🇺🇸 The AI race between the U.S and China heats up

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🧠 AI and Machine Learning

The EU still needs to get its AI Act together (6 minute read)
The European Union is gearing up to introduce some groundbreaking safety and transparency rules for artificial intelligence (AI), making it one of the most comprehensive regulations in the world. The EU Artificial Intelligence Act, a draft legislation that places restrictions on high-risk uses of AI, received approval from the European Parliament on June 14th. With just a few remaining hurdles to overcome, this act is set to come into effect after a two-year journey and a surge in AI interest. Back in April 2021, European lawmakers proposed the AI Act, acknowledging the potential "economic and societal benefits" AI could bring but also the "new risks or negative consequences for individuals or society." These concerns may now seem obvious, given the chaos caused by generative AI tools like ChatGPT or Stable Diffusion, but these warnings were issued before these advanced AI technologies emerged. As AI continues to rapidly evolve, this once seemingly straightforward regulation is facing challenges in keeping up with a wide range of fast-changing technologies.

How the U.S. is trying to stay ahead of China in the AI race (3 minute read)
In the race for AI dominance between the U.S. and China, the U.S. holds a significant advantage: the most advanced AI training chips are designed in the U.S. and created using tools from allied nations. The Biden administration is now gearing up to further restrict China's access to these cutting-edge chips, which would keep Chinese AI companies from keeping pace. The concern stems from fears that AI developed by Chinese private companies could eventually serve military, intelligence, and surveillance purposes for Beijing. However, the administration must strike a delicate balance, as cutting off China could impede the progress of tech giants that have been instrumental in advancing U.S. AI capabilities, such as Nvidia, which recently achieved a market cap of $1 trillion, joining an elite group of companies.

How Insilico Medicine Uses Generative AI to Accelerate Drug Discovery (3 minute read)
While generative AI has recently gained popularity, Insilico Medicine, a drug discovery company, has been utilizing it for years to advance therapies for debilitating diseases. Their early adoption of deep learning is paying off as a drug candidate discovered through their AI platform has now progressed to Phase 2 clinical trials for treating idiopathic pulmonary fibrosis, a relatively uncommon respiratory condition that causes a gradual decline in lung function. Insilico employed generative AI at every stage of the preclinical drug discovery process, from identifying a molecule that could be targeted by a drug compound to generating novel drug candidates, assessing their binding capabilities with the target, and even predicting clinical trial outcomes. Achieving this through traditional methods would have required over $400 million and up to six years, but with generative AI, Insilico accomplished these milestones for just one-tenth of the cost and one-third of the time, reaching the first phase of clinical trials a mere two and a half years after initiating the project.

💼 Business

OpenAI brings the competition to DeepMind’s doorstep with new London office (2 minute read)
OpenAI is spreading its wings and venturing overseas, with London being its chosen destination. The company yesterday announced plans to establish its first international office in the British capital. OpenAI's London office will primarily focus on advancing research and engineering capabilities, while also fostering collaboration with local communities and policymakers. CEO Sam Altman expressed excitement about the expansion, stating that it presents an opportunity to attract top-notch talent and drive innovation in the development and policy of Artificial General Intelligence (AGI). London, with its thriving AI ecosystem and prestigious universities, including DeepMind's long-established AI research division, stands out as an ideal choice for OpenAI's expansion beyond its San Francisco headquarters as London becomes a booming center for AI.

AI Chatbot Startup Rockets to $4 Billion Valuation With Microsoft, Nvidia Backing (3 minute read)
Inflection AI, the exciting startup behind the AI-powered chatbot Pi, has hit a home run by raising a whopping $1.3 billion, catapulting the company's valuation to an estimated $4 billion. The timing couldn't be better, as the AI industry is buzzing with lucrative investments, and Inflection has managed to secure support from tech powerhouses including Microsoft and Nvidia. Notable figures like LinkedIn co-founder Reid Hoffman, Microsoft co-founder Bill Gates, and former Google CEO Eric Schmidt have also joined in on the action. Interestingly, Nvidia stands out as the sole new investor in this group. The tremendous success of Inflection's groundbreaking chatbot Pi has sparked a flurry of offers, leading to this impressive funding round.

❓ Misc

How AI is helping to shrink waiting times for NHS cancer patients (3 minute read)
At Addenbrooke's Hospital in Cambridge, the National Health Service (NHS) is embracing AI advancements that are revolutionizing radiotherapy treatment planning, resulting in shorter wait times. As the NHS approaches its 75th anniversary, it continues to prioritize modernizing healthcare delivery and adapting to the evolving needs of society. The Cambridge Universities Hospitals NHS Foundation Trust exemplifies this commitment by implementing a homegrown AI system called "OSAIRIS." This AI system has transformed the scanning preparation process, significantly reducing the waiting period for radiotherapy patients at Addenbrooke's Hospital. By harnessing the power of AI, medical specialists can now plan radiotherapy treatments approximately two and a half times faster than working alone, enabling more patients to receive timely treatment and enhancing the potential for improved outcomes.

Valve Reportedly Refuses to Publish Games with AI Content on Steam (2 minute read)
Game developers using machine-generated assets might encounter hurdles when trying to release their games on Steam, as shared by baobaozi89 on Reddit. Valve, the company behind Steam, reportedly refused to publish baobaozi89's game due to its inclusion of AI-generated content. Valve stated that developers must have the rights to all aspects, including the images used to train the AI model. In response, the developer altered the contentious content to make it indistinguishable as machine-generated. However, Valve still rejected their request, citing uncertainty regarding the rights to the training data used by the underlying AI technology.

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