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OpenAI’s Sora has a new formidable competitor

Luma Labs Dream Machine is the new revolutionary text-to-video model

Today’s Highlights:

📰 News:  Luma Labs launches Dream Machine, a text-to-video model that competes w/ OpenAI's Sora

💰 Funding: Mistral AI raises $640M and Amazon will spend $200M+ on AI startups

⚡️ Top News Stories:

1. Luma Labs has launched Dream Machine, a new text-to-video generation model, that can produce realistic videos from text prompts and images at a rate of 120 frames in 2min, excelling in consistent character creation and accurate physics.

Dream Machine is out and ready for immediate use, unlike other recently announced models like OpenAI's Sora, Google Deepmind's Veo, and KWAI's Kling.

2. Samsung revealed new AI chip advancements, including a future technology roadmap, as it aims to rival TSMC with its advanced chip manufacturing process, and targeting business from companies like Nvidia.

3. Stability AI has launched Stable Diffusion 3 Medium, its most advanced text-to-image model, with 2Bn parameters, offering exceptional photorealism, understanding of complex prompts, high-quality typography, and resource-efficient making it ideal for consumer PCs, laptops, and enterprise GPUs.

4. Meta plans to expand its AI tech, including the Llama language model and Meta AI assistant, to European users, requiring training on publicly shared European data.

5. OpenAI's annualized revenue has reportedly doubled to $3.4Bn over the last six months, w/ $200M of that coming from a share of Microsoft's sales.

6. Rob Joyce, former NSA cybersecurity director, has joined OpenAI's board and Safety and Security Committee.

7. OpenAI CTO Mira Murati defends the Apple partnership against Elon Musk's "spyware" claim, stressing privacy and safety commitments.

8. OpenAI welcomes Sarah Friar, former CEO of Nextdoor and CFO at Square, as CFO and Kevin Weil, formerly President at Planet.com, as CPO to drive its mission forward.

9. Elon Musk has withdrawn his lawsuit against OpenAI and CEO Sam Altman, which accused them of deviating from the original non-profit mission.

10. Several Tesla shareholders have sued Elon Musk and the Tesla board, accusing them of diverting talent and resources from Tesla to Musk's AI company, xAI.

11. The Biden administration is considering further limiting China's access to advanced chip tech, specifically targeting the restrictions at preventing China from developing sophisticated AI computing systems using cutting-edge GAA semiconductors, which are currently being introduced by leading chipmakers.

12. California lawmakers are advancing around 30 new measures to regulate AI, aiming to protect consumers and jobs, with states like Colorado and Tennessee having also passed AI regulations, addressing issues like discrimination and unauthorized use of likenesses in AI-generated content.

13. Microsoft will remove the ability to create GPTs starting July 10, 2024, and will delete all existing GPTs and associated data by July 14, to shift its focus to Commercial and Enterprise scenarios for GPTs, and ending support for consumer Copilot GPTs.

14. Microsoft will not launch the Recall feature, which screenshots user activity, in response to privacy advocates that had warned Recall could be a cybersecurity risk without significant changes. Instead, they opting to test Recall with the Windows Insider program, to ensure it meets high security and quality standards. 

15. Facial recognition start-up Clearview AI has agreed to a unique settlement in a privacy invasion class-action lawsuit, offering a 23% stake in the company, currently valued at $225M, to affected Americans.

16. AI Steve, an AI-assisted candidate, is running in the UK's general election to enhance voter engagement, answer questions based on party policies, and suggest new policies by conducting internet research.

💰 Top Funding News:

1. Mistral AI, which specializes in open-source generative AI models, raised a $640M Series B led by General Catalyst, w/ Lightspeed, Andreessen Horowitz, Bpifrance, and the investment arms of IBM, Samsung, Salesforce, Cisco, and Nvidia.

2. Amazon announced it will spend $230M to support startups through Amazon’s Generative AI Accelerator program, in order to foster innovation and enhance AI capabilities.

3. Cognigy, which specializes in AI-first customer service automation, raised a $100M Series C, led by Eurazeo Growth, w/ Insight Partners, DTCP, DN Capital, and other existing investors.

4. AlphaSense, which leverages AI-driven market intelligence and search capabilities to provide comprehensive insights from a vast array of public and private content, raised a $650M in funding as part of a $930M acquisition deal for Tegus, w/ the round co-led by Viking Global Investors and BDT & MSD Partners, w/ from J.P. Morgan Growth Equity Partners, SoftBank Vision Fund 2, Blue Owl, Alkeon Capital, Alphabet's CapitalG, and Goldman Sachs Alternatives.

5. Particle, which uses AI to summarize news from a variety of publishers and provides a multi-perspective view of stories, raised a $10.9M Series A, led by Lightspeed Venture Partners.

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