued for the latest version of the scheme without the sovereignty clauses to be rejected. Reuters reportedly viewed the letter, which stated: Incorporating EU headquarters and European control requirements in the main scheme is necessary to reduce the risk of unlawful data access under foreign laws. The letter also argued that removing sovereignty requirements from the scheme would significantly undermine the viability of sovereign cloud solutions in Europe, many of which are either in development or already available on the market.

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EU urged not to discriminate against Big Tech through new cybersecurity certification scheme - Tech Monitor

The Federal Reserve has disappointed investors this year, but no matter. The markets have adjusted.

Even without any interest rate cuts so far in 2024 and with the likelihood of just one meager rate reduction by the end of the year the stock market has been purring along. Thats quite an achievement, given the expectation in January that the Fed would trim rates six or seven times in 2024 and that interest rates throughout the economy would be much lower by now.

Buoyant as the stock market may seem, when you look closely, its apparent that the S&P 500s recent returns rest on a precarious base.

A.I. fever based on the belief that artificial intelligence is ushering in a new technological age has been spreading among investors, and that has been enough so far to keep the overall stock market averages rising. But the rest of the market has been rather ho-hum. In fact, strip away the biggest companies, especially the tech companies, and overall market performance is unimpressive.

One stock in particular has led the market upward: Nvidia, which makes the chips and other associated infrastructure behind the talking, image-generating, software-writing A.I. apps that have captured the popular imagination. Over the last 12 months, Nvidias shares have soared more than 200 percent, vaulting its total market value above $3 trillion, which places it in elite territory shared only with Microsoft and Apple in the U.S. market.

Other giant companies with a convincing A.I. flavor, like Meta (the holding company for Facebook and Instagram) and Alphabet (which owns Google), along with chip and hardware companies like Super Micro Computer and Micron Technology, have turned in superlative performances lately, too.

Link:

Why the Stock Market Has Risen Even With No Fed Rate Cuts - The New York Times

Generative AI (GenAI) is emerging as a significant business opportunity for startups venturing into AI. According to Garage+, a leading startup incubator and accelerator, this new wave of large models marks a departure from previous generations of AI, particularly in its ability to assist engineers lacking a computer science background.

By automating code generation, GenAI accelerates product development and iteration, drawing substantial investment from global tech giants. Garage+ continues to collaborate with Nvidia, leveraging its AI platform, extensive libraries, and SDKs to speed up the development of AI product applications for startup teams.

Companies and startups are increasingly turning to GenAI to swiftly conceive and develop new products, thus shortening their time to market. For instance, Garage+ highlighted a foreign startup that utilized a no-code platform and GenAI to create a medical diagnostic model, aiding doctors during consultations. Historically, AI development has been hindered by a shortage of talent skilled in computer science and data science. However, this talent gap may soon narrow.

Garage+ asserts that GenAI accelerates product development cycles and enhances the startup ecosystem. Multimodal AI, in particular, offers advanced generative capabilities, processing images, videos, and text, thereby fostering more imaginative entrepreneurial ventures.

Global tech behemoths like Google, Microsoft, and Amazon are ramping up their investments in GenAI. Google has introduced the Gemini model, launching a suite of GenAI-embedded services on Google Cloud. Microsoft, in addition to rolling out the GPT-4-based Office intelligent assistant M365 Copilot, has unveiled the Large Multimodal Model (LMM) GPT-4 Turbo with Vision, developed by OpenAI. This model integrates natural language processing with visual comprehension, enabling it to analyze uploaded images and provide textual responses.

Since 2024, Garage+ has collaborated thrice with Nvidia, focusing on deep tech projects within its incubator. Discussions have centered around integrating development tools and product services. Deep tech, defined as technology solving substantial problems, includes AI, Machine Learning (ML), quantum computing, and blockchain. Its applications span renewable energy, semiconductors, quantum information science, and materials science.

The global startup investment climate had entered a downturn, with fundraising and deal numbers plummeting. Despite the AI-driven boom in Taiwan's industry, it remains uncertain whether this prosperity will extend to the startup sector. Garage+ maintains a cautious outlook, noting that the capital market has yet to show significant improvement. Although recent industry activity has been vigorous, global and Taiwanese investment behavior remains conservative.

As the investment environment cools, Garage+ sees an opportunity to separate the wheat from the chaff among startups. The downturn allows for a sharper focus on evaluating the true market demand and capabilities of entrepreneurs, weeding out those relying solely on speculative investment hype.

InnoVEX 2024 features nearly 400 startups from over 30 countries. AI companies make up the largest cohort reflecting the white-hot field. From a pool of 294 applications across 47 nations, Garage+ handpicked 36 exhibitors spanning AI, data analytics, digital solutions, energy tech, healthcare, and IoT manufacturing.

