FTI Consulting News Bytes – 30th March 2023
Welcome to FTI Consulting News Bytes – a roundup of top tech stories of the week from FTI Consulting’s TMT (Telecom, Media & Technology) team in London.
AI-generated images of the Pope wearing a Balenciaga-style white puffer jacket caused a stir across the internet this week, fooling many and raising concerns over image authenticity. On that note, Elon Musk was among more than 1,000 tech leaders to sign an open letter calling for a “pause” on the development of generative AI tools. From AI to imaginary worlds, Disney has scrapped its metaverse division as it looks to reduce its headcount. Meanwhile, the burgeoning Buy Now Pay Later market welcomed its latest entrant this week – Apple, which launched its long-awaited Apple Pay Later service. Finally, how is quantum computing helping solve logistical issues at the world’s least efficient port?
This week’s news
Papal puffer jacket – are you for real?
Over the weekend, an image of Pope Francis wearing a white puffer jacket went viral online. It has since been confirmed that the image was generated by AI, using a tool called Midjourney. While the US-based image creator thought it would be “funny to see the Pope in a funny jacket”, the debacle has prompted fears that such technology will undermine our ability to distinguish between fake and real images. Experts interviewed by New Scientist highlight that AI fakery is not new, but that the “more people gain access [to AI tools], the more careful we should be and the more risk there is of someone acting on this type of deception.”
AI: promise or peril? 
Elon Musk and more than 1,000 tech researchers and executives have signed an open letter calling for a “pause” on the development of advanced AI tools such as ChatGPT to halt an “out-of-control” arms race, reports TechCrunch. Pointing to the “profound risks to society and humanity”, the letter urged the establishment of shared safety protocols, audited by independent experts, and suggested governments should step in if a pause cannot be enacted quickly. Among the signatories were engineers and researchers at Microsoft, Google and Meta as well as prominent AI researchers.
Mickey Mouse has left the metaverse
The Wall Street Journal reports that Disney has cut its metaverse division as part of broader plans to reduce headcount by 7,000 across the business over the next two months. Mike White, SVP of consumer experiences and platforms, was appointed in February 2022 – just months after Meta rebranded – to look at how Disney could create immersive experiences, using Web3 technologies and the company’s war chest of IP including Pixar, Marvel and Star Wars. While many large companies are cutting investment in long-term projects like the metaverse, advances in Web3 technologies continue apace on the ground. A student from Bournemouth University is developing techniques to enable people to experience phantom touch in virtual reality without the need for physical devices, reports the BBC. The method uses images to trick the brain into thinking it is feeling the sensation in real life.
Apple bites into the Pay Later market
Apple has finally launched its buy now, pay later service, Apple Pay Later, The Verge reports. First announced in June 2022, the service rollout was delayed due to technical and engineering issues. Users will now be able to apply for Pay Later loans of $50 to $1,000, with the option to pay the loans back over six weeks with no interest or fees. While Apple launched a credit card with Goldman Sachs in 2019, with its Pay Later service the company will be directly handling the financial side of things under the new subsidiary Apple Financing LLC. Buy Now Pay Later offerings continue to come under scrutiny with regards to consumer safety and financial health.
Why is The Port of Los Angeles using quantum applications?
In this week’s episode of the Financial Times’ Tech Tonic podcast, Madhumita Murgia and John Thornhill speak to various logistics experts as well as truck drivers at The Port of Los Angeles, dubbed the least efficient port on the planet. Each day, tens of thousands of containers pass through the port meaning truck drivers find themselves waiting in long lines, often for hours. Quantum computers are helping to make sense of this “massive logistical nightmare” by assessing all the possible solutions to a problem and finding the best option in near real time. While universal quantum computers are not yet available, existing quantum computing techniques are already being used to solve specific problems.
Top Tweets of the Week
- Rory Cellan-Jones, former BBC tech correspondent: [In response to the introduction of paid verification on Twitter] Well I’m staying but I’m not paying so #sophiefromromania fans, come April 15th my posts will be a lot less visible. Follow me on Instagram (@ RoryCellan) if you want to be sure to miss nothing
- Katie Prescott, Tech Business Editor at The Times: Is there anyone who ISN’T embedding ChatGPT into their business this week?
- Sascha O’Sullivan, Comment & Features Editor at City AM: Someone has just emailed me about 6G. Could we get 4G working in central London first??
Number of the Week
300M – The number of jobs generative AI is set to affect across major economies according to Goldman Sachs.
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