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- 🔮 Is AI the new Internet or Metaverse? 🤔
Hello Legends! 👋
It's Wealthy Woofie with your latest tech & finance news.
So buckle up and let's dive in:
🤖 Is AI the new internet or just another tech fad like the Metaverse?
💵 Collective Raises $50M for AI Finance Platform
💥 UK Payment Scams: Meta Platforms Under Fire
📲 Meta Avatars Take Over 'Video' Calls
🇨🇳 China's AI Rules Set the Stage 🚀
🌐 Goldilocks Zone of Regulation 🔖
💻 Is AI the new internet or just another tech fad like the Metaverse? 🌐
The AI frenzy has taken over 2023, but let's be real—companies care about one thing: profits. Will AI be a game-changer like the internet, or will it end up in the tech graveyard?
CEOs everywhere are hyping up their use of ChatGPT, hoping to prove they're riding the AI wave.
But now it's crunch time. The earnings season is here, and investors want to see the money-making potential of AI.
Nvidia set the stage with soaring chip demand, smashing revenue forecasts, and hitting a $1 trillion valuation. But not every tech trend is a winner—remember the dot-com bubble or crypto?
Investors are skeptical. They want to see the moolah. Can AI deliver profits like the internet did? Or will it fade away like the Metaverse?
Companies, time to show us the money! 💰
💰 Collective Raises $50M to Empower Freelancers with AI Finance Platform 💪
Listen up, fam! Collective just scored a massive $50 million in funding from big players like Google's Gradient Ventures. They're launching a game-changing AI-powered financial management platform tailor-made for solopreneurs like you. 🚀
By harnessing AI across its operations, Collective aims to grow faster and serve the 100,000 businesses on its waitlist. They offer services from business formation to payroll, taxes, and bookkeeping, all designed for the unique needs of one-person businesses.
Here's why it matters: The freelance industry is booming, with 39% of the US workforce already freelancing. And that number's set to exceed 50% by 2027. To meet the demand, Collective uses large language models (LLMs) to develop AI copilots.
These copilots team up with tax experts, accountants, and bookkeepers, slashing the time for essential tasks like bank reconciliation and expense categorization. Talk about efficiency!
With this fresh funding, Collective plans to expand its suite of AI tools and skyrocket their growth. They're all about empowering freelancers like you to conquer the finance game with AI on your side. Get ready for a new era of financial management!
💰 UK Payment Scams: Meta Platforms Under Fire 💥
UK Finance wants Meta to take responsibility for payment fraud on its platforms, which account for over 60% of push payment fraud.
These scams trick victims into authorizing transfers to criminals' accounts through social engineering tactics like brand impersonation and too-good-to-be-true deals.
Starting in 2024, UK banks will have to reimburse fraud victims, increasing the pressure on tech companies. APP scams make up 75% of online banking payment fraud, totaling £485.2mn last year.
With the government pushing for platform safety, Meta's platforms—Facebook, Instagram, and more—are under scrutiny as hotspots for 61% of APP scams.
Stay sharp, folks. Protect yourselves against scams, and let's hold tech giants accountable! 💪
🧠 Did you know that Meta Avatars Can Now Answer Your 'Video' Calls? 🤯
Not feeling camera-ready? Meta's got your back!
Now you can use your Meta avatar to answer video calls on Messenger and Instagram. No need to show your face!
With over 1 billion avatars created, Meta's push into the metaverse keeps growing. The metaverse is all about a 3D virtual world where people work, play, and socialize as avatars.
But hey, it hasn't been all smooth sailing.
If you wanna create an avatar on Instagram, here's how:
Open the app and tap your profile pic.
Go to Edit profile and tap Edit picture or avatar.
Create your unique avatar with customizations like hairstyle, outfit, and more.
Say goodbye to camera woes—Meta avatars got you covered!
What are your thoughts? Share with us on Twitter. (@TheWeb3Wealth)
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🇨🇳 China's AI Rules Set the Stage 🚀
China ain't playing when it comes to generative AI! They just dropped official guidelines to regulate this advanced tech, starting from August 15.
The rules require platform providers to undergo security reviews and register their services with the government. Offshore providers targeting Chinese residents must comply too.
However, Chinese-developed tools serving overseas users are exempt.
These guidelines shape the future of enterprise-facing applications and urge caution in consumer-facing entrepreneurship. The fines and rectification requirements from the draft version were removed, while agencies like the National Development and Reform Commission joined as issuers. China's aiming to set international standards and foster AI development.
The move follows consultations with industry players as China's Internet giants, including Alibaba and Baidu, dive into building their own AI models. This regulation paves the way for orderly AI development and service distribution.
Keep an eye on it, investors. China's got its AI game on lockdown! 🤖💪
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PS: Gems Change the Game is our selection of exciting new products and projects in the world of finance and technology. We're constantly on the lookout for innovative tools and platforms that can help our readers stay ahead of the curve.
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