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Cisco lays off 4k employees to focus on AI, Air Canada gets in trouble with its chatbot, $100B AI chip venture from SoftBank’s heir
Sorin Ciornei
February 19, 2024
Welcome, AI enthusiasts
Cisco lays off 4k employees to focus on AI, Air Canada gets in trouble with its chatbot, $100B AI chip venture from SoftBank’s heir
In today’s newsletter:
Cisco to lay off 4k employees to focus on AI
Killer robots are coming to the battlefield
Air Canada must honor refund policy invented by airline's chatbot
ElevenLabs teases text-to-sound AI
SoftBank's Heir wants $100B for AI chips
NEWS OF THE DAY
What: Cisco revealed plans to slash its headcount by 5% — roughly 4,250 employees across the tech behemoth’s global workforce — as it steps up its focus on artificial intelligence.
Key points:
💼 Cisco plans to cut its headcount by 5%, affecting approximately 4,250 employees globally.
🌐 Layoffs are part of Cisco's strategy to focus on high-growth areas such as artificial intelligence (AI) and software development.
💰 The layoffs will cost Cisco around $800 million in pre-tax charges related to severance and benefits.
📉 Cisco also adjusted its annual revenue forecast from up to $55 billion to between $51.5 billion and $52.5 billion.
🤖 Cisco aims to capitalize on the AI infrastructure opportunity and is expanding its partnership with Nvidia for cloud-based and on-premises AI infrastructure.
Noteworthy: It’s only February and we see the layoffs stacking up, with more and more companies and industries overall looking at AI investments to optimize their workforce.
EDITORIAL
What: The risk for the labor market is that once these technologies and solution move up the maturity curve, more and more skills will be replaced. What if the demand for specific skill sets could be fulfilled effortlessly, akin to a click – “Skills as a Service” (SaaS)?
Key points:
Generative AI threatens jobs: It automates tasks, even complex ones, potentially replacing many skills previously considered irreplaceable.
Shifting labor mobility: Countries may need fewer skilled immigrants as AI fills skill gaps.
Education in flux: Focus may shift from specific STEM topics to broader analytical skills and adaptability.
STEM skills at risk: Automation might render some STEM skills obsolete, requiring continuous learning and upskilling.
Noteworthy: If generative AI can build a marketing plan and execute on it in one day, instead of months, why bother creating project plans and scheduling tasks in a way that make sense?
LATEST NEWS
an illustration in the style of Craig Mullins of a swarm of drones
🤖 Autonomous Weapons Systems (AWS), often called 'killer robots,' are a growing concern in modern warfare.
🌐 AWS aim to enhance battlefield decision-making, be cost-effective, reduce collateral damage, and protect personnel, but ethical concerns exist.
🇺🇳 The UN adopted Resolution 78/241, emphasizing the applicability of UN Charter, International Humanitarian Law (IHL), and human rights to AWS matters.
🌐 Global discussions on lethal AWS bans involve differing perspectives, with Australia and key allies supporting usage under ethical guidelines.
🚫 Outright banning of AWS appears unrealistic due to their increasing use by militaries worldwide for strategic advantage.
an illustration in the style of Craig Mullins of a holographic flight attendant
🤖 Air Canada faced a case where a passenger, misled by the airline's chatbot, sought a bereavement travel refund following inaccurate information.
💻 The chatbot encouraged the passenger to book a flight and request a refund within 90 days, contrary to Air Canada's actual policy.
🛑 Air Canada argued that the chatbot was a separate legal entity responsible for its actions and should not be held liable for misinformation.
🏛️ The Civil Resolution Tribunal ruled in favor of the passenger, stating that Air Canada failed to ensure the chatbot's accuracy, awarding a partial refund and additional damages.
ElevenLabs teased a new AI Sound Effects feature, playing with the Sora launch and adding sounds to the videos we’ve seen last week.
💸 SoftBank founder Masayoshi Son is seeking up to $100 billion for a new chip venture to compete with Nvidia and supply AI semiconductors.
🧠 The project, codenamed Izanagi, is part of Son's vision to build an AI chip powerhouse complementing Arm Holdings, a chip design unit in which SoftBank holds a majority stake.
📈 SoftBank's stock rose by as much as 3.2% in response to the news of the potential $100 billion chip venture.
MIDJOURNEY PICK OF THE DAY
two swans, one black and white, falling from above facing eachother, underwater, smokey background and light from above, photography
Check out our guides on how to generate the best Midjourney pictures, from fashion, nature, street art or illustration.