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Hard Numbers: Tesla’s Grok infusion, New Jersey wants AI jobs, Visa’s fraud-busting, In-Cohere-nt strategy

July 30, 2024

Scott Nover

Elon Musk, CEO of SpaceX, Tesla, and owner of X, looks on during the Milken Conference 2024 Global Conference Sessions at The Beverly Hilton in Beverly Hills, California, on May 6, 2024.

REUTERS/David Swanson/File Photo

5 billion: Elon Musk wants the Tesla board of directors to invest $5 billion in xAI, his artificial intelligence startup that built the Grok chatbot. Tesla’s self-driving ambitions depend on artificial intelligence, but this move also represents Musk’s ambition to further intermingle his many businesses. Grok lives entirely within X, formerly Twitter, and is available to paying subscribers.

500 million: The Garden State is making a half-billion dollar bet to become a hub for AI. New Jersey Gov. Phil Murphy signed a law on June 25 that allocates $500 million in tax credits for artificial intelligence companies and data centers willing to come to the state. It’s part of Murphy’s ongoing “AI Moonshot” to bring more AI jobs to the state.

40 billion: Visa says that artificial intelligence and machine learning helped it double its fraud detection in a year. Between October 2022 and September 2023, the payments company prevented $40 billion in fraud, double what they prevented the year prior. While AI can certainly help fraudsters trick people into handing over their credit card details or other sensitive information, it can also help financial services companies monitor and prevent irregular activity.

500 million: The AI startup Cohere, which makes enterprise AI tools, raised $500 million last week based on a $5.5 billion valuation. But the next day, it laid off 20 employees — about 5% of the company. The company called the decision “necessary” to ensure it remains “highly competitive and at the forefront of the industry.”

GZEROMEDIA

Can the IMF change to help more women?

Matthew Kendrick

When a country hits rock bottom financially, the International Monetary Fund is meant to step in with funds to stabilize the economy without damaging its society — or the gender gap. But studies show that these programs often push women out of work at a disproportionate rate to men as the economy contracts. Matthew Kendrick reports from the World Bank-IMF Annual Meetings on a push to build more equitable programs.

North Korean troops move into Russia’s border area with Ukraine

Russia's President Vladimir Putin and North Korea's leader Kim Jong Un attend a farewell ceremony before Putin's departure at an airport in Pyongyang, North Korea June 19, 2024.

Gavriil Grigorov/Reuters

Kyiv says that roughly 12,000 North Korean troops are in Russia, a far greater number than reported by the US, though it remains unclear precisely how many have entered what Ukraine referred to as the “combat zone.”

GZEROMEDIA

Will Japan’s LDP lose its grip on power?

October 23, 2024, Kamagaya, Japan - Japanese Prime Minister and leader of the ruling Liberal Democratic Party (LDP) Shigeru Ishiba reacts to his supporters after he delivered a campaign speech for his party candidate Hisashi Matsumoto for the general election at Kamagaya in Chiba prefecture, suburban Tokyo on Wednesday, October 23, 2024.

(photo by Yoshio Tsunoda/AFLO)

As Japan heads to the polls this Sunday, Prime Minister Shigeru Ishiba’s decision to call an early election just weeks after taking office is turning out to be a high-stakes gamble.

Global economy at risk if Middle East conflict expands, says World Bank's Ayhan Kose

- YouTube

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While the global economy shows signs of growth and decreasing inflation, the near future involves risks, including the escalation in the Middle East impacting oil prices, strained China-US relations, and an increasingly challenging tariff and trade environment, said Ayhan Kose, World Bank Deputy Chief Economist. He discussed the geopolitical tensions influencing the global economy with GZERO's Tony Maciulis at the IMF and World Bank Annual Meetings in Washington, DC, in a GZERO Global Stage interview.

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Hard Numbers: Tesla’s Grok infusion, New Jersey wants AI jobs, Visa’s fraud-busting, In-Cohere-nt strategy

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Hard Numbers: Tesla’s Grok infusion, New Jersey wants AI jobs, Visa’s fraud-busting, In-Cohere-nt strategy

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Subscribe to GZERO Media's newsletter: Signal

More from GZERO Media

This week World Bank announced a bold initiative to bridge the gender divide by creating more economic opportunity, broadening female leadership, and reducing gender-based violence in the next 5 years as 2030 approaches.

There are times when we need more context, and there are times when we do not. How do we tell the difference?

Kyiv says that roughly 12,000 North Korean troops are in Russia, a far greater number than reported by the US, though it remains unclear precisely how many have entered what Ukraine referred to as the “combat zone.”

GZEROMEDIA

Subscribe to GZERO Media's newsletter: Signal

Georgian Dream insists the country is still on track to join the EU, as critics accuse the party of pushing Georgia in an increasingly anti-Western, authoritarian direction.

In 2001, a Goldman Sachs economist coined an acronym for the four largest and most promising “emerging market” economies: Brazil, Russia, India, and China became known as the “BRIC” countries.

With the latest polls still showing Donald Trump and Kamala Harris neck and neck in the swing states, both candidates are heading to Texas, a far less competitive state, with hopes of reaching key voter groups nationwide.

As Japan heads to the polls this Sunday, Prime Minister Shigeru Ishiba’s decision to call an early election just weeks after taking office is turning out to be a high-stakes gamble.