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- EU's AI Act - smart or stifling?
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What’s in store:
Will the EU AI Act stifle startup innovation?
Google’s $23 billion battle for Cloud security.
Around the web: Xreal Beam Pro enhances AR glasses but lacks power for smooth AR performance.
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Read Time: 6 minutes
AI REGULATION
European AI companies are facing a new challenge: The EU’s AI Act.
This legislation aims to ensure ethical AI use but raises concerns among tech startups about potential red tape and high compliance costs.
The AI Act, effective from August 2024, categorise AI systems by risk levels.
“Minimal risk” systems, like spam filters, face no regulation.
“Limited risk” systems such as chatbots, must meet transparency standards.
“High-risk” systems, used in critical sectors, require stringent oversight.
About the Act:
The AI Act aims for ethical AI use but may impose high costs on startups.
It categorises AI systems into minimal, limited, high and unacceptable risks.
Implementation stages stretch from August 2024 to August 2026.
A new challenge for startups
The AI act sorts different AI systems into risk categories.
Minimal risk systems, such as chatbots must be transparent about their AI nature.
High-risk systems, like those used in law enforcement or critical infrastructure, face stricter rules.
Unacceptable risk systems, like those manipulating behaviour or evaluating social scoring, are prohibited.
Here are some key dates you should keep in mind:
August 2024: AI Act starts.
February 2025: Prohibitions on "unacceptable risk" AI, like social scoring, begin.
August 2025: Obligations for general AI models, like ChatGPT, take effect.
August 2026: Rules for "high-risk" AI systems, including biometrics and education, apply.
Understanding and preparing for those changes is crucial for AI startups to navigate the new regulatory landscape effectively.
Will the act stifle innovation in the EU? Only time will tell.
Will the EU's AI Act support or stifle? |
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MINDSTREAM LIVE EVENT
We are delighted to announce our CEO Adam Biddlecombe will be joining Yoav Einav, the CEO of Guidde, to discuss how AI is transforming business communications in an upcoming live stream.
Guidde looks set to transform the way we onboard and train employees. But what else will AI change?
They will speak about:
The impacts of generative AI on business.
The opportunities AI brings for productivity.
The future of training and onboarding in the AI era.
How Guidde utilises AI to increase productivity across your business.
If you’re not utilising AI in your business, you’ve already fallen behind.
On This Day
July 17th 1955 - Disneyland, the first of two theme parks built at the Disneyland Resort in Anaheim, California, is opened to the public.
Tool of the Week
ProAI
Created by Pro Business Plans, this AI tool is tailored for startups and SMEs, offering elite business plan generation, pitch deck creation, market research, and investor list building. Integrates with Microsoft Office and Google Workspace, ProAI supports dynamic updates to your business strategy.
Google is considering a $23 billion purchase of Wiz, a cloud cybersecurity startup partnered with Amazon and Oracle, according to The Wall Street Journal.
This would be Google’s largest acquisition ever, nearly double what it paid for Motorola Mobility in 2012.
Wiz, based in NYC, offers enterprise security tools that create a layer between cloud environments, allowing businesses to quickly identify and mitigate critical risks.
This move seems to be aimed at bolstering Google’s position against an increasingly vulnerable Microsoft, which has faced several security breaches recently.
Here’s what you should know:
Google is looking to acquire Wiz for $23 billion.
Wiz provides essential tools for securing cloud infrastructure.
This acquisition targets competition with Microsoft.
The deal may face regulatory hurdles.
Securing the Cloud
Thomas Kurian, head of Google Cloud, is driving the acquisition.
This move could enhance Google's reputation as a secure cloud platform, following previous buys like a cloud security startup in 2022 and the $5.4 billion purchase of Mandiant, which discovered the SolarWinds hack.
However, the acquisition isn't guaranteed. It could face scrutiny from US regulators, especially given recent antitrust actions by the Biden administration.
My security startup is bigger than your security startup?
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NetherRealm’s Mortal Kombat 1 will add the final DLC fighter, Takeda Takahashi, on July 23, 2024, featuring his unique moveset and Fatality.
Maker (MKR) rallies toward the $4,000 target, gaining 33% in seven days despite holders taking profits, maintaining key support and potentially erasing the past two months' losses.
China has postponed its asteroid deflection mission to 2027, two years later than previously planned, aiming to launch one spacecraft to collide with a small asteroid and another to observe the impact.
S&P 500 futures edge higher after Bank of America’s strong earnings excited investors, with futures for the S&P 500 and Nasdaq 100 gaining 0.1% and 0.2%, respectively.
Don’t Miss - The Xreal Beam Pro, a $199 Android device, aims to enhance AR glasses usage but struggles with performance and software issues. It offers dual cameras for 3D content and useful features but lacks the power to run AR smoothly. Best for basic use and 3D video, but not recommended for advanced AR tasks.
AI Art
Our Image of the Day
Artwork submitted by Mindstream reader Nina: “dogs in the snow”
Daily Image Prompt
Medieval knights wielding laser swords
Yesterday’s Poll
“Do you think OpenAI’s five-level system will help achieve AGI?”
Absolutely, it's a clear roadmap. - 55% ✅
Not really, it’s just more jargon. - 45%
Your Views:
“It is going to happen with or without a roadmap. They’ve put categories in place to make progress look planned.” -singleshot
“It follows the principles of progress. Soon we will be at the "I, Robot" level. Who serves whom?” - carl
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