Today, November 28, the artificial intelligence space witnessed a major collaboration and several interesting developments. In the first news, the European Central Bank’s (ECB) research indicates that the widespread implementation of AI might potentially lead to lower wages for professionals. In other news, Symphony, a markets infrastructure and tech company, is collaborating with Google to enhance its voice analytics services for banks and investment firms. This and more in today’s AI roundup. Let us take a closer look.
ECB paper finds AI can reduce wages, not jobs
Research from the European Central Bank (ECB) reveals that while the widespread adoption of AI may lead to reduced wages, it is currently generating jobs, particularly for the young and highly skilled, reports Reuters. Despite concerns about AI’s impact on the job market, the study shows that the employment share in AI-exposed sectors has increased across 16 European countries. The report notes a neutral to slightly negative impact on earnings, with the possibility of further negative effects in the future.
Symphony teams up with Google to leverage its AI
Symphony, a markets infrastructure and tech firm, is partnering with Google to enhance its voice analytics services for banks and investment firms, as per a report by Reuters. Utilizing Google Cloud’s Vertex AI, Symphony aims to improve its Cloud9 voice product with advanced speech-to-text and natural language processing capabilities. The collaboration is a response to increasing regulatory scrutiny on communications compliance. Symphony’s Cloud9 product facilitates collaboration among trading teams in various asset classes, and the upgraded analytics will enable more accurate transcription for retention purposes and identification of suspicious discussions. Clients include major banks like Goldman Sachs and JPMorgan.
Abu Dhabi launches AI company AI71
As per a report by Analytics India Magazine, the Advanced Technology Research Council (ATRC) of Abu Dhabi has unveiled AI71, a new AI company aimed at competing with leading AI labs such as OpenAI. AI71, a result of extensive AI research by the Technology Innovation Institute (TII), will focus 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 for additional platforms in the future. The announcement was made at an exclusive launch event in Abu Dhabi.
The US, UK, among others to sign agreement to make AI secure
The US, the UK, and over a dozen other countries have introduced what is described as the first comprehensive international agreement on ensuring the safety of AI from malicious actors, reports Reuters. The non-binding agreement, outlined in a 20-page document, emphasizes the need for companies to create AI systems that are “secure by design.” The accord includes general recommendations, such as monitoring AI systems for misuse, safeguarding data from tampering, and vetting software suppliers.
IBM collaborates with AWS to launch new cloud database for AI Workloads
IBM has collaborated with Amazon Web Services (AWS) to announce the general availability of Amazon Relational Database Service (Amazon RDS) for Db2. This fully managed cloud offering is designed to facilitate the management of data for AI workloads across hybrid cloud environments. The integration aims to assist businesses in harnessing AI for informed decision-making, task automation, and efficiency gains by utilizing modern data stores on cloud-native architectures.