Altman's big UBI experiment - what happened?

The slipperiness of banana peels is not a myth. When stepped on, they secrete a mucus-like substance that makes them as frictionless as skis on snow.

What’s in store:

• Sam Altman’s UBI experiment results are in.

• Apple embracing the Y2K vibe.

• Around the web: Sonos CEO apologises for app issues, promising bi-weekly updates to fix bugs and restore features.

• Free Whitepaper from Domino on responsible AI integration!

Read Time: 6 minutes

AI IN SCIENCE

Altman’s UBI experiment

OpenResearch, supported by OpenAI head Sam Altman, has published initial findings from a big Universal Basic Income (UBI) trial.

The study, costing $60 million, included 3,000 participants who each received $1,000 per month since 2020.

Participants, aged 21 to 40 from Texas, and Illinois, spent most of the money on essentials like food, rent and transport.

Monthly spending increased by $310, with a significant rise in rent expenditure, indicating a higher likelihood of moving.

Participants were also 10% more likely to visit the dentist, while they also worked 1.3 fewer hours weekly than those in the control group who received $50 monthly.

The UBI helped recipients support others, with 26% more money used for aiding others compared to the control group.

However, only higher-income recipients had the flexibility to explore non-work activities.

Here’s what you should know:

• Most UBI funds were spent on necessities.

• UBI recipients were more likely to move and seek dental care.

• The flexibility to explore non-work activities was more apparent among higher earners.

Rents, dentists, and dreams

In the UK, think tank Autonomy plans a £1,600-a-month UBI trial in East Finchley and Jarrow, lasting two years with 30 participants.

OpenAI’s technology, used by Apple and Microsoft, is expected to automate a number of jobs, and UBI has been touted as a solution for the smaller pool of available jobs in the future if this prediction comes to pass.

Sam Altman has noted that AI will create new types of jobs while eradicating some existing ones.

The IMF estimated in January 2024, that 40% of workers worldwide find their employment affected by AI.

UBI solving problems we didn’t know we had.

Vote for live results and see results + opinions from yesterday at the bottom of the email.

FREE RESOURCES

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On This Day

July 26th 1788 - New York ratifies the United States Constitution and becomes the 11th state of the United States.

Riddle Me This

A bat and a ball together cost $1.10.

The bat costs $1.00 more than the ball.

How much does the ball cost?

Nifty Numbers

Global AI Investment

Global AI investment in 2023 reached significant levels, with $18.3 billion directed towards AI infrastructure, research, and governance, and $8.1 billion into natural language processing. This infographic highlights the key focus areas, showcasing the substantial financial commitments made towards advancing AI technologies.

APPLE

Would you buy a folding iPhone?

Apple is moving towards releasing a foldable iPhone, potentially as soon as 2026, according to a report by The Information.

The phone is expected to have a horizontal fold, similar to Samsung’s Galaxy Z Flip.

The Information previously noted Apple was developing two folding prototypes.

Now it appears Apple has chosen a design, internally named V68, indicating the project has progressed beyond the conceptual phase and is actively being developed with suppliers.

Apple aims to reduce the crease visible when the phone is unfolded and make the device thinner.

This aligns with a recent DigiTimes report on Apple’s foldable phone plans.

Additionally, Apple might release a foldable MacBook by 2026.

Here’s what’s happening:

• Apple’s foldable iPhone may arrive in 2026, with a horizontal fold design.

• Apple aims to reduce the crease and make the device thinner.

• A foldable MacBook could be in the pipeline for 2026.

First Samsung, now Apple

In other news, Apple is planning to upgrade next year’s iPhone with a mechanical aperture for better depth-of-field effects, allowing background blurring while keeping the subject sharp.

Rumours also hint at a significantly thinner iPhone slated for 2025.

Gimmick or genius? We’re not convinced…

Mindstream Picks

US and Asian markets fell sharply, with tech and AI stocks leading the decline; the S&P 500 list 2.3%, Nasdaq dropped 3.6%, Dow Jones fell 1.2% and Japan’s Nikkei decreased by over 3%.

Gran Turismo 7’s latest update has introduced new physics, allowing cars to fly due to enhanced suspensions and tire calculations, resulting in more dynamic car movement and a refined driving experience.

A report urges the U.S. Space Force to invest more in small satellites, moving from large, costly systems to a hybrid approach for upgraded space capabilities.

BlackRock sees “very little interest” beyond Bitcoin and Ethereum among clients and doesn’t expect many crypto ETFs outside of these core assets.

Don’t Miss - Sonos’ app redesign aimed for modernity and ease of use but resulted in customer frustration. CEO Patrick Spence apologised and outlined a software roadmap, promising bi-weekly updates to fix issues and restore features. Despite initial missteps, Sonos is focused on improving the app and regaining customer trust.

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Yesterday’s Poll

“Will open-source AI be successful in democratising innovation?”

YUP! This is what the world needs - 65% ✅

Nope, this will endanger security - 35%

Your Views:

“I think it would be great but it’s not gonna happen.” - ejmbenson

“Having access to the source code would benefit malicious hackers who would have an easier time creating malicious applications. What average person at least understands what programming code is?” - velencer

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