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Apple Unveils a new Artificial Intelligence Model Compatible with Laptops and Phones

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All of the major tech companies, with the exception of Apple, have made their generative AI models available for use in commercial settings. The business is, nevertheless, actively engaged in that area. Wednesday saw the release of Open-source Efficient Language Models (OpenELM), a collection of four incredibly compact language models—the Hugging Face model library—by its researchers. According to the company, OpenELM works incredibly well for text-related tasks like composing emails. The models are now ready for development and the company has maintained them as open source.

In comparison to models from other tech giants like Microsoft and Google, the model is extremely small, as previously mentioned. 270 million, 450 million, 1.1 billion, and 3 billion parameters are present in Apple’s latest models. On the other hand, Google’s Gemma model has 2 billion parameters, whereas Microsoft’s Phi-3 model has 3.8 billion. Minimal versions are compatible with phones and laptops and require less power to operate.

Apple CEO Tim Cook made a hint in February about the impending release of generative AI features on Apple products. He said that Apple has been working on this project for a long time. About the details of the AI features, there is, however, no more information available.

Apple, meanwhile, has declared that it will hold a press conference to introduce a few new items this month. Media invites to the “special Apple Event” on May 7 at 7 AM PT (7:30 PM IST) have already begun to arrive from the company. The invite’s image, which shows an Apple Pencil, suggests that the event will primarily focus on iPads.

It seems that Apple will host the event entirely online, following in the footsteps of October’s “Scary Fast” event. It is implied in every invitation that Apple has sent out that viewers will be able to watch the event online. Invitations for a live event have not yet been distributed.
Apple has released other AI models before this one. The business previously released the MGIE image editing model, which enables users to edit photos using prompts.

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Coforge and Microsoft Establish Copilot Innovation Hub to hasten the Deployment of Generative AI

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Global supplier of digital services and solutions Coforge Limited recently announced a partnership with Microsoft to launch the Coforge Copilot Innovation Hub. In addition to working closely with Microsoft to integrate these solutions with Microsoft’s generative AI products and technologies, such as Microsoft Azure OpenAI Service, Microsoft Power Platform, and Microsoft Copilot, the Hub will concentrate on building a pipeline of new, industry-specific cognitive analytics solutions.

Coforge announced the launch of two new copilots as part of the Copilot Innovation Hub: Underwriter Copilot for insurance companies and Advisor Copilot for financial services firms. An innovative technique to improve ROI and streamline the process of navigating the complexity of underwriting, the Underwriter Copilot for Insurance gives insurance underwriters more authority and the ability to make informed decisions. The goal of the solution is to increase carriers’ combined ratios by two to three percent in order to open up new income streams. Insurance carriers can achieve a 30- to 35 percent boost in underwriter productivity and efficiency by implementing Underwriter Copilot.

By removing the need for time-consuming searches across several tools, documents, and data sources, the Coforge Advisor Copilot solution gives financial quick access to full fund information and performance data through an intuitive interface. Financial advisers and asset managers should become more productive by more than thirty percent thanks to the solution.

According to Sudhir Singh, Executive Director & CEO of Coforge, “Coforge is leveraging its deep industry strengths and customer partnerships to build industry specific generative AI solutions on the Microsoft platform to drive transformation and enhance productivity.” Our efforts to provide our clients with generative AI solutions that lead the market will go even faster thanks to our partnership with Microsoft. He went on, “We are announcing two new copilots today: Advisor Copilot for financial services businesses and Underwriter Copilot for insurance carriers.

“Our combined commitment to transforming and scaling organizational capabilities of financial services firms globally is demonstrated by the Coforge Copilot Innovation Hub. The 2024 Work Trend Index Annual Report states that 75% of individuals utilize AI at work, and that the use of generative AI has nearly doubled in the last six months. According to David Smith, Vice President, WW Channel Sales, Microsoft, “Coforge and Microsoft are dedicated to spearheading AI adoption, fostering innovation, and unleashing business value for businesses worldwide.”

Through the automation of manual chores, the improvement of decision-making through the creation of suggestions based on corporate data, and the streamlining and optimization of business processes, these copilots will increase operational efficiency by utilizing Microsoft’s generative AI products and technologies. These solutions will help businesses generate new value streams and speed up change.

Microsoft’s generative AI products will be easier to implement with the Coforge Copilot Innovation Hub, leading to increased productivity and better business results.

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Samsung Appoints New Leader for Chip Unit as AI Competition Intensifies

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As the race to build artificial intelligence processors heats up, Samsung Electronics has replaced the leader of its semiconductor division.

In an unexpected announcement made by the business on Tuesday, Vice Chairman Jun Young-hyun has been named head of Samsung’s device solutions division. The company’s foundry, memory, and system semiconductor divisions are managed under the device solutions division.

“Vice Chairman Jun Young-hyun is the key player who took Samsung Electronics’ memory semiconductor and battery businesses to the global top-tier level,” the company stated in a news release.

Samsung is making this announcement as it battles to overtake its regional rival SK Hynix in the market for AI memory chips. When it comes to high-bandwidth memory (HBM) chips, which are essential for AI computing, SK Hynix is in the lead.

According to Samsung, if the board and shareholders approve, Jun may also be named as the company’s chief executive. Samsung has two chief executive officers: one leads the company’s semiconductor division, while the other oversees its mobile and visual display businesses.

Before taking on the role of chief executive of Samsung SDI, the company’s battery division, Jun led Samsung’s memory chip business team for three years, from 2014 to 2017. In 2000, he made his debut as a member of Samsung’s memory chip business team.

Kyung Kye-hyun, who oversaw the semiconductor branch since2022, is replaced by Jun. During the memory chip market collapse, the division under his direction reported billion-dollar losses. The 61-year-old Kyung has been posting lengthy and in-depth posts on social media platforms like LinkedIn and Instagram about subjects including technology and climate change.

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Kudos Secures $10.2 Million for Its AI-Powered Smart Wallet

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The Four Cities Fund, Samsung Next, SV Angel, Precursor Ventures, The Mini Fund, Newtype Ventures, Patron, and The Points Guy creator Brian Kelly all participated in the funding round.

Kudos, an app and browser extension, was founded in 2001 by a group with prior expertise at Google, PayPal, and Affirm. It functions as a smart wallet assistant by suggesting or choosing the best credit card for customers to use when making payments in order to optimize rewards and cash back.

Recently, the company introduced a number of new features: Dream Wallet, which suggests cards to members based on their spending patterns; MariaGPT, an AI-powered card discovery tool with over 3000 cards in its database; and Kudos Boost, which offers personalized rewards across over 15,000 partner brands, such as Walmart and Sephora.

Since its initial fundraising round, Kudos has raised its annualized checkout Gross Merchandise Value to $200 million and expanded to over 200,000 registered users.

It intends to use the additional funds to develop MariaGPT into a comprehensive personal finance assistant, introduce an AI-powered hub offering expenditure optimization insights, and create a gateway that lets users book flights using points.

As consumers budgets, various credit cards, and sometimes complex rewards programs, they want to know they’re receiving the best value for their money, according to Tikue Anazodo, CEO of Kudos. With just one user-friendly app and extension, Kudos streamlines everything.”

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