Meta ends NFT support on Instagram and Facebook

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March 16, 2023

Meta ends NFT support Instagram Facebook — Image Credits: TechCircle

Due to the fall of the cryptocurrency market, Meta is discontinuing support for non-fungible tokens on its platforms less than a year after its launch.

“We’re shutting down digital collectibles (NFTs) for the time being to focus on other approaches to help creators, individuals, and businesses,” Meta’s head of fintech, Stephane Kasriel, tweeted on Monday.

Some product news: across the company, we're looking closely at what we prioritize to increase our focus. We’re winding down digital collectibles (NFTs) for now to focus on other ways to support creators, people, and businesses. 🧵[1/5]
— Stephane Kasriel (@skasriel) March 13, 2023

Meta authorized support for authors to distribute NFTs on Instagram and Facebook last year when the digital asset had soared in popularity and sales of everything from cartoon apes to video snippets had reached billions of dollars.

However, bitcoin and other tokens saw a steep fall after the important exchange FTX crashed overnight in late 2022. This week saw the failure of three American banks, two of which had substantial holdings in cryptocurrencies, which made matters worse.

We’ll continue to invest in the fintech innovations that businesses and consumers will need in the future, Kasriel said. They added that with Meta Pay, which also makes checkout and payouts simpler, we’re investing in streamlining payments across Meta.

Kasriel added that the business would continue to focus on enhancing the platform’s potential for creators. We’re going to concentrate on areas where we can make an impact at scale, like messaging and monetization opps for Reels, he said in his tweet. “Creating chances for artists and businesses to communicate with their followers and monetize is a priority,” he said.

Meta to fire 10,000 employees in second round of layoffs

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Sahil Pawar

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March 15, 2023

Meta fire 10,000 employees second round layoffs — Image Credits: CryptoSlate

Meta announced on Tuesday that it would layoff another 10,000 employees as a part of the second round, becoming the first major tech corporation to do so as the sector prepared for a severe economic slump.

On hearing the news, Meta stock increased 6%. The much-anticipated job losses are part of a bigger reorganization that will also see the corporation abandon hiring plans for 5,000 vacancies, shelve less important initiatives, and compress middle management layers.

CEO Mark Zuckerberg wrote in a statement to employees, “I think we should brace ourselves for the prospect that this new economic reality will remain for many years.”

In order to make the organization “flatter,” according to Zuckerberg, Meta will eliminate numerous layers of management, ask managers to become individual contributors and give them fewer than ten direct reports.

He said it makes more sense to utilize each manager’s capacity fully and defragment layers as much as possible, as he doesn’t anticipate headcount to increase rapidly.

The 11,000 job cuts made by Meta in November were the company’s first significant layoffs in its 18-year history. By the end of 2022, it had an increased headcount of 86,482 employees.

Microsoft lays off its entire ethics and society team

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Sahil Pawar

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March 15, 2023

Microsoft lays off ethics society team — Image Credits: TechCircle

As part of recent layoffs that affected about 10,000 people around the corporation, Microsoft has fired its entire ethics and society team within the artificial intelligence division.

At a time when the business is spearheading the charge to make AI technologies accessible to the mainstream, the decision leaves Microsoft without a dedicated staff to ensure its AI principles are closely related to product design, according to current and former workers.

The Office of Responsible AI, which is entrusted with developing guidelines and norms to direct Microsoft’s AI activities, is still operational. Notwithstanding the latest layoffs, the corporation claims that its overall investment in responsibility work is rising.

Workers claimed that the company’s ethics and society team was essential in ensuring that the design of the products they ship genuinely reflects the responsible AI ideals of the organization.

In 2020, the ethics and society team had a staff of about 30 people, including engineers, designers, and philosophers. The team’s size was reduced to about seven persons in October as part of an organizational change.

Google announces new AI features for its workspace apps

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Sahil Pawar

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March 15, 2023

Google AI features workspace apps — Image Credits: Google

Google has announced a number of generative AI features for its various workspace apps, such as Google Docs, Gmail, Sheets, and Slides.

