Canva Introduces AI Tools, Paytm CEO Invests in AI, and More: 5 Things You May Have Missed About AI Today

Morgan Stanley analysts have forecasted that the integration of artificial intelligence (AI) could bring advantages to both Microsoft’s Xbox and Sony’s PlayStation. Additionally, Vijay Shekhar Sharma, the founder and CEO of Paytm, has revealed intentions to invest Rs. 300 crore in India’s AI and electric vehicle industries through the VSS Investments Fund. Furthermore, Canva has introduced AI-driven K-12 education products as a component of its Canva for Education platform.

All this and more in today’s AI review.

1. Xbox, Sony benefit from the introduction of artificial intelligence

As the artificial intelligence race heats up, Microsoft and Sony could benefit from introducing this technology to video games, Bloomberg reported Monday. According to analysts at Morgan Stanley, Microsoft’s Xbox and Sony’s PlayStation will be “the clearest beneficiaries of the adoption of artificial intelligence in the gaming industry.” It could also mean lower costs for AAA game publishers like Ubisoft Entertainment, Take-Two Interactive and Naughty Dog.

2. Paytm founder invests in AI

Paytm founder and CEO Vijay Shekhar Sharma, who has previously invested in consumer and B2B technology startups such as Ola Electric and KAWA Space, announced that he will raise Rs. 300 million to invest in the growth of artificial intelligence and electric cars in India. According to a Bloomberg report, the investment company named VSS Investments Fund is backed by Sharma’s VSS Investco Private Limited.

3. Microsoft announces $3.2 billion investment in Australia

Microsoft announced on Monday it will invest $3.2 billion in Australia over the next two years to expand its artificial intelligence and cloud computing infrastructure. According to a Bloomberg report, it is also partnering with Australia’s Signals Directorate to develop a new cyber security initiative, while also establishing a Microsoft Datacenter Academy in Australia. Microsoft President Brad Smith said: “This is our largest investment in Microsoft’s 40-year history in Australia and demonstrates our commitment to the country’s growth and prosperity in the age of artificial intelligence.”

4. Canva publishes artificial intelligence products

Online graphic design platform Canva announced the launch of AI-powered K-12 education products as part of the Canva for Education platform. According to the release, it includes a range of AI tools, interactive lessons and curriculum-supporting content such as Magic Write, Magic Switch, Magic Animate, Translate, Magic Grab Text and Magic Grab Images. Jason Wilmot, head of education at Canva, said: “With this launch, we’re giving teachers the easy-to-use, all-in-one platform they want and preparing students for a world that’s increasingly visual and powered by artificial intelligence.”

5. Using artificial intelligence to reduce legal costs

New research by cloud-based litigation and investigation platform Everlaw and the Association of Corporate Counsel (ACC) has revealed that in-house legal teams can turn to AI to scale and reduce costs. According to the publication, 33 percent of teams expect AI to control costs, up from 12 percent last year. Chuck Kellner, Everlaw’s strategic discovery advisor, said, “GenAI can become a killer application to achieve the necessary cost savings and improve efficiency.”