Tim Cook heralds AI era with Apple Intelligence, ChatGPT on iPhone and more

Apple will integrate ChatGPT, the company said on Monday, June 10, while announcing a new suite of AI features that will customise personal experiences for millions of its users with the arrival of iOS 18 and other software updates later this year. This marks the Cupertino-based company’s jump into the AI space.

Termed ‘Apple Intelligence’, the AI features will manage notifications, automatically write things or summarize text in mail and other apps, the company said. Apple, currently the third most valued company in the world, behind Microsoft and Nvidia, said the AI features will be stored in “Private Cloud Compute” in a safe and secure way.

With 2023 winding down, it is time to reflect on the past year and take a look forward to 2024.

Here’s wishing everyone a very Happy New Year. We hope that 2024 brings all of you joy, peace, good health and all your desires.

The year began with almost everyone predicting a recession. The Federal Reserve kept raising interest rates at regular intervals. Nobody thought that 2023 would be a blockbuster year for stocks. The S&P 500 finished the year up 24% and the DJIA advanced 14% to top 37000 for the first time. In fact, the final days of 2023 saw seven record closes for the index. The Nasdaq composite soared 43%, its best year in over two decades – thanks to the mania surrounding Artificial Intelligence (more on this later).

Venktesh Shukla op-ed: Looking back on startups in 2023

Venktesh Shukla writes: For my 2023 retrospective on startups, I sought perspectives from various venture capitalists, and their insights offer a vivid snapshot of the year:
“Mania in Generative AI and back to reality for the rest.”
“A year of very few exits, failed IPOs, and craze for Gen AI.”
“Funding freeze, shift in focus from growth at all costs to proven business models that lead to profitability. Down rounds and layoffs while some startups closing doors.”

Bizarrely unintelligent goings-on at AI star OpenAI 

For a company at the vanguard of artificial intelligence (AI), the bizarre goings-on on at OpenAI do not suggest very intelligent leadership.  

The company’s future is suddenly under a cumulonimbus after 700 of its 770 employees threatened to join Microsoft en masse unless its ousted CEO Sam Altman is reinstated. Altman, in the meantime has been appointed, as CEO of a new Microsoft research lab apparently created specially for him and other OpenAI employees in open revolt.  

Foundational Risks of OpenAI

Even for a region accustomed to tremors, the news of Sam Altman, CEO of OpenAI, being unceremoniously ousted from the company was like an event off the Richter scale. His exit was announced in a terse press release, along with Greg Brockman’s demotion from the chairman of the board. This sent shockwaves across Silicon Valley and the entire technology ecosystem. The board named CTO Mira Murati as the interim chief executive. 

MuckAI Girish column: Ask Not What You Can Do for Your Data, But What Your Data Can Do for You

McKinsey and Company, in a June 2023 report, says that Generative AI is posed to unleash the next wave of productivity and estimates that generative AI could add the equivalent of $2.6 trillion to $4.4 trillion annually across the 63 use cases. Moreover, industry pundits pretty much agree that Generative AI will impact each and every vertical significantly. CXOs now know that Generative AI not only increases productivity and operational efficiency but is necessary for sustained competitive advantage. They have initiated projects with utmost urgency, allocated significant budgets and tasked talented people to make Generative AI a part of the company ethos. This is possibly the biggest, fastest and most widely applicable tectonic shift the world has seen.

Spike Narayan: Is AI Disrupting the Tech Job Industry?

Spike Narayan asks, Is AI disrupting the technology job industry? Just scanning the newsfeeds every day, one would be led to believe that it is true. When we begin to peel the onion, two facts are obvious. One, many tech companies are trimming their workforce; and two, the tech companies that are downsizing are in the AI business for sure. The question before us then is, “Is there a causal relationship between these two facts?”