🚗 BYD's Australian EV Plans, 💊 the LaKe Molecule Discovery, and 💎 AI-Generated Podcasts
Thomas's Innovation Wrap #98
Greetings,
Here’s your weekly wrap of technology, innovation, and finance news.
💎 Artificial Intelligence
OpenAI introduced a real-time API for voice-based AI applications, enabling more fluid conversations between users and language models. They also launched Canvas, a new ChatGPT feature that enhances collaboration on writing and coding projects. Canvas opens in a separate window, allowing users to interact with ChatGPT without disrupting their workflow, and includes shortcuts for various tasks.
A study revealed that ChatGPT is the most searched AI tool by far, with nearly 25 million searches from US citizens each month. Google's Gemini comes in second with 1.5 million searches per month.
Even with this second study's different measurement metrics, OpenAI's ChatGPT is still the most popular AI by far -- it receives nearly 25 million searches from US citizens each month.
Google is developing AI that emulates human reasoning. Their approach centres on chain-of-thought prompting, allowing AI to tackle complex maths and programming challenges by considering multiple related prompts before generating a response.
ByteDance has launched an aggressive web scraping operation, potentially fuelling its own AI ambitions. Their web crawler, Bytespider, is scraping data at about 25 times the rate of GPTbot, OpenAI's web scraper.
"It's like they're trying desperately to catch up," Crowther said of the aggressive scraping being done by Bytespider. Just last year, ByteDance was reportedly so far behind in the generative AI race that it was using OpenAI to help build ByteDance's own LLM, which is against OpenAI's terms of service.
Nvidia is partnering with Accenture to create an "Nvidia Business Group" consisting of 30,000 employees focused on assisting clients scale enterprise generative AI adoption.
"Demand for Blackwell is insane," he told CNBC. "Everybody wants the most, and everybody wants to be first."
Mercado Libre introduced Verdi, an AI developer platform powered by GPT-4o, which is transforming how the company handles customer service and other complex tasks.
"With Verdi, humans become co-pilots to the AI instead of the other way around," Rabinovich explains. "This platform can autonomously decide on cases, manage complex interactions, and even handle tasks requiring a human touch, informed by security protocols and guardrails built into the platform."
As AI advances, we're likely to see more systems where AI guides the actions of humans rather than the other way around.
JLL reports dramatic efficiency gains, with AI turning a two-month task into mere hours.
Two weeks ago we were trying to do a partnership with another company. In the past what would've happened is – we would've called up our legal team, somebody would've written the first draft, people would've revised it for sometimes days, sometimes weeks, and then we would've finalized it and signed it. The whole process from start to finish would've taken anywhere from four to six weeks. This time around, I used our internal large language model, called JLL GPT, and I was able to generate the initial draft of that memorandum of understanding within minutes.
Philips CEO Roy Jakobs revealed the company is integrating AI into all its products, from improving scan productivity to reducing administrative tasks for nurses.
We are actually using AI in every single product that we have. I'm extremely excited about what more it can do.
Apple’s new Depth Pro AI model can generate 3D depth maps from 2D images.
"These characteristics are enabled by a number of technical contributions, including an efficient multi-scale vision transformer for dense prediction," the researchers explain in their paper. This architecture allows the model to process both the overall context of an image and its finer details simultaneously—an enormous leap from slower, less precise models that came before it.
Google's NotebookLM, an AI-powered digital notebook, now offers a feature to generate AI podcasts from various sources. This tool can create custom AI-generated audio content from YouTube videos, documents, and other text-based inputs. For those unfamiliar with NotebookLM, it's an experimental AI assistant that helps users organise and interact with their research materials. Wired explains how you can generate an AI podcast yourself using this innovative feature.
Here’s an auto-generated 8-minute podcast talking about Minotaur Capital based solely on providing the www.minotaurcapital.com URL.
Meta announced Movie Gen, an AI-powered video generator that can produce high-definition footage complete with sound.
Movie Gen uses text inputs to automatically generate new videos, as well as edit existing footage or still images. The New York Times reports that the audio added to videos is also AI-generated, matching the imagery with ambient noise, sound effects, and background music.
