TATA & Mahindra's Patent Approvals, AI Index 2023, Kotak Mahindra Bank, Meta Employees Concerns, Etc

Main Briefs

Innovation Milestone: Mahindra & Tata Motors Lead in Patent Approvals:

Record Patent Approvals:

• Mahindra & Mahindra (M&M) and Tata Motors achieved a milestone in FY24 with record patent approvals for product and process innovations.

• M&M received its highest-ever annual performance with 674 approvals, while Tata Motors witnessed the grant of 333 patents during the fiscal year.

Mahindra's Innovation Drive:

• M&M's patents span diverse areas including powertrain (ICE & EV), vehicle mechanical systems, electronics, manufacturing processes, electric tractors, and advanced engineering.

• The company's R&D investments prioritise future readiness, reflecting its commitment to staying technologically ahead.

Tata Motors' Growth Trajectory:

• Tata Motors secured its highest-ever grant of 333 patents, surpassing the 850 mark in total granted patents.

• The company also recorded a significant increase in patent filings and design applications, reflecting its focus on addressing automotive megatrends.

Embracing Automotive Megatrends:

• Both companies' patents align with key automotive trends such as connectivity, electrification, sustainability, and safety (CESS).

• Innovations cover critical vehicle systems like powertrain, suspension, brakes, and emission control, underscoring a holistic approach to automotive excellence.

Forward-looking Approach:

• Mahindra and Tata Motors reaffirm their commitment to driving innovation and shaping a smarter, more connected future for the automotive industry.

• These milestones highlight the companies' dedication to technological advancement and their pivotal role in shaping the automotive landscape.

AI Index 2023 Insights: Stanford Report Highlights:

Open Source Dominance:

• Over 65.7% of new artificial intelligence large language models (LLMs) were released through open source channels in 2023.

• However, closed-source models outperformed open-source ones on 10 select benchmarks, showcasing a median performance advantage of 24.2%.

Foundation Model Growth:

• 149 new foundation models were introduced in 2023, doubling the number from the previous year.

• Google led with 40 foundational models, followed by OpenAI with 20, indicating a concentrated market dominance.

Market Leaders and Costs:

• Google retained its position as the market leader in AI, with significant investments in models like Gemini Ultra, costing $191 million for training.

• OpenAI's GPT-4 followed, with a training cost of $78 million, showcasing substantial financial commitments in AI development.

Global AI Development:

• The US led in AI development, creating 61 models in 2023, followed by China (15) and France (8).

• Investments in AI in the US surpassed $67.2 billion, significantly overshadowing China's investments by 8.7 times.

Performance Milestones:

• AI achieved human-level performance on various benchmarks including testing, reading, comprehension, and visual reasoning.

• However, challenges persist in areas like competition-level maths, where AI falls just short of human-level performance.

Global Investment Landscape:

• India secured the 10th position worldwide in AI investments, with $1.39 billion allocated for AI development within the country.

Implications and Future Prospects:

• The findings underscore the rapid growth and evolving landscape of AI technology, with implications for various sectors and industries globally.

• Continued research and development efforts are crucial to address challenges and leverage AI's potential for societal and economic advancement.

Briefs, You Can’t Miss:

1. JP Morgan Upgrades Kotak Mahindra Bank, Raises Target Price by 34%.

2. Coforge to Acquire 100% Stake in Cignity Tech, Aiming for $2 Billion Firm Status.

3. India to Commence Local Production of Range Rover, Sport, and Defender from June 2024.

4. India's Metallurgical Coal Imports from Russia Tripled in Last Three Years.

5. India and Ghana to Implement UPI on Ghana's Interbank Payment Systems.

6. India Mandates ETO Testing for Spice Exports to Singapore and Hong Kong.

7. India's Forex Reserves Decline to $637.92 Billion as of April 26.

8. India and Nigeria Enhance Cooperation in Energy and Payment Settlements.

9. Godrej Properties Plans to Launch Housing Projects Worth Rs 30,000 Crore in FY '25.

10. FSSAI Denies Reports on Allowing Higher MRL in Herbs and Spices.

11. Indian Overseas Bank Adopts Multi-Pronged Approach for NPA Recovery.

12. BHIM Expands with ONDC to Compete with Digital Payment Giants.

13. Indian Government Lifts Ban on Onion Exports, Sets Export Duty.

World Briefs

• Meta Employees' Open Letter Raises Concerns Over Censorship and Work Environment.

• Spotify Plans to Introduce Hi-Fi Feature.

• Uzbekistan Emerges as Regional Investment Hub, Attracting Foreign Investments, Including from India.

AI Briefs

• Stanford Report: AI Achieves Human-Level Performance on Select Parameters.

• Krutrim Unveils Mobile App Launch, Paving the Way for AI Unicorn's Developer Offerings.

• X Introduces Stories Feature, Curating News Summaries Powered by Grok AI.

Company Of The Day

Company Name: Paytm

• Founder: Akshay Khanna, Vijay Shekhar Sharma

• Year Of Foundation: Jan 1, 2010

• Headquarter: Noida, Uttar Pradesh, India

• Industry: Paytm, a pioneering digital payments startup, provides inventive and user-friendly digital solutions for both consumers and merchants alike.

• Why Is It in the News? On January 31, the Reserve Bank of India accused Paytm Payments Bank, which holds all the money in Paytm's digital wallets, of repeatedly not following the rules. As a result, the bank was told to stop taking in any new deposits.