UBS 2024 Report Shows Decreasing Global Wealth in Most of the Countries this Decade

According to UBS Global Wealth Report 2024, global wealth is decreasing fast this decade as compared to last decade. There was a 7% growth in global wealth between 2000 and 2010 but only 4.5% growth was seen in global wealth between 2010 and 2023. UBS analyzed 56 markets in the past and this decade and found out that four markets, Italy, Japan, Greece and Spain, have seen a decrease in growth this decade. The factors which play the role in negative growth are aging societies and decrease in population in these countries.

The growth in wealth in China and India have decreased more than half between 2000 to 2010 and 2010 to 2023. Qatar had the highest global wealth in 2000-2010 but now it has come down to the same level as China. The country which saw an increase in global wealth in 2010-2023 is the US as it had lower wealth in 2000-2010. Japan and Greece were the countries with most negative growths in global wealth as compared to the rest of the countries.

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by Arooj Ahmed via Digital Information World

Researchers Found Out that Writers Can Generate Interesting, Enjoyable and Stories with Good Plot Lines Using AI

According to a study published in the journal Science Advances, AI can enhance the creativity of the writers and can write stories better and more enjoyable than most writers who do not use AI assistance. 300 participants were asked to write an eight sentence short story for young adults. With the help of AI’s assistance, some writers could write 26.6% better written and 15.2% less boring stories than the writers who didn't use AI.

The study was only about AI use in creative writing and it did not cover content writing. The study also mentioned that while AI written creative work may be interesting, there's no novelty in works as many AI writings are similar. There was a 10.7% increase in similarity between the works of writers who used generative AI in their stories.

The researchers gathered 300 participants and divided them into three groups. The first group was asked to use no AI for writing, the second group was given permission to use AI’s help for just a starting idea and third group was given permission to use one AI generated idea from five AI generated ideas for their inspiration.

600 people were recruited to judge the content produced by these groups and were asked to judge on the basis of uniqueness, plot lines, twists, target audience and if the content is good enough to get published. The results proved that writers who were given permission to use AI had more creative stories with 8.1% higher in novelty than the stories which didn't use AI. The writers who used five AI generated ideas produced more creative, emotional, interesting and funnier stories.

Researchers also used a Divergent Association Task (DAT) to evaluate writers’ creativity and found out that the writers with most DAT scores used less AI generative ideas. The stories which were produced after using an AI generated idea were 22.6% more enjoyable and 26.6% better written. This made writers with high DAT score and writers with low DAT score somewhat similar because the writers with low DAT score can enhance their creativity using AI.

Image: DIW-Aigen

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by Arooj Ahmed via Digital Information World

New Report Shows that 80% of the Companies in China Have Adopted Generative AI in their Businesses

According to a North Carolina based software company, SAS, more than 80% of the firms in China have started using generative AI. It is a proof that China is the country with the most firms using generative AI as compared to other countries. If we compare other countries to China’s usage of generative AI, only 54% of the companies in the globe use AI, while 65% of companies use AI in the USA.

The report by SAS says that China is not only incorporating AI in the work, but is also taking measures to make AI safe for all systems and processes. China has the most genAI patents with 38,000 GenAI patents registered in the past few years, as compared to the USA which has only 6,300 patents right now.

The report also mentions that many of the companies are using generative AI in China, the companies which have fully implemented AI into their systems are from the USA. China’s companies are also short on AI chips because the USA has stopped the export of the latest AI chips to China. 70% of the Asia-Pacific businesses are all prepared for any AI regulations, while 59% in North America and 52% in Northern Europe are prepared for it.

Despite all this, many of the businesses in the world are just rushing into implementing AI systems but no one is taking any safety measures for it. This could result in poor quality and compliance in work. Health care and public sector professionals say that they are least prepared for implementation of generative AI and its regulatory requirements but 70% of the retail businesses say that they are all prepared for it.

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by Arooj Ahmed via Digital Information World

Meta Removes Restrictions from Former President Donald Trump's Accounts

Tech giant Meta has just made a controversial decision to remove any restrictions placed on accounts belonging to former US President Donald Trump.

