China Report is MIT Technology Review’s newsletter about technology developments in China. Sign up to receive it in your inbox every Tuesday.
This past Sunday was the Lunar New Year, the most important holiday for Chinese and several other Asian cultures. It’s difficult to celebrate this holiday with China Report readers, as I originally planned, when I know many people are still grieving and scared from the mass shootings that have happened over the past few days—first on New Year’s Eve in Monterey Park, a predominantly Asian city not far from Los Angeles, and then in Half Moon Bay, south of San Francisco, on Monday afternoon.
But the Lunar New Year is also supposed to be an opportunity for us to reset and seize new opportunities. And I hope that, like me, you are preserving the sorrow, rage, and joy from the past year in your memory and letting it guide you on a new adventure to change the world and stop tragedies like these from happening again.
In that spirit, I’ve recently revisited some of my favorite China-focused MIT Technology Review stories from the last year and gone back to the people I interviewed. I asked them: As the new year begins, have the challenges that once troubled you been resolved? Have you stuck to the goals you set in 2022? What are you planning and hoping for in the Year of the Rabbit?
I’m very grateful to everyone who has let me tell their stories—which I hope have helped all of us understand more about tech and China and, more broadly, the people around us. So here’s China Report’s Lunar New Year check-in with four of these individuals.
Liu Yang, the robotaxi driver in Beijing
Since we talked in the summer of 2022, Liu Yang had briefly stepped out of his robotaxi. Baidu, his employer, was permitted to test self-driving taxis in Beijing’s Shougang Park without any safety operators like Liu onboard. So he moved to working in the ground crew, checking on the vehicles in between rides and troubleshooting any issues.
But this month, he got behind the wheel again, this time in the robotaxis transporting Baidu employees between two of the company’s main office buildings in the city, a 15-minute ride. His riders these days are less curious about the car, since they were the ones who developed the self-driving technology. But he’s still talking shop often; as one of the most senior employees in the 10-driver team shuttling employees, Liu often teaches the newcomers how to adjust to the role of a robotaxi driver.
“This year, I don’t have many big plans for my personal life. I just want to do my job right,” Liu says. For now, there are still driving scenarios that need Liu’s intervention, but he knows his experience in Shougang Park foreshadows a broader trend: When the technology becomes safe enough, all robotaxi drivers will be out of a job.
What’s his plan for when that happens? Liu says it’s the same as when we last talked: “I can move to jobs like 5G remote driving operators.”
“Teacher Li,” whose Twitter feed unexpectedly became the hub of information for zero-covid protests
The Italy-based Chinese artist known as Teacher Li has close to 1 million Twitter followers now, and the sudden fame has upended his life. Since he worked around the clock last year to post real-time footage of people protesting China’s zero-covid policies, he’s been doxxed, his family back home has received pressure from the Chinese government, and his Twitter account was temporarily shadow-banned for unclear reasons.
As China enters a new era of covid policies, Li is still posting follower submissions, but the scope has greatly expanded: updates on labor protests, social media censorship, and even the Spring Festival Gala, an annual televised event that has been highly politicized in past decades but is still watched by the whole country.
Trained as a painter, Li is reconsidering his career during the Year of the Rabbit. “My plan for the new year is to reconstruct my future. My life path has been altered … and how my future will look is an open question,” he says. Some media outlets have invited him to join their newsrooms, but he hasn’t made up his mind yet. First, he plans to write some guides to painting as closure to his first professional career. After that, he’ll explore his possibilities in journalism.
Global Anti-Scam Org, the volunteer group that has exposed crypto scams on LinkedIn and other platforms
I found GASO last summer when I was reporting on the fake LinkedIn personas that defrauded victims of millions of dollars in cryptocurrency-based “pig-butchering scams.” The targets were largely people of Chinese descent living around the world. While many victims felt powerless after the scammers took their money and disappeared, GASO was formed by some who came together with the hope of preventing more people from falling into the
By: Zeyi Yang
Title: Resolving to live the Year of the Rabbit to the fullest
Sourced From: www.technologyreview.com/2023/01/25/1067267/lunar-new-year-revisit-stories/
Published Date: Wed, 25 Jan 2023 11:00:00 +0000
Procurement in the age of AI
Procurement professionals face challenges more daunting than ever. Recent years’ supply chain disruptions and rising costs, deeply familiar to consumers, have had an outsize impact on business buying. At the same time, procurement teams are under increasing pressure to supply their businesses while also contributing to business growth and profitability.
Deloitte’s 2023 Global Chief Procurement Officer Survey reveals that procurement teams are now being called upon to address a broader range of enterprise priorities. These range from driving operational efficiency (74% of respondents) and enhancing corporate social responsibility (72%) to improving margins via cost reduction (71%).
To meet these rising expectations, many procurement teams are turning to advanced analytics, AI, and machine learning (ML) to transform the way they make smart business buying decisions and create value for the organization.
