AI in August 2024 – Our Monthly AI News Round up

Welcome to Tech Pilot’s AI in August 2024 News Round Up, where we bring you the latest developments and insights from the world of artificial intelligence. This month, we’ve seen significant advancements in AI technology, from the launch of new AI models to the expansion of AI-powered search features. We’ve also witnessed growing concerns over AI safety and regulation, as governments and companies navigate the complex landscape of AI development and deployment. In this round up, we’ll take a closer look at the key stories and trends that are shaping the AI industry today.

ByteDance joins OpenAI’s Sora rivals with AI video App launch

ByteDance has launched its AI video app, Jimeng AI, which allows users to generate videos based on text prompts. The app is available on the Apple App Store and Android, and offers subscriptions starting at $9.65 per month (699RMB). This move marks ByteDance’s entry into the AI video market, which is currently dominated by Chinese startups such as MiniMax Video-01, Dream Labs Luma, Pika, and Kling, among others. The launch of Jimeng AI highlights the growing competition in the AI video market, as companies like ByteDance and these startups vie for market share.

Key facts:

• ByteDance has launched its AI video app, Jimeng AI
• The app allows users to generate videos based on text prompts
• The app is available on the Apple App Store and Android
• Subscriptions start at $9.65 per month

Google brings AI Overview to new countries

Google has expanded its AI-powered search feature, AI Overviews, to six new countries, including Brazil, India, Indonesia, Japan, Mexico, and the UK. The feature provides users with AI-generated summaries of search results, and is available in local languages such as Portuguese and Hindi. This move marks Google’s efforts to expand its AI-powered search capabilities to new markets, and perhaps shows improvements from previous hiccups with inaccurate answers.

Key facts:

• Google has expanded its AI-powered search feature, AI Overviews, to six new countries
• The feature provides users with AI-generated summaries of search results
• The feature is available in local languages such as Portuguese and Hindi

OpenAI in talks to raise funding at over $100 Billion valuation

OpenAI is in talks to raise funding at a valuation of over $100 billion, according to a report by the Wall Street Journal. The funding round is expected to be led by venture capital firm Thrive Capital, and will include investments from tech giants like Microsoft and Apple. This valuation is rather unexpected due to the reported huge losses of OpenAI and the lack of a clear, profitable monetization plan. GPT-5 is expected to use up to 100x more computing power, which will increase the losses considerably.

Key facts:

• OpenAI is in talks to raise funding at a valuation of over $100 billion
• The funding round is expected to be led by venture capital firm Thrive Capital
• Tech giants like Microsoft and Apple are expected to invest in the funding round

North America sees 70% jump in Data Center supply in construction

The amount of data center supply under construction in North America has jumped by 70% compared to last year, according to a report by CBRE Group. The report highlights the growing demand for data centers, driven by the increasing use of artificial intelligence and cloud computing. The growth in data center supply is expected to continue, as companies like Amazon and Microsoft expand their cloud computing capabilities.

Key facts:

• The amount of data center supply under construction in North America has jumped by 70% compared to last year
• The growth is driven by the increasing use of artificial intelligence and cloud computing
• Companies like Amazon and Microsoft are expanding their cloud computing capabilities

California AI bill passes legislature, awaits governor’s signature

A controversial AI bill has passed the California legislature, and awaits the signature of Governor Gavin Newsom. The bill mandates safety testing for advanced AI models, and requires developers to outline methods for turning off AI models if they go awry. The bill has been opposed by tech companies like Google and Microsoft, who argue that it will hinder innovation and drive AI companies out of the state. This would be another important AI bill, after European Union adopted their AI Regulations just a couple of weeks ago.

Key facts:

• A contentious AI bill has passed the California legislature
• The bill mandates safety testing for advanced AI models
• The bill requires developers to outline methods for turning off AI models if they go awry

Nations building their own AI Models add to Nvidia’s growing chip demand

Nations building artificial intelligence models in their own languages are turning to Nvidia’s chips, adding to already booming demand as generative AI takes center stage for businesses and governments, a senior executive said on Wednesday. Nvidia’s third-quarter forecast for rising sales of its chips that power AI technology such as OpenAI’s ChatGPT failed to meet investors’ towering expectations.

Key facts:

• Nvidia’s chips are used in a range of AI applications, from natural language processing to computer vision
• Certain nations building their own AI models are turning to Nvidia’s chips
• Nvidia’s third-quarter forecast for rising sales of its chips that power AI technology failed to meet investors’ expectations
• Countries adopting their own AI models will contribute about low double-digit billions to Nvidia’s revenue in the financial year ending in January 2025

OpenAI, Anthropic sign deals with US Govt for AI research

OpenAI and Anthropic have signed deals with the US government for research, testing, and evaluation of their AI models. The deals come as the companies face regulatory scrutiny over the safe and ethical use of AI technology. The agreements will enable collaborative research to evaluate the capabilities and risks associated with the AI models.

Key facts:

• OpenAI and Anthropic have signed deals with the US government for AI research and testing
• The deals come as the companies face regulatory scrutiny over AI safety and ethics
• The agreements will enable collaborative research to evaluate AI model capabilities and risks

OpenAI blocks Iranian group’s ChatGPT accounts for targeting US election

OpenAI has blocked the accounts of an Iranian group for using its ChatGPT chatbot to generate content meant to influence the US presidential election. The group, known as Storm-2035, used ChatGPT to generate long-form articles and shorter social media comments. OpenAI said the operation did not appear to have achieved meaningful audience engagement.

Key facts:

• OpenAI has blocked the accounts of an Iranian group for using ChatGPT to influence the US presidential election
• The group, Storm-2035, used ChatGPT to generate long-form articles and shorter social media comments
• OpenAI and social media platforms said the operation did not appear to have achieved meaningful audience engagement

AI in August 2024 – Conclusions

AI in august 2024 has highlighted various advancements in artificial intelligence, including funding rounds, deals made, expanded AI-powered search capabilities, and growing demand for data centers and chips. Additionally, governments and regulators have continued to grapple with the implications of AI, with ongoing discussions around safety, regulation, and ethics.

As we review the AI news from August 2024, it’s clear that the industry remains dynamic and constantly evolving. We’ll continue to monitor these developments and provide updates on the latest trends and advancements in AI. Sign up to our newsletter for weekly news straight to your inbox.