The tech giant just announced updates on this event, including a statement explaining how Trump’s Facebook and Instagram suspension was ending.

This would mark the Republican leader’s new status online as a presidential nominee for the upcoming election race in the US as reported by media outlet Axios.

Meta got rid of Donald Trump from every single one of its platforms after an attack on the American Capitol Hill that took place on January 6, 2021. This is all thanks to extreme and unusual instances, Facebook’s parent firm added.

After the shocking Capitol Building attack, many felt Trump was to blame for the loss of life and great collateral damage done on the property as he instigated more Republicans to come out and defend the nation against the Democrats who beat the opposition by a huge margin.

The same year in May, Meta’s Oversight Board made a ruling related to how Facebook didn’t put out the right penalty with a suspension related to Donald Trump’s account online, even though it felt Trump intensely violated the company’s community guidelines.

In a new video statement shown online, Trump tells his party members that he loves them and how much they mean to him. He even called those taking part in the attack ‘great patriots’ and this footage was published three hours after the incident arose.

Such statements made involving the Capitol Attack also had the board convinced that Trump was in violation of the guideline that it had in place related to showing support for violence on its apps.

Two years on, Meta restored accounts belonging to Donald Trump after a suspension that was time-related and featured harsher punishments for breaking its rules. It was highlighted to be more than the average policy breaker on Meta’s apps and many wondered why the former president was being penalized unfairly.

This led to Meta releasing a statement on this front regarding how everyone is equal in its eyes and that’s why Trump would be given the same treatment as all others.

With the latest party conventions coming into place, it makes sense why Meta is making the abrupt change. Next week is when nominations for the Republican convention will be released for the next American President. So to ensure fair freedom of political expression, Meta says it needs to have a leveled playing field where all the presidential candidates would be treated on the same basis.

We saw Twitter take action against Trump in the past as well, after the Capitol incident. This was concerning three tweets published for causing violence. It began with a 12-hour suspension in 2021 and was closely followed up by a serious complete ban as he violated their community standards.

Image: DIW-AIgen

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by Dr. Hura Anwar via Digital Information World

OpenAI Creates Internal Scale To Assess Progress Of Its AI Models

Tech giant OpenAI has just produced an internal scale that is designed to assess and monitor the progress of its large language models or AI with the help of human intelligence.

The company’s spokesperson spoke to the media outlet Bloomberg about how several of its AI models are widely used around the globe including ChatGPT. After launching in its most basic level 1, it’s near to level 2 which it can solve problems equivalent to the PhD mind. Level 3 will soon be launched and that’s where the AI model could take decisions on the user’s behalf. Meanwhile, level 4 will give rise to the newest innovations on this front and level 5 is the last step to get success where AI would be capable of doing all of the organization’s work.

In the past, we’ve seen OpenAI define AI as an automated system that goes above and beyond the capabilities of humans to produce tasks of great economic value.

The company’s unique structure is based upon the firm’s mission to get AGI. Right now, tech experts claim that it’s a little hard to comprehend what’s meant in OpenAI’s charter on this front.

But a new scale does exist through which the company could test its progress and that which is carried out by other arch-rivals in the industry and when they’re close to attaining AGI.

It’s not an easy road and experts predict we’re still quite far away from getting computing power that can safely be called out as hitting the AGI target. It would take many more billions, experts predict to get to that level, probably five years or more.

The new scale is currently being tested and isn’t close to release soon but the company says it was rolled out the day after the company collaborated with the Los Alamos National Laboratory.

The goal is to see how advanced AI systems such as GPT-4o could assist with the likes of scientific research.

Meanwhile, the program manager explained how the main goal right now is to test how great the current offerings of OpenAI are, which has been scrutinized ever since it chose to enable the dissolution of its own security team of experts.

This news came when the group’s own head left the organization alongside another key AI researcher who offered his resignation after mentioning through a post how safety in the company has now taken a backseat and that’s not something they’re willing to compromise upon.

