Marc Andreessen should need no introduction, but I'll do one anyway. He helped code the first widely used graphical web browser, Mosaic, which as I see it makes him one of the inventors of the internet. He co-founded Netscape and various other companies. He also co-founded the venture capital firm Andreessen Horowitz (with Ben Horowitz), also known as A16Z, one of the country's largest VC firms. Recently he has launched a media publication called Future, where he occasionally writes his thoughts. Marc has been a sort of hero of mine ever since I was a teenager, when Netscape Navigator felt like it opened up the world. I came out to California in part to meet people like him. Now we know each other well, and he's a subscriber to my blog! The thing I always like about talking to Marc is how he combines relentless optimism with the concrete knowledge to back up that optimism -- both knowledge of specific details and a broad understanding of various schools of thought. Lots of people will tell you the future holds amazing possibilities; Marc will tell you exactly what those possibilities are, and why they're possible.
Outgoing Secretary-General of the Organisation for Economic Co-operation and Development (OECD) ... [ ] Angel Gurria applauds as new Secretary-General of the Organisation for Economic Cooperation and Development (OECD) Mathias Cormann, of Australia, takes over at the OECD headquarters in Paris, Tuesday, June, 1 2021. A recent study from the Pew Research Center showed that 53% of people in 20 countries feel that artificial intelligence has been a good thing for society. While over half the world's population has a positive view of AI, this means that one in every three people in these countries are concerned about the impacts AI can have on society. How do we ensure that AI is trustworthy and its benefits are shared by all? As the statistics show, while there is incremental improvement, there is still a level of hesitancy and suspicion towards AI among the citizens around the world.
The Australian Government has released the Artificial Intelligence (AI) Action Plan in a bid to accelerate the development and adoption of AI technologies. "AI could contribute more than $20 trillion to the global economy by 2030, and the AI Action Plan will help us leverage opportunities for AI to further strengthen the economy and improve the quality of life of all Australians, while ensuring that the development and adoption of AI is guided by appropriate safeguards, privacy and ethical considerations," said Minister for Industry, Science and Technology Christian Porter. The Action Plan is backed by $124.1 million in funding announced in the May Budget and sets out four key focus areas for government that will help to position Australia as a global leader in AI. Focus one: Developing and adopting AI to transform Australian businesses -- support to help businesses develop and adopt AI technologies to create jobs and increase their productivity and competitiveness. Focus two: Creating an environment to grow and attract the world's best AI talent -- support to ensure our businesses have access to talent and expertise.
The development and adoption of advanced technologies including smart automation and artificial intelligence has the potential not only to raise productivity and GDP growth but also to improve well-being more broadly, including through healthier life and longevity and more leisure. Alongside such benefits, these technologies also have the potential to reduce disruption and the potentially destabilizing effects on society arising from their adoption. Tech for Good: Smoothing disruption, improving well-being (PDF–1MB) examines the factors that can help society achieve such benefits and makes a first attempt to calculate the impact of technology adoption on welfare growth beyond GDP. Our modeling suggests that good outcomes for the economy overall and for individual well-being come about when technology adoption is focused on innovation-led growth rather than purely on labor reduction and cost savings through automation. This needs to be accompanied by proactive transition management that increases labor market fluidity and equips workers with new skills. Technology for centuries has both excited the human imagination and prompted fears about its effects. Today's technology cycle is no different, provoking a broad spectrum of hopes and fears.
The Bureau of Labor Statistics lists jobs in data science in the top 15 fastest growing occupations with projected 31 percent job growth over the next 10 years. With data increasingly becoming the lifeblood of all organizations, data scientists need to be equipped not only with the right technical skills, but a robust dose of business acumen as well. In 2021, machine learning methods like transfer learning and transformers are drawing a lot of attention because they are rapidly driving innovation in a number of different spaces. For building and training neural networks, PyTorch has a lot of momentum behind it, and Keras and TensorFlow are also commonly used. There is also a rich ecosystem of software libraries, many open source, that can help accelerate machine learning and data science applications.
Reflation trade has been pummelled after the Federal Reserve unexpectedly signalled a shift in its stance on inflation, and, European Central Bank executive Fabio Panetta says the introduction of a digital euro would boost consumers' privacy. Plus, the FT's innovation editor, John Thornhill, talks about the new season of the Tech Tonic podcast and its main focus, artificial intelligence. Reflation trade has been pummelled after the Federal Reserve unexpectedly signalled a shift in its stance on inflation, and, European Central Bank executive Fabio Panetta says the introduction of a digital euro would boost consumers' privacy. Plus, the FT's innovation editor, John Thornhill, talks about the new season of the Tech Tonic podcast and its main focus, artificial intelligence.
Reflation trade has been pummelled after the Federal Reserve unexpectedly signalled a shift in its stance on inflation, and, European Central Bank executive Fabio Panetta says the introduction of a digital euro would boost consumers' privacy. Plus, the FT's innovation editor, John Thornhill, talks about the new season of the Tech Tonic podcast and its main focus, artificial intelligence. A transcript for this podcast is currently unavailable, view our accessibility guide.
Wall Street, venture capitalists, technology executives, data scientists -- all have important reasons to understand the growth and opportunity in the artificial intelligence market to access business growth and opportunities. This gives them insights on funds invested in AI and analytics as well potential revenue growth and turnover. Indeed, the growth of AI, continuing research, development of easier open source libraries and applications in small to large scale industries are sure to revolutionize the industry the next two decades and the impact is getting felt in almost all the countries worldwide. To dive deep into the growth of AI and future trends, an insight into the type and size of the market is essential along with (a) AI-related industry market research forecasts and (b) data from reputable research sources for insight into AI valuation and forecasting. IBM's CEO claims a potential $2 trillion dollar market for "cognitive computing").
A recent string of problems suggests facial recognition's reliability issues are hurting people in a moment of need. Motherboard reports that there are ongoing complaints about the ID.me facial recognition system at least 21 states use to verify people seeking unemployment benefits. People have gone weeks or months without benefits when the Face Match system doesn't verify their identities, and have sometimes had no luck getting help through a video chat system meant to solve these problems. ID.me chief Blake Hall blamed the problems on users rather than the technology. Hall instead suggested that people weren't sharing selfies properly or otherwise weren't following instructions. Motherboard noted that at least some people have three attempts to pass the facial recognition check, though.
For the second day in a row, investors shook off hotter than expected inflation. Despite the consumer price index skyrocketing in May by 5% from a year ago, shattering the estimated 4.7% and the fastest the index rose since August 2008, investors largely overlooked it. The 10-year Treasury yield fell to 1.44% after trading as high as 1.77% earlier in the year, somewhat easing fears and showing that inflation may only be transitory. Investors also continued to cheer Thursday's jobless claims data which again hit a pandemic era low. The Dow Jones gained 100 points, the S&P 500 added 0.2% to its record high, and the Nasdaq ticked up 0.1%.