New procurement capabilities unlocked by AI
AI and ML tools have long helped procurement teams automate mundane and manual procurement processes, allowing them to focus on more strategic initiatives. But recent advances in natural language processing (NLP), pattern recognition, cognitive analytics, and large language models (LLMs) are “opening up opportunities to make procurement more efficient and effective,” says Julie Scully, director of software development at Amazon Business.
The good news is procurement teams are already well-positioned to capitalize on these technological advances. Their access to rich data sources, ranging from contracts to invoices, enables AI/ML solutions that can illuminate the insights contained within this data. Acting on these insights unlocks new capabilities that can enhance decision-making and improve spending patterns across the organization.
Predicting supply chain disruptions. In an era of constant supply chain disruptions, procurement teams are often faced with inconsistent item availability, which can negatively impact employee and customer experience. Indeed, the Deloitte 2023 Global Chief Procurement Officer survey finds that only 25% of firms are able to identify supply disruptions promptly “to a large extent.”
AI tools can help address this issue by recognizing patterns that indicate an emerging supply shortage and automatically recommending two or three product alternatives to business buyers, thereby preventing supply disruptions. These predictive capabilities also empower procurement teams to establish buying policies that proactively account for items that are more likely to go out of stock.
Answering pressing questions quickly. Sifting through data to understand the cause of a supply chain disruption, product defect, or other risk is time-consuming for a procurement professional. LLM-powered chatbots can streamline these processes by understanding complex queries about orders and “putting together a nuanced answer,” says Scully. “AI can query a wide variety of sources to fully answer a question quickly and in a way that feels natural and understandable.” In addition to providing fast and accurate answers to pressing questions, AI promises to reduce the need to explain procurement issues eventually. Instead, it will proactively analyze orders, buying patterns, and the current situation to provide instant support.
Offering customized recommendations. As business buyers increasingly demand personalized experiences, procurement officers seek ways to customize their interactions with business procurement systems. Scully provides the example of an employee tasked with hosting a holiday party for 150 employees who needs help deciding what to order. An AI-based procurement tool posed that scenario, she says, could generate a proposed shopping cart, sifting through “millions and billions of data points to recommend and suggest items that the employee may not have even thought of.”
Better yet, she adds, “as we get into really large language models, AI/ML can help answer questions or help buy items you didn’t even know you needed by understanding your particular situation in a much more detailed way.”
Influencing compliance spend. Procurement professionals aim to balance employees’ freedom to purchase the items they need with minimal intervention. However, self-sufficiency should not come at the cost of proper spend
By: MIT Technology Review Insights
Title: Procurement in the age of AI
Sourced From: www.technologyreview.com/2023/11/28/1083628/procurement-in-the-age-of-ai/
Published Date: Tue, 28 Nov 2023 16:00:00 +0000
Did you miss our previous article…
The Download: COP28 controversy and the future of families
This is today’s edition of The Download our weekday newsletter that provides a daily dose of what’s going on in the world of technology.
Why the UN climate talks are a moment of reckoning for oil and gas companies
The United Arab Emirates is one of the world’s largest oil producers. It’s also the site of this year’s UN COP28 climate summit, which kicks off later this week in Dubai.
It’s a controversial host, but the truth is that there’s massive potential for oil and gas companies to help address climate change, both by cleaning up their operations and by investing their considerable wealth and expertise into new technologies.
The problem is that these companies also have a vested interest in preserving the status quo. If they want to be part of a net-zero future, something will need to change—and soon. Read the full story.
How reproductive technology can reverse population decline
Birth rates have been plummeting in wealthy countries, well below the “replacement” rate. Even in China, a dramatic downturn in the number of babies has officials scrambling, as its population growth turns negative.
So, what’s behind the baby bust and can new reproductive technology reverse the trend? MIT Technology Review is hosting a subscriber-only Roundtables discussion on how innovations from the lab could affect the future of families at 11am ET this morning, featuring Antonio Regalado, our biotechnology editor, and entrepreneur Martín Varsavsky, founder of fertility clinic Prelude Fertility. Don’t miss out—make sure you register now.
I’ve combed the internet to find you today’s most fun/important/scary/fascinating stories about technology.
1 Instagram recommends sexual content to adults that follow kids
Test accounts were served risqué posts and disturbing videos. (WSJ $)
Meta was aware it had millions of underage users, a complaint alleges. (NYT $)
2 The first transatlantic flight powered by alternative fuels has taken off
Waste fats and corn leftovers are fueling the flight between London and New York. (BBC)
Here are the key phrases you need to know to understand climate change. (Vox)
Everything you need to know about the wild world of alternative jet fuels. (MIT Technology Review)
3 The United Arab Emirates planned to strike oil deals during COP28
Which doesn’t seem terribly climate-friendly. (BBC)
AUAE AI firm is believed to have covertly worked with Chinese companies. (NYT $)
China’s own carbon emissions are on course to peak soon. (Economist $)
4 Starlink can only operate in Gaza with Israel’s approval
That’s according to Elon Musk, who is visiting Israel currently. (FT $)
5 Foxconn is struggling to build iPhones in India
So the manufacturer started shipping over skilled workers from China. (Rest of World)
6 The world’s banana supply is in serious trouble
A deadly fungus is sweeping through crops—and there’s no known cure. (Bloomberg $)
7 Digital car keys don’t always work the way they’re supposed to
Which is a major problem if you can’t guarantee your vehicle is secure. (The Verge)
8 It’s not just you—dating is tough
But these tips can help to make it a less harrowing experience. (WP $)
Here’s how the net’s newest matchmakers help you find love. (MIT Technology Review)
9 Big dogs don’t live that long
But biotech company Loyal is hoping to change that with an experimental drug. (Wired $)
These scientists are working to extend the life span of pet dogs—and their owners. (MIT Technology Review)
10 The quiet bliss of living in an internet-free home
And how you can achieve it, too. (The Atlantic $)
How to log off. (MIT Technology Review)
Quote of the day
“He ignored me royally, which is his privilege. And he lost almost all the money that he had invested.”
