Uncover the Latest AI News: Wages at Risk, Symphony Taps Google AI, and More!
On November 28, the field of artificial intelligence experienced significant collaboration and noteworthy advancements. The European Central Bank’s research suggests that the extensive adoption of AI could potentially result in reduced salaries for professionals. Additionally, Symphony, a company specializing in markets infrastructure and technology, is partnering with Google to improve its voice analytics offerings for banks and investment firms. These developments and more are covered in today’s AI roundup, providing a closer examination of the subject.
According to the ECB paper, AI can reduce wages, not jobs
A study by the European Central Bank (ECB) reveals that while the widespread use of artificial intelligence may lead to lower wages, it is currently creating jobs, especially for the young and highly educated, reports Reuters. Despite concerns about the impact of artificial intelligence on the labor market, the study shows that the share of employment in sectors exposed to artificial intelligence has increased in 16 European countries. The report states a neutral or slightly negative result impact, which may have further negative effects in the future.
Symphony is partnering with Google to leverage its AI
Symphony, a market infrastructure and technology company, is partnering with Google to improve its voice analytics services for banks and investment firms, according to a Reuters report. Leveraging Google Cloud’s Vertex AI, Symphony aims to enhance its Cloud9 audio product with advanced speech-to-text and natural language processing capabilities. The collaboration is a response to the increasing monitoring of communication compliance. Symphony’s Cloud9 product facilitates collaboration between trading teams across asset classes, and updated analytics enable more accurate transcription for retention purposes and identification of suspicious conversations. Customers include large banks such as Goldman Sachs and JPMorgan.
Abu Dhabi launches artificial intelligence company AI71
According to a report in Analytics India, Abu Dhabi’s Advanced Technology Research Council (ATRC) has unveiled AI71, a new AI company that aims to compete with leading AI labs such as OpenAI. AI71, the result of extensive artificial intelligence research by the Technology Innovation Institute (TII), focuses on promoting and supporting the Falcon large language model (LLM). The company starts with three vertical platforms – LAW71, RAZI71 and ASK71 – each serving specific domains, with plans to add more in the future. The announcement was made at an exclusive launch event in Abu Dhabi.
Among others, the United States and Great Britain sign an agreement on securing artificial intelligence
The United States, Britain and more than a dozen other countries have adopted the first comprehensive international agreement to ensure the safety of artificial intelligence from malicious actors, Reuters reports. The non-binding agreement, set out in a 20-page document, highlights the need for companies to create AI systems that are “secure by design”. The agreement includes general recommendations, such as monitoring AI systems for abuse, protecting data from falsification, and auditing software vendors.
IBM partners with AWS to launch new cloud database for AI workloads
IBM has partnered with Amazon Web Services (AWS) to announce the general availability of Amazon Relational Database Service (Amazon RDS) for Db2. This fully managed cloud service is designed to facilitate data management of AI workloads in hybrid cloud environments. The aim of the integration is to help companies utilize artificial intelligence for informed decision-making, task automation and efficiency improvement by leveraging modern data warehouses in cloud-based architectures.
