5 things about AI you may have missed today: AI predicts staff exits, tough AI chip export rules and more

AI Roundup: AI can now predict the employability period of a worker, Thoughtworks unveils generative AI products and much more today.

Know what’s happening in the AI universe today, July 31. (REUTERS)

AI can now predict the employability period of worker; Global AI Chipset Market to Exceed $700B by 2031; Thoughtworks unveils generative AI product accelerator; Google Ads introduces AI-powered auto-generated advertisement tool- this and more in our daily AI roundup. Let us take a look.

1. AI can now predict the employability period of workers

AI can predict when an employee will quit and thereby help with workforce planning. According to a Stuff report, It analyses HR data like salaries, reviews, and demographics, but now, it can seemingly predict staff exits too. This can aid managers in retaining staff by taking necessary action or discussing career goals. However, not small companies, it can benefit organisations with over 250 employees by providing valuable insights to create retention strategies.

2. Global AI Chipset Market to Exceed $700B by 2031: TMR Study

The global AI chipset market is set to exceed US$700 billion by 2031, growing at a robust CAGR of 31.8% from 2022. The surge is driven by rising demand for AI chips in consumer electronics like smartphones, tablets, and wearables. Leading companies focus on low-power AI devices, capable of processing up to 5 trillion tasks per second, while ASIC and GPU chips are preferred for AI applications.

3. Thoughtworks unveils generative AI product accelerator

Global technology consultancy Thoughtworks has introduced product accelerators to aid organisations in identifying opportunities and projects for applying generative AI, according to a Businesswire report. The integration of generative AI into products and businesses can provide a competitive edge, as exemplified by a leading technology company enhancing customer experience through virtual advisors and educational tools. The Generative AI Product Accelerator empowers leaders to make informed decisions on incorporating generative AI into their applications.

4. Google Ads introduces AI-powered auto-generated advertisement tool

Google Ads launches an auto-generated ad tool using Generative AI, allowing businesses to create ads based on prompts. Using Large Language Models and AI, Google Ads learns from landing pages, successful queries, and approved headlines to generate new creatives. Brands like Myntra and Samsung experienced up to 18% higher conversions with AI integration.

5. US lawmakers call for stricter AI chip export rules under the Biden administration

Two U.S. lawmakers, Rep. Mike Gallagher and Rep. Raja Krishnamoorthi, are urging the Biden administration to tighten AI chip export restrictions to China. They seek stronger rules than those implemented in October 2022, which limited China's access to top AI chips from US firms like Nvidia, AMD, and Intel, according to a Reuters report. Despite the rules, China's AI sector progress remains unaffected. The lawmakers aim to address industry lobbying opposing stricter controls.