GEN AI
P2P lenders adapt to regulatory pressures; GenAI deals in IT
Happy Thursday! Peer-to-peer lending firms are scrambling to comply with the central bank’s rules by tweaking their products. This and more in today’s ETtech Morning Dispatch.
How GenAI is becoming key part of large, mega IT deals
IT service providers are integrating Generative AI into large deals, indicating its advancement from PoC stage. Traditional IT budgets are being redirected towards AI and GenAI, with substantial revenue growth projected. Key players like Infosys, Wipro, Cognizant, and TCS are leveraging GenAI to enhance efficiencies and reduce costs.
Edtech consolidation; GenAI chatbot hallucinations
Edtech firm Schoolnet has acquired learning app Genius Teacher for an undisclosed sum. This and more on today’s ETtech Top 5.
Kerala teams up with IBM to host Gen AI conclave at Kochi on July 11-12
The conclave is intended to establish a platform for business decisions, learning, networking, and partnerships, benefiting various enterprises, including technology-based startups and MSMEs. IBM leadership, industry thought leaders and Indian tech business leaders will share their insights and future vision for AI, the minister informed ET.
Ghosts in the machine: Peril of hallucinations in GenAI chatbots
Hallucinations are a big issue while deploying GenAI-based chatbots. Hallucination is a phenomenon where an AI chatbot offers factually incorrect information in response to a question. How are firms navigating its pitfalls?
Alibaba bets on gen AI tools for overseas merchants, executive says
Alibaba's international e-commerce unit is leveraging generative AI tools for translation, content creation, and product returns. VP Kaifu Zhang expresses optimism in AI's potential despite China-U.S. tensions. The unit, with 300 million consumers and over one million merchants globally, has seen significant growth with earnings increasing by 44% in the last quarter.
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ET Infographic: Global GenAI gold rush
The generative AI boom has led to the creation some of the biggest tech companies in the past few years. For example, OpenAI, the company behind the viral ChatGPT, is the world's most valuable startup with a market cap of $86 billion. Chipmakers like Nvidia have also enjoyed the GenAI boost.
IBM launches GenAI innovation centre in Kochi
IBM's GenAI Innovation Center in Kochi, part of the IBM India Software Lab, supports AI development in India. Using LLMs, InstructLab, and watsonx, it aids enterprise-grade AI integration, focusing on healthcare and sustainability. Managed by IBM experts, the center enhances productivity and innovation for enterprises and startups.
India to be deep tech powerhouse and big part of Siemens' game plan
Siemens AG plans to increase software and digital services sales to 20%, with India being a key player in this strategy, according to CEO Roland Busch. The company has invested in expanding its software portfolio and collaborating with Microsoft on AI technology. India is a vital region for Siemens, where it aims to grow its human resources capital and manufacturing capabilities, targeting both local and global markets.
L&T bets on GenAI for sustainable progress
Larsen & Toubro, a leading engineering, procurement, and construction firm, is prioritizing generative AI for sustainable advancements, as highlighted by S N Subrahmanyan in his inaugural address as chairman at the company's 79th annual meeting on July 4.
Another text-based app aims to storm social media: noplace
Social media app noplace has just launched on the App Store and skyrocketed to the top of the charts right away. It is a text-based app designed for younger users, with features like customisable profiles. It aims to take on companies like X and Threads.
Meta's new tech can create 3D assets from text prompts within minutes
3D assets are digital files representing objects in three-dimensional space. Hulk in the Avengers movies is an example. The technology is based on two existing models of the company: AssetGen which generates 3D objects and TextureGen for its texturing.
China leading generative AI patents race, UN report says
Generative AI, which produces text, images, computer code and even music from existing information, is exploding with more than 50,000 patent applications filed in the past decade, according to the World Intellectual Property Organization (WIPO), which oversees a system for countries to share recognition of patents.
AI smartphone sales likely to be dull in India in 2024
AI-capable smartphones are projected to constitute only 4-5 per cent of the 152-156 million total smartphone shipments in India this year. Global estimates suggest they will make up 17 per cent of 1.2 billion handsets by 2024. Market experts view smartphones as an ideal platform for AI accessibility due to advancing hardware and software capabilities. However, high prices, starting at $600, may impede widespread adoption in India compared to other markets like China, South Korea, and Japan.
