Is Big Tech's AI dominance an issue? 🚀
Plus could we soon be getting our energy from space? ⚡️
Hey 👋
Chetwood, established in 2016, is a pioneering, digitally-native bank that decisively breaks away from traditional banking models. It adopts a highly targeted and inclusive approach, aimed particularly at underserved market segments. Rather than simply amassing a broad customer base, Chetwood meticulously develops specialised products for distinct groups through multiple brands. This strategy ensures bespoke solutions that genuinely meet specific needs, avoiding the pitfalls of a one-size-fits-all product. Moreover, Chetwood extends its innovative offerings to other industries by providing white-labelled products with no initial investment required, enhancing accessibility and adaptability. The diverse backgrounds of its team empower Chetwood to challenge conventional financial service practices vigorously, resulting in the creation of dynamic and effective financial products.
Chetwood are now hiring on Haystack. Check out their cultural values, engineering practices and more on the Haystack app 📲
🚀 Big Tech & Startup
The UK's Competition and Markets Authority (CMA) has raised substantial concerns regarding the monopolistic tendencies apparent in the development of artificial intelligence technologies by dominant tech entities such as Google, Apple, Microsoft, Meta, Amazon, and NVIDIA. These corporations, which control foundational AI models, might exploit their dominance to hinder competition, limit access, and distort market conditions. Sarah Cardell, the chief executive of the CMA, highlighted the imperative to balance the exploitation of AI's vast potential with the prevention of market power abuse. The authority is vigilantly monitoring these companies' activities and is on the cusp of introducing regulatory principles aimed at ensuring equitable competition and widespread access to this pivotal technology. These measures are expected to be detailed further in forthcoming guidelines.
🔭 Science & Futuristic Tech
The UK is advancing a groundbreaking project with Space Solar to launch the world’s first solar power station in space, aiming to supply constant energy to over a million homes. This initiative involves deploying a mile-wide array of mirrors and solar panels 22,000 miles above Earth, which has proven its potential in a prototype test at Queen's University Belfast where a wireless beam was successfully directed across a lab. The space-based solar power could drastically outperform terrestrial solar panels by avoiding atmospheric and night-time losses, potentially reducing reliance on traditional energy sources like nuclear and gas turbines. Concerns remain about the environmental impact of rocket emissions necessary for the station's construction, which would require collaboration with SpaceX for feasible transport logistics.
⚙️ Miscellaneous
The new Humane AI pin has received a series of bad reviews 👎
Motorola are reviving the wooden phone 🌳
Mobile ad-blockers will no longer work on YouTube 📺
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