Musk Announces New AI Start-Up; Wipro to Invest USD$1bn in AI Capabilities

In today's ExchangeWire news digest: Elon Musk announces a new AI start-up; India's Wipro to invest USD$1bn (~£763.6m) in its AI capabilities; and Binance cuts 1,000 staff following executive exits.

Musk reveals AI start-up

Elon Musk has entered the AI race with the announcement of a new artificial intelligence start-up. The billionaire announced the “formation” of xAI on Wednesday, stating that the company’s goals are “to understand the true nature of the universe.” Musk revealed little else beyond the goals of xAI, although the Twitter-owner also stated, “I think that we can create a competitive alternative that is hopefully better than Google DeepMind, OpenAI or Microsoft”. 

Wipro invests in AI capabilities

India’s Wipro has pledged USD$1bn (~£763.6m) to bolster its AI capabilities. The investment will be used to train its 250,000-strong workforce “on AI fundamentals and responsible use of AI” over the next 12 months, with the firm continuing to “provide more customised, ongoing training for employees in AI-specialised roles” over a three-year period. Wipro CEO Thierry Delaporte said in statement, “With the emergence of generative AI, we expect a fundamental shift up ahead, for all industries.”

Binance follows executive exits with layoffs

The world’s biggest cryptocurrency exchange, Binance, has culled its workforce, laying off over 1,000 employees. The move comes just days after chief strategy officer, Patrick Hillmann, compliance executive, Steven Christie, and general counsel, Hon Ng, all announced their exits from the firm. The layoffs come as Binance contends with US regulators’ attempts to clamp down on the cryptocurrency industry. In June, the Securities and Exchange Commission sued the company and its CEO, Changpeng Zhao, for allegedly running a “web of deception”.

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Fact of the Day

2.68% – the increase of Wipro's stock price today, 17th July 2023.

Source: Economic Times

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