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California AI bill veto could allow smaller devs, models to ‘flourish’
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California Gov. Gavin Newsom vetoed SB 1047, the bill that many believed would change the landscape of AI development in the state and the country. The veto published on Sunday could give AI companies the ability to show they can proactively protect users from AI risks.
SB 1047 would have required AI companies to include a “kill switch” to models, implement a written safety protocol and get a third-party safety auditor before starting to train models. It would have also given California’s attorney general access to an auditor’s report and the right to sue AI developers.
Some AI industry veterans believed the bill could have a chilling effect on AI development. Many in the industry thanked Newsom for vetoing the bill, noting the veto could protect open-source development in the future. Yann Le Cun, chief AI scientist at Meta and a vocal opponent of SB 1047, posted on X (formerly Twitter) that Newsom’s decision was “sensible.”
Prominent AI investor and general manager of Andreessen Horowitz Marc Andreessen said Newsom had sided “with California Dynamism, economic growth, and freedom to compute.”
Other industry players also weighed in, citing that while they believe regulation in the AI space is necessary, it should not make it harder for smaller developers and smaller AI models to flourish.
“The core issue isn’t the AI models themselves; it’s the applications of those models,” said Mike Capone, CEO of data integration platform Qlik, in a statement sent to VentureBeat. “As Newsom pointed out, smaller models are sometimes deployed in critical decision-making roles, while larger models handle more low-risk tasks. That’s why we need to focus on the contexts and use cases of AI, rather than the technology itself.”
He added regulatory frameworks should focus on “ensuring safe and ethical usage” and supporting best AI practices.
Coursera co-founder Andrew Ng also said the veto was “pro-innovation” and would protect open-source development.
It is not just corporations hailing the veto. Dean Ball, AI and tech policy expert at George Mason University’s Mercatus Center said the veto “is the right move for California, and for America more broadly.” Ball noted that the bill targeted model size thresholds that are becoming out of date, which would not encompass recent models like OpenAI’s o1.
Lav Varshney, associate professor of electrical and computer engineering, at the University of Illinois’ Grainger College of Engineering, noted the bill penalized original developers for the actions of those who use the technology.
“Since SB 1047 had provisions on the downstream uses and modifications of AI models, once it left the hands of the original developers, it would have made it difficult to continue innovating in an open-source manner,” Varshney told VentureBeat. “Shared responsibility among the original developers and those that fine-tune the AI to do things beyond the knowledge (and perhaps imagination) of the original developers seems more appropriate.”
Improving existing guard rails
The veto, though, could allow AI model developers to strengthen their AI safety policies and guardrails.
Kjell Carlsson, head of AI strategy at Domino Data Lab, said this presents an opportunity for AI companies to examine their governance practices closely and embed these in their workflows.
“Enterprise leaders should seize this opportunity to proactively address AI risks and protect their AI initiatives now. Rather than wait for regulation to dictate safety measures, organizations should enact robust AI governance practices across the entire AI lifecycle: establishing controls over access to data, infrastructure and models, rigorous model testing and validation, and ensuring output auditability and reproducibility,” said Carlsson.
Navrina Singh, founder of AI governance platform Credo AI, said in an interview with VentureBeat that while SB 1047 had good points around auditory rules and risk profiling, it showed there is still a need to understand what needs to be regulated around AI.
“We want governance to be at the center of innovation within AI, but we also believe that those who want to succeed with AI want to lead with trust and transparency because this is what customers are demanding of them,” Singh said. She added while it’s unclear if SB 1047’s veto would change the behaviors of developers, the market is already pushing companies to present themselves as trustworthy.
Disappointment from others
However, not everyone is hailing Newsom’s decision, with tech policy and safety groups condemning the decision.
Nicole Gill, co-founder and executive director of the non-profit Accountable Tech, said in a statement that Newsom’s decision “is a massive giveaway to Big Tech companies and an affront to all Americans who are currently the uncontested guinea pigs” of the AI industry.
“This veto will not ‘empower innovation’ – it only further entrenches the status quo where Big Tech monopolies are allowed to rake in profits without regard for our safety, even as their AI tools are already threatening democracy, civil rights, and the environment with unknown potential for other catastrophic harms,” Gill said.
The AI Policy Institute echoed this sentiment, with executive director Daniel Colson saying the decision to veto “is misguided, reckless, and out of step with the people he’s tasked with governing.”
The groups said California, where the majority of AI companies in the country are located, will allow AI development to go unchecked despite the public’s demand to rein in some of its capabilities.
The United States does not have any federal regulation around generative AI. While some states have developed policies on AI usage, no law imposes rules around the technology. The closest federal government policy in the country is an executive order from President Joe Biden. The executive order laid out a plan for agencies to use AI systems and asked AI companies to submit voluntarily models for evaluation before public release. OpenAI and Anthropic agreed to let the government test its models.
The Biden administration has also said it plans to monitor open-weight models for potential risks.
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The Vivo X200 puzzle is slowly coming together. Vivo confirmed the front and rear designs of the Vivo X200 recently, and now all three smartphones from the series have surfaced, in all color options.
The entire Vivo X200 series shows up online in all color options
The devices in question here are the Vivo X200, Vivo X200 Pro, and Vivo X200 Pro Mini. As expected, the three phones will look very similar. Designs of all three phones appeared on JD.com, one of China’s largest retailers.
