Lifeboat Foundation

Mentions of the “metaverse” were relatively few and far between in Meta’s quarterly earnings call this week — we counted a mere seven mentions compared to 23 for “AI” — but the company’s investment into its vision of a VR-connected social future remains colossal.

Starting in 2021, Meta began breaking out its Reality Labs VR and AR division into its own segment for financial reporting purposes. That makes it possible to see just how much Meta is pouring into those areas, and the numbers are staggering.

Meta reported $13.7 billion in operating losses for Reality Labs for 2022, more than the already jaw-dropping $10.2 billion it sunk into the division in 2021. Reality Labs brought in $2.16 billion last year in revenue, a drop from $2.27 billion in 2021.

A jury found Elon Musk not liable for costing investors when he issued a series of tweets saying he had “secured” funding to take the electric car maker private.

The Friday verdict, issued by a nine-person Northern California jury, represents a legal victory for the 51-year-old billionaire, who has seen the value of his Tesla holdings decline some 44% over the past year.

During the trial, Musk personally took the witness stand to defend the tweets, testifying he believed he had a handshake agreement in 2018 with Saudi Arabia’s Public Investment Fund to convert Tesla, which is a publicly traded company, into a private one. It was the Saudis, he said, who subsequently reneged on the deal.

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Dr. Ben Goertzel.
SingularityNET

The Coming Consciousness Explosion.

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A threat actor named InTheBox is promoting on Russian cybercrime forums an inventory of 1,894 web injects (overlays of phishing windows) for stealing credentials and sensitive data from banking, cryptocurrency exchange, and e-commerce apps.

The overlays are compatible with various Android banking malware and mimic apps operated by major organizations used in dozens of countries on almost all continents.

Being available in such numbers and at low prices, allows cybercriminals to focus on other parts of their campaigns, development of the malware, and to widen their attack to other regions.

Yahoo Finance automotive reporter Pras Subramanian explains Rivian’s recent round of layoffs amid pressures to ramp up its EV production targets.
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This is still the beginning of what AI can possibly do.

IBM’s Watson supercomputer is working wonders in an area where OpenAI’s ChatGPT does not have much to offer, the stock market. An exchange-traded fund (ETF) is using the power of artificial intelligence (AI) to balance its portfolio and has done pretty well for itself this year, ETF.

PhonlamaiPhoto/iStock.

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Bloomberg Originals offers bold takes for curious minds on today’s biggest topics. Hosted by experts covering stories you haven’t seen and viewpoints you haven’t heard, you’ll discover cinematic, data-led shows that investigate the intersection of business and culture. Exploring every angle of climate change, technology, finance, sports and beyond, Bloomberg Originals, is business as you’ve never seen it.

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According to the Financial Times, investments in generative AI in 2022 exceeded $2 billion. OpenAI’s valuation for a potential sale of some shares was set at an impressive $29 billion by the Wall Street Journal. Clearly, this indicates the enormity of interest from investors and corporations in generative AI technology. As the world continues to embrace technology and automation, businesses are beginning to explore the infinite possibilities of Generative AI. This type of Artificial Intelligence is on the cusp of creating autonomous, self-sustaining digital-only enterprises that can interact with humans without the active need for human interaction.

Generative AI is quickly becoming more widely adopted as enterprises are beginning to utilize it for a variety of tasks, including marketing, customer service, sales, learning and client relationships. This type of AI can create marketing content, generate pitch documents and product ideas and craft sophisticated advertising campaigns – all custom driven to help improve conversion rates and drive more revenue.

Generative AI companies are beginning to see massive success in venture capital, with many raising large sums of money and achieving high valuations. As per TechCrunch, Jasper, a copywriter assistant, recently raised $125 million at a $1.5 billion valuation, while Hugging Face raised $100 million at a $2 billion valuation, and Stability AI raised $101 million at a $1 billion valuation. In addition, Inflection AI raised $225 million at a post-money valuation of $1 billion according to TechCrunch. These successes can be compared to OpenAI, who in 2019, received more than $1 billion from Microsoft in funding with a $25 billion valuation.

Simulations of the behavior of individual financial traders show that imperfect market knowledge increases risk but not overall losses.