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Target Corporation is launching a new generative AI tool to assist its vast workforce across nearly 2,000 U.S. stores. The AI chatbot, named “Store Companion,” is scheduled for an August rollout. It aims to help staff with on-the-job process questions, coach new team members, and support store operations, according to the company’s June 20 statement. Target stated that the generative AI-powered chatbot is designed to simplify team members’ tasks and enhance the shopping experience. The app will be accessible on the handheld devices used by Target staff, providing immediate answers to questions about processes and procedures. For instance, employees can ask Store Companion, “How do I sign a guest up for a Target Circle Card?” Mark Schindele, Target’s executive vice president and chief stores officer, called generative AI a “game-changing technology,” emphasizing that Store Companion will ease work tasks and improve customer service. According to Macrotrends, Target employs over 400,000 people in the United States. The AI chatbot was developed by Target’s in-house technology team. Currently, Store Companion is being piloted in approximately 400 stores nationwide, where it is being refined based on feedback before the full rollout. 4o

Meta is reportedly shifting its priorities away from VR and its Oculus business to concentrate on replicating the unexpected success of its Ray-Ban Meta smart glasses. This strategic move aligns with current trends: VR is waning, AI is surging, and Meta’s smart glasses have emerged as a standout AI-driven gadget. Concurrently, reports from The Information indicate that Apple is focusing on developing a more affordable Vision headset instead of a direct successor to the Vision Pro. These developments suggest significant changes are underway in the VR and AR landscape. In this context, Alex Heath joins Nilay and me to discuss the current state of AR and VR in Silicon Valley. With David taking a break, we explore the implications of these shifts. But our conversation doesn't end there. We also delve into other exciting topics: a new universal remote with a large screen designed for a niche market, Framework’s latest laptop featuring an intriguing processor, and the release of Qualcomm’s new laptop processors to reviewers and the public. As our team works on benchmarking these processors, we analyze their potential impact on the broader industry. Following these major discussions, we turn our attention to AI, another area of significant news this week. Ilya Sutskever, OpenAI’s former chief scientist, has launched a new AI company. Although he lacks a detailed business plan, he has ambitious visions for AI's future. Additionally, Perplexity is taking bold steps to build a competitive AI search engine, intensifying the tension between creators and AI companies that seek both their patronage and their data for training purposes. Lastly, we wrap up with a lightning round that unexpectedly ventures into the realm of fashion.

Meta Platforms, the parent company of Facebook and Instagram, is joining the growing field of AI music generation. On Tuesday, June 18, Meta’s AI research division unveiled its latest development, JASCO, a tool that transforms chords or beats into full musical tracks. Developed by Meta’s Fundamental AI Research (FAIR) team, JASCO stands for “Joint Audio and Symbolic Conditioning for Temporally Controlled Text-to-Music Generation.” This tool is designed to provide creators with greater control over AI-generated music, offering quality comparable to other AI tools but with significantly enhanced versatility. To demonstrate JASCO's capabilities, Meta has published a collection of music clips where simple public-domain melodies are transformed into various musical genres. For example, Maurice Ravel’s Bolero is converted into both an '80s driving pop song and a folk tune featuring accordion and acoustic guitar. Similarly, Tchaikovsky’s Swan Lake is reimagined as a traditional Chinese track with guzheng, percussion, and bamboo flute, and as an R&B track with deep bass, electronic drums, and lead trumpet. Meta has been proactive in sharing its AI research with the public. Alongside JASCO, the company has released a research paper detailing its development and plans to release the inference code under an MIT license and the pre-trained JASCO model under a Creative Commons license later this month. This will allow other AI developers to use and build upon the model. “As innovation in the field continues to move at a rapid pace, we believe that collaboration with the global AI community is more important than ever,” Meta FAIR stated in a blog post. This announcement follows the release of MusicGen last year, a text-to-audio generator capable of creating 12-second tracks from simple text prompts. MusicGen was trained on 20,000 hours of music licensed by Meta, as well as 390,000 instrument-only tracks from Shutterstock and Pond5. It can also use melodies as input, making it one of the first AI tools capable of turning a melody into a fully developed song. Meta's introduction of JASCO comes amid several recent advancements in the AI music space. On the same day JASCO was unveiled, Google’s AI lab DeepMind introduced a new video-to-audio (V2A) tool that creates soundtracks for videos based on text prompts or the video content itself. This tool is a step towards creating fully AI-generated video content, as most AI video generators currently produce silent videos. Additionally, last week, Stability AI, known for its AI art generator Stable Diffusion, released Stable Audio Open, a free, open-source model for creating audio clips up to 47 seconds long. While not designed for complete song creation, this tool allows users to fine-tune audio clips with their custom data, such as unique drum beats generated from a drummer's own recordings. These AI tools differ from platforms like Udio and Suno, which generate entire tracks from text prompts. Such platforms, trained on large datasets, have raised concerns within the music industry over potential unauthorized use of copyrighted music for training purposes.