Excerpt from:

GenAI: the next frontier for startups and tech giants alike - DIGITIMES

SEOUL, June 13 (Yonhap) -- Samsung Electronics Co. Chairman Lee Jae-yong has met with the heads of Meta Platforms Inc., Amazon.com Inc. and Qualcomm Inc. in the United States this week to discuss future technologies and business collaborations, the company said Thursday.

Lee, who has been on a two-week business trip in the U.S., was invited to Mark Zuckerberg's home in Palo Alto, California, on Tuesday (U.S. time) and had talks with Meta's founder and CEO, according to Samsung Electronics.

It is their second meeting in 2024 after Zuckerberg's Seoul visit in February.

During their discussions, the two leaders explored ways to enhance cooperation in the future information technology and software sectors, including artificial intelligence (AI), virtual reality and augmented reality.

This photo provided by Samsung Electronics Co. shows its Chairman Lee Jae-yong (L) and Meta CEO Mark Zuckerberg posing for a photo at Zuckerberg's home in Palo Alto, California, on June 11, 2024. (PHOTO NOT FOR SALE) (Yonhap)

The following day, Lee visited Amazon's headquarters in Seattle, Washington, for a meeting with CEO Andy Jassy.

They shared their views on core business areas, such as generative AI and cloud computing.

Amazon, a leading cloud service provider, is a key business partner for Samsung Electronics, the world's largest memory chipmaker, in the semiconductor sector. The U.S. tech giant recently announced plans to enter the generative AI market and innovate its cloud-based AI services, with a US$150 billion investment plan for AI data centers over the next 15 years.

Earlier this week, Lee also had a meeting with Qualcomm CEO Cristiano Amon at Samsung Electronics' Device Solutions America in San Jose, California, to seek ways to enhance bilateral cooperation in the booming AI chip market.

Samsung Electronics and Qualcomm have long been close business partners, with Qualcomm's Snapdragon platform powering Samsung's latest smartphones.

This photo provided by Samsung Electronics Co. shows its Chairman Lee Jae-yong (R) and Qualcomm CEO Cristiano Amon at the company's Device Solutions America in San Jose, California, on June 10, 2024. (PHOTO NOT FOR SALE) (Yonhap)

During his two-week stay in the U.S., Lee also met with global fabless chipmakers to discuss expanding collaboration in the foundry business and developing new technologies for future semiconductors.

Samsung Electronics said Lee's U.S. trip aimed to strengthen his global network, assess the company's future technological competitiveness and map out detailed future business strategies.

"Let's utilize Samsung's strengths and pioneer the future as we have done," said Lee.

brk@yna.co.kr (END)

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Samsung's Lee meets with CEOs of global tech giants in U.S. - Yonhap News Agency

An increasing number of Japanese consumers are falling victim to social media investment fraud, where scammers impersonate celebrities in schemes to swindle money.

The companies operating the social media platforms being used for such scams should be screening and stopping these ads, but their response has been clearly insufficient.

The Big Tech companies that manage these platforms need to take urgent steps to enhance the policing of investment ads.

According to the National Police Agency, investment scams through social media discovered in Japan between January and March alone number 1,700 cases, with total damages exceeding 20 billion yen ($127.2 million).

Many of these scams involve directing users from ads to LINE, a popular messaging app offering social networking capabilities, among other features. Cases involving losses in the hundreds of millions of yen have been occurring in various places.

These are malicious scams that use the unauthorized images and names of well-known public figures to falsely suggest that these celebrities endorse a financial product or investment opportunity, misleading potential investors.

The operators of social media platforms have a duty to reject these ads through rigorous screening.

In an April statement, Meta Platforms Inc., which operates Facebook and Instagram, where numerous such fraudulent ads have been found, emphasized its policies prohibit fraudulent and deceptive ads that misuse celebrities images or impersonate them to mislead people.

However, the company also pointed out the challenges posed by the vast number of ads worldwide andsaid that a societal approach is crucial, drawing criticism for lacking a sense of responsibility.

The statement mentioned the risk that negative experiences and fraudulent content can drive users and advertisers away, stressing that eliminating fraudulent ads is essential for Metas business.

However, switching from one platform that dominates the market to another minor one is difficult, reducing the disciplinary influence that consumers can exert on the operators behavior through their choices.

It is unacceptable for these tech giants, which earn enormous revenues from a vast number of ads, to become complacent due to their monopolistic advantages and downplay the harmful effects of the prevalence of fraudulent ads.

Meta, along with other Big Tech companies operating social media platforms, should recognize the gravity of their responsibility and spare no expense in fundamentally strengthening their measures to counter fraud.

In response to the operators delayed actions, the government is also considering measures to tackle this problem.

