Big Tech Invests Billions in Machine Learning Tools: Highlights from the AI World
AI Industry Highlights: Big Tech Invests Billions in Machine Learning, but Challenges Remain
chandni
Staying up-to-date in the rapidly evolving field of AI can be challenging. To help you keep track, here's a recap of the latest news in machine learning from the past week, including noteworthy research and experiments that may have flown under the radar.
The competition in AI, especially in generative AI, is intensifying. Dropbox recently launched its corporate venture fund, Dropbox Ventures, focusing on AI-powered startups shaping the future of work. Not to be outdone, AWS introduced a $100 million program to support generative AI initiatives led by its partners and customers.
Significant investments are being made in the AI space. Salesforce Ventures plans to allocate $500 million to startups developing generative AI technologies, while Workday added $250 million to its existing VC fund dedicated to supporting AI and machine learning startups. Accenture and PwC have also announced plans to invest $3 billion and $1 billion, respectively, in AI.
However, the question arises whether money alone can address the outstanding challenges in AI. At a recent Bloomberg conference, Meredith Whittaker, the president of secure messaging app Signal, raised concerns about the increasing opacity of the technology underlying popular AI applications. She highlighted the example of loan decisions being made based on scraped social media data without transparency or accountability for the individuals affected.
Whittaker emphasized that the problem lies not in capital but in the existing power hierarchy. Merely having a seat at the table without influence holds little value, she argued. Structural changes are needed to address these issues, but they are far more challenging to achieve than acquiring funding, especially when they may not favor the established powers. Whittaker warned of the potential consequences if sufficient resistance is not mounted against this trend, leading to an AI-driven society with limited individual and collective agency.
This thought-provoking perspective should prompt reflection within the industry, although whether it will spur action remains uncertain. Whittaker's insights are anticipated to be further discussed when she takes the stage at the upcoming Disrupt event in September.
