OpenAI may Exit Europe if Regulation Toughens, says CEO Sam Altman

Here are the top trending stories from the world of technology. News that we feel every tech enthusiast should keep a tab on.

1)

OpenAI may Exit Europe if Regulation Toughens, says CEO Sam Altman

OpenAI’s CEO Sam Altman warned on Wednesday that ChatGPT’s parent company may very well have to exit Europe if its compliance law doesn’t ease up. Altman made the statement while speaking at a public event in London. His statement has come at a time when EU officials are busy in drafting what could be possibly world’s first ever regulation to govern AI. As part of the EU rules, companies using generative AI tools like ChatGPT will have to mandatorily disclose any copyrighted materials that could be used to develop their systems. Altman, however, said that OpenAI will do everything possible to comply with rules as and when EU rolls out the regulation. Recently, Italy become the first country in the world to ban ChatGPT over privacy concerns before revoking the ban.

2)

Apple signs Multibillion-dollar chip deal with Broadcom

Apple on Tuesday struck a multi-billion-dollar chip deal with Broadcom to develop 5G radio frequency spare-parts in United States of America. Apple said that this multibillion-dollar deal is a part of its commitment to invest nearly $430 bn in the U.S. and also to promote made in U.S. chips. Tim cook said that this commitment will “harness the ingenuity, creativity and innovative spirit of the American manufacturing.” The market gave mixed reaction to this high-profile deal. While Broadcom’s shares closed 1% higher on Tuesday while Apple’s stock were down by 1%.        

3)

AI poses great threat to Humanity, Former Google CEO claims

Former Google CEO Eric Schmidt has become latest industry expert to warn about the impending doom if artificial intelligence (AI) is not tamed. Speaking at an event in London, Schmidt, Schmidt said that AI poses existential threat to humanity and therefore it is critical to make sure that the technology is not misused by evil people. He, however, added that the U.S. is unlikely to set up a regulatory body in near future to regulate AI. Schmidt was the CEO of Google from 2001 to 2011. Last month Geoffrey Hinton, who is called the godfather of AI, made a similar doomsday prediction about AI.

4)

Meta sells Giphy to Shutterstock for $53 Mn

Facebook and Instagram’s parent company Meta announced on Tuesday that it is selling the GIF discovery platform ‘Giphy’ for mere $53 Mn to Shutterstock. Shutterstock, which provides stock photographs and footages, has confirmed the acquisition deal. Meta was compelled to sell Giphy after U.K’s antitrust regulatory body blocked the acquisition last year, citing that Giphy’s acquisition gives Meta unfair advantage. Apparently, Giphy’s sale out has brough enormous loss to the social media giant since it bought Giphy at a steep valuation of $400 Mn in 2020.

5)

Virgin Orbit sold for $36 Mn, Shuts Down Biz  

Billionaire Richard Branson’s bankrupt space rocket company Virgin Orbit has now completely shut down its operation, after selling it for meagre $36 Mn. The company was reportedly sold to three aerospace companies in a bankrupt auction. Virgin Orbit had filed for Chapter 11 bankruptcy last month after it failed to secured long-term funding. Founded in 2017, the company was aiming to become a leading satellite launch company by launching private & international satellites to earth’s orbit. In its hey days, Virgin Orbit was compared with Elon Musk’s highly successful space rocket company SpaceX.