5 things about AI you may have missed today: Canva rolls out AI tools, Paytm CEO to invest in AI, and more

AI Roundup: Gaming companies Xbox and Sony could benefit from AI adoption, analysts say; Paytm founder announces plans to invest in AI; Canva rolls out student-safe AI tools and more.

Know what’s happening in the AI universe today, October 23. (Unsplash)

AI Roundup: Morgan Stanley analysts predict that the adoption of artificial intelligence (AI) could prove to be beneficial for Microsoft's Xbox and Sony's PlayStation. In a separate development, Paytm founder and CEO Vijay Shekhar Sharma announced plans to invest Rs. 300 crore in India's AI and electric vehicle sectors through the VSS Investments Fund. Moreover, Canva introduced AI-powered K-12 education products as part of its Canva for Education platform.

All this, and more in today's AI roundup.

1. Xbox, Sony will benefit from AI adoption

As the AI race heats up, Microsoft and Sony could benefit from the adoption of this technology in video games, Bloomberg reported on Monday. According to Morgan Stanley analysts, Microsoft's Xbox and Sony's PlayStation will be “the most clear-cut beneficiaries of AI adoption in the game industry”. It could also mean lower costs for AAA game publishers such as Ubisoft Entertainment, Take-Two Interactive, and Naughty Dog.

2. Paytm founder to invest in AI

Paytm founder and CEO Vijay Shekhar Sharma, who has previously invested in consumer and B2B tech startups such as Ola Electric, and KAWA Space, announced a fund of Rs. 300 crore to invest in India's AI and electric vehicle growth. As per a Bloomberg report, the investment firm, called VSS Investments Fund, will be backed by Sharma's VSS Investco Private Limited.

3. Microsoft announces $3.2 billion investment for Australia

Microsoft on Monday announced it will invest $3.2 billion in Australia over the next two years as it looks to expand its AI and cloud computing infrastructure. As per a Bloomberg report, it will also collaborate with the Australian Signals Directorate to develop a new cybersecurity initiative, while also establishing a Microsoft Datacenter Academy in Australia. Microsoft President Brad Smith said, “This is our largest investment in Microsoft's 40-year history in Australia and a testament to our commitment to the country's growth and prosperity in the AI era.”

4. Canva rolls out AI products

Online graphic design platform Canva announced the launch of AI-powered K-12 education products as part of its Canva for Education platform. As per the release, it includes a range of AI tools, interactive lessons, and curriculum-supporting content, such as Magic Write, Magic Switch, Magic Animate, Translate, Magic Grab Text, and Magic Grab Images. Jason Wilmot, Canva's Head of Education said, “With this launch, we're both giving teachers the easy-to-use, all-in-one platform they want and preparing students for a world that is increasingly visual, and powered by AI.”

5. Leveraging AI to reduce legal costs

A new survey conducted by cloud-native litigation and investigation platform Everlaw and the Association of Corporate Counsel (ACC) has revealed that in-house legal teams might turn to AI in a bid to scale and reduce costs. As per the release, 33 percent of the teams look to AI to control costs, which is up from 12 percent last year. Chuck Kellner, strategic discovery advisor at Everlaw said, “GenAI may become the killer app to drive the needed cost savings and create the efficiency improvements.”