This interview with Jake Heller, co-founder of Casetext, discusses the practical application of LLMs in business, particularly in the legal industry. Heller shares insights on building successful vertical AI companies and overcoming industry resistance. Casetext was acquired by Thomson Reuters for $650 million last year.
"I think the other knock on this technology that we hear a lot is like, oh these LLMs hallucinate too much, they're not accurate enough for real world use, but as you said earlier, the use case that you're working on is a mission critical use case. There's a lot at stake if the agent gives bad information to lawyers who are working on important court cases. How did you make it accurate enough for lawyers who are conservative by nature to trust this?"
🔬 Biology
Neuroscientists have created the most complete map of an adult fruit fly brain to date. This tiny powerhouse, smaller than a grain of sand, contains 139,255 neurons connected by 54.5 million synapses.
"This is a huge deal," says Clay Reid, a neurobiologist at the Allen Institute for Brain Science in Seattle, Washington. "It's something that the world has been anxiously waiting for, for a long time."
The project, detailed in nine Nature papers, combined AI with manual edits from volunteers. As The Economist reports, this could be a stepping stone towards mapping more complex brains, including human ones.
Researchers are studying how some fish regrow injured fins. By decoding the genetic signals in African turquoise killifish, scientists hope to unlock human regeneration potential.
“If we can solve this puzzle, we will have access to regeneration in humans,” says Granillo. “And regeneration in humans will change humanity.”
💻 Chips and Computing
Google DeepMind's claim that its AlphaChip method creates "superhuman" chip layouts in hours has met scepticism from experts, who call for more transparent benchmarking. Nevertheless, MediaTek has adopted Google's AI-assisted approach for its Dimensity 5G system-on-chip, potentially slashing development time from 24 months to hours.
"If Google would provide experimental results for these designs, we could have fair comparisons, and I expect that everyone would accept the results," says Patrick Madden at Binghamton University in New York.
TSMC and Amkor's collaboration on advanced chip packaging in Arizona marks a significant step for the US semiconductor ecosystem, bringing critical technologies to American soil for the first time.
Advanced chip packaging has emerged as a crucial battleground for leading global chipmakers including TSMC, Intel and Samsung. The chip stacking and assembly technology is essential for enhancing chip performance and enabling powerful AI computing, especially as traditional methods of increasing transistor density following Moore's Law become more challenging.
Geopolitical tensions persist in the semiconductor industry. ByteDance's acquisition of 100,000 Huawei AI chips signals a shift towards domestic suppliers, while China claims a breakthrough in silicon photonics, potentially addressing a key technical hurdle in its semiconductor self-sufficiency efforts.
Japanese chip packaging supplier Ibiden is planning peak investment this fiscal year to maintain its edge in advanced packaging for AI chips, with its president expecting continued market momentum.
"Demand from AI has long exceeded our production capacity. Our package substrates have been cited for favorable yields [in the packaging process]."
Dylan Patel and Jon Y provide an enlightening discussion on the intricacies of the semiconductor industry in their video "How the Semiconductor Industry Actually Works". They delve into the complex supply chains, technological challenges, and geopolitical factors shaping the industry.
"There are 18-year-olds who are cracked at AI already. There are high school dropouts who get jobs at OpenAI. This existed in the past. Pat Gelsinger, the current CEO of Intel, grew up in the Amish area of Pennsylvania. He went straight to work at Intel because he's just cracked. That's not possible in semiconductors today."
🛰️ Space
China's Qianfan mega constellation is set to rival SpaceX's Starlink, with 18 of 14,000 planned satellites already launched.
"The Qianfan satellites in this first batch are bright enough to be seen by the unaided eye," says Mallama. "They will adversely impact research astronomy and the aesthetic appreciation of the night sky at their current brightness."
In the US, United Launch Alliance (ULA) is preparing for the second mission of its Vulcan Centaur Rocket. This launch heralds more affordable space technology, featuring methane-powered engines and a recovery system for costly components.
"[The mission] has literally one primary objective, which is to go fly a second time and have another success," Bruno said. "So now, we have two data points and then, upon the government's review of the data that confirms all that, you're certified and then you're ready to fly national security."
💲 Finance
OpenAI has secured $6.6 billion in new funding, valuing the company at $157 billion. This landmark investment, led by Thrive Capital with participation from Microsoft, Nvidia, and SoftBank, makes OpenAI the third-largest venture-backed company globally, behind only SpaceX and ByteDance.
