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Rapid adoption of artificial intelligence (AI) could create new risks for the US financial system if the technology is not properly supervised, a panel of regulators warned on Thursday. The Financial Stability Oversight Council, which comprises top financial regulators and is chaired by Treasury Secretary Janet Yellen, flagged the risks posed by AI for the first time in its annual financial stability report.  While the group said AI could spur innovation or efficiencies at financial firms like banks, the rapidly advancing technology requires vigilance from both the companies and their watchdogs. "AI can introduce certain risks, including safety and soundness risks like cyber and model risks," the group said in its annual report published Thursday, adding it recommended firms and their regulators "deepen expertise and capacity to monitor AI innovation and usage and identify emerging risks." The panel also flagged the growing role of no NBA nks and ...

Microsoft introduces the third generation of its OneDrive cloud storage which is integrated with AI-powered Copilot system and other improvements. The changes to One Drive are being made to improve the management of files and their interface on the web, in Windows, and in Microsoft’s various Office apps. The new generation of OneDrive has a new fluent design that closely matches the Windows 11 interface and other Office apps. It also has an improved user interface to give a smooth experience to users. A major change includes an AI-powered file recommendations “For you” section. The search option will also be equipped with AI features to make it easier to find friends and family in pictures. Read More Meta starts rolling out generative AI tools for all advertisers The features are being tested with limited people starting this month. A public preview will be given in early 2024. Source: https://thefoxposts.com/microsoft-unveils-new-generation-of-onedrive-wi...

Meta Platforms is working on a new artificial-intelligence system intended to be as powerful as the most advanced model offered by OpenAI, the Wall Street Journal reported on Sunday, citing people familiar with the matter. The Facebook parent is aiming for its new AI model to be ready next year, the Journal said, adding it will be several times more powerful than its commercial version dubbed Llama 2. Llama 2 is Meta's open source AI language model launched in July, and distributed by Microsoft's cloud Azure services to com Pet e with OpenAI's ChatGPT and Google's Bard. The planned system , details of which could still change, would help other companies build services that produce sophisticated text, analysis and other output, the newspaper reported. Meta expects to start training the new AI system, known as a large language model, in early 2024, the report added. Meta did not immediately respond to a Reuters request for comment. B...