AI and Tech Updates: Meta's Privacy Plan Rejected, SEC Crypto Regulation, Startup Funding Debates, and AI Index Report Insights

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.Meta's plan to charge European users for the privilege of not being tracked for ad-targeting purposes has been rejected by the European Data Protection Board (EDPB). The EDPB stated that offering users a binary choice between consenting to tracking or paying a fee is not valid consent. Privacy advocates argued that this model does not provide users with a real choice. However, in other European regulatory news, Apple's latest beta version of iOS now allows EU iPhone users to download apps directly from developers' websites, bypassing the App Store. Additionally, TikTok is under scrutiny for launching a new app without conducting a required risk assessment on its impact on young people's mental health.Former SEC crypto litigation unit chief, Ladan Stewart, recently spoke on a panel alongside outspoken blockchain lawyers. Despite leaving the SEC after leading the agency's lawsuit against Coinbase, Stewart defended the SEC's controversial approach to regulating the blockchain sector. She emphasized that the recent ruling in favor of the SEC in the Coinbase case would encourage the agency to continue bringing regulatory cases in the crypto space. The panel also delved into the question of whether tokens themselves are securities or if it is the sale that creates an investment contract. Overall, Stewart's remarks reflected a commitment to continued regulatory enforcement by the SEC in the crypto space.The role of junior VC associates in the startup funding process is up for debate, with a discussion on whether founders should spend time meeting with them. Recent venture deals include companies such as Rivos, Upstage, GridBeyond, Kontakt.io securing significant funding rounds. In terms of IPOs, Rubrik and Ibotta plan to raise significant amounts on the New York Stock Exchange. Various funds and funds of funds such as Evolution Equity Partners have raised substantial amounts for investment. Overall, there have been various acquisitions, IPOs, fund raises, and personnel changes in the financial sector recently.At the Fortune Brainstorm AI event in London, discussions were mostly optimistic about how technology will improve businesses and lives. However, there was concern about the impact of AI on elections and democracy due to its potential to spread misinformation and deepen existing divides in society. United Airlines reported a quarterly loss due to grounding Boeing 737 Max 9 planes. Deloitte's 2024 Digital Media Trends report advises media and entertainment companies to adapt to the convergence of streaming, social media, and gaming. Other news includes JPMorgan CEO Jamie Dimon's criticism of shareholder meetings and concerns about AI advancements in North American banks.The AI Index Report for 2024 covers various aspects of AI advancement, including research and development, technical performance, ethics, economy, education, policy, governance, diversity, and public opinion. Key highlights include rapid progress in generative AI investment and increased release of large language models worldwide. Despite advancements in generative AI and other technical areas, public sentiment towards AI is becoming more negative due to concerns about transparency, privacy, and responsible AI benchmarks. The report also discusses the impact of AI on productivity, job trends, and rising fear surrounding generative AI technologies.

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