Retailers are getting smarter about artificial intelligence (AI), and the latest example of that innovative effort comes from Walmart. According to a new report, the retail chain, hoping to reduce checkout theft, is turning to cameras powered by AI, with deployments underway in some 1,000 stores. "The retailer began investing in the surveillance program, dubbed Missed Scan Detection, several years ago in an effort to combat shrinkage -- loss due to several causes including theft, scanning errors, waste and fraud," the report stated. "The AI-powered cameras were rolled out to more than 1,000 stores about two years ago and the retail giant has seen positive results since then, according to Jenkins, who said shrinkage has reduced in stores where the cameras have been added." Artificial intelligence is moving from theory to reality, and that holds true for the world of retail as well.

JPMorgan Chase has hired a senior executive from Google as its new head of artificial intelligence (AI) and machine learning services. According to a memo obtained exclusively by CNBC, Apoorv Saxena, Google's head of product management for cloud-based artificial intelligence, will be joining JPMorgan on Aug. 31. In addition to his role as head of AI, Saxena will also serve as head of asset and wealth management artificial intelligence technology. He will be based in Palo Alto, California. As companies in various markets are racing to create the next generation of AI-powered services, a small group of proven AI experts are finding themselves in high demand, with some being offered salaries in the millions to join firms.