A panel of experts advising the Ministry of Internal Affairs and Communications on the matter is discussing steps such as requiring platform operators to establish and publish standards for pre-screening ads and halting them if they are found fraudulent after publication.

Increasing the transparency of screening should prompt operators to respond more effectively to the problem. However, regulating ads also concerns freedom of expression. It is crucial to proceed carefully in debating regulatory measures to ensure that legitimate expression is not restricted.

Enhancing consumers knowledge and judgment regarding investment ads is also important to prevent damage. Investments that offer high returns inevitably come with high risks, and investment products and services that promise huge, sure-fire returns and seem too good to be true should be suspected of fraud.

The government has pledged to bolster financial education at schools as it has expanded NISA, or the Nippon Individual Savings Account, a government tax-free stock investment program for individual investors.

However, the government should prioritize ensuring that consumers gain basic knowledge to protect themselves against crimes over advising them on asset formation.

--The Asahi Shimbun, June 14

Link:

EDITORIAL: Tech giants must screen out scams blanketing social media platforms | The Asahi Shimbun: Breaking ... -

We are so accustomed to the name Google but it is clearly not a common name. Have you ever thought why the founders chose it in the first place? As per a report by New York Post, the name Google was not a well-thought name but a result of a typo. Google was launched by Computer Scientists Sergey Brin and Larry Page who were also the PhD students at Stanford University in 1998.

While brainstorming, someone suggested them the name Googol. A term coined in 1920 Milton Sirotta, the 9-year-old nephew of American mathematician Edward Kasner, who frequently referenced the figure in his 1940 book called Mathematics and the Imagination. It represents 10 raised to the power of 100, or 1 with 100 zeros behind it, in terms of arithmetic vocabulary.

When Page checked with a techie to see if this domain name was available, he misspelled the name and checked for Google instead. Later, Page realised that he prefers Google better.

Notably, the report reveals that before Googol, the founders even thought of naming the company Backrub since the program used backlinks to search. Several people believe that Google stands for "Global Organisation of Oriented Group Language of Earth." which is untrue. To put it all together, a mere typo determined the name of one of the biggest search engine in the world.

The other big tech giant, Apple, was named by the co-founder Steve Jobs. The name came to his mind when he was coming back from a visit to Oregon to a place he called an apple orchard, reported Ladible. He suggested Apple Computer as the name of the company. However, Wozniak suggested Apple Records, a Beatles-owned record label. Finally, they came to a conclusion and settled at Apple.

As for Microsoft, back in 1975, Bill Gates and Paul Allen, two tech whiz kids, named their company as Microsoft. Allen, the creative mind behind the duo, came up with "Micro-Soft." This was a clever combination of two words: "microcomputer" and "software". Originally written as "Micro-Soft" with a hyphen, the name eventually shed the hyphen to become the smooth and now-iconic "Microsoft."

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From Googol to Google: How a typo gave us one of the biggest tech giants in the world - Business Today

Whats going on here?

Apple became the first brand to surpass $1 trillion in brand value, according to Kantar's BrandZ ranking, showing a 15% increase from last year.

What does this mean?

For the third consecutive year, Apple retained its crown as the world's most valuable brand in 2024. The tech giant's brand value now stands at a staggering $1 trillion. Despite dipping iPhone sales, Apple's recent push to incorporate cutting-edge artificial intelligence (AI) features aims to reignite consumer interest. Apples market cap of $3.18 trillion is just shy of Microsoft's $3.22 trillion, exemplifying the fierce competition among tech giants. Google's parent company, Alphabet, ranks second in brand value at $753 billion, with Microsoft closely behind at $713 billion.

Why should I care?

For markets: Tech titans flexing their muscles.

Apple's milestone accentuates the growing clout of technology companies in the global market. Nvidia's dramatic rise, entering Kantar's top 10 for the first time and tripling its brand value to over $200 billion, underscores the dynamic nature of the industry. Nvidia's market cap at $2.97 trillion and its role in technologies like generative AI and autonomous mobility affirm its burgeoning influence. Investors should note the vibrancy and evolving dynamics within the tech sector, driven by innovation and strategic pivots.

The bigger picture: Brands and billion-dollar battles.

Crossing the $1 trillion brand value threshold places Apple in uncharted territory, signaling its unparalleled market influence. Kantar's comprehensive study, drawing from over 4.3 million consumer interviews and 21,000 brands across 54 markets, highlights the pivotal role of brand perception in financial success. This analysis not only emphasizes Apple's lead but also the robust competition from other tech giants like Microsoft, Google, and Nvidia. The broader economic impact and consumer trust these companies command are key indicators of future market shifts.

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Apple Leads The Pack As First Brand To Exceed $1 Trillion - Finimize