Amazon Invests $1 Billion in Warehouse Robotics

Amazon has formed the Amazon Industrial Innovation Fund (AIIF), a $1 billion venture capital fund that will be used to “spur supply chain, fulfilment, and logistics innovation,” with a particular focus on automation and workplace robotics. The initiative is in response to a changing market scenario in which people are increasingly shopping online and have high expectations for delivery times and online experiences. Amazon’s new fund seeks to create solutions that either improve these features or improve the experience of storage and logistics employees. “We see an opportunity to look…

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What is the impact of AI in future?

Worlds first AI minister stated that the United Arab Emirates is pursuing more than just economic gains in its quest to become a global leader in the field. The UAE’s minister of state for AI, Omar bin Sultan al-Olama, said “quality of life” considerations were key, and also stressed the importance of a “responsible” rollout—with impacts potentially reverberating for decades. “We are looking at AI as a tool,” he told AFP in an interview in Dubai. “It’s a tool that we need to use to unleash the quality of life…

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Forever 21 parent Authentic Brands sues payment startup Bolt

Bolt Financial Inc., the payments firm best known for its founder’s inflammatory Twitter threads accusing Silicon Valley of being governed by “mob bosses,” is being sued by one of its most well-known clients. Authentic Brands Group claims that Bolt not only failed to deliver promised technologies, but also that the clothing retailer lost more than $150 million in online sales as a result of Bolt’s integration with Forever 21. According to the complaint, Bolt sought money at increasingly high valuations by “consistently overstating” the scope of its integration with ABG’s…

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