Nvidia $50 trillion, TSMC earnings, chip stocks tank, and Bitcoin miners' next move: AI news roundup
Taiwan Semiconductor Manufacturing Company beat analysts’ expectations for the second quarter thanks to demand for artificial intelligence chips. The Taiwanese chipmaker reported revenue of $20.82 billion for fiscal year 2024 — up 40% from a year ago.
Read about it and more in the AI news roundup.
OpenAI released a smaller, cheaper version of its most powerful AI model
OpenAI introduced a smaller, more cost-efficient version of its most powerful model GPT-4o — and it could mean even more AI-powered apps.
The massive chip stock selloff was a market overreaction, analysts say
The big selloff of chip stocks was a bit excessive — at least that’s what Jefferies and Bank of America analysts think.
Bitcoin miners are ditching crypto because there’s more money in AI
The Bitcoin mining reward has been reduced after Bitcoin halving, and that’s driving some companies to shift from Bitcoin mining centers to artificial intelligence data centers.
Former Google employees got $16 million to make video games more fun with AI
A startup with the first-ever artificial intelligence-powered “behavior engine” for characters in video games just raised $16 million.
TSMC smashed earnings expectations thanks to AI chip demand
Taiwan Semiconductor Manufacturing Company topped analysts’ expectations for the second quarter, reporting revenue of $20.82 billion for fiscal year 2024— up 40% from a year ago.
The ‘godmother of AI’ just built a $1 billion startup
At a time when women are disappearing from the tech industry, one AI visionary is making more of an impact than ever.
Anthropic is following OpenAI to launch its own $100 million AI startup fund
One of the leading AI startups, Anthropic, is partnering with a venture capital firm, Menlo Ventures, to launch a new fund for AI startups.
Nvidia and other chip stocks are falling on trade tensions and Trump’s Taiwan tough talk
Shares of several global chipmakers, including Nvidia and Taiwan Semiconductor Manufacturing Company (TSMC), fell Wednesday as investors responded to potential new Biden administration export controls and comments on Taiwan by former President Donald Trump.
Apple, Nvidia, and other tech companies trained AI with thousands of YouTube videos
With the generative artificial intelligence boom underway, tech companies are looking for training data to improve their models — and some are taking without permission.
Huawei just built a $1.4 billion chip center as it faces U.S. sanctions
One of China’s main competitors in the chip war has built a research and development center for chips in Shanghai as it faces pressure from U.S. sanctions aimed at curbing its advanced technology efforts.
Bank of America plans to spend $4 billion on AI and other new tech this year
Bank of America is directing $4 billion toward new technologies this year, including enhancements of its artificial intelligence tools for both clients and advisors, chief executive Brian Moynihan said Tuesday.
The gap between AI development in the U.S. and China could ‘expand,’ experts say
China’s artificial intelligence development is being slowed by U.S. trade restrictions on advanced chips — and the gap between the two countries could “expand,” experts said.
Get ready for Nvidia’s market cap to soar to $50 trillion, top investor says
An early investor in Amazon and Tesla said Nvidia is a different bet, and that the AI chipmaker could reach a $50 trillion valuation in a decade.
The top 10 AI tools people are using at work
Despite fears over artificial intelligence replacing workers, some employees are embracing the technology for work. In May, usage of OpenAI’s ChatGPT grew 74%, from 1.8 billion site visits in April, to 3.1 billion, according to Similarweb website traffic data collected by FlexOS. ChatGPT was the most used generative AI tool for work around the world in May, and was followed by competitors including Google Gemini and Anthropic’s Claude.