In the AI chip market, Nvidia rival Cerebras Systems has filed for an IPO. The company reported sales of $136.4 million in the first half of 2024, up from $8.7 million in the same period last year, but is still operating at a loss.
The filing depicts a company still in the early stages of taking on Nvidia and other established chipmakers, but it looks to gain an edge with a different approach. CS-3, Cerebras' flagship system, is optimized to handle AI computing workloads and can be clustered together to power AI supercomputers.
Cisco is nearing an investment in cloud computing provider CoreWeave at a $23 billion valuation.
💊 Health
Researchers are using AI to detect mental health conditions from speech patterns, potentially offering faster and more accurate diagnoses. These models focus on acoustic properties rather than content, potentially overcoming cultural and linguistic biases.
By analysing the acoustic properties of speech, these AI models can identify markers of depression or anxiety that a patient might not even be aware of, let alone able to articulate.
In drug development, Aarhus University scientists have created LaKe, a molecule that mimics the metabolic effects of exercise and fasting.
"We've developed a molecule that can mimic the body's natural metabolic response to strenuous exercise and fasting. In practice, the molecule brings the body into a metabolic state corresponding to running 10 kilometers at high speed on an empty stomach," explains Professor Thomas Poulsen from the Department of Chemistry at Aarhus University.
Eli Lilly is investing $4.5 billion in a "Medicine Foundry" in Indiana to accelerate drug development and manufacturing.
"As we accelerate our work to discover new medicines for the toughest diseases, we're continuing to invest in state-of-the-art infrastructure to support our growing pipeline," said Lilly's chief executive officer David Ricks in a statement.
The rise of GLP-1 drugs like Ozempic and Wegovy appears to be impacting America's obesity epidemic. CDC data shows the US adult obesity rate has fallen for the first time in years, dropping to 40.3% in 2023 from 41.9% in 2020. While not explicitly credited, the timing coincides with these drugs' growing popularity.
The US leading the descent is a beautiful twist. Its unparalleled consumer culture sent its obesity rate rising faster and further than almost anywhere else. When the solution was regulation or moderation, America was at a disadvantage. But when procuring and distributing large quantities of pharmaceuticals is the name of the game, the U.S. is unrivaled.
⚙️ Mobility
Joby Aviation unveiled its electric air taxi in NYC. Toyota has doubled down on its investment, pouring an additional $500 million into the company, bringing its total to $894 million. Joby aims to launch its commercial service by 2025, potentially allowing users to summon air taxis through the Uber app.
Uber is expanding its autonomous vehicle partnerships, partnering with Avride for robotaxi rides and autonomous food deliveries. They're also expanding Uber Eats to use robots for deliveries in select cities.
Starting this week, Uber customers in Austin will see an option to receive Uber Eats deliveries from Avride's six-wheeled sidewalk robots. That deal will expand to Dallas and Jersey City, New Jersey, later this year. And in 2025, Avride's autonomous vehicles will be available to some Uber customers for rides in Dallas.
BYD is targeting the Australian market with its Shark 6 plug-in hybrid ute, as Australia aims for 1 million EVs by 2027. The Chinese manufacturer sees Australia as a critical testing ground for Western markets, with BYD's Asia-Pacific auto sales general manager, Liu Xueliang, stating:
Australia is critical for us to see how these cars perform in a Western market. There is also great polarisation there – if we overcome this it has great potential to lead the whole global market.
In domestic Chinese EV news, Xiaomi's EV division delivered over 10,000 SU7 units in September, targeting 20,000 in October. Meanwhile, BYD faces a setback, recalling nearly 100,000 vehicles due to potential fire risks, highlighting the challenges of rapid EV production scaling.
📱 Devices
Finnish health tech company Oura has launched its fourth-generation smart ring. The Oura Ring 4 features a slimmer design, expanded sizing options, and improved accuracy.
Citing an external study, Oura says the new algorithm results in a 120 percent increase in signal quality and a 30 percent bump in accuracy for blood oxygen tracking.
The ring boasts up to eight days of battery life and can automatically detect 40 different activities. As the smart ring market expands, Oura is exploring future wearable concepts, including necklace-like devices and potential smart glasses collaborations.