The initial buzz around the metaverse may have subsided, but Bluemoon is pioneering a fresh approach, emphasizing cross-platform accessibility and user-centric experiences. Athar Ahmed, COO and founder of Bluemoon, highlighted their vision for an increasingly immersive future during a recent Cointelegraph’s Twitter Spaces session. Bluemoon Metaverse offers diverse environments, AI-driven tools, a digital asset store, and more, merging social interactions with virtual creativity to create a vibrant platform for brands and creators alike. Bluemoon initially focused on B2B solutions, crafting metaverse experiences tailored for business needs, such as virtual events and digital gatherings. For instance, they created a virtual mansion for Metabillionaire NFT owners and replicated a Hilton hotel in Ecuador for an Innova-T event. These initiatives underscore Bluemoon’s pivot towards supporting a wider array of events, including collaborations with musicians and sports organizations. Through these ventures, Bluemoon gleaned crucial insights into user preferences and market dynamics. They found that users preferred interactive, intimate spaces over direct replicas of real-world venues, optimizing their environments accordingly. This approach led to more engaging spaces equipped with features like product integration and interactive elements. Beyond event hosting, Bluemoon is trailblazing in metaverse analytics, offering actionable data on user engagement, geographic trends, and revenue potentials, spanning both fiat and NFT-based transactions. Ahmed emphasized their commitment to fostering a robust creative economy, empowering creators to monetize their metaverse experiences akin to social media content. Steve White, CEO of Bluemoon, reiterated their dedication to supporting creators, particularly those facing challenges in traditional markets like unsigned musicians striving to generate revenue through streaming platforms. Bluemoon’s platform aims to democratize creative expression, providing accessible avenues for interaction with fans and monetization opportunities. In essence, Bluemoon is shaping a forward-looking metaverse ecosystem that prioritizes innovation, user empowerment, and economic inclusivity, poised to redefine digital experiences across diverse industries.

The music industry is undergoing a significant transformation with the rise of streaming services reshaping consumer behavior. Forbes data earlier this year reveals that music streaming now constitutes 84% of total industry revenue, exceeding $17 billion annually. Yet, beyond streaming, Web3 technologies like blockchain and tokenization are beginning to revolutionize possibilities for artists, fans, and distributors alike. Sergio Mottola, CEO of Music Protocol and the Web3 Music Association, envisions a future where music catalogs are tokenized, fundamentally altering industry dynamics. At the Proof of Talk 2024 conference in Paris, Mottola discussed how blockchain can revolutionize music distribution, intellectual property (IP) management, and revenue generation. He emphasized the limitations of the current streaming-centric model for effectively monetizing artists' work. Mottola highlighted the potential of Web3 tools like non-fungible tokens (NFTs), which artists use to release new tracks or offer exclusive content to fans. While platforms like Patreon provide supplementary revenue streams, they do not address core issues of music distribution and IP monetization. Discussing the impact on virtual environments such as the metaverse, Mottola pointed out the inability to integrate music due to existing licensing complexities. Web3's ability to tokenize music IP could streamline integration into virtual worlds, enhancing user experiences and creating novel revenue opportunities. He cited collaborations with Web3-focused metaverse developers like Animoca Brands and Mythical Games as examples of leveraging blockchain to enable seamless music integration in virtual spaces. This evolution signifies a paradigm shift in how music is distributed, consumed, and monetized, promising new possibilities for both artists and industry stakeholders in the digital age.

Storm Partners has unveiled a new Web3 innovation sandbox, "Lightningbox," in Geneva, aimed at accelerating mass blockchain adoption and advancing Web3 innovation. The Swiss blockchain solutions provider designed Lightningbox to assist large organizations in leveraging blockchain technology, thereby fostering innovation among industry leaders. Lightningbox is set to create a reliable environment for blockchain experimentation by providing institutional-grade Web3 tools for builders and startups. This setup will facilitate the development of more innovative use cases, ensuring a robust foundation for blockchain projects. Several notable contributors have already committed to the sandbox, including Circle, the issuer of the world’s second-largest stablecoin USD Coin (USDC), cybersecurity firm Hacken, and blockchain infrastructure provider MultiversX. These contributors have pledged internal and technological resources to support the sandbox, with their contributions valued in the mid-six figures. While the exact amount remains undisclosed, their involvement underscores the significant investment in fostering Web3 innovation. The Web3 innovation sandbox is structured around three initial pillars: impact, consumer, and finance. These focus areas were selected based on local demand from both traditional and Web3 companies, ensuring that the sandbox addresses pressing industry needs. In the coming months, a fourth pillar, life sciences, will be introduced, further expanding the sandbox's scope and potential impact. By establishing Lightningbox, Storm Partners aims to bridge the gap between traditional businesses and blockchain technology, providing a platform for safe and effective blockchain experimentation. This initiative is expected to drive significant advancements in Web3, enabling companies to explore and implement cutting-edge blockchain solutions. As Lightningbox grows and evolves, it promises to play a crucial role in the widespread adoption of blockchain technology, fostering a new era of innovation and collaboration across various industries.