—Christine Lagarde, president of the European Central Bank, explains to students in Frankfurt how one of her sons lost his money on crypto, despite her repeated warnings, Reuters reports.
The big story
Are you ready to be a techno-optimist again?
Back in 2001, MIT Technology Review picked 10 emerging areas of innovation that we promised would “change the world.” It was a time of peak techno-optimism.
By: Rhiannon Williams
Title: The Download: COP28 controversy and the future of families
Sourced From: www.technologyreview.com/2023/11/28/1083923/the-download-cop28-controversy-and-the-future-of-families/
Published Date: Tue, 28 Nov 2023 13:10:00 +0000
Finding value in generative AI for financial services
With tools such as ChatGPT, DALLE-2, and CodeStarter, generative AI has captured the public imagination in 2023. Unlike past technologies that have come and gone—think metaverse—this latest one looks set to stay. OpenAI’s chatbot, ChatGPT, is perhaps the best-known generative AI tool. It reached 100 million monthly active users in just two months after launch, surpassing even TikTok and Instagram in adoption speed, becoming the fastest-growing consumer application in history.
According to a McKinsey report, generative AI could add $2.6 trillion to $4.4 trillion annually in value to the global economy. The banking industry was highlighted as among sectors that could see the biggest impact (as a percentage of their revenues) from generative AI. The technology “could deliver value equal to an additional $200 billion to $340 billion annually if the use cases were fully implemented,” says the report.
For businesses from every sector, the current challenge is to separate the hype that accompanies any new technology from the real and lasting value it may bring. This is a pressing issue for firms in financial services. The industry’s already extensive—and growing—use of digital tools makes it particularly likely to be affected by technology advances. This MIT Technology Review Insights report examines the early impact of generative AI within the financial sector, where it is starting to be applied, and the barriers that need to be overcome in the long run for its successful deployment.
DOWNLOAD THE REPORT
The main findings of this report are as follows:
Corporate deployment of generative AI in financial services is still largely nascent. The most active use cases revolve around cutting costs by freeing employees from low-value, repetitive work. Companies have begun deploying generative AI tools to automate time-consuming, tedious jobs, which previously required humans to assess unstructured information.
There is extensive experimentation on potentially more disruptive tools, but signs of commercial deployment remain rare. Academics and banks are examining how generative AI could help in impactful areas including asset selection, improved simulations, and better understanding of asset correlation and tail risk—the probability that the asset performs far below or far above its average past performance. So far, however, a range of practical and regulatory challenges are impeding their commercial use.Legacy technology and talent shortages may slow adoption of generative AI tools, but only temporarily. Many financial services companies, especially large banks and insurers, still have substantial, aging information technology and data structures, potentially unfit for the use of modern applications. In recent years, however, the problem has eased with widespread digitalization and may continue to do so. As is the case with any new technology, talent with expertise specifically in generative AI is in short supply across the economy. For now, financial services companies appear to be training staff rather than bidding to recruit from a sparse specialist pool. That said, the difficulty in finding AI talent is already starting to ebb, a process that would mirror those seen with the rise of cloud and other new technologies.
More difficult to overcome may be weaknesses in the technology
By: MIT Technology Review Insights
Title: Finding value in generative AI for financial services
Sourced From: www.technologyreview.com/2023/11/26/1083841/finding-value-in-generative-ai-for-financial-services/
Published Date: Mon, 27 Nov 2023 01:00:00 +0000
Fashion2 days ago
EDM6 days ago
Primavera Sound Brings Another Eclectic Blend Of Alternative, Indie, And Dance On 2024 Lineup
Grooming6 days ago
Men’s Casual Winter Outfits
Frontier Adventure6 days ago
Webb’s Infrared Eye Reveals the Heart of the Milky Way
Baller Awards7 days ago
IDA Awards 2023 Nominees: ‘The Mother of All Lies,’ ‘Pianoforte,’ and ‘Going to Mars’ Among Contenders
Frontier Adventure7 days ago
A Galaxy Seen When the Universe was Only 332 Million Years Old
Travel7 days ago
Things To Do in Monte Amiata in Tuscany
Tech7 days ago
The Download: chaos at OpenAI, and building a better power grid