Coming up this week:

- OpenAI: Raises $6.6 Billion
- Microsoft: Advanced AI Agents
- Ukraine: AI Chatbots Spread Misinformation
- Microsoft: Relaunches Recall Tool

And much more… Learn how these unfolding narratives are shaping The Business of AI.

FEATURED STORY 🔥

OpenAI Secures Record-Breaking $6.6 Billion Investment

OpenAI has raised $6.6 billion in a historic funding round, valuing the company at $157 billion. This deal, led by Thrive Capital, marks the largest venture capital investment ever. Microsoft, Nvidia, SoftBank, and others participated, while Apple did not join.

The funding comes with a condition: OpenAI must shift to a for-profit structure within two years, or investors can request refunds. This move towards a product-focused approach has led to internal debates and the recent departures of key staff members, including CTO Mira Murati and two top researchers.

Despite concerns about prioritizing speed over safety, OpenAI maintains its commitment to responsible AI development. The company plans to use the new funds to expand its AI research, increase computing capacity, and develop tools for solving complex problems. While OpenAI's revenue is growing, this massive investment reflects the rising costs associated with advancing AI technology.

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TRENDING STORIES 🔥 

Microsoft AI Chief Predicts Advanced Memory Assistants

AI assistants with long-term memory are expected within a year, says Microsoft's AI head Mustafa Suleyman. These tools will remember conversations and projects, becoming everyday companions. Microsoft introduces new AI features including voice functions and a daily news digest. Privacy concerns are acknowledged as the company plans to relaunch its AI tool with enhanced security.

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AI Chatbots Spread Russian Misinformation on Ukraine War

Google and Microsoft AI chatbots sometimes repeat false information about Russia's invasion of Ukraine. Their accuracy varies based on language and time. Researchers warn that users often trust chatbot outputs, potentially influencing political views on important events like the ongoing conflict.

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Microsoft Revamps Controversial AI Screenshot Tool

Following privacy concerns, Microsoft postponed and redesigned its Recall tool. The AI-powered feature, which takes regular screenshots of user activity, will now be opt-in when relaunched in November on CoPilot+ computers. Additional security measures include encryption and biometric login requirements for accessing screenshots.

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AI Image Of The Week 📷️ 

MJ Prompt: A French bulldog, swimming underwater in the pool. A full-body portrait with bright colours, clear water ripples and a light blue background. Rich in detail and fine fur texture, and a happy expression. Credit

EYE OPENING NEWS 🧠 

AI's Potential to Reshape Job Market Hierarchy

Artificial intelligence could reverse the social and financial status of blue-collar and white-collar work. AI may reduce job opportunities in professions like accountancy, law, and medicine. However, many trades and manual jobs seem less threatened by AI. This shift might lead to higher regard and pay for tradespeople compared to traditional professionals.

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Google's Push to Change UK Copyright Law Alarms Publishers

Mumsnet founder criticizes Google's attempt to modify UK copyright law, allowing free use of publishers' content without compensation. This practice threatens smaller publishers' survival and content creation. While AI has potential benefits, the unchecked exploitation of content raises concerns about fairness and the future of online publishing.

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AI Chip Design Claims Spark Debate Among Experts

Google DeepMind's AlphaChip AI reportedly designs chips faster than humans. The system is used in Google's data centers and smartphones. However, experts question these claims. They want public benchmarks to compare AI performance with human designers and commercial tools. Google has not provided additional data to support their assertions.

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AI Startup Halts Model Development After Google Deal

Character.ai, an artificial intelligence startup, has decided to stop creating AI models following a $2.7 billion agreement with Google. The company will now focus on other aspects of its business, shifting away from developing its own AI technology.

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FUNDRAISING 🤑 

MarqVision Secures $16.5M for AI-Powered IP Protection

AI startup MarqVision raised $16.5 million in Series A funding, totaling $50 million to date. The company developed Marq AI, an AI-powered platform that combats counterfeiting and digital piracy. MarqVision's global expansion is supported by luxury brand LVMH.

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OpenAI Secures Additional $4 Billion Credit Boost

AI firm OpenAI has obtained $4 billion in credit from investors. This comes on top of $6.6 billion raised. The funds will support research, development, team expansion and infrastructure improvements.

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Poolside Secures $500 Million in Series B Funding

AI-powered software development platform Poolside raised $500 million in a Series B round. Led by Bain Capital Ventures, with participation from eBay and Nvidia, this brings Poolside's total funding to $626 million. The startup's valuation now stands at $3 billion.

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Lightspeed Aims to Raise $7 Billion for New Funds

Venture capital firm Lightspeed is seeking to raise approximately $7 billion for three new funds. About 40% will be allocated to an opportunity fund for follow-on investments and late-stage startup shares. The firm plans to acquire controlling stakes in some enterprise software startups.