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Cruise's valuation halved after its driverless car hit and dragged a woman

Mar 04, 2024 - theregister.com
Cruise, the self-driving company backed by General Motors, saw its valuation cut by more than half following a car crash that resulted in a woman being dragged down a street. The company's per-share price is now estimated to be $11.80, down from $24.27 last quarter. Meanwhile, Google's recent Gemini controversy, which saw its AI model generate overly cautious images of White people, wiped $90 million from its market value. CEO Sundar Pichai called the mishap "completely unacceptable" and said engineers are working to fix the issue.

In other news, blogging sites Tumblr and Wordpress are reportedly in talks to license users' published content to OpenAI and Midjourney, both of which develop commercial tools for generating synthetic content. However, the source of content is controversial as users may not want their data ingested by AI. Lastly, hardware and telecommunications companies, including AWS, Arm, Microsoft, and Nokia, have formed the AI-RAN Alliance to develop AI edge applications on 6G. The alliance aims to advance radio access networks to support AI workloads on 5G and 6G-powered devices.

Key takeaways:

  • Cruise, a self-driving company backed by General Motors, had its valuation significantly reduced after one of its autonomous vehicles was involved in a serious accident, leading to investigations by several regulatory bodies.
  • Google's AI model, Gemini, has been criticized for generating overly cautious and unrealistic images, leading to a $90 million decrease in market value and a commitment from CEO Sundar Pichai to rectify the issue.
  • Blogging platforms Tumblr and Wordpress are in talks to license user content to AI companies OpenAI and Midjourney, a move that has sparked controversy over user privacy and data rights.
  • A new industry group, AI-RAN Alliance, has been formed by top hardware makers, academics, and telecommunications companies to develop AI edge applications on 6G, with the aim of improving spectral efficiency and generating new AI-driven revenue opportunities.
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