Welcome to the April 2023 edition of our newsletter, bringing you important policy and high-impact news.
We hope you find it useful.
A Forum for Indian Businesses in North East USA
(Covering: Connecticut, Maine, Massachusetts, New Hampshire,
New Jersey, New York, Ohio, Pennsylvania, Rhode Island and Vermont)
Google CEO on AI, the Future of Search, Efficiency, and Battling Microsoft
Google's CEO, Sundar Pichai, discusses Google's approach to the AI industry and the need to balance AI development with cost-cutting measures. He mentions Google's plans to bring new features and capabilities to its products and discusses the company's goal to be 20% more efficient while also making sure to pursue long-term investment opportunities. He also addresses concerns around search and the potential for large language models to change how people access information online.
US factories are opening new locations in cities and rural areas across the country, focusing on high-tech fields like semiconductors and electric-vehicle batteries. The growth in domestic manufacturing has been sparked by government incentives and a push to bring manufacturing jobs back to the US, as well as shortages and delays in global supply chains caused by the pandemic.
Elon Musk Creates New Artificial Intelligence Company X.AI
Elon Musk has incorporated a new artificial intelligence (AI) company called X.AI Corp. in Nevada, with Musk as the only listed director and Jared Birchall, the director of Musk's family office, as the secretary. The company, which has authorized the sale of 100 million shares, adds to Musk's AI ambitions and his recent recruitment of researchers to create a rival effort to OpenAI, the AI company behind ChatGPT.
JPMorgan, PNC Submit Bids to Buy First Republic in Government-Led Sale
First Republic Bank is being reviewed for bids by the Federal Deposit Insurance Corp. (FDIC) and is expected to be seized by the agency. Big banks, including JPMorgan Chase and Co., and PNC Financial Services Group, have submitted offers for the troubled lender, and the FDIC is expected to name a winner.
Montana lawmakers have passed a bill that would ban TikTok in the state from January 1, 2024, which could lead to court battles that determine the future of the Chinese-owned social media app in the US. The legislation, which prohibits TikTok from operating in Montana and app stores from offering it in the state, has faced criticism from opponents who argue it amounts to censorship and violates First Amendment rights.
