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In today’s newsletter:

• Govt's mega semiconductor push 
• Zerodha will not replace people with AI
• Zomato-backed Magicpin goes all out on ONDC 

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India has made rapid strides in the consumer tech sector, with more than 100 unicorns being minted.

The government now wants a similar level of success for startups in deeptech areas such as semiconductors, artificial intelligence, and quantum technology.

Union Minister Rajeev Chandrasekhar today announced a renewed push for the semiconductor sector, unveiling a $2 billion outlay. The funds will be used primarily to modernise the Semiconductor Laboratory in Mohali, promote local semiconductor design startups, and support various other initiatives.

• The minister also said that the government will establish the India Semiconductor Research Institute, which will serve as a centre of excellence 

• It will work with institutes like IIT Delhi, IIT Chennai and others in a hub-and-spoke model

Chandrasekhar told students at IIT Delhi's semiconductor roadshow that they were the luckiest generation in independent India's history.

• The minister exhorted students to work in deeptech and build startups in the sector
  
  
• He formally announced that 8 semiconductor startups have already received funding from a Rs 1,100-1,200 crore government scheme

Go deeper

Have you read the book called ‘What to Do When Machines Do Everything’? Well, if you are a Zerodha employee, you probably don't have to panic-buy this book now.

India's largest online stock broker, Zerodha, announced today an internal AI Policy aimed at providing clarity and assurance of job security to its team amidst growing concerns about technology's impact on employment. 

"We will not fire anyone on the team just because we have implemented a new piece of technology that makes an earlier job redundant,” CEO Nithin Kamath said in a Twitter post.

Kamath also reshared a 2021 screenshot in which he said that Zerodha has not found any major AI use cases that will actually replace humans.

Artificial intelligence has become a buzzword since mid-2022, but it has also evoked fear and anxiety among many in the tech community. From SaaS companies to top IT firms, everyone is actively exploring ways to incorporate AI solutions.

• A recent report from Goldman Sachs suggests that the rise of AI could put 300 million jobs at risk

SaaS major Zoho's founder Sridhar Vembu had previously expressed concerns about AI technology like ChatGPT, stating that it could potentially threaten programming jobs. Vembu along with Rajiv Kumar, former vice chairman of Niti Aayog, and Sharad Sharma, co-founder of the iSPIRT Foundation, submitted a proposal to the Central Government to establish an AI policy that prioritizes openness and transparency.

“I had been internally saying this for the past 4-5 years that ChatGPT, GPT4 and other AI being developed today will first impact the jobs of many programmers," Vembu said.

Gurugram-based e-commerce startup Magicpin has emerged as a key player in 90% of ONDC transactions, which has surprised many considering the presence of larger players like Paytm and PhonePe within the network.

Magicpin is a touchpoint for a bulk of the retail orders on ONDC because it participates in the network in three ways:

• It’s the biggest seller-side app on ONDC, with 40,000 sellers on board and also responsible for digitising the seller's catalogue 
  
  
• Magicpin is also a delivery platform for the sellers — delegating each order to different logistics companies on behalf of the merchants

Magicpin co-founder Anshoo Sharma says that the ONDC bet could serve as an inflection point for the company. However, he does not consider it a pivot as the original business is going strong.

• Its main line of business is a deals portal where users can find discounts to shop at nearby brick-and-mortar stores
  
  
• This accounts for 70% of its $3 billion annualised gross merchandise value, with the rest coming from e-commerce

Sharma told us that the company is already unit economics positive and aims to become profitable next year. However, the caveat – its ONDC foray is not baked into these numbers.

Go deeper

Welcome to the weekly AI wrap, where we bring you the latest highlights from the ever-evolving world of artificial intelligence (AI). This week saw major announcements from tech giants Google, IBM, and Meta. Let's dive into the exciting highlights:

At this year's Google I/O event, the tech giant demonstrated its commitment to AI by introducing several AI-powered features and services:

• AI in search: Google revealed its new Search Generative Experience, enhancing search results with generative AI. Users can expect concise, informative, and conversational answers to their queries.

• Bard expansion: Google extended its ChatGPT rival, Bard, to 180 countries, including India.

• New Language Model: Google showcased PaLM2, its latest large language model (LLM) trained on multilingual text, supporting over 100 languages. This LLM promises to elevate AI chatbots and text-based services.

• Gmail's "Help Me Write": Gmail users will soon benefit from the "Help Me Write" feature, which assists in composing emails by providing prompts based on the intended message.

• AI-powered photo editing: Google Photos introduced an AI-powered editing feature, enabling users to enhance their photos effortlessly, even without advanced editing skills.

Turning our attention to IBM, the company introduced watsonx, a new generative AI platform. 

• Watsonx enables enterprises to design and fine-tune large language models (LLMs) tailored to their specific operational and business needs. 

IBM is also embracing a more open ecosystem and partnering with open-source AI software development hub Hugging Face and others.

In other news, Meta introduced ImageBind, an open-source AI tool that combines six types of data—images, text, audio, depth, thermal, and inertial measurement units. This integration of multisensory data empowers developers to create immersive and interactive content.

• Meta also unveiled the "AI Sandbox" for advertisers, enabling them to test early versions of AI-driven features
  

Additionally, it introduced Meta Lattice, an AI-based model that leverages a vast dataset to predict ad performance, showcasing promising results during initial tests on Instagram.

More from the world of AI:

• AI will help us lead more human-centric lives. Here's why
• How AI knows things no one told it
• AI Literacy, Explained

• Binance.US and its founder, Changpeng Zhao, are reportedly exploring options to decrease his stake in the company due to increased scrutiny from US federal regulators.
  
  
• Silvergate Capital has disclosed that the parent company of the collapsed Silvergate Bank will be delisted from the New York Stock Exchange, and 230 of its staff will be let go.

Step into the world of high stakes and iconic sneakers as Ben Affleck takes on the director's role in AIR. This film delves into the extraordinary journey of the renowned brand Nike. 

With a stellar cast featuring the dynamic duo of Matt Damon and Ben Affleck, alongside Viola Davis, prepare to witness a tale that intertwines business, sports, and the birth of a legendary footwear line—the iconic Air Jordan sneakers. 

Stream it on Amazon Prime Video

With Mother's Day around the corner, we have also rounded up some movies you can watch:

•  English Vinglish (Watch on JioCinema)
•  Nil Battey Sannata (Watch on JioCinema)
• Mrs Chatterjee vs Norway (Watch on Netflix)
• Mother India (Watch on JioCinema)

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