August 2, 2024
Tech News
GXBank has updated its cashback policy, now crediting the unlimited 1% cashback instantly after each transaction instead of the next day. This applies to eligible in-store and online payments made with the GXBank Mastercard Debit Card. The promotion runs until November 5, 2024, and includes benefits like competitive foreign currency exchange rates and waived ATM withdrawal fees.
In a world first, the European Union’s AI Act, the world’s first comprehensive law to govern artificial intelligence, has come into force. The law aims to drive innovation while protecting citizens’ rights and includes strict regulations for high-risk AI systems like ChatGPT. Companies must comply by 2026, with specific rules for AI models applying 12 months after the law’s enactment. Violations could result in fines up to 7% of global annual revenue.
The U.S. Department of Justice has initiated an antitrust investigation into Nvidia following complaints from competitors. The probe focuses on whether Nvidia has abused its market dominance in AI chip sales by pressuring cloud providers to buy multiple Nvidia products and charging higher prices for networking gear if customers purchase AI chips from rivals. Nvidia holds about 80% of the AI chip market.
Tech Explained
Cashback – Cashback is a form of incentive offered to customers where they receive a percentage of the amount they spend on purchases back in the form of cash or credit.
Artificial Intelligence (AI) – Artificial Intelligence refers to the simulation of human intelligence processes by machines, especially computer systems. These processes include learning, reasoning, problem-solving, perception, and language understanding.
Antitrust – Antitrust refers to laws and regulations designed to promote fair competition and prevent monopolies or other practices that could harm consumers or other businesses.
Market Dominance – Market dominance is the degree of control a company has over a particular market, allowing it to set prices, control supply, and influence competition.
Networking Gear – Networking gear refers to the physical devices used to build and maintain computer networks, including routers, switches, and access points.
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