The Sunday Brew #33
In this brew - The tragedy of Titan Sub, EU AI Act, McKinsey report on Generative AI and Canadian law resulting in Meta blocking news. In picture, economic freedom across the world
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TOP STORY
The Tragic Story of Titan Sub
On June 18, the Titan submersible, which was carrying five people, imploded while on a mission to the wreck of the Titanic. The submersible was designed to withstand the extreme water pressure at the depth of the Titanic, but it is believed that a fault in the hull caused it to implode. All five people on board were killed.
Titan sub was a 22-foot-long manned submersible owned by OceanGate Expeditions, a company that specializes in deep-sea exploration. The submersible was designed to withstand the extreme water pressure at depths of up to 4,000 meters (13,123 feet).
The Titan submersible was on a mission to the wreck of the Titanic to collect data and images. The Titanic sank in 1912 after striking an iceberg, and it is one of the most famous shipwrecks in the world. The crew members on board the submersible were: Stockton Rush, the CEO of OceanGate Expeditions, Hamish Harding, a British billionaire explorer, Paul-Henri Nargeolet, a French diver & Titanic expert, Shahzada Dawood, a British - Pakistani businessman and his 19 years old son Suleman Dawood.
While US Navy had heard a sound consistent with implosion on 18th itself, but it was non-conclusive resulting in a continued search. Ultimately, the debris was found on 22nd June. An investigation in the cause of implosion will be carried out.
OceanGate is planning to launch a new submersible, called Cyclops 2, in 2024. Cyclops 2 will be larger and more advanced than Titan sub, and it will be able to carry up to eight people.
Read the Complete timeline on CNN
WEEK IN THE NEWS
European Union Takes Steps to Regulate AI
EU AI Act is a proposed regulation that would set out rules for the development and use of artificial intelligence (AI) in the European Union. Last week, EU have reached a provisional agreement on the text of the regulation, triggering a ‘trilogue’ among three branches of European Union culminating in to a formal vote to bring the regulation in to force. Read More»»»
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McKinsey reports on potential of Generative AI
McKinsey & Company published a report on the economic potential of generative AI. It estimates that generative AI could add the equivalent of $2.6 trillion to $4.4 trillion annually across the 63 use cases which the analysts have considered —for comparison, the United Kingdom's entire GDP in 2021 was $3.1 trillion. The report concludes that generative AI has the potential to be a major driver of economic growth and social progress. However, they also caution that there are some risks associated with the technology, such as the potential for job displacement and the misuse of data. Read More »»»
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Meta moves to block news in Canada over Bill C-18
On June 22, 2023, the Online News Act (Bill C-18) received Royal Assent, becoming law in Canada. The law creates a provision for news companies to get a part of ad revenue generated from the news content on the social media platforms. Same day, Meta announced blocking news on Facebook & Instagram in Canada. Read More »»»
News Release from Canadian Government about Online News Act (C-18)
STORY IN A PICTURE
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