If you check out the gallery below, you’ll get to see all three phones. You can see their backs and their sides here. All three models will have flat sides all around, which will be rounded slightly towards the edges. They will all have a circular camera island on the back, with ZEISS optics.
These designs lead us to believe that all three phones will have flat displays. We know that the Vivo X200 will, thanks to Vivo’s confirmation, but the other two will as well, almost certainly. The bezels will also be quite thin, though they may differ from one model to the next.
The Vivo X200 & Vivo X200 Pro Mini will have a similar camera layout
The Vivo X200 and Vivo X200 Pro Mini have a similar camera layout on the back. That layout does differ from what the Vivo X200 Pro offers so that phone will be easy to differentiate.
The Vivo X200 and Vivo X200 Pro will be available in the same color options. Moonlight Black, Moonlight White, Sapphire Blue, and Titanium colors are coming, as you can see.
The Vivo X200 Pro Mini, on the other hand, will be available in white, pink, green, and black colors. Vivo will likely use Moonlight Black and Moonlight White names here too, while we still don’t have official names for the pink and green models.
The Vivo X200 series will become official on October 14. That much has been confirmed by the company. These devices will launch in China, while there’s still no info regarding a global launch. They will be coming to more markets, though.
If you’ve been on the lookout for a killer deal on a perfectly decent tablet for streaming videos and catching up on some reading, hunt no more. Just ahead of the October edition of Prime Day, Amazon has , which is a discount of $65. This matches the tablet’s lowest price to date, which we saw .
The deal is for a model with 32GB of storage and ads on the lockscreen. Expanding the storage is easy enough thanks to the microSD slot, but to get rid of the lockscreen ads you’ll need to buy a different version (which, ).
Amazon
The base Fire HD 10 has dropped back down to its lowest price to date. You can snap up one of Amazon’s tablets for $75 ahead of the October edition of Prime Day.
You probably won’t be doing as much creative work on a Fire HD tablet as you might on an iPad Pro. But for kicking back and catching up on a show or reading a Kindle book, Amazon’s tablet certainly does the trick. It has a 10.1-inch Full HD display with a promise of up to 13 hours of battery life. Amazon says it delivers 25 percent faster performance than the previous model and it has 3GB of storage.
You can use the tablet to keep up with family and friends using messaging apps or hop on video calls with the help of the 5MP front-facing camera. You can also use a stylus to sketch in various apps. There’s Alexa integration as well, of course — you can use the tablet to control smart compatible home devices and get a live view of connected security cameras.
One thing worth noting is that Amazon has yet to hold its usual fall devices event, so it may be using the October Prime Day sale to get rid of its current inventory of devices on the cheap before announcing upgraded models. Even if Amazon does have new tablets to show off in the coming weeks, though, you’ll still have a solid device in hand if you snap this one up.
Follow @EngadgetDeals on Twitter for the latest tech deals and buying advice in the lead up to October Prime Day 2024.
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U.S. asset manager Invesco has raised the value of its stake in Swiggy, ascribing an implied valuation of about $13.3 billion to the Indian food-delivery and quick-commerce startup that is on track to go public in about a month.
In a disclosure on Tuesday, Invesco’s Developing Markets Fund said it valued the 28,844 shares it owns in Swiggy at $219.25 million as of the end of July 2024. The asset manager bought the shares in Swiggy for $190.47 million.
Invesco invested in Swiggy in early 2022, leading a $700 million round in the Bengaluru-based startup. The round valued the company at $10.7 billion.
Invesco has been fairly conservative with its assessment of its holdings in Swiggy. When the market dipped in 2023, Invesco lowered its estimated value of Swiggy to $5.5 billion at the end of July 2023, and held it at about $12.3 billion at the end of April this year.
Firms use different methodologies to calculate the valuation of privately-held companies. Generally, they use the market performance of a publicly listed rival to benchmark such companies. Zomato, Swiggy’s chief rival, has had a market cap between $22 billion and $30 billion in recent months.
Baron, another investor in Swiggy (though it owns fewer shares in the food delivery startup than Invesco), valued the Indian firm at $15.1 billion at the end of March this year.
“Swiggy is well positioned to benefit from structural growth in online food delivery in India, in our view,” Baron said in a letter in June. “We believe India’s food delivery industry is still in its infancy and will continue to scale over the next several years thanks to a growing middle class, rising disposable income, higher smartphone penetration, and structural shifts in consumer preferences driven by a tech-savvy, younger population. The industry has also become a duopoly between Swiggy and Zomato, which bodes well for the future profitability and scale of the company.”
The mark up in valuation comes at a time when many investors have cut the value of their holdings in several Indian and overseas startups. In a June update to its investors, wealth and asset manager 360 One said it valued VerSe, an Indian startup that operates the popular news aggregator Dailyhunt, at $2.9 billion, down from the $5 billion price tag at which VerSe raised its last private round in April 2022.
#60 One ascribed a valuation of about $900 million to online meat and seafood retailer Licious, and $1.9 billion to edtech company upGrad, TechCrunch previously reported.
Swiggy is seeking to raise as much as $1.4 billion in the IPO at a valuation range of $13 billion to $15 billion.
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