Latest AI News

Microsoft's AI leadership faces challenges as OpenAI considers alternative cloud providers beyond Azure. This potential shift could impact Microsoft's cloud revenue and competitive position in the AI market. Meanwhile, Microsoft has launched AI-powered Copilot Mode in its Edge browser to compete with Google and startups in the increasingly competitive browser market, where OpenAI is also reportedly developing its own offering.

Meta is rapidly pursuing artificial general intelligence (AGI) with its new Superintelligence Lab, led by CEO Mark Zuckerberg who has personally recruited top talent from competitors like OpenAI, Apple, and Google. The company is making massive investments, including $14 billion for a 49% stake in Scale AI and offering massive compensation packages to attract leading researchers. Meta is also redesigning its data centers to prioritize speed for AI workloads. Despite these aggressive moves to compete with Google, OpenAI, and xAI, analysts caution that these superintelligence initiatives are unlikely to generate significant profits in the near term, as AGI development remains inherently uncertain with benefits potentially only visible over the long term.

Citi is expanding its research division to cover private companies, particularly in tech and AI sectors where private firms increasingly dominate. The initiative will analyze about 100 influential private companies, providing institutional investors with valuable insights as these firms remain private longer. Heath Terry, formerly of Goldman Sachs, will lead private AI coverage. This move mirrors similar efforts by competitors like JPMorgan Chase and reflects the growing importance of private market intelligence as economic value shifts away from public markets. Citi also hosts an annual Private Company Growth Conference to connect investors with innovative private companies.

Commonwealth Bank of Australia is cutting 45 jobs while expanding AI implementation, prompting criticism from the Financial Services Union. The union claims nearly 800 workers have been laid off in the past year despite the bank's strong profits. Most affected positions are in New South Wales. The bank defends these changes as necessary for building specialized capabilities and maintaining competitiveness, while simultaneously hiring technology specialists in India. Union representatives are seeking greater transparency and support for affected workers as the financial sector increasingly adopts AI technologies.