Regulation Pressure on Meta and Google, AI Investments, and RBC CEO's Bold Message: A Recap on OWITH.ai

OWITH.ai - Only What's Important to Hear around AI and Tech

Good morning from OWITH.ai: the podcast that gives you only what's important to hear in AI and tech world. Australian lawmakers have pressured Meta to admit that only regulation will force the company to offer users the option to opt out of having their data scraped for AI training. Meta's global privacy director admitted that the company had been scraping public photos and posts of Australian adult users without providing an opt-out option. The company has not scraped data from users under 18, but has used posts from users who were minors when they opened their accounts. Meta has stated that only regulators can push them towards a privacy-first approach, as seen in the EU where users have the option to opt out due to strict data laws. Critics argue for an opt-in process and stress the importance of data privacy and AI regulations. This situation underscores the need for regulation around data privacy and AI, as well as the potential impact on smaller AI startups. It also discusses the significant investments made by tech giants in AI technology and data centers, reflecting the ongoing growth in generative AI technology..Transitioning to the next news, Google is facing regulatory scrutiny over its Palm 2 large language model rollout, with the Irish Data Protection Commission investigating if Google conducted a data protection impact assessment before deploying Palm 2. This investigation follows similar actions taken against Meta and X for violating EU privacy laws. The General Data Protection Regulation (GDPR) applies to all these cases, and violations could result in fines of up to 4% of global annual revenues. Despite these concerns, European regulation is already a significant issue for the AI sector. The text also mentions other tech news, such as SpaceX's private spacewalk and the failure of Adam Neumann's crypto token launch. The email concludes by announcing changes to the Data Sheet format to provide more concise summaries of important tech stories..Moving on to the next update, Accolade Partners, a fund of funds based in Washington, D.C., has raised over $135 million across two new blockchain vehicles, despite not being as well-known as other crypto venture firms. Accolade has been successful in funding top blockchain investors and has continued to actively invest in VC firms through crypto's ups and downs. The firm's recent success is reflective of the increasing interest and investment flowing into blockchain and other emerging technologies. The text also highlights significant funding rounds and acquisitions in the tech startup and private equity spaces, as well as recent investments and promotions within the industry.Shifting focus, RBC CEO Dave McKay recently received a bold message that Canada is out of sync with its largest trading partner, the U.S. He believes Canada needs to adopt a more competitive tax structure and tighter ties with the U.S. McKay shared personal anecdotes, leadership principles, and challenges faced by RBC, including firing executives for alleged affairs and completing a controversial acquisition. He hopes to see American expansion rather than retreat. In other news, European companies are souring on Chinese markets due to risks like market access and unpredictable regulations. Novo Nordisk hints at a new blockbuster drug called amycretin, which could help patients lose weight.Lastly, the text discusses various topics related to AI development, including the slow progression of human and AI capabilities, the safety record of autonomous vehicles, advancements in generating 3D meshes from images, and the regulation of AI through a legally binding treaty. The AI Treaty aims to uphold human rights and democratic values in AI development, with a focus on non-discrimination, pr

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