The features include new ways for Google Docs’ AI to brainstorm, summarize, and generate text; the ability for Gmail to create complete emails from users’ brief bullet points; and for Google Slides to create AI imagery, audio, and video to illustrate presentations.

The first of the company’s many new features, AI writing tools in Documents and Gmail, will only be made accessible to a handful of US-based “trusted testers” this month, despite the company’s announcement of a plethora of new capabilities. The public will subsequently be able to use these capabilities, among others, later this year, although Google didn’t indicate when.

Users can draft, reply, summarize, and prioritize their Gmail and brainstorm, proofread, write, and rewrite in Docs. They can bring their creative vision to life with auto-generated images, video, and audio in Slides.

The AI features will enable one to go from raw data to insights and analysis through auto-completion, formula generation, and contextual categorization in Sheets. You can also generate new backgrounds and capture notes in Meet, while enabling workflows for getting things done in Chat.

OpenAI releases GPT-4, a multimodal model

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Sahil Pawar

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March 15, 2023

OpenAI releases GPT-4 — Image Credits: Search Engine Journal

GPT-4, the most recent in OpenAI’s line of AI language models that power programs like ChatGPT and the new Bing, has been officially released after months of speculation and debate.

The model, according to the company, “can tackle challenging issues with better accuracy” and is “more creative and collaborative than ever before.” It is multimodal, i.e., it can interpret text and image input, but only responds in text.

Moreover, OpenAI warns that the systems still have many of the same issues as earlier language models, such as the propensity to “hallucinate” and the ability to produce offensive and violent material.

OpenAI claims to have already established partnerships with several businesses to include GPT-4 into their products, including Duolingo, Stripe, and Khan Academy. The new model powers Microsoft’s Bing chatbot and is accessible to the general public via ChatGPT Plus, OpenAI’s $20 per month ChatGPT membership. Developers will be able to access it as an API to build on.

The system’s performance on various assessments and benchmarks, including the Uniform Bar Test, LSAT, SAT Math, and SAT Evidence-Based Reading & Writing exams, is claimed to have demonstrated GPT-4’s advances. GPT-4 achieved results in the 88th percentile or higher on the exams indicated, and a complete list of exams and the system’s results may be found here.

Koo, Indian rival to Twitter, integrates ChatGPT

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Sahil Pawar

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March 14, 2023

Koo integrates ChatGPT — Image Credits: Koo

Koo, which is positioned as an Indian rival to Twitter, has now integrated ChatGPT in an effort to aid users in content creation. Mayank Bidawatka, a co-founder of the business, said that Koo intends to make it easier for users to create posts by integrating ChatGPT.

Koo’s co-founder added that users may now immediately access ChatGPT from within the app and utilize it for composing posts. Koo will be “the very first platform to integrate the technology with the ability to compose posts,” according to Bidawatka.

He explained, “This will motivate artists for their work. Users could query ChatGPT for the top stories in their area before adding their own commentary.”

Users of Koo have the option of using the voice command functionality of Koo or typing their commands into the ChatGPT application. Additionally, he stated that incorporating ChatGPT into the app can help raise the current 20% of platform users who actively create content.

Not all Koo users will have access to the service at once. The ChatGPT integration capability will initially be available to verified accounts before progressively being open to all users.

Grammarly announces AI writing assistant GrammarlyGo powered by ChatGPT

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Sahil Pawar

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March 14, 2023

Grammarly AI writing assistant GrammarlyGo — Image Credits: Grammarly

Grammerly recently disclosed that GrammarlyGo, a “contextually aware assistant powered by generative AI,” will be released soon. The new AI-powered assistant, similar to ChatGPT, will be able to write entirely from scratch or aid with editing already written material, whether you are working on a document or an email.

One of the most well-known writing tools, Grammarly may help you correct grammar, spelling, punctuation, and even plagiarism. It allows users to use language that is appropriate for the situation.

