Today’s cache | California governor rejects AI bill | Photo credit: AP
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California Governor Rejects AI Bill
California Governor Gavin Newsom vetoed an AI bill that sought to enshrine into law the nation’s first safety measures for large artificial intelligence (AI) models, leading to mixed reactions. Newsom told the audience at a Salesforce event that the state of California Needed AI Regulation, But Highlighted Danger of ‘Chilling Effect’ this could impact the industry. Several AI startups, tech giants and some Democratic members of the House of Representatives also opposed the new regulations.
However, the bill’s author, Democratic Sen. Scott Weiner, criticized the veto and said it hurt those who wanted oversight of “big business.” Newsom instead advocated working with experts in the field to develop AI-related safeguards.
OpenAI eyes $11.6 billion in revenue
As OpenAI completes its $6.5 billion fundraising, Thrive Capital is investing more than $1 billion and could invest an additional $1 billion next year at the same valuation if OpenAI hits a revenue target , Reuters reported, citing anonymous sources. In addition to this, OpenAI expects its revenue to reach $11.6 billion in 2025.while losses are expected to reach $5 billion this year, according to sources. An official confirmation or denial from OpenAI is pending.
However, the company behind the fast-growing chatbot ChatGPT is seeing the departure of several senior executives, including chief technology officer Mira Murati. OpenAI CEO Sam Altman announced that he will now focus on the technical and product aspects of the company.
Cisco unveils first manufacturing plant in India
Cisco inaugurated its first manufacturing plant in India on September 27, located in Sriperumbudur near Chennai, Tamil Nadu, to produce its Network Convergence System (NCS) 540 series routers. The company has not revealed exactly how much it has invested in India, but aims to generate $1.3 billion in revenue and create 1,200 jobs in the state of Tamil Nadu.
Cisco CEO Chuck Robbins said the company was highly praised for its sustainability, while his team said it would continue to audit workers’ schedules and ensure fair wages. The company also admitted that a restructuring was underway and that it was redirecting its investments to particularly focus on cybersecurity, artificial intelligence and related areas of its business.
Published – September 30, 2024 at 12:15 p.m. IST