The market value of blockchain-based Web3, known for its decentralized management, advanced privacy, and user control, was $1.86 billion in 2019 and is projected to reach $15.9 billion by 2031. Data reveals that about 73 million gamers prefer Web3-based games, and nearly 50% of all financial applications incorporate Web3 technology. Despite its growth potential, the Web3 sector grapples with issues of accessibility and user-friendliness. Users cannot directly interpret raw blockchain data and must rely on various data tools, leading to fragmentation issues. Additionally, those seeking comprehensive blockchain data on sources, transaction history, and ownership might find inconsistent information across different platforms. The Web3 ecosystem, supported by thousands of different tokens, also requires forensic analysis to identify suspicious transactions. These analyses should extend beyond token focus to encompass decentralized finance (DeFi) in general. bitsCrunch, an AI-enhanced decentralized data analytics and forensics protocol driven by its community, addresses these challenges. Serving as an intelligence hub, the platform compiles data in areas such as NFT, DeFi, and GameFi (a model that allows players to earn real-world financial rewards through gameplay). At its core, bitsCrunch is a decentralized, community-driven data platform where developers can contribute algorithms to enhance reliability. The platform provides precise statistics, valuations, and fraud detection, enabling users to make informed decisions. It also offers insights into fake trading patterns.

Samsung Electronics Chairman Jay Y. Lee undertook a strategic charm offensive this week, engaging with top executives from Meta, Qualcomm, and Amazon to explore new collaborations in artificial intelligence, cloud computing, and semiconductors. In a statement released Thursday, Samsung confirmed the high-profile meetings, highlighting Lee's focus on strengthening ties with leading American tech companies. A notable sign of this growing relationship was Meta CEO Mark Zuckerberg hosting Lee at his residence on Tuesday. Their discussions covered not only AI but also the future of virtual and augmented reality, areas where both companies have significant interests. Lee also met with Amazon CEO Andy Jassy and Qualcomm CEO Cristiano Amon. Key topics included semiconductors, with Samsung exploring potential deals to supply memory chips for Amazon's expansive data centers and cloud services. Additionally, Samsung aims to secure contracts to manufacture chips for Qualcomm's mobile processors, which power the next generation of smartphones. These high-level engagements come as Samsung seeks to solidify its position in critical tech sectors. The company has recently faced challenges in the high-end memory chip market, particularly in components designed for AI applications. The outcomes of these discussions will likely influence Samsung's strategic direction in the coming years. The company plans to hold a company-wide strategic meeting at the end of June, where insights from Lee's US trip will be prominently featured. These potential partnerships deepen already significant relationships. Amazon is a major Samsung chip client, collaborating on products ranging from TVs and smartphones to content streaming. Samsung's premium smartphones rely on Qualcomm's Snapdragon processors, a partnership recently extended to include AI-powered PCs. Meanwhile, Meta sources chips from Samsung and has previously collaborated on virtual reality headsets and foldable phones. As Lee's US visit concludes, all eyes will be on Samsung to see how these high-stakes tech discussions translate into concrete partnerships and strategic shifts in the coming months.

At Meta's Conversations 2024 event, CEO Mark Zuckerberg announced major advancements in AI and introduced new features for WhatsApp Business. Emphasizing Meta's commitment to AI, Zuckerberg stated, "Our goal here is to build the world's leading AI service, both in quality and in usage." A significant highlight was the expansion of Meta AI. Following its launch in April, powered by the Llama 3 model, Meta AI will soon support Portuguese and other languages. "That means more people around the world will be able to ask the assistant questions across any of our apps," Zuckerberg explained. He expressed confidence in the technology, saying, "I think you're going to be really blown away." Zuckerberg envisioned a future where businesses utilize AI to engage with customers in personalized ways. "Any business should be able to quickly set up an agent that can talk to your customers, provide support, and facilitate commerce," he proposed. Meta is currently testing this AI-powered business agent with select companies in India and Singapore, with plans to expand to Brazil soon. Beyond this future vision, Zuckerberg showcased how AI is already improving WhatsApp's ability to connect businesses with relevant customers through optimized delivery tools. "Up until now, businesses would typically message all customers who had asked to receive updates on WhatsApp," he explained. "But now you can use Ads Manager to deliver messages to those customers who are most likely to be interested, with our AI systems recommending the right subset of recipients." 4o

