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Here's the latest tech news from the last 24 hours:

🤖 OpenAI wants to make its own AI chips
🐦 SEC takes legal actions against Elon Musk over Twitter acquisition
💰 Alameda had a $65B line of credit and ‘unlimited withdrawals’
🌾 Nucleus AI's 22B model set to revolutionize agriculture
👁️ Concerns over Snap’s AI chatbot impacting kids’ privacy in the UK

🤖 OpenAI wants to make its own AI chipsLINK

OpenAI, the creator of ChatGPT, is reportedly contemplating manufacturing its own AI chips due to the shortage of processors and high operating costs.

The company is considering either entering the chip business directly, acquiring an existing chip company, or diversifying its suppliers beyond Nvidia.

Producing its own chips could be a costly endeavor for OpenAI, but the approach has been previously successful for companies like Google and Amazon.

🐦 SEC takes legal actions against Elon Musk over Twitter acquisitionLINK

Elon Musk is being investigated by the Securities and Exchange Commission (SEC) over his $44 billion acquisition of Twitter, now renamed as X.

Musk has refused to cooperate with the SEC, raising objections and declining to provide requested testimony at their San Francisco office.

The probe is focused on whether Musk violated federal securities laws related to his stock purchase and subsequent actions regarding Twitter.

💰 Alameda had a $65B line of credit and ‘unlimited withdrawals’LINK

During the Sam Bankman-Fried trial, FTX co-founder and CTO Gary Wang admitted to committing wire fraud, securities fraud and commodities fraud, implicating also Bankman-Fried and others in these crimes.

Wang disclosed that their firm Alameda, started before launching FTX, enjoyed "special privileges" such as large credit lines and unlimited withdrawals, leading to a $65 billion line of credit, funded by FTX customers through a special code in transactions.

Wang also revealed that Alameda and FTX, where ownership was split between Wang and Bankman-Fried, did not disclose these internal financial advantages to the public, which contributed to their bankruptcy in November 2022.

🌾 Nucleus AI's 22B model set to revolutionize agricultureLINK

Nucleus AI, a startup with members from Amazon and Samsung Research, has launched a 22-billion-parameter large language model (LLM), aiming to use AI for agricultural transformation.

The company will release versions of this model trained on larger tokens and two smaller RetNet models, which are faster and demand less GPU memory.

Rather than developing chatbots like other LLM companies, Nucleus AI plans to make an intelligent OS for agriculture to resolve issues ranging from climate change to supply optimization for farmers.

👁️ Concerns over Snap’s AI chatbot impacting kids’ privacy in the UKLINK

The Information Commissioner's Office (ICO) has provisionally found that Snap didn't adequately assess risks before launching its AI chatbot, My AI, especially concerning children.

If a final enforcement notice is adopted, Snap could be required to stop processing data with My AI, limiting the bot's access to UK users until a proper risk assessment is conducted.

Snap insists that My AI complies with guidelines and has safety features, and the company states it's committed to working with ICO to ensure user privacy and proper risk assessment procedures.

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PayPal faces a lawsuit charging its anti-steering rules force consumers to pay more by hindering competition and preventing discounts for using cheaper platforms like Stripe or Shopify.LINK

X plans to test three tiers for its Premium service, potentially becoming an additional revenue source, amid post-takeover ad revenue decline.LINK

MGM Resorts declined a ransom following a cyberattack disrupting operations and costing $100 million due to declining bookings and technology disarray, despite recovery efforts and ongoing investigations.LINK

Ring offers $1 million for capturing aliens with their doorbell cameras, in hopes of not just exploring extraterrestrial life but also dispelling privacy concerns.LINK

Spotify's upcoming 'Superpremium' service, for $19.99/month, will feature 24-bit lossless audio, advanced AI playlist generation, extended audiobook hours, and personalized 'Your Sound Capsule.'LINK

"Jaswant Singh Chail gets 9-year sentence for treason, UK's first in 40 years; his murder plot against Queen Elizabeth II was influenced by an AI chatbot."LINK

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