🔗 Blockchain and Crypto
PayPal has made its first business transaction using its own stablecoin, PYUSD. The company settled an invoice with Ernst & Young LLP instantly via SAP's digital currency hub, demonstrating how digital currencies can improve commercial transactions.
"The enterprise environment is very well-suited for it," he said. "It's a very rational conversation to have with the CFO."
Visa is developing a new platform to help banks create and manage their own digital currencies. The Visa Tokenized Asset Platform (VTAP) will allow banks to issue and control fiat-backed tokens, with plans to launch next year.
🌞 Energy
Holtec International is securing a $1.52 billion loan to restart Michigan's Palisades nuclear plant. This potential first-ever US reactor restart signals a shift in nuclear power perception. Holtec's Pat O'Brien notes:
"Nuclear wasn't being valued as a clean energy source, the way we believed it should be," he says. "You've had a sea change in how the energy markets viewed nuclear and politically how it was viewed."
Beyond restarts, Holtec is developing small modular reactors (SMRs), aiming to deploy the first two at Palisades by 2031.
⚡ Other Snippets
Zhejiang University researchers have engineered tobacco plants to produce creatine, a popular exercise supplement typically found only in animal products. They're now working on replicating this in tomatoes, potentially offering a plant-based creatine source for vegans and vegetarians.
In quantum physics, University of Toronto researchers have observed photons exhibiting "negative time" when passing through chilled atoms, suggesting particles can appear to exit a material before entering it (see the pre-print paper).
"It took a positive amount of time, but our experiment observing that photons can make atoms seem to spend a negative amount of time in the excited state is up!" wrote Aephraim Steinberg, a physicist at the University of Toronto, in a post on X (formerly Twitter) about the new study, which was uploaded to the preprint server arXiv.org on September 5 and has not yet been peer-reviewed.
Material scientists have synthesised cubic gauche nitrogen (cg-N), a diamond-like structure that could revolutionise energy storage. This high-energy-density material, stable at atmospheric pressure, could lead to more powerful and efficient energy storage solutions.
The study provides an efficient and convenient way to synthesis cg-N at atmospheric pressure, and also new ideas for the development of future high-energy-density materials, according to the team.
A lengthy profile of Palmer Luckey explores his journey from founding Oculus to his current role at defence tech startup Anduril. The article delves into Luckey's unconventional background, his controversial exit from Facebook, and his vision for rebuilding the "arsenal of democracy". Interestingly, Luckey keeps the world's largest video game collection buried in a decommissioned nuclear missile silo, a testament to his unique approach to both technology and life.
In related news, Anduril is expanding into the space business, partnering with satellite hardware startup Apex to deploy AI-powered systems for space situational awareness and missile tracking.
"Space is a contested warfighting domain and we recognize the importance of equipping spacecraft with advanced autonomy and cutting-edge payloads," Gokul Subramanian, Anduril's SVP of Space and Engineering, said in the announcement.
In entertainment, Amazon's Fallout adaptation has reached 100 million viewers worldwide in less than six months, making it only the second Amazon Prime show to cross this threshold after The Rings of Power.
Epic Games is now financially sound with Fortnite hitting record users, as CEO Tim Sweeney notes a trend towards live service multiplayer games at Unreal Fest Seattle 2024.
The real trend here is that players are gravitating towards the really big games where they can play with more of their friends. This is a manifestation of Metcalfe's Law, the idea that the value of a network, a game, or a social experience grows in proportion to the number of friends that you can connect to.
An exclusive interview and factory tour (1h video) with Figure AI CEO Brett Adcock reveals the company's rapid progress in humanoid robotics, with multiple generations developed in just two years and plans to deploy their latest model, Figure 3, in real-world settings starting with BMW's factory in early 2025.
Our goal is to introduce figure two into kind of multiple clients into into early next year um uh I think from there we want to really try to um hit really high performance reliability and safety goals um with those groups they're they're larger where we can ship thousands of robots into them
Have a great week,
Thomas
About Thomas Rice
Thomas Rice co-founded Minotaur Capital, a technology-driven, AI-led global equities fund, and is based in Sydney, Australia. He can be found on the X at @thomasrice_au.