On June 5, American chipmaker Nvidia briefly surpassed Apple to become the world’s second-most valuable company by market capitalization before slipping back to third place. Nvidia's market cap surged to over $3.01 trillion, nearing Microsoft's leading cap of $3.1 trillion. However, as U.S. markets opened on June 6, Apple reclaimed its position, reaching a valuation of $3.007 trillion, while Nvidia remained in third place at $2.973 trillion. These figures represent new all-time highs for both Nvidia and Apple, as well as for the NASDAQ and S&P 500, with further fluctuations expected in the coming days. Microsoft maintains its top spot as the most valuable company of all time by market capitalization. However, the dynamic global technology landscape, along with upcoming product launches, partnerships, and potential regulatory actions, could shift the rankings. Apple’s Worldwide Developers Conference is set for Monday, June 10. Analysts anticipate several artificial intelligence (AI) announcements from Apple, including a potential partnership with ChatGPT maker OpenAI. Reports indicate that Apple executives believe the company has lagged behind Microsoft, which has invested over $13 billion in OpenAI. Rumors suggest Apple is urgently forming partnerships with OpenAI and other AI-related companies and recruiting AI talent from rivals like Google. Nvidia stands to benefit the most from the booming AI market in 2024. Its graphical processing unit (GPU) chips are increasingly in demand as the preferred hardware for AI development. Not only do Microsoft and Google utilize Nvidia chips, but other industry leaders such as OpenAI, Amazon, and Elon Musk’s xAI also rely on them.

While the overall nonfungible token (NFT) market experienced a 54% decline in sales in May, digital collectibles on the Bitcoin blockchain achieved a significant milestone. On June 4, NFT data tracker CryptoSlam reported that NFTs on Bitcoin surpassed $4 billion in total all-time sales volume. This figure includes $3.97 billion in NFT sales and $82 million in wash sales. Over the past 30 days, Bitcoin-based NFTs recorded $171 million in sales, making it the leading blockchain by sales volume during this period. Ethereum followed with $159 million, and Solana came in third with $90 million in sales. Despite this recent surge, Bitcoin NFTs still lag behind Ethereum overall. Bitcoin is currently the fourth-largest blockchain in terms of total sales, trailing behind Ronin, which holds the third spot with $4.2 billion in all-time sales. Solana ranks second with $5.5 billion in all-time sales, while Ethereum maintains a commanding lead with $43.8 billion in total NFT sales. The broader NFT market also saw a downturn in May. According to CryptoSlam, monthly NFT sales volume decreased by 54% from April to May, with sales dropping from over $1 billion in April to $624 million in May. In addition to the NFT sales milestone, Bitcoin also set a new record for transaction value. On May 28, the Bitcoin network saw transactions valued at over $25 billion, the highest in the past year. Blockchain. com data revealed that approximately 367,000 BTC were moved on that day, with Bitcoin's price around $69,000, making the transactions worth $25.5 billion.

Web3 cozy simulation game "Today" has unveiled its AI-driven character engine, Dreamia. This advanced engine utilizes AI to create intelligent, interactive NPCs with complex personalities and lifelike, responsive behaviours. Developed by a team of data scientists and AI engineers fine-tuning open-source LLMs, these NPCs can generate memories and become aware of changes in their environment. Michael O’Connor, co-founder of Today, remarked, “We are literally building the next generation of gameplay. Our bespoke, story-first approach is what makes Dreamia unique: we’re embedding the nuances of real-life dynamics into NPCs so they have emotional depth, contextual awareness, and responsiveness.” With Dreamia, players gain more influence in the game, actively shaping the narrative of their own experiences. Ben Cleary, an Oscar-winning writer and director, and also Today’s co-founder and creative director, highlighted the importance of storytelling. “My early passion for video games, books, and movies shaped my love of storytelling as a multifaceted experience, blending visuals, interactivity, and emotional depth,” he said. “As games become more like movies, these narrative fundamentals are crucial differentiators to successfully deliver interactive storytelling at scale.” Learn more about Today and its integration of AI and blockchain in our recent conversation with O’Connor.