Good morning! It is November 5, 2024, today. We have a thrilling lineup of AI news, from Nvidia's unprecedented achievement to Google's new AI hub in Saudi Arabia. Let's dive into the latest updates!

1. Nvidia Overtakes Apple to Become World’s Largest Company Amid AI Surge

Nvidia's market capitalization hit $3.43 trillion, surpassing Apple at $3.38 trillion due to skyrocketing demand for AI technology. Nvidia’s stock has surged by 850% since late 2022, largely driven by its critical role in supporting large language models. Although Apple has made recent advancements in AI with its new generative AI tool, Nvidia's dominant presence in the AI space currently holds strong.

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2. AI Search Startup Perplexity Set to Reach $9 Billion Valuation in New Funding Round

Perplexity, an AI-powered search engine, is expected to raise $500 million in a new funding round, boosting its valuation from $520 million at the start of 2023 to $9 billion. While the platform has gained popularity with over 100 million weekly queries, it faces legal challenges from major publishers over copyright infringement concerns. Perplexity’s CEO, Aravind Srinivas, suggests revenue-sharing instead of licensing fees, with an advertising program launch slated for November.

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3. Google Establishes AI Hub in Saudi Arabia Amid Fossil Fuel Concerns

Google is building an AI hub in Saudi Arabia, aiming to advance Arabic language AI and "Saudi-specific" applications in partnership with the Saudi Public Investment Fund. The project aligns with Saudi Arabia's reliance on oil, despite Google’s 2020 pledge against oil and gas tech development. This move raises questions about potential applications in the petroleum sector, as Saudi state-owned Aramco has already leveraged AI to boost oil production. Google maintains that the project is consistent with its emissions reduction goals.

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4. Anthropic Launches New Claude 3.5 Haiku Model with Higher Costs, Mixed Reactions Follow

Anthropic has launched Claude 3.5 Haiku, a budget AI model that now costs four times more than its predecessor, citing improved performance. Users expressed frustration, noting the price makes it less competitive with models from rivals like Google and OpenAI. Although Claude 3.5 Haiku delivers longer text and uses updated data, it lacks the image analysis of earlier models. Available only via API and third-party platforms, the new model is designed for coding, data extraction, and content moderation.

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5. Former Meta AR Lead Joins OpenAI to Head Robotics and Hardware

Caitlin Kalinowski, previously leading Meta's augmented reality glasses project, has joined OpenAI to spearhead robotics and consumer hardware. Kalinowski, with experience in VR and AR at Meta and hardware design at Apple, aims to advance OpenAI’s robotics and AI hardware integration. Her arrival coincides with OpenAI’s move to hire more robotics engineers and expand multimodal AI into physical applications. Additionally, OpenAI-backed Physical Intelligence secured $400 million to develop adaptable robotic software, reflecting growing interest in robotics and AI.

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6. French Insurer Alan Expands with AI Health Bot, New Product Features

French health insurer Alan has announced three new product updates, including an AI chatbot called Mo that offers health advice vetted by doctors, an online shop with wellness products, and Alan Walk, a gamified step counter. Mo assists users by providing AI responses checked by doctors, ensuring reliable health information. Alan also plans further enhancements for Mo to make it a personalized health companion. Recently valued at $4.5 billion, Alan is expanding beyond France, with a new entry into Canada soon.

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Stay tuned for more updates, and have a fantastic day!

Best,

Zephyr