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Six bullets of updates

1. 📈 The U.S. Commerce Department report supports open AI models, emphasizing their potential for innovation and safety.

2. 🎨 Canva acquires Leonardo AI in a $300 million deal to enhance its generative AI tools, expanding creativity and efficiency.

3. 🍏 Apple claims it took a responsible approach to training its Apple Intelligence models, focusing on safety and transparency.

4. 💳 Stripe continues its buying spree, expanding its fintech arsenal with another strategic acquisition.

5. 🔒 A recent HealthEquity data breach has impacted 4.3 million people, exposing sensitive personal information.

6. 🚀 Franshares allows you to invest in franchises with as little as $500, opening new doors for passive income.

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Meta's AI playground: where chatbots get personal

At the 2024 SIGGRAPH conference, Meta CEO Mark Zuckerberg shared his vision for personalized AI chatbots with Nvidia CEO Jensen Huang. Instead of a single AI model like OpenAI's ChatGPT, Zuckerberg envisions custom chatbots for each user. He introduced Meta's new AI studio, which allows users to create personalized chatbots for use across platforms like Instagram and WhatsApp, without requiring coding. Huang praised this approach as a "home run idea," emphasizing its potential to empower small businesses with AI-driven customer interaction tools.

Zuckerberg's vision promotes a diverse ecosystem of AI personalities, making interactions more engaging. Examples like GreenThumbGuru for gardening tips and The Sassy Psychic Priscilla illustrate the variety possible with Meta's AI studio. These chatbots also provide emotional support, helping users navigate complex social situations. This personalized approach contrasts with a single AI model, offering flexibility to meet individual needs. Zuckerberg's vision aligns with industry trends toward personalized AI, exemplified by Zoom CEO Eric Yuan's similar outlook on custom AI bots reducing workloads.

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Startup Events and Deadlines

1. Crash Course in Financial Modeling | August 7 | Webinar

2. SaaStock: Dublin | August 14 | Conference

3. How to close a Funding Round (it’s not just the pitch deck) | August 14 | Webinar

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These companies just raised money

1. 💶 Kennet raises €266 million for its largest growth fund to date, bolstering Europe’s startup funding landscape.

2. 🌱 Applied Carbon’s farm robot turns plant waste into biochar to capture CO2, raising $21.5 million for U.S. deployment.

3. 🔒 Lineaje raises $20 million to help organizations counter software supply chain threats, with over 50% facing attacks.

4. 🛠️ Lightrun launches an AI debugger to help developers fix their production code, raising $18 million in a recent SAFE round.

5. 🚀 Sybill raises $11 million for its AI assistant to help salespeople reduce administrative tasks by 30%.

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OpenAI’s bid to make friends and influence policies

OpenAI has endorsed three Senate bills that could shape the federal government’s approach to artificial intelligence. One of these, the Future of AI Innovation Act, seeks to establish the United States AI Safety Institute to set standards for AI models. OpenAI’s Vice President of Global Affairs, Anna Makanju, stated that this bill would help minimize AI risks by providing Congressional support. OpenAI also backs the NSF AI Education Act and the CREATE AI Act, which propose federal scholarships for AI research and resources for AI education in schools.

These endorsements highlight OpenAI’s strategic positioning in the AI regulatory landscape. By supporting these bills, OpenAI aims to ensure AI safety and accessibility while gaining favor with lawmakers, which is crucial as it faces potential regulatory scrutiny. OpenAI, valued at $86 billion through partnerships with Microsoft and Apple, joined other major tech firms in signing a letter advocating for the AI Safety Institute. The Future of AI Innovation Act also calls for federal agencies to create publicly available datasets.

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Silicon Valley is a Dystopia - Tech Nomad in SF