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SEC probes investment advisers’ use of AI

Too much blending of Musk companies, Mistral AI funding, Google notebook app, and more

Welcome to Daily Zaps — Here’s what we got for you today: 🙌

  • 🧐 SEC probes investment advisers’ use of AI

  • 🙅 Too much Musk mixing

  • 🇫🇷 Mistral AI raises $415 million

  • 🗒️ Google’s NotebookLM

  • 🔗 Other tech news

Let’s get right into it!

SEC probes investment advisers’ use of AI

The Securities and Exchange Commission (SEC) is probing investment advisers on their use and management of artificial intelligence (AI), reflecting the agency's growing concern about the technology's impact on the financial sector. As part of an examination process known as a sweep, the SEC is requesting information on various AI-related topics, such as AI in marketing, algorithmic models for client portfolio management, third-party AI providers, and compliance training.

Too much Musk mixing

Elon Musk's recent business maneuvers, particularly the integration of the Grok chatbot from his AI startup xAI into X (formerly Twitter), and its potential use in Tesla products, have raised significant concerns.

The blending of Musk's various companies—Tesla, SpaceX, Neuralink, The Boring Company, and others—creates a complex web of conflicts of interest and corporate governance issues. This practice, where resources and personnel are shared across companies, is especially problematic for Tesla, a publicly traded entity, as it raises questions about the fairness and transparency of such inter-company dealings.

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Mistral AI raises $415 million

French startup Mistral AI has successfully completed its Series A funding round, raising €385 million (approximately $415 million), valuing the company at around $2 billion. The company, co-founded by alumni from Google's DeepMind and Meta, focuses on developing foundational models with an open technology approach.

The startup, known for its Mistral 7B model and advocacy for regulatory exemptions for foundational models, has recently released Mixtral 8x7B and Mistral-medium models, both available through its newly launched developer platform. While Mixtral 8x7B is accessible as a free download, Mistral-medium is exclusive to the paid API platform, reflecting the company's strategy to monetize its AI models.

Google’s NotebookLM

Google's AI-powered writing assistant, NotebookLM, is transitioning from its experimental phase to an official service with significant upgrades. Initially introduced as Project Tailwind at I/O 2023, NotebookLM aims to organize notes by summarizing content and highlighting key topics and questions for better understanding. The latest version runs on Google's advanced AI model, Gemini Pro, which enhances the tool's reasoning skills and document comprehension.

In case you’re interested — we’ve got a bunch of cool AI tools listed over at Daily Zaps AI hub. If you have any cool tools to share, feel free to submit them or get in touch with us by replying to this email.

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