💰️ Here comes the money

PLUS: OpenAI lobbied the EU to avoid harsher AI regulations

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Happy Wednesday, fellow humans. 👋

ByteDance has ordered around $1 billion worth of Nvidia GPUs in 2023 (so far), which equals roughly 100,000 units split between Nvidia's A100 and H800 cards.

For reference, OpenAI used 10,000 GPUs to train ChatGPT.

What could ByteDance be building? Wrong answers only, please.

Let’s dive into it…

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🧵 In today's edition:

  • 📹️ Vimeo’s latest AI tools

  • 🏠️ The White House Takes 'Decisive Actions' on AI

  • 💰️ Here comes the money

  • 🤑 AI Fundraising News

🤖 Top AI News

📹️ Vimeo’s latest AI tools

Youtube’s ad-free adversary, Vimeo, just released some pretty cool AI tools that are set to revolutionize the video editing game.

There are three main features:

  • A script generator that generates scripts “based on a brief description and key inputs like tone and length.” no need for manual transcription anymore.

  • A teleprompter that lets users adjust timing and font size. No AI, but still p cool.

  • A text-based video editor which identifies “filler words, long pauses, and awkward moments” and lets users remove them with a single click. Elite. I need this.

And you know the drill - all these tools will be available sometime in July through Vimeo’s “standard plan” for $20/mo. If only life were free.

Of course, there are broader concerns about using AI in video editing, as people worry that it might lead to job losses for human editors.

However, Vimeo reassures that these AI tools are meant to assist human creativity, not replace it.

The company believes AI can be a powerful tool to enhance the creative process and make video editing accessible to everyone. So, while it's true that AI is changing the landscape of video editing, it's also opening up new possibilities and empowering content creators with innovative tools that simplify their workflow.

It's an exciting time to be in the world of video editing.

Read more: The Verge

🏠️ The White House Takes 'Decisive Actions' on AI  

Seeing France and the UK take such strong strides in developing AI regulation has put a pep in the step of the Biden Administration.

In the coming weeks, The White House plans to take "decisive actions" to address the rapid advancement of AI technology as part of a broader effort to regulate AI and put "guardrails" in place.

The Office of Management and Budget has been tasked with developing policy guidance for federal agencies on developing, procuring, and using AI systems.

All of this points to two things:

  • US-wide AI regulation to allow the US to get back on level terms with France, China, and the UK

  • Adding to and advancing the AI Bill of Rights.

I’m excited about both.

Read more: Fox

💰️ Here comes the money

On the one hand, you have Aaron Rodgers, who hates being associated with his alma mater, UC Berkeley.

On the other, you have the billionaire chair of Infosys, Nandan Nilekani, who will donate $38.5 million to his alma mater, the Indian Institute of Technology Bombay, in one of the largest gifts by an alumnus in India.

Good lord, that’s a lot of money. 💰️ 

Nilekani believes that AI has the potential to revolutionize multiple industries and wants to support cutting-edge research in this field.

The funds will be used to establish a state-of-the-art research center focused on AI, with Nilekani also actively engaging with the institute to develop a comprehensive AI curriculum.

The reason: He aims to bridge the gap between academia and industry by ensuring that students have the necessary skills and knowledge to thrive in the AI-driven world.

Nilekani is determined to nurture the next generation of AI innovators and entrepreneurs, and this seems like a 🔥 way to help.

Read more: Yahoo Finance

🤑 AI Fundraising News

Parrot raises $11M Series A to develop an AI-powered transcription platform that turns speech into text.

Voice-generating platform ElevenLabs raises a $19M Series A round to enable users to turn text into speech using synthetic, cloned, or entirely novel artificial voices.

🗞️ AI Quick-Bytes

What else is going on?

  1. OpenAI lobbied the EU to avoid harsher AI regulations 

  2. German tabloid Bild to replace a range of editorial jobs with AI

  3. Upgrading AI-powered travel products to first class

  4. Lawmakers seek 'blue-ribbon commission' to study impacts of AI tools

  5. Opera's generative AI-infused browser is ready for the masses

  6. Gladia turns any audio into text in near real-time

  7. Etherscan launches AI-powered Code Reader 

🐦️ Tweet of the day

🎢 The hype is real.

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And that does it for today's issue.

As always, thanks for reading. Have a great day, and see you next time! ✌️

— Haroon: (definitely) Not A Robot and @haroonchoudery on Twitter

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