Key Points:
- Generative AI startups attracted nearly $10 billion of investment in 2023, more than double the amount from the previous year, despite the total venture capital money given to tech startups falling.
- Elon Musk’s AI project, Grok, has been released in beta to subscribers of X Premium+ service at $16 a month.
- Meta is testing AI capabilities for second-generation Ray-Ban glasses, outfitting them with on-glasses cameras and audio sensors that can interpret images with the use of AI.
- Intel and Nvidia are using AI to design and manufacture processors that run AI chatbots.
- Spotify cut 1,500 jobs as part of a push for ‘efficiency’ from AI, seeking to drive engagement and improve monetization opportunities with the technology.
In 2023, the global investment in genAI startups increased to approximately $10 billion from $4.4 billion in 2022, even though overall venture capital funding dropped from $418 billion to $224 billion within the same period. Adarsh Jain, director of the Financial Markets team at GlobalData, suggested that the growth in investments comes due to the versatile nature of the technology, which allows startups to address a wide range of challenges.
Elon Musk released his AI project Grok in beta to the subscribers of his X Premium+ service which costs $16/month. Grok is designed to compete with other conversational chatbots, such as Microsoft Bing and OpenAI’s ChatGPT.
Meta, formerly Facebook, is experimenting with second-generation Ray-Ban glasses. The glasses incorporate ‘multimodal AI’, which uses both camera and voice chat, to interpret images captured by on-glasses cameras, along with audio sensors. CNET’s Scott Klein noted that the tech has potential despite its current limitations.
Processor making companies Intel and Nvidia have been harnessing AI to expedite chip design and production processes. AI tools can identify bugs early in the design phase, increasing the speed at which chips reach the market.
Meanwhile, Spotify reduced its workforce by 1,500 positions as part of its drive for ‘efficiency’ through AI. With the introduction of features like AI DJ and AI Voice Translation for podcasts, the audio streaming platform seeks to improve business efficiency and drive engagement.