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In June 2024, AI innovations were in the spotlight, with Apple introducing Siri upgrades and new iOS features at WWDC. Figma launched AI tools to reshape product design, while Nvidia partnered with Dell for Elon Musk’s xAI. Despite AI startups raising $30B this year, early-stage funding shows signs of a slowdown, indicating shifting investor focus in the dynamic AI market. Find out more about these developments below.
The key headlines of AI news June 2024 include:
In June 2024, Apple’s WWDC 2024, showed significant AI advancements across its product lineup. Apple Intelligence, a new AI system, will enhance iPhones, iPads, and Macs with capabilities like image generation and text summarization, emphasizing security.
The conference also introduced substantial Siri upgrades, including integration with ChatGPT for more complex queries. iOS 18 introduces AI features in Mail, Messages, and Photos, along with a customizable Control Center and RCS support. The iPad gets a Calculator app with Apple Pencil support, while macOS 15 allows iPhone mirroring. Other updates include a Passwords app, Apple TV Plus enhancements, and new features for watchOS and visionOS.
However, later in June, Apple announced potential delays for some of its new AI features, such as Apple Intelligence and iPhone mirroring, in the EU due to the Digital Markets Act (DMA). The company cited concerns that DMA’s interoperability requirements might compromise user privacy and data security. Apple is seeking a resolution with the European Commission to address these issues.
Figma has launched new AI-powered design tools at Config 2024, aiming to transform product design and challenge Adobe’s market dominance. Figma AI accelerates workflows by automating tasks like prototype creation, asset search, and layer organization. It aims to empower both professionals and non-designers, facilitating seamless collaboration and quicker idea iteration.
Notably, Figma’s approach emphasizes user control over data privacy, contrasting recent controversies Adobe faces. The beta phase offers these tools for free, demonstrating Figma’s dedication to innovation in digital design and its ambition to become a comprehensive platform for product development.
Nvidia and Dell Technologies have announced a collaboration to build an AI factory for xAI, Elon Musk’s artificial intelligence startup. The partnership will leverage Nvidia’s AI capabilities and Dell’s technological infrastructure, with Super Micro Computer also providing server solutions for xAI.
This strategic push into AI aligns with Nvidia’s industry dominance and highlights the growing trend of tech companies investing heavily in artificial intelligence. However, it also raises questions about market saturation and increasing competition in the AI sector.
Some of the world’s largest labels, including Sony, Universal, and Warner, are suing AI music startups Udio and Suno for copyright infringement. The lawsuits allege that these AI tools generate music using copyrighted material without permission. Udio’s CEO admitted their AI models were trained on publicly available music, leading to the production of songs closely resembling original works.
This case highlights the ongoing conflict between the music industry and AI companies over the unauthorized use of copyrighted material. The outcome could set important legal precedents for using AI in creative fields and protecting artists’ rights.
OpenAI is on track to generate $3.4B in annual revenue, doubling last year’s figures. CEO Sam Altman shared this during a staff briefing, highlighting the significant growth primarily driven by subscriptions to ChatGPT and developer integration.
Additionally, OpenAI has partnered with Apple to integrate its chatbot into Apple’s “Apple Intelligence” AI initiative, though the financial terms remain unclear. This partnership underscores the increasing consumer and corporate interest in AI technologies, positioning OpenAI as a key player in the rapidly expanding AI market.
Paris-based startup Mistral AI has raised $640M (€600M) in a Series B funding round, boosting its valuation to $6B. The funding, led by General Catalyst, will support the company’s ambition to challenge AI leaders like OpenAI and Google DeepMind.
Founded by ex-Meta and DeepMind experts, Mistral AI has already released several open-source models and plans to monetize its advanced proprietary models through APIs. The investment, which includes contributions from major tech investors such as Nvidia, Samsung, and Salesforce Ventures, aims to drive Mistral AI’s growth and maintain its independence.
According to Crunchbase, funding for AI startups remains strong, with nearly $30B raised this year. However, there are signs of slowing down among early-stage investors. Deal volume is decreasing, with about 900 deals expected this quarter compared to 1,052 last quarter. Seed and angel rounds have also decreased, with over 600 anticipated deals, down from 779.
Despite fewer deals, the total amount raised is substantial, exceeding $16B this quarter, partly due to large rounds from companies like xAI and CoreWeave. This trend suggests a shift towards investing in more established AI companies over developing startups.