For now, no other details were provided in terms of how models are assigned to such levels. However, leaders did prove a research project making use of the GPT-4 AI model during a new meeting where human-like reasoning was on display.

Such a scale is designed to assist in what progress means for the firm instead of others assuming or wrongly interpreting it. For instance, different experts are saying different things about OpenAI's greatness.

Some feel it has a lot of shortcomings while OpenAI’s own CEO explained that it was necessary to push back matters like ignorance and ensure these models are potentially more intelligent than the rest.

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by Dr. Hura Anwar via Digital Information World

New Poll Suggests Most US Voters Want Safe AI Rather Than Competition with China

A new poll by AI Policy Institute (AIPI) conducted in June revealed that many US voters do not want the USA to compete with China in terms of AI tools, they just want safe AI usage. China is already progressing in AI development as most of the GenAI patents are from China. China has already registered 38,000 GenAI patents in the past couple of years. Even though the USA is always in the news because of its patents and competitiveness with China, it is still far behind with only 6,300 patents.

Many CEOs and lobbyists of tech industries say that too many regulations on AI tools will give China more advantage. According to the AIPI Poll, 75% of the Republicans and 75% of the Democrats think that administering rules and regulations on AI tools that cannot be used by terrorists and foreign adversaries against the USA will make the US progress more in AI tools. 50% said that safety restrictions should be imposed on AI tools instead of slowing AI development. Only 25% said that the US should make powerful AI tools fastly so it can compete with China.

63% of the US voters said that it is risky to export AI tools to US adversaries and should be illegal while 14% disagree on this. There are no proper AI regulations in the USA. Former chairman of the US Federal Communications Commission, Tom Wheeler, says that they were not prepared for the change the last year brought. So, now all policy makers are thinking hard about how to convert an industrial economy to a digital economy and then to an AI economy with keeping everyone’s interest and doubts in mind.

Image: DIW-Aigen

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by Arooj Ahmed via Digital Information World

X Moves Closer to Payments Vision After Securing Another US Money Transmitter License

Leading social media app X is pushing one step closer to its vision of attaining X Payments after the recent acceptance of another money transmitter license in the US.

The company just secured another application in the District of Columbia, adding to its long list of acceptances for X Payments in the country. To ensure its financial vision comes to life, the company needs to attain approvals from all states before moving on to the likes of money transfers and payments done in-stream.

This is one of Elon Musk’s biggest and broadest visions to date where it hopes to convert the app into a massive superpower online.

Musk does hope to make use of such experiences arising from the early days of the platform to see what it is that individuals could do with finances online. The overall consensus in this regard has to do with web payments getting accepted as a whole, along with some of the best financial tools to assist users in carrying out financial transactions through the app, similar to how a bank would operate.

Musk’s vision is huge and he does hope to give users the chance to enter a new modern gateway where X can provide loans amongst other services. So now, you can turn to X for all of your banking needs. And in case you’re wondering what benefits this could bring to X, well, it would soon become a part of users’ everyday existence, giving it all the hype it needs to be accepted as more than a social media platform.

As one can imagine, the plans are mighty ambitious and need so much to get right. Elon Musk hopes that this app will cater to all such demands and then slowly but surely turn into a massive utility for all.

Still, it’s a lot of work needed to make Musk’s plan come to life and as per new reports, Musk hoped to provide payments to X users all around the globe. But since then, he’s been forced to scale this ambition to American-only payments, thanks to new initial pushback from the American authorities.

Today, X has more than 31 licenses across different states in the nation. This is only stage one of assisting the vision to come into existence as the journey to getting full acceptance is long.

The next step would be getting payment processor approval from every single American state for online shopping carried out through the X app. So as you can imagine, if the US process is so stringent, the challenges that would come in other countries around the globe are even more intense as the app would be further scrutinized before it can attain approval.

So as you can see, it’s a long road home but Elon Musk is sticking to his plans with no signs of aborting the project anytime soon. The only question that some experts are having is whether or not Musk could get enough users to make payments through this platform.

Image: DIW-Aigen

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