According to Grammarly, users may use generative AI to either type a prompt and generate new content or use it to modify existing work for tone, length, and clarity. It will be able to generate material from prompts like ChatGPT and even assist you in responding by swiftly comprehending the email context.

GrammarlyGo will provide a tailored experience by figuring out your writing style by allowing users to select their preferred voice and professional positions. The AI assistant can also assist users in creating text from pre-existing workflows, saving them time from having to make corrections and allowing them to concentrate on more important tasks.

GrammarlyGo will work with applications including Gmail, Google Documents, LinkedIn, Microsoft Word, and Medium and will be accessible on Grammarly for Windows and Mac, Grammarly for Chrome, and the Grammarly Editor. According to the business, all Grammarly Premium, Grammarly Business, Grammarly for Education, and Grammarly Free users will be able to use GrammarlyGo at some point in April.

AI startup Humane raises another $100 million

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Sahil Pawar

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March 14, 2023

AI startup Humane raises another $100 million — Image Credits: Humane

Imran Chaudhri and Bethany Bongiorno, co-founders of the AI startup Humane, have received an additional $100 million to develop what they refer to as an “integrated device and cloud services platform” for artificial intelligence.

Its most recent round of funding, a Series C, drew a long list of famous investors, including OpenAI’s CEO and co-founder Sam Altman, Kindred Ventures (which led the round), SK Networks, Tiger Global, LG Technology Ventures, Microsoft, Volvo Cars Tech Fund, and Qualcomm Ventures.

Marc Benioff, CEO of Salesforce, and other current and prior investors have contributed $230 million to Humane so far. The workforce has increased in line with this growth and presently employs 200 employees.

The Series C financing provided a chance to lure outstanding VCs and strategic partners who would like to participate in equity as the firm evolves, according to Chaudhri.

“At Humane, we’re creating a platform for devices and services that is unique; we’re expanding quickly and have been concentrating on innovation, research, and development,” he added.

Microsoft Grapples with Third Round of Layoffs

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Sahil Pawar

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March 13, 2023

A third round of layoffs at Microsoft has taken place and has affected workers in positions related to supply chain, artificial intelligence, and the internet of things (IoT). The third round is an aftermath of the 10,000 job reduction announced by Microsoft earlier this year.

According to reports, job losses occurred at different levels, functions, teams, and locations. Records show that the IT firm recently let go 689 workers in Washington state.

Microsoft notified Washington State that 617 employees had been laid off in February. The company informed California’s state government that 108 employees had been laid off in the same month.

In March, Microsoft informed Washington State that 878 employees were let go, bringing the total number of employees cut in the state to 2,184. According to a Microsoft employee, Microsoft has terminated Project Bonsai, an AI-powered automation project, and fired the staff.

The business will make changes that will result in the reduction of overall staff by 10,000 positions until the end of FY23 Q3, according to Microsoft CEO Satya Nadella’s announcement in January. Today, Microsoft employs more than 220,000 people, and about 5% of its staff was laid off.

Signature Bank Collapse Deals a Blow to the Crypto Industry

By

Sahil Pawar

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March 13, 2023

Signature Bank collapse deals blow crypto industry — Image Credits: Signature Bank

Another significant blow for digital assets is the collapse of Signature Bank, a lender that had a number of cryptocurrency businesses among its clientele despite lately signaling a withdrawal from the market.

According to the US Treasury Department, the lender was shut down by New York state financial regulators on Sunday, and all depositors will have access to their money on Monday.

The closure comes shortly after Silicon Valley Bank and Silvergate Capital Corp. both failed. At one point or another, each bank was regarded as one of the US’s most crypto-friendly banking institutions.

Along with storing cryptocurrency companies’ assets, Signature and Silvergate also made it possible for clients like hedge funds and exchanges to send money quickly. These exchanges were essential for keeping the markets for digital assets liquid.

While starting to distance itself from cryptocurrency lately, Signature is still crucial to the sector. As of March 8, it had client deposits tied to cryptocurrencies worth $16.5 billion. The commercial crypto clients of Signature’s Signet payment network could make real-time payments in dollars at any time, seven days a week.