News
Nobody Licensed AI to Give Financial Advice
35+ min ago (567+ words) Financial regulation was built around a specific relationship: a licensed adviser who owes the client a duty of care, carries professional indemnity insurance and answers to a regulator if something goes wrong. General-purpose artificial intelligence (AI) models carry none of…...
Open AI Lands $520 Million Line of Credit From Bank of America
53+ min ago (374+ words) Bank of America'has reportedly given'Open AI'a $520 million line of credit after denying an earlier request. That's according to a'report'Wednesday (July 8) by Bloomberg News, citing sources with knowledge of the matter. The report calls the deal a "notable pivot" by the…...
Mistral Introduces Robotics AI That Requires Only One Camera
1+ hour, 6+ min ago (405+ words) Mistral introduced its first artificial intelligence model built for "embodied navigation," or enabling robots to autonomously move through complex environments, according to a Tuesday (July 7) press release. The new Robostral Navigate is an 8 billion-parameter (8 B) model and uses a single standard…...
Paradigm Raises $1. 2 Billion in Shift From Crypto to AI
1+ hour, 39+ min ago (373+ words) Cryptocurrency-focused venture capital firm Paradigm raised $1. 2 billion in a new fund to invest in spaces like artificial intelligence and robotics, Bloomberg News reported Wednesday (July 8). "Crypto was the first frontier for us, and it continues to be a really exciting…...
Allianz Plans to Cut Over 1, 500 Jobs as AI Focus Increases
2+ hour, 40+ min ago (401+ words) Allianz is planning to cut hundreds of jobs as it focuses on implementing artificial intelligence, Bloomberg News reported Wednesday (July 8), citing comments from CEO Tomas Kunzmann. The layoffs will target the German financial services company's assistance and travel arm Allianz…...
Space X Readies Expansion of Grok AI Model
7+ hour, 34+ min ago (482+ words) Space X is expanding access to its latest AI model after positive feedback in beta testing. Grok 4. 5 will become available to the public Thursday (July 9), Space X CEO Elon Musk wrote in a post on the company-owned social media platform…...
42% of Issuers Say AI Has Cut Fraud Losses by at Least $5 Million
10+ hour, 16+ min ago (270+ words) Payments used to be judged by whether they moved money quickly. Now they are judged by how well they make decisions before, during and after a transaction. Issuers already hold much of the information needed to make payments work better....
The New Competition in Card Rewards Is Over Rules, Data and Money
10+ hour, 11+ min ago (442+ words) Credit card rewards were built for a world where the issuer set the terms, the consumer spent and the value arrived later. And across all cardholder behaviors studied, issuers rated smart basket tools far more effective than current rewards, with…...
Meta Launches New Image Generation Tool for Consumers and Businesses
18+ hour, 41+ min ago (281+ words) Meta'has begun rolling out an image generation model available in'Meta AI. Muse Image is the first such model developed by Meta Superintelligence Labs, the company said in a Tuesday (July 7)'press release. In another Tuesday'press release'meant for businesses, Meta said…...
Open Banking Moves From Data Rights to Data Pricing
21+ hour, 30+ min ago (494+ words) Credit unions are laying the groundwork for open banking, but many still have sizable gaps in digital infrastructure and API readiness. The debate has shifted from whether consumers own their financial data to who pays for accessing it and how…...