5 things about Artificial Intelligence (AI) you might have overlooked today: Canva unveils AI tools, Paytm CEO to invest in AI, and more

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AI Roundup: According to analysts from Morgan Stanley, Microsoft’s Xbox and Sony’s PlayStation could benefit from the integration of artificial intelligence (AI) in video games. Paytm’s founder and CEO, Vijay Shekhar Sharma, also announced plans to invest Rs. 300 crore in India’s AI and electric vehicle sectors through the VSS Investments Fund. Additionally, Canva has introduced AI-enabled K-12 education products as part of its Canva for Education platform.

Find out more about these developments in today’s AI roundup.

1. Xbox and Sony to reap the benefits of AI integration

As the competition in the AI industry intensifies, Microsoft and Sony are expected to gain advantages from adopting this technology in gaming, as reported by Bloomberg. According to Morgan Stanley analysts, Microsoft’s Xbox and Sony’s PlayStation will be the primary beneficiaries of AI adoption in the gaming sector. It could also lead to reduced costs for major game publishers like Ubisoft Entertainment, Take-Two Interactive, and Naughty Dog.

2. Paytm’s founder to make AI investments

Vijay Shekhar Sharma, the founder and CEO of Paytm, has revealed his plans to invest Rs. 300 crore in India’s AI and electric vehicle industries. As per a report by Bloomberg, the VSS Investments Fund will support Sharma’s investment endeavors and be sponsored by VSS Investco Private Limited.

3. Microsoft’s $3.2 billion investment in Australia

In a recent announcement, Microsoft unveiled its intention to invest $3.2 billion in Australia over the next two years to expand its AI and cloud computing infrastructure. Bloomberg reported that Microsoft will also collaborate with the Australian Signals Directorate to develop a cybersecurity initiative and establish a Microsoft Datacenter Academy in the country. Brad Smith, the President of Microsoft, expressed that this investment exemplifies their commitment to the growth and prosperity of Australia in the AI era.

4. Canva introduces AI-based products

Canva, the online graphic design platform, has launched AI-powered K-12 education products as part of its Canva for Education platform. The release includes various 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, stated, “This launch provides teachers with an easy-to-use, all-in-one platform while preparing students for an increasingly visual world driven by AI.”

5. Utilizing AI to reduce legal expenses

A recent survey conducted by Everlaw, a cloud-native litigation and investigation platform, in collaboration with the Association of Corporate Counsel (ACC), revealed that in-house legal teams are turning to AI to improve scalability and reduce costs. According to the press release, 33 percent of these teams are exploring AI as a means to control expenses, representing a significant increase from last year’s 12 percent. Chuck Kellner, the strategic discovery advisor at Everlaw, suggested that “GenAI” may become the game-changing tool to achieve cost savings and efficiency improvements.

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