📄 Who (or What) Drafted That Contract?
👋 Welcome! Today, we’re covering a range of topics from Alexa+ reaching its new milestone in virtual assistant league to how AI is entangling itself in to the world of legal/illegal (literally). Get ready for a full spectrum of insights that will keep you informed and engaged!
AI & TECH
Alexa+ Reaches Over a Million Users – Amazon's generative AI-powered assistant, Alexa+, has surpassed one million users during its Early Access phase. It has been told that Amazon rebuilt its Alexa with large amounts of new AI tools and functionality.
Axel Springer Shifts Focus to AI – Media giant Axel Springer plans to double its value within five years by leveraging heavily on AI based journalism, signaling a move away from reliance on traditional search engines and social media profit models.
Goldman Sachs Deploys AI Assistant Firmwide – Goldman Sachs has launched its generative AI tool, GS AI Assistant, to enhance employee productivity. Already in use by 10,000 staff, it aids in tasks like document summarization and data analysis, marking a significant step in the bank's AI integration strategy.
CAREER & WORK
AI's Impact on Employment Sparks Debate – Tech leaders are divided on AI's influence on jobs. Some express concern over potential job displacement and rising unemployment, while others believe AI will create new job opportunities, highlighting the ongoing debate about AI's role in the workforce.
Nebraska Meatpacking Plant Innovates to Attract American Workers – A Nebraska slaughterhouse is revamping its operations to appeal to domestic workers amid immigration crackdowns. By introducing ergonomic workstations and eliminating night shifts, the plant aims to fill roles traditionally held by immigrant labor. This shift reflects broader industry efforts to adapt to changing labor dynamics.
World Bank Approves $1.5B Loan – The World Bank has approved a $1.5 billion loan to South Africa aimed at upgrading infrastructure, boosting the workforce, and supporting a transition to a low-carbon economy. The investment is expected to alleviate debt servicing costs and stimulate job creation by addressing infrastructure bottlenecks.
ECONOMY & FINANCE
Trump Announces Israel-Iran Ceasefire – President Donald Trump announced a “complete and total ceasefire” between Israel and Iran after days of escalating military strikes that he is calling “The 12 Days War”. The surprise de-escalation eased fears of broader regional conflict, calming global markets. Oil prices dropped sharply, while stocks rallied as investors welcomed reduced geopolitical risk and potential stability in energy supplies.
U.S. Growth Cools as Inflation Builds – U.S. business activity softened slightly in June, according to PMI data, signaling slower growth momentum. Meanwhile, input costs rose as tariffs on key imports, including semiconductors and machinery, fueled inflationary pressures. Economists warn persistent price increases could complicate the Fed’s policy path and points to a rate cut as early as July Fed meeting.
“Drill, Baby, Drill”– Amid volatile oil markets, President Trump called for a rapid expansion of U.S. oil production to counter supply shocks and stabilize prices. The move aims to reassure global markets following recent geopolitical tensions, particularly after Middle East conflicts threatened key energy supply routes such as Strait of Hormuz.
VC & FUNDING
Decagon Aims to Revolutionize CS – AI startup Decagon has garnered $131M in funding elevating its valuation to $1.5 billion. The company specializes in AI-powered customer service agents that operate across chat, email, voice, and SMS channels. The investment, led by Accel and Andreessen Horowitz, underscores the increasing demand for AI-powered customer engagement tools.
Snowcap Compute’s Energy-Efficient AI Chips – Snowcap Compute has raised $23M to develop AI chips using superconducting technology. These chips aim to deliver 25 times better performance per watt compared to current leading chips, even after accounting for cooling energy. The funding round, led by Playground Global, also brings former Intel CEO Pat Gelsinger onto Snowcap's board.
Databricks Co-Founder Boosts AI Research– Andy Konwinski, co-founder of Databricks and Perplexity, is committing $100 million to establish a new institute aimed at funding AI researchers, supporting initiatives like Ion Stoica's new lab.
BIG THINK
AI in Legal & Compliance: Efficiency Engine or Ethical Minefield?
AI is rapidly reshaping legal practice, offering tools that enhance efficiency and accuracy. For instance, attorney Joseph McMullen utilized AI software to streamline legal research, contributing to a $1.5 million settlement in a civil rights case. The AI tool facilitated the creation of persuasive, evidence-linked court filings, demonstrating AI's potential to augment legal work.
In the compliance arena, AI assists in navigating complex regulatory landscapes. The Financial Times reports that AI-based compliance tools make regulatory processes more cost-effective and scalable, allowing businesses to operate more efficiently while minimizing risks.
However, the integration of AI into legal and compliance functions is not without challenges. Instances of AI-generated inaccuracies have surfaced, such as lawyers citing fictitious cases produced by AI in UK courts, prompting judicial warnings about the reliability of AI in legal proceedings.
Moreover, the phenomenon of "AI washing," where companies overstate their AI capabilities, has drawn regulatory scrutiny. Report highlights that such practices not only pose legal compliance issues but also raise ethical concerns under professional conduct rules.
Regulatory bodies are responding to these developments. State attorneys general in the U.S. are leveraging existing consumer protection laws to regulate AI applications, emphasizing the need for transparency and accountability in AI deployment.
Actionable Insights:
Implement Robust AI Oversight: Legal and compliance professionals should establish comprehensive governance frameworks to monitor AI tools, ensuring their outputs are accurate and ethically sound.
Stay Informed on Regulatory Changes: Continuous education on evolving laws and regulations concerning AI is essential for legal practitioners to maintain compliance and uphold professional standards.
JOBS & OPPORTUNITIES
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THE NUMBER:
74%
of executives use AI for more than 25% of their work.
WISDOM
"Faith and reason are like two wings on which the human spirit rises to the contemplation of truth."
I was intrigued by the post headline and your summary of AI in compliance. I clicked through to the FT article and wonder if you read it. a) it's sponsored content. b) the data in the article is from a "CXO survey" that is close to meaningless. c) the only example cited of actual use of AI in compliance isn't an example of using AI in compliance. It's a company using it for IT security, in this case deepfake detection.