The SEC Newgate AI Weekly

Welcome to another edition of AI Weekly. As is the norm these days, it has been a busy week in the world of AI and there have been some significant developments across the industry:

The Governor of California, Gavin Newsom has blocked a landmark AI safety bill. This is following pressure from major tech companies, who reasoned that the bill would stifle innovation and prompt them to move out of the state. This now allows them to continue developing AI tools without being monitored by the government.

OpenAI has doubled its valuation to $157 billion following a successful $6.6 billion funding round. Earlier this year, the company was valued at $86 billion during an employee-led sale of existing shares. Key investors in this latest round include Thrive Capital, Microsoft, SoftBank, and Nvidia.

Reddit is using AI-powered AI translation to expand its network across dozens of countries. Where language was previously a limitation for networks to grow across markets, Reddit is using AI to open up its network to more users.

Small-scale farmers in Kenya are turning to AI tools to enhance their crop quality and boost yields. Solutions like Virtual Agronomist and PlantVillage are empowering farmers by helping them identify and control pests more efficiently, reduce fertilizer usage, and save money. These AI tools are quickly becoming essential for smallholder farmers, providing them with innovative ways to overcome challenges and improve productivity. However there is a concern that an over-reliance on AI may overlook indigenous farming knowledge.