Nuvepro to train over one lakh professionals in generative AI
Nuvepro plans to train over 100,000 professionals in generative AI, targeting data scientists, developers, AI enthusiasts, and professionals across various industries. In the past two months, Nuvepro has trained over 1,000 professionals through hands-on workshops designed to tackle real-world generative AI challenges.
Indians less worried, more optimistic about AI impact on work: Report
A Boston Consulting Group report has found that Indians are more confident than worried about the impact of artificial intelligence and generative AI on their work, with 54% evincing confidence compared to only 13% showing signs of anxiety. The report, based on BCG's AI at Work 2024 report, found that 42% of respondents globally reported confidence about AI and GenAI's impact on their work, compared to 26% last year.
Indian CEOs hold AI governance crucial for AI adoption, innovation: IBM study
The global study of 3,000 CEOs across 30 countries and 26 industries highlighted the significance of AI governance for Indian business leaders. The study shows, 7 out of 10 Indian CEOs surveyed said tat trusted AI is only possible when you have effective AI governance in organisations. The study revealed that 49% of Indian CEO said they are hiring for Gen AI roles that did not exist till last year.
AI to 'transform' gaming but costly, says Ubisoft CEO
Speaking at a Los Angeles event showcasing upcoming releases, Yves Guillemot said generative AI, or Gen AI, could make open-world games like Ubisoft's blockbuster "Assassin's Creed" franchise feel even "more alive."
HCL Technologies launches Enterprise AI Foundry
HCL Technologies said in a media release that, the company launch of HCLTech Enterprise AI Foundry to "simplify and scale enterprise AI journeys." The release further added, that this platform will effectively enable business leaders to focus on real-world outcomes and help development teams build next-gen AI-powered applications with ease.
HCLTech infuses GenAI into MRO solution to drive enterprises' asset utilisation
HCL Technologies enhances its MRO solution with GenAI capabilities, optimizing asset utilization and streamlining maintenance processes in SAP S/4HANA with a comprehensive natural language inspection and repair findings report.
Indian startup ecosystem is mature, set to bolster Indian economy: AWS' Kumara Raghavan
AWS' Kumara Raghavan discussed the mature Indian startup ecosystem's potential to become the third largest economy, citing labor addition, infrastructure growth, and GenAI technology as key factors.
US intelligence agencies' embrace of generative AI is at once wary and urgent
A Silicon Valley firm used generative AI in the Sable Spear operation to analyze Chinese fentanyl trafficking data, surpassing human analysis. It predicted Russia's invasion of Ukraine and alerted government customers to North Korean missile launches. U.S. intelligence agencies are exploring AI for geospatial intel and assessing AI missions.
Innovation challenges faced by businesses in the age of AI
With regards to gen AI, 41 per cent of Indian businesses feel the pace of its adoption has been too quick, which has given rise to a number of challenges for decision makers, business owners and employees, Anil Sethi, vice-president, infrastructure solutions group, Dell Technologies India, told ET.
‘Gen AI is a friend, not a foe’...is Infosys founder NR Narayana Murthy’s message to critics of the modern technology
NR Narayana Murthy and S ‘Kris’ Gopalakrishnan discuss the transformative potential of Gen AI, the challenges of technology misuse, the benefits of technology adoption in banking, and India's potential to compete with China in business environment.
Startup unicorns take to GenAI as older companies dither
A new study by consulting firm EY has found that innovation continued at a strong pace in 2024 but different organisations are at different stages of adoption when it comes to GenAI use cases
India ranks first in adoption of GenAI across Asia Pacific: Deloitte survey
The report, titled ‘Generative AI in Asia Pacific’, said 93% of students and 83% of employees in the country are actively engaging with GenAI.
AWS makes Amazon Bedrock available for developers in India
Making the announcement at the AWS Summit Bengaluru, the global technology giant has piloted the service with Indian organisations such as Healthify, L&T Technology Services (LTTS), Max Life Insurance, GupShup, Fibe, Happy Fox, ShellKode and Yellow.ai.
Amazon to invest $1.3 billion in France, create 3,000 jobs
Amazon's 1.2 billion euros investment in France to create 3,000 jobs, enhance cloud infrastructure for GenAI, support AI startups, and research centers. Plans to expand logistics network for faster, eco-friendly delivery.
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