Apple doubles down on gen AI spend

Today we are covering…

📱 Apple doubles down on gen AI spend, strengthens AI for mobile

🗣️ Huawei powers mobile voice assistant with AI

🥽 Meta and UFC bring MMA to VR

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Apple doubles down on gen AI spend, strengthens AI for mobile

Apple CEO Tim Cook reveals the tech giant’s hefty research spending is partly fueled by generative AI, with total R&D spending hitting $22.61B for 2023 so far.

This comes as a surprising development given Apple’s relative quietness on AI compared to its competitors, with its R&D spending $3.12B higher than this time last year. Back in June, it didn’t reference gen AI in the 2-hour-long WWDC keynote; in contrast, Cook said Apple’s been doing research across a wide range of AI initiatives “for years” and is planning to continue down this route.

The company, according to Bloomberg, is working on new AI tools including an LLM, which some staff have already dubbed Apple GPT after OpenAI's LLM.

It’s also reportedly fortifying the gen AI capabilities of its mobile devices, to which end it has started to hire for dozens of roles, according to the Financial Times, with the job postings referencing “ambitious long-term research projects that will impact the future of Apple, and our products.”

Huawei powers mobile voice assistant with AI [Link]

At HDC 2023, Huawei has launched its HarmonyOS 4 operating system with a large Pangu AI model for the Celia voice assistant.

This is seen as a winning move against Apple and Google, who are both speculated to work on LLM features for their voice assistant albeit a lack of official confirmation.

The Celia voice assistant, powered by the LLM Pangu 3.0 AI, will enable more features and interactions than the current ones involving text, images, documents, and more. Its new version can help users to write long summaries and could be harnessed as a copywriting tool, according to reports.

The new Celia will be available this month for closed testing.

How banks can de-risk in the metaverse [Link]

The metaverse brings unprecedented innovation to banking with its use of NFTs, AR/VR, and blockchain tech. Yet, banks are still not immune to risks and obstacles within this virtual realm, such as fraud prevention and data ownership, with real-world implications.

Key challenges for banks in the metaverse:

• Security and privacy concerns: 55% identifies security and privacy as key challenges, hence protecting sensitive financial information remains crucial.

• Governance and regulations: 47% recognizes governance and regulatory compliance as a critical challenge, with navigating evolving regulations while offering seamless metaverse services emerging as a complex undertaking.

• Authentication and identity management: 41% acknowledges the challenge of balancing seamless user experience with robust identity verification.

Tech solutions, on the other hand, help tackle these challenges:

• Open-source data governance: Democratic data governance standards can be enforced via open-source methods, curbing monopolization and unjust profit-making.

• Standards setting: The Metaverse Standards Forum is deemed fundamental to constructing an open metaverse, aiding banks in tackling security, privacy, and regulatory issues through initiatives like establishing deployment protocols.

• Fintech partnerships: Banks can utilize fintech knowledge to access security, authentication, and identity management solutions. Infosys Metaverse Foundry, for instance, provides implementation guidance to reduce risk when implementing metaverse strategies.

Meta and UFC bring MMA to VR [Link]

Meta has announced a strategic partnership with the Ultimate Fighting Championship (UFC), a prominent professional mixed martial arts (MMA) promotion.

The inside details:

• The collaboration will allow users to enjoy immersive 180-degree MMA matches in stunning 4K resolution within Horizon World.

• MMA enthusiasts can connect and engage with fellow fans while watching the matches. The interactive experience offers real-time discussions about favorite fighters and access to exclusive rewards through engaging in single and multiplayer mini-games.

With Meta CEO Mark Zuckerberg's personal interest in MMA, the partnership indicates a potential avenue for the integration of more combat sports entertainment on the Meta Quest platform.

Quick Hits

🎮 Gaming

• What’s up with Neopets NFTs? (Link)

• Game introduces South Africa’s 1st local user-generated content (UGC) merch on Roblox, shaping virtual fashion and retail. (Link)

• Despite women making up 48% of all gamers, less than 6% of games feature a female protagonist - Shero Comics wants to change this and more. (Link)

• Meta’s Super Rumble may not be the most impressive but it’s the best thing going in Horizon Worlds, a gamer notes on The Verge. (Link)

• VR is part of a larger spectrum called extended reality (XR), which includes AR (overlays digital displays on the physical world) and MR (merges the physical and virtual using projections like holograms). (Link)

• AI-driven cloud gaming platform The Game Company appoints Sam Huber, CEO of LandVault, as board advisor. (Link)

🕶 Fashion

• VeeFriends partners with Reebok to launch a set of Aspiring Alpaca-themed sneakers! (Link)

• Thanks to luxury mobile style game Drest, you can now try on Copenhagen Fashion Week’s latest styles in the metaverse. (Link)

• Fashion brand JAG harnesses gen AI tools to produce digital imagery that can replace on-location photo shoots. (Link)

• How does digital transformation impact the clothing recycling sector? (Link)

• From virtual make-up trials to data-driven skincare solutions, beauty has become more accessible and enjoyable - thanks to AI. (Link)

🏀 Sports

• The Major League Soccer is bound to use AI in its previously gatekept recruiting program, leaving many soccer enthusiasts and AI fans to ask: Has AI finally entered mainstream professional soccer? (Link)

• In the UAE, Boxer Roy Jones Jr. teams up with Philcoin to venture into NFTs and the blockchain. (Link)

• Meanwhile, The US falls to Sweden in an unprecedented early exit from the 2023 FIFA Women's World Cup. (Link)

• SRJ Sports Investments gets launched in high-growth Saudi Arabia and MENA region to bolster opportunities through investments in rights holders, fan engagement, and IP acquisition and creation. (Link)

• Terence Crawford solidifies his standing as the top pound-for-pound boxer, Jake Paul scores a unanimous-decision win over Nate Diaz - what’s happening in combat sports lately? (Link)

🎥 Media & Entertainment

• Elon Musk: X/Twitter will cover legal fees for users facing unfair treatment over liked or posted content. (Link)

• 49% of UK metaverse enthusiasts are millennials, driving virtual reality’s growth. (Link)

• Matrix star Lambert Wilson opens up about his longstanding fear of AI. (Link)

• Elon Musk says his cage fight with Mark Zuckerberg will be streamed on X. (Link)

• From the Metaverse Summit to the Augmented World Expo, these just might be the best metaverse events to attend this year. (Link)

• Grammy Award-winning singer-songwriter CeeLo Green and Jack Splash are merging their music with digital reality. (Link)

• Is this the future of comedy? The AI acts take the stage at the Edinburgh Fringe. (Link)

🖼 Art

• Dungeons & Dragons bans the use of AI for character and scenery creation. (Link)

• NFTXLV returns to Las Vegas for a 3-day event exploring web3, NFTs, blockchain gaming, and the metaverse. (Link)

• Zora NFT platform adjusts revenue split model to increase earnings for creators. (Link)

• Art Blocks and Bright Moments collaborate on “923 empty rooms” by Casey Reas, an artwork exploring simulation, visual representation, and abstraction. (Link)

• Tension between traders and creators of digital collectibles is deepening amid a painful slump in the market for NFTs. (Link)

🤖 AI

• AI-based chatbots can enhance physical activity, diet, and sleep habits. (Link)

• This Israeli startup utilizes AI to develop avatars translating spoken language into sign language for the deaf. (Link)

• Surgeons advocate for AI and robotics usage to solve long waiting lists and staffing shortages. (Link)

• Scammers exploit AI to flood online platforms like Amazon with low-quality, copy-pasted travel guidebooks. (Link)

• Meet Lince, the 1st LLM optimized for Spanish AI. (Link)

💸 Funding & Partnerships

• Hong Kong Monetary Authority (HKMA) and Saudi Central Bank (SAMA) sign an MoU for tokenization and payments research for their local economies. (Link)

• Pony.ai and Toyota team up to develop a fleet of robotaxis, with Toyota investing $139M and providing EVs for the project. (Link)

• The Australian military funds project to grow “dishbrains” for AI research. (Link)

• Disprz, a corporate learning and skilling platform, raises $3M in its Series C funding to jump on the generative AI bandwagon. (Link)

• The UK government partners with social media companies to remove posts made by people smugglers, deterring migrants from crossing the English Channel to the UK. (Link)

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All content on this newsletter is for informational purposes only and does not aim to serve as or